chemical entrepreneurship #9 - 9 lessons for innovators and finishing your business plan ·...

1/2/2015

1

We will start momentarily at 2pm ET

Slides available now! Presentation available ONE WEEK after the webinar:

http://acswebinars.org/chemical-entrepreneurship-2013

1

®

Contact ACS Webinars ® at [email protected]

Have Questions?

Use the Questions Box!

Or tweet using #acswebinars

Contact ACS Webinars ® at [email protected] 2



mailto:[email protected]


1/2/2015

2

If you enjoy ACS Webinars ® every Thursday…

please support the program!

3

Find the many benefits of ACS membership!

www.join.acs.org

ACS Network (search for group acswebinars)

www.communities.acs.org

®

4

www.facebook.com/acswebinars

http://www.communities.acs.org/

1/2/2015

3

How has ACS Webinars benefited you?

Be a featured fan on an upcoming webinar! Write to us @ [email protected]

Fan of the Week

5

“I have been able to learn new things and see

different points of view. I negotiate in my job,

so I had no longer given it much thought. This

ACS Webinar helped me look at the same-old-

same-old in a new light.”

Shelley Jeltema,

Environmental Engineering PhD Student,

Michigan Technological University

®

American Chemical Society

The ACS International Center™ presents:

“Study Abroad in Japan”

featuring speakers from the Japan Society for the Promotion of Science (JSPS) and the Japan Science and Technology Agency (JST) on postdoc and

professional exchange opportunities in Japan, and opportunities for you to get involved.

Wednesday, October 30, 2013; 2:00-3:00PM (EDT)

Register now at www.acs.org/ic_japan


1/2/2015

4

7

See all of our ACS Webinets on YouTube at

http://bit.ly/acswebinets

“ACS Webinets are 2 minute segments that

bring you valuable snippets from some of our

most popular full length ACS Webinars ”

Q: “Hungry for a brain snack?”

A: on

®

TM

TM

8

www.acswebinars.org/most-popular

Enjoy our most popular ACS Webinars !

®

®



1/2/2015

5

Upcoming ACS Webinars www.acswebinars.org

Thursday, October 24, 2013

The Chemistry of Motorcycles and Cars:

Lighting Fires that Move Tires

Dr. Terry Hogan, Senior Research Associate, Bridgestone

Dr. John Manka, Global Department Manager, Lubrizol Additives

Dr. Matt Crowe, Analytical Chemist, Dow Chemical


Hollywood Chemistry:

Science on the Big Screen

Dr. Jovana J. Grbić, Biological Chemist and Founder,

ScriptPhD.com

Dr. Bill Courtney, Chemist and Owner, Cheese-ology Macaroni

& Cheese

9

®


Happy Halloween!

“Everyone today must think like an entrepreneur whether it’s in your own

business, a large corporation or a nonprofit organization.”

It’s not too late to still receive your Certificate of Completion

Learning how to develop the next big start-up has never been so entertaining!

ACS members who attend 7 out of 9 sessions get a Certificate of Completion.

10


®


http://www.acswebinars.org/




1/2/2015

6

Earn a Certificate for this Series!

11

www.acswebinars.org/certificate-of-completion

®

Acknowledgement:

The 2013 Chemical Entrepreneurship Series is

co-produced by UC San Diego von Liebig

Entrepreneurism Center.

12

http://www.jacobsschool.ucsd.edu/vonliebig

®



1/2/2015

7

2013 Chemical Entrepreneurship Series

9 Lessons for Innovators and Presenting Your Business Plan

Barbara Bry

COO, Blackbird Ventures

13

®

Co-produced with UC San Diego’s von Liebig Center



Neil Senturia

CEO, Blackbird Ventures

9 Lessons for Entrepreneurs from Daniel Kahneman

May 2013


October 2013

Ph

oto

Cre

dit

: D

avid

Beb

ber

/Th

e Ti

mes

1/2/2015

8

What do you think?

What does it mean to press the 8? • Call the broker back

• Leave your chips on the table

• Get a new phone system

The Illusion of Understanding

• If we can fit past events into a satisfying story, we think we understand what really happened.

1/2/2015

9

Outcome Bias

• Tendency to reward or blame decision makers for the performance of their organizations.

Ph

oto

Cre

dit

: D

isco

verm

agaz

ine.

com

The Illusion of Pattern

• We are far too willing to ascribe meaning to events that are the product of pure chance.

Photo Credit: US GOV, Wikimedia Commons

• The role of luck in a start-up, staying in the game.

1/2/2015

10

Nonregressive Explanations

• An outstanding performance is likely to be followed by a mediocre performance.

• Regression to the mean.

• How this relates to startups.

Photo Credit: Andreas Rentz/Getty Images

The Illusion of Validity

• Illusion of skill

• Unwilling to admit that there is a lot that we don’t know

Photo Credit: Newscom

1/2/2015

11

The Optimistic Bias

• Chance for success of a new venture is low.

• But we all think this doesn’t apply to us.

• Only 35% of small businesses survive for 5 years.

Overconfidence

• We undertake bold initiatives based on insularity.

1/2/2015

12

Competition Neglect

• We believe that our company will succeed or fail based on our own efforts.

• We don’t pay enough attention to the macro environment.

Photo Credit: Princeton University

The Focusing Illusion

“Nothing in life is as important as you think it is when you are thinking about it.”

-Daniel Kahneman

This can lead early adopters to spend a lot of $ on hyped products that are only marginally better.

1/2/2015

13

The Paradox

• The world of venture backed innovation is structured to reward people who take irrational gambles.

• Entrepreneurs by their nature are delusional. This overconfidence allows them to try what they do.

Presenting Your Business Plan: Guy Kawasaki’s 10/20/30 Rule of

PowerPoint using Proflowers.com


October 2013

1/2/2015

14

What do you think?

What is the most important thing to get across in a presentation?

• Key facts and figures, drown them in details

• You have a good idea and a good team

• Use the presentation to show them your competence

• How much money you can make them

The Problem

Flowers as a gift aren’t fresh: 7-9 days in transit

Flowers are expensive: inefficient middlemen

Florists lack quality incentive

What you see is not always what you get

1/2/2015

15

Your Solution: Fixing a Broken Supply Chain

Grower

Importer/

Distributor

Wholesaler

Retailer’s and

Internet Order Takers

Consumer

Grower

2 days

2 days

2-3 days

2-5 days

1-2 days

Brick & Mortar Proflowers.com

INTERNET

Elapsed Time: 9-12 Days 2-3 Days

Consumer

Your Business Model

Grower Recipient

Customer

Order from Web page

or toll free number

Order confirmation and

shipping information via

email

Electronically

Transmitted

Order

Orders

1/2/2015

16

Underlying Magic/Technology

Web site design: shop by flower and by occasion, save recipient information, reminder service, save credit card information

Order flow: starting with gift card and recipient information

Form that is transmitted to the grower

FedEx integration: three emails

SKUs map to multiple growers

Backend that can handle heavy order days

Competition

Merchant Dozen Roses Shipping Total Price

Proflowers.com $29.99 $8.99 $38.98

1-800-Flowers $59.99 $8.99 $68.98

FTD $57.99 $8.99 $66.98

Proflowers.com average savings greater than 40%

- Internet encourages comparison shopping !

1/2/2015

17

Marketing and Sales

Positioning: The freshest flowers at the best possible price with a 7 day freshness guarantee

Strategic partnership with Blue Mountain.com, one of the 10 most popular websites

Top placement on key e-commerce sites

Radio advertising—endorsements by prominent personalities

Team has proven expertise in acquisition and retention methods

The Team

• Jared Schutz, Chair– co-founder, American Internet Systems, BlueMountain.com

• Bill Strauss, CEO– VP, Operations, Intuit; 20 plus years experience in direct marketing companies

• Barbara Bry, VP, Marketing– co-founder Atcom; 15 plus years marketing experience; Harvard MBA

• Bernd Lutz, CTO– 15 plus experience in software development

1/2/2015

18

Projections and Milestones

Revenues - $10 million in year 2, $70 million in year 5

Profitable in year 5

Addition of new product lines in year 4

Key metrics – cost of customer acquisition, retention rate, lifetime value, number of orders per year per customer, average order size, gross margin per order

Status and Timeline

Website was launched in April 1998

$100,000 in orders Mother’s Day 1998

Achieved 5 percent click through from BlueMountain.com

Acquisition cost per customer of $XX

1/2/2015

19

Summary and Call to Action

Raised $1 million in seed capital January 1998

Seeking $5 million in capital to expand the business– building the brand, customer acquisition and technology development

More Advice from Guy

Give your presentation in 20 minutes.

We believe this is the maximum length when presenting to an investor.

You also need a 1 minute, 3 minute and 5 minute pitch.

1/2/2015

20

More Advice from Guy

Use 30 point font

You don’t have to have your whole presentation written on the slides.



Barbara Bry


40

®




Neil Senturia


1/2/2015

21

Acknowledgement:

The 2013 Chemical Entrepreneurship Series is

co-produced by UC San Diego von Liebig

Entrepreneurism Center.

41

http://www.jacobsschool.ucsd.edu/vonliebig

®


The keyword to verify attendance for the 9th installment of the 2013 Chem. Entrep. Series is…

42

Please note you will need to provide the keyword via email to [email protected] for ONLY THE RECORDED presentations that you

watch. If you tune in LIVE we do not need a keyword confirmation because your attendance is confirmed automatically.



1/2/2015

22

Earn a Certificate for this Series!

43

acswebinars.org/chemical-entrepreneurship-2013

®












ScriptPhD.com


& Cheese

44

®


Happy Halloween!



1/2/2015

23

Like our ACS Webinars ® Facebook page

for your chance to win!!!

45

®




Barbara Bry


46

®




Neil Senturia


http://www.facebook.com/acswebinars

1/2/2015

24

How has ACS Webinars benefited you?

Be a featured fan on an upcoming webinar! Write to us @ [email protected]

Fan of the Week

47

“I have been able to learn new things and see

different points of view. I negotiate in my job,

so I had no longer given it much thought. This

ACS Webinar helped me look at the same-old-

same-old in a new light.”

Shelley Jeltema,

Environmental Engineering PhD Student,

Michigan Technological University

®

Stay Connected…

LinkedIn (search group for acswebinars)

www.twitter.com/acswebinars


48

®

Email ACS Webinars ® at [email protected]


http://www.twitter.com/acswebinars

http://www.facebook.com/acswebinars


1/2/2015

25


The ACS International Center™ presents:

“Study Abroad in Japan” featuring speakers from the Japan Society for the Promotion of Science

(JSPS) and the Japan Science and Technology Agency (JST) on postdoc and

professional exchange opportunities in Japan, and opportunities for you to get involved.

Wednesday, October 30, 2013; 2:00-3:00PM (EDT)

Register now at www.acs.org/ic_japan

If you enjoyed this ACS Webinar today…

please support the program!

Find the many benefits of ACS membership!

www.join.acs.org

ACS Network (search for group acswebinars)

www.communities.acs.org

50

®

http://www.communities.acs.org/

1/2/2015

26

ACS Webinars ® does not endorse any

products or services. The views expressed in

this presentation are those of the presenter

and do not necessarily reflect the views or

policies of the American Chemical Society.

51

®













ScriptPhD.com


& Cheese

52

®


Happy Halloween!




chemical entrepreneurship #9 - 9 lessons for innovators and finishing your business plan ·...

Documents