7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 1
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
NSF IUCRC“Lean Entrepreneurship at
Your Center” WorkshopNSF IUCRC BIENNIAL CONFERENCE
JULY 2017
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NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Downloads
neilsheridan.com/u.zip
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NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Are Center Directors and Teams Entrepreneurs? Seek and attract resources
Find potential customers (industry partners)
Create and offer a solution that…
Customers want to pay for
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7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 2
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
How are IAB and Other Industry Companies “Customers”• What do they “spend”?
• What problems do they have?
• What do they expect as “value”?
• Are they “raving fans”?
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NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean
Eship?Customer Discovery
Our Discussion
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Business Models
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
About Neil Sheridan• Taught / coached thousands of entrepreneurs and executives
• MS IT (GMI) / MBA Finance (NYU)
• Researcher, Innovation Leadership and Strategy
• Chair, Entrepreneurship Task Force, Small Business Association of Michigan
• US National Science Foundation innovation reviewer
• US Department of Commerce export program volunteer
• Consulting: Strategy, Marketing, Organizational Development, M&A, Financial Management, Innovation Entrepreneurship
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7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 3
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
The NSF Proposal FeedbackSummarizing MethodPlease start to fill out the feedback form
Open, honest and direct
• 3 Things You Liked
• And, 3 You Didn’t Like
• 3 Suggestions for …
Context: Imagine judges and coaches doing this for you.
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NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean
Eship?Customer Discovery
Our Discussion
8
Business Models
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean?
HELPS focus the creativity,
work and
resources
of your team on creating a solution to customers’ real problems for which they are ready to pay money.
For a solution
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 4
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
TRADITIONAL VS.LEAN ENTREPRENEURIAL BEHAVIORS
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Picture of hippo
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 5
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is “Lean”?
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean?
OLD STARTUP BEHAVOIRS
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.
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.
LEAN BEHAVOIRS
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NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean?
OLD STARTUP BEHAVOIRS
Talk to other “Entrepreneurs”
Write 200 page plan; file it
Rent office; get computers, nice color brochures, business cards, and receptionist
Pay for market research
LEAN BEHAVOIRS
Talk to Customers early and often
Write and re-write BMC
Use smartphones and Cloud services
Do market research
“Fail early, fail fast” (then start over)
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 6
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean
Eship?Customer Discovery
Our Discussion
16
Business Models
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Is this a Business Model?
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What do we mean by a Business Model? .
.
.
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 7
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What do we mean by a Business Model?
Osterwalder, Pigneur and Smith:
“How a business creates,
delivers and
captures value.”
“Business Model Canvas” is more elegant and complete than a cocktail napkin
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
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Ecostaticinc.com’s SlickyBoard
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 8
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Cost StructureYour Body text
Revenue StreamsYour Body text
Key PartnersYour Body text
Key ActivitiesYour Body text
Key ResourcesYour Body text
Value PropositionYour Body text
Customer RelationshipYour Body text
ChannelsYour Body text
Customer SegmentsYour Body text
The Business Model Canvas XYZ Company04-Jan-2013
Iteration #1A SAMPLE TEMPLATE FOR YOU
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Recommended Book
Alexander Osterwalder and Yves Pigneur~ EUR 30 / 15
print / digital
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
The Canvas1. Value Proposition(s) – who has an example?
2. Customer Segments
3. Channels
4. Customer Relationships
5. Revenue Streams
6. Key Resources
7. Key Partners
8. Key Activities
9. Cost Structure
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7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 9
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Are These Resources?
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What are our key resources? The idea / intellectual property
1. Science and Engineering2. Solution idea3. Business model (to attract and leverage industry partners)4. Data5. Our patents / trademarks / copyrights / licenses
People / Network
Money / In-kind
Time
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
What is Lean
Eship?Customer Discovery
Our Discussion
27
Business Models
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 10
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Recommended Book
Steve Blank and Bob Dorf~ $25 in print
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Customer Discovery “Interview”
Who does most of the talking on TV talk shows? The host or the guest?
Actively listening / paraphrasing / have a note-taker there
Purpose is to collect opinions and guidance.
Do not become defensive if the person offers challenging feedback or has no interest.
Ask for referrals to other possible interviews. Ask for permission to “drop” their name to open the door.
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 11
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
How to Talk to Strangers
Ask for an appointment and then show up a bit early
Bring an IAB member or enthusiastic industry partner
Pay for the coffee or lunch. Working lunch with whiteboard / projector / their site / demo / problem site?
End the appointment on time.
Send a thank you email promptly (mention follow up steps or questions).
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Practicing Customer Discovery
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Some Sample Discussion Points
What is their problem?
How much pain / cost does the problem cause?
How do they solve it (or maybe not) today? What is the competing solution? Names of competitors?
What is unsatisfactory about the existing solution?
How much do they currently pay? How (e.g. monthly)?
Who else should you talk to? Who buys at this company?
Referrals
7/27/2017
Copyright 2017 Neil Sheridan / SVPI, LLC. All rights reserved. 12
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
The FirstStep is the Hardest
NSF – LEAN ENTREPRENEURSHIP AND YOUR IUCRCCopyright 2017 by Neil Sheridan / SVPI LLC
Download These Slides and Forms
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neilsheridan.com/u.zip