TECHNOLOGY-BASED ENTREPRENEURSHIP

– Course Syllabus (2017/2018) –

Coordination: Miguel Amaral

Thematic Semester on: “Developing technology-based goods and/or services to address the

needs of older individuals”

Instituto Superior Tecnico, Technical University of Lisbon,

Av. Rovisco Pais, 1049-001, Lisboa, Portugal

(Tel.) Tel: +351 218 417 175

miguel.amaral@tecnico.ulisboa.pt  

jaime.bonnin@tecnico.ulisboa.pt    

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TABLE OF CONTENTS

1   COURSE  DESCRIPTION  ..........................................................................................................................  2  

1.1   Objectives  and  Competencies  .......................................................................................................  2  1.2   Learning  Experience  ......................................................................................................................  2  1.3   Faculty:  short  biographical  note  ....................................................................................................  3  

2   PROGRAM  .............................................................................................................................................  3  3   BIBLIOGRAPHY  ......................................................................................................................................  3  

3.1   Primary  ..........................................................................................................................................  3  3.2   Secondary  ......................................................................................................................................  3  

4   EVALUATION  SYSTEM  ...........................................................................................................................  4  4.1   Evaluation  Criteria  .........................................................................................................................  4  4.2   Definition  of  mandatory  activities  .................................................................................................  4  4.3   Complaints  and  appeals  ................................................................................................................  4  4.4   Special  Season  ...............................................................................................................................  4  4.5   Assignments  (key  topics  to  be  covered)  ........................................................................................  5  

1.1.1   The  “Mid-­‐term”  Report  ..........................................................................................................  5  1.1.2   The  Final  Report  .....................................................................................................................  5  

1.1.3   Case-­‐studies’  analysis  .............................................................................................................  6  

1.1.4   Individual  report  (case-­‐study)  ................................................................................................  6  

1.1.5   Participation  in  class  ..............................................................................................................  7  1.1.6   Typing  and  Presentation/Report  Format  ...............................................................................  7  

5   GRADING  SYSTEM  .................................................................................................................................  7  6   EVALUATION  SYSTEM  AND  DUE  DATES  (SUMMARY)  ...........................................................................  8  7   SCHEDULE  2016/2017  ...........................................................................................................................  9  

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1 COURSE DESCRIPTION

1.1 Objectives and Competencies This course focuses on technology-based entrepreneurship with a particular emphasis on the innovation process, technology management, business model generation and commercialization. The program has been designed for students to acknowledge entrepreneurship as a field of research and to learn about the various dimensions essential to explore, evaluate and manage the path “from idea to market” for an emerging technology.

Students will gain general competencies of and be prepared to discuss:

• The main theoretical underpinnings of technology-based entrepreneurship and recent empirical evidence on the field.

• How to develop and present a business plan (based on real technologies and real data) with the potential to lead to the creation and development of a technology-based firm.

Students will gain specific competencies on:

• Understanding the role played by technological change and, in particular, academic R&D in industrial development and economic growth;

• Researching and selecting the most promising market applications and business opportunities for an emerging technology;

• Analyzing markets, customers and competitors; • Identifying and selecting a business model and “go to market” strategy. • Identifying and selecting an intellectual property protection strategy; • Assessing funding needs and identifying milestones in the development and

commercialization strategy; • Evaluating the key financial and economic indicators for the project.

1.2 Learning Experience Learning will be mostly process-based. Students will – during the first three to four weeks of the course – think on a technology with market potential in order to develop their Final Report (Business plan). Throughout the classes, students will be introduced to invited speakers such as: entrepreneurs; venture capitalists and/or business angels; university scientists. Some of these invited speakers may suggest emergent technologies with possible market applications for the students to develop. Students can also choose (or be assigned – in the case they do not define a topic/technology to work on) to work on the development of a commercialization strategy for one of the technologies proposed during the semester. The work for the final project will be carried by the students, with the support of faculty, experts, scientists and the IST Technology Transfer Office.

Teaching will draw on different methodologies. The conceptual approach to entrepreneurship and innovation and its potential to foster job creation and socioeconomic development will be addressed mainly through readings and classroom discussions. Identifying technology-based business opportunities, analyzing markets, customers and competitors; selecting an intellectual property protection and funding strategy will be covered through readings, case studies, classroom discussion, presentations and the final report. Students will also learn how to assess and develop human capital in the workplace from the experience of working together with colleagues originating from different backgrounds and nationalities.

Reports and presentations will be partially developed in-class, with discussion and direct supervision of the instructor(s).

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1.3 Faculty: short biographical note

Miguel Amaral holds a PhD in Industrial Engineering and Management from the University of Lisbon, an MSc in Engineering Policy and Technology Management, a degree in Economics and an Advanced Diploma in Communications Science. Miguel presently works as an Assistant Professor (tenured) at the Instituto Superior Técnico – Universidade de Lisboa and as a Research Associate and Co-Director at the Center for Innovation, Technology and Policy Research, IN+/IST, where he directs the Laboratory of Technology Policy and Management. His research interests and teaching focus mainly on Entrepreneurship, Innovation, Industrial Dynamics and Human Capital.

2 PROGRAM

CHAPTER TOPIC

I Innovation: Key concepts, definitions and empirical evidence

II Entrepreneurship: Key concepts, definitions and empirical evidence

III Technology-based Entrepreneurship

IV Opportunity Screening

V The Business Model

VI Market Analysis

VII Financial Issues and Operations in New Venture Development

VIII New Venture Funding

IX Intellectual Property Protection

X Entrepreneurial Team Building and Communication Skills

3 BIBLIOGRAPHY

3.1 Primary • Technology-based Entrepreneurship – Lectures, Miguel Amaral, 2017/2018 • Byers, T. H., Dorf, R. C., & Nelson, A. J. (2011). Technology ventures: from idea to

enterprise (Vol. 3). New York: McGraw-Hill. • Osterwalder, A., & Pigneur, Y. (2010). Business model generation: a handbook for

visionaries, game changers, and challengers. John Wiley & Sons. • Case-studies: from Harvard Business School & Babson Kaufman – Several authors, (to

be delivered to the class)

3.2 Secondary

• Innovation and Entrepreneurship, John Bessant, Joe Tidd, Wiley; 2nd Edition, 2011 • Seizing the White Space: Business Model Innovation for Growth and Renewal, A. G.

Lafley and Mark W. Johnson, Harvard Business Press; 1st edition, 2010

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4 EVALUATION SYSTEM

4.1 Evaluation Criteria The evaluation criteria consider two dimensions: i) team work (developed in groups of 3 to 5 elements1) and ii) individual work.

i) Team work comprehends:

• The presentation and delivery of a mid-term report (PPT) • The presentation and delivery of a final report (PPT+ 25 to 30 pages report) • Case-studies’ analysis and presentation (one per group) during the semester (PPT)

ii) Individual work comprehends:

• Individual report (case-study) development on a selected start-up (5 pages report) • Participation in class throughout the semester.

4.2 Definition of mandatory activities Throughout the semester, compulsory attendance/delivery is required for the following activities (including presentation and written deliverables): i) Case-study analysis; ii) Mid-term report; iii) Final report; iv) Individual report.

4.3 Complaints and appeals All formal enquiries or complaints related with grades or evaluation system must be made in writing (which can include e-mail) up to one week after grades are published. The instructor will acknowledge the formal complaint in writing; respond within one week; deal reasonably and sensitively with the complaint; take action where appropriate.

4.4 Special Season Working-students (officially registered at IST Secretariat) have the possibility to deliver and present a Final Report and a Case-study Report developed individually (significantly different of any business idea/report submitted during the semester), following the same formats and content rules than non-working students. The Final Report will account for 70%and the Case-study Report 30% of the final grade.

1 In case students opt for developing the “team work” alone (just 1 element) the evaluation criteria remain the same.

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4.5 Assignments (key topics to be covered)

CASE-­‐STUDY  -­‐  PRESENTATION  

Quality  of  Presentation  • Theoretical  Perspectives  from  classes/literature  • Problematization  and  Discussion

PROJECT  -­‐  MID-­‐TERM  PRESENTATION  

Quality  of  Presentation  • Technology  /  Product  /  Market  /  IPP  • Business Model

PROJECT  -­‐  FINAL  PRESENTATION  

Quality  of  Presentation  • Structure  /  Concepts  • Quality  of  Discussion

PROJECT  -­‐  WRITTEN  REPORT  

Executive  Summary  • Market  Analysis  • Technology-­‐based Product  Description/  Business  Model • IP  Protection  Strategy • Financial  Data • Funds  Required  and  Their  Uses • Quality  of  Writing • Technical  Rigor  • Different  Scenarios

INDIVIDUAL  REPORT   Description  of  the  Start-­‐up  • Research  Methods  and  Technical  Rigor  • Quality  of  the  Analysis,  Focus  and  Discussion

1.1.1 The “Mid-term” Report

The “Mid-term” Report consists of an oral presentation where students should explain their technology-based product and business. Particular focus should be put into the market need or a specific problem that has to be solved and how it will be addressed through the creation of a technology-based start-up company. It is important to explain the proposed solution, its originality, innovativeness and effectiveness. Potential customers, suppliers and competitors should be clearly identified and described. The business model should also be addressed in the presentation and the business proposal must make clear how far (and how much) customers may be willing to pay for the projected product. Financial information is not mandatory at this stage, but it will be valued whenever it is available.

A possible approach to communicate the business opportunity could be, for example: (What?) Product Concept/Technology; (Why?) Market Need/ Problem to be solved; (Who?) Entrepreneurial Team (internal competences - Human Resources) / Clients / Competitors / Suppliers; (How?) Business Model/ Competitive Advantage; (When?) Project Time line/ Next main steps. These guidelines are merely indicative and the presenters can adopt other structure, as long as the key dimensions and fundamental objectives for the presentation (previously mentioned) are fulfilled.

1.1.2 The Final Report

The Final Report consists of a written business plan where students should propose a new or improved technology-based product (a good and/or a service), providing solid information about the technology, the market, the business model and its financial viability.

The Final Report should focus on the following dimensions: Executive Summary (up to 2 pages); Table of Contents; Product Description; Market Analysis; Intellectual Property Strategy; Financial Plan; Funding Strategy; Annex.

A detailed Table of Contents will be delivered and discussed in class; however students are free to define their own structure for chapters and sections, according with the specific business proposal they are developing (as long as the key dimensions above are addressed).

Along with the written report, students should prepare a final presentation to explain their technology-based product and business in class.

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1.1.3 Case-studies’ analysis

Each team of students will analyze (and present in class) a case-study on an entrepreneurial venture. Case-studies are randomly delivered to students and tackle different topics and stages of technology-businesses’ life cycle (see the Table below).

Students should start by providing a brief description of the case-study (“telling the story”); however, it is expected that students go beyond the mere description of the case, to address the specific problems or decision-making processes proposed in the text. It is, therefore, important that the group can: Identify and explain the core concepts explored in the case study and how these concepts could be associated with Entrepreneurship; Discuss the main concepts / problems / key topics related with the case; Gather more information than the included in the case-study (other examples, recent developments about the case, about the industry, the product, etc…); Propose alternative solutions and compare them to the solutions adopted in the case study.

Students should apply or adapt conceptual perspectives and empirical evidence discussed in class to the real-world business situations proposed by the selected case-studies. The group critical positioning and capacity to generate debate will be highly valued.

Examples of cases that can be delivered and analyzed in class:

Henry Tam and the MGI Team • Medtronic Corp. Pacemaker • Case Study: E-Ink • IBM & Linux • The Satera Team • Info Vision • A123Systems • Kodak • Jim Poss • Le Petit Chef • Clocky The Runaway Alarm Clock • Sirtris Pharmaceuticals Living Healthier, Longer • Vermeer Technologies - A Company is Born • Linden Lab- Crossing the Chasm • NanoGene Technologies, Inc. • Stan Lapidus - Profile of a Medical Entrepreneur • Lumen and Absorb Team • Visionsense

Note: Cases published by Harvard Business School and Babson – Arthur M. Blank Center for Entrepreneurship

Some semesters can be developed around one specific topic – in that case, an effort will be made so that the cases discussed in class fit that topic. This is conditional on availability of funding to buy specific case studies.

1.1.4 Individual report (case-study)

The Individual Report should consist of a succinct essay (up to 5 pages without the cover/table of contents/references), developed within the context of a selected Start-up company (not necessarily a Portuguese company, nor based in Portugal).

It is mandatory that the selected companies should be “developing technology-based goods and/or services to address the needs of older individuals”

The analysis should provide a brief description of the company (up to 1 page) and focus on one of the topics discussed in class – for example: Product/Technology; Market; Intellectual Property Strategy; Financial Plan; Funding Strategy (basically, one of the chapters II to XI programmed for the course – see Section 2 of this syllabus).

The students are assigned to write their own evaluation about that one specific dimension within the analyzed company. It would be appropriate to draw on material from the assigned readings, the empirical data collected, as well as students’ own critical thinking and experience.

Students will have to select and interact with the company CEO / top managers / personnel, in order to collect primary data to write the report. Research methods such as interviews, questionnaires, observational data and documentary data can be employed to provide empirical evidence on the topic under analysis.

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1.1.5 Participation in class

Participation in class (rather than merely attendance) is part of continuous evaluation throughout the semester. Students are expected to actively intervene and to bring added-value to discussions during theoretical and practical lectures (particularly during the mandatory case-study/projects’ presentations throughout the semester).

1.1.6 Typing and Presentation/Report Format

All group members should present and participate in the discussions. Specific questions can be made to each group member during the discussion. The presentation files (up to 10 slides with minimum font size 20) should be delivered in PowerPoint (or similar) format before the presentations’ date. Any additional information on the business idea or detail deemed to be relevant can be included as a footnote in the PPT presentation.

Formatt ing Rules

Activity Written Deliverables Oral

Presentations Report PowerPoint (or similar) format

Case-study analysis –

15 slides Font size: ≥ 15

Language: English

Duration: 15m All team

members

Language: English

Mid-term report –

Final report

Between 25 and 30 pages (without references/annex) Font: Arial; Size 11 Line space: 1 “simple” (incl. tables/figures) Margins: A4 with 2,5cm (on all sides) Language: English Title of the file - example: “ProjectName”  

Indvidual report

= 5 pages (without references/annex) Font: Arial; Size 11 Line space: 1 “simple” (incl. tables/figures) Margins: paper A4 with 2,5cm (on all sides) Language: English or Portuguese Title of the file: ex: “StudentName-Companyname”  

– –

Participation in class Language: English

5 GRADING SYSTEM

Activity Grade

(points) (%) • Case-study analysis 1.2 6%

• Mid-term report 1.8 9%

• Final report 12 60%

• Final report (presentation) 1 5%

• Indvidual report 3 15%

• Participation in class 1 5%

TOTAL 20 100%

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On a scale of 1-20 points. 10 is considered the minimum grade to pass the subject.

DEFINITION Grade EXCELLENT Outstanding performance with only minor errors 19 - 20

VERY GOOD Above the average standard, but with some errors 16 - 18

GOOD Generally sound work with a number of notable errors 13 - 15

SATISFACTORY Fair but with significant shortcomings 11 - 12

SUFFICIENT Performance meets the minimum criteria 10

FAIL Considerable further work is required n < 10

6 EVALUATION SYSTEM AND DUE DATES (SUMMARY)

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DELIVERABLES & DUE DATES

POINTS ORAL PRESENTATIONS

WRITTEN DELIVERABLES

TEAM WORK

CASE-STUDY ANALYSIS 1.2 6%

PRESENTATION IN CLASS (15 MINUTES) (OCT – NOV: TBD)

+ POWERPOINT (MAX. 15 SLIDES) (1 DAY BEFORE PRESENTATION)

INTERMEDIATE PROJECT PRESENTATION

1.8 9%

PRESENTATION IN CLASS (15 MINUTES) (3 NOV)

+ POWERPOINT (MAX. 15 SLIDES) (1 DAY BEFORE PRESENTATION)

FINAL PROJECT REPORT AND PRESENTATION

12 60% ------ FINAL REPORT (BUSINESS PLAN) (‘PDF’ 25 - 30 PAGES) (13 DEC)

1 5%

PRESENTATION IN CLASS (15 MINUTES) (15 DEC)

+ POWERPOINT (MAX. 15 SLIDES) (13 DEC)

INDIV. WORK

INDIVIDUAL REPORT (CASE-STUDY) 3 15% ------

DOCUMENT (‘PDF’ 5 PAGES) (UNTIL 13 JAN)

PARTICIPATION IN CLASS 1 5%

DISCUSSION OF THE KEY TOPICS (LECTURES & PRESENTATIONS DURING THE SEMESTER)

FINAL GRADE 20 100%

7 SCHEDULE 2016/2017

NOTE: Students who need support during “office hours” are required to send an e-mail to the professor in order to set an appointment for the schedule day/hour.

Hour Monday Tuesday Wednesday Thursday Friday8:0048:308:3049:009:0049:30 EBT9:30410:00 1.1110:00410:3010:30411:00 EBT11:00411:30 1.1111:30412:0012:00412:3012:30413:0013:00413:30 EBT13:30414:00 1.1114:00414:3014:30415:00 EBT15:00415:30 1.1115:30416:0016:00416:3016:30417:0017:00417:3017:30418:0018:00418:3019:004=19:3019:304=20:00

OfficeHours

10

Empreendedorismo de Base Tecnológica

2017 / 2018

Miguel Amaral

 

 

EMPREENDEDORISMO:  Quanto  valem  as  tuas  ideias?  

De   acordo   com   o   Observatório   de   Empregabilidade   dos   Diplomados   do   IST,   94,5   dos  diplomados  pelo   IST  encontram-­‐se  empregados;  86,2%  dos  diplomados  esperam  menos  de  seis  meses  até  se  encontrarem  empregados  e  45,7%  de  todos  os  finalistas  do  IST  obtém  o  seu  primeiro  emprego  ainda  antes  de  concluírem  o  Curso.    

Neste   contexto,   porque   razão   havemos   de   incorrer   no   risco   e   esforço   de   criar   um  negócio   quando   podemos   facilmente   trabalhar   para   um   empregador?   É   legítimo  pensarmos   que,   dado   o   perfil   típico  de  um  aluno  diplomado  pelo  IST,  este  passará   mais   provavelmente   pelo  trabalho  por  conta  de  outrem  do  que  pela   criação   do   seu   próprio   negócio.  No   entanto,   não   podemos   ignorar   os  inúmeros   exemplos   de   empresas  de   base   tecnológica   inovadoras   e  de   sucesso   criadas   por   alunos,  investigadores,   docentes,   ligados  ao   IST   –   em  áreas  diversas,   como  as  Tecnologias   de   Informação   e  Comunicação,   Gestão   Industrial,    Ciências   da   Vida,   Biotecnologia,    Microelectrónica,   Robótica   ou  Energia   –   que   demonstram   que   o  empreendedorismo   pode,   de   facto,    ser   uma   alternativa   viável   ao  emprego  por  conta  de  outrem,  um  desafio  e  um  projeto  de  vida.    Vários  estudos  académicos  mostram  que  os   empreendedores   trabalham  em  média  mais  horas  que  os   empregados  por  conta   de   outrem  e,   numa   fase   inicial,   podem  auferir   um   salário/hora   ligeiramente   inferior.  Porém  a  evidência  mostra  que  esse  esforço  é  geralmente   recompensado  a  médio  prazo  em  termos  financeiros  e  também  em  aspectos  não  pecuniários,  como  a  autonomia,  criatividade,  motivação,   flexibilidade,  a  possibilidade  de  sermos  os  nossos  próprios  patrões  e  agentes  de  mudança  a  nível  global.  

   

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Sabemos   que   a   actual   dinâmica   da   economia   e   a   crescente   competição   no   mercado   de  trabalho  impõem  que,  a  par  de  uma  formação  científica  e  tecnológica  especializada  e  rigorosa,  seja  cada  vez  mais  importante  perceber  as  forças  que  moldam  o  desenvolvimento  a  gestão  e  a  

adopção   da   tecnologia.     É   fundamental   possuir  uma   base   sólida   mas   diversificada   de  conhecimentos   que   nos   permita   mais  facilmente   estruturar   e   comunicar   ideias,  trabalhar  em  equipa,  gerir  projectos,  perceber  o  funcionamento  das  empresas,  da  indústria  e  dos   mercados   (fornecedores,   financiadores,  concorrentes,   clientes),   bem   como   saber  detectar   oportunidades   de   valorização  economica  da  ciência  e  tecnologia.    

Na   unidade   curricular   “Empreendedorismo”   os  alunos   têm   oportunidade   de   (i)   apreender   e   discutir   o   papel   da   mudança   tecnológica,  inovação   e   empreendedorismo   na   sociedade;   (ii)   identificar   e   avaliar   o   potencial  comercial   de   uma   tecnologia   emergente   à   sua   escolha;   (iii)  desenvolver   um   plano   de  negócios  com  informação  real,  visando  a  criação  de  uma  start-­‐up  de  base  tecnológica.  

As  sessões  são  teórico-­‐práticas.  Os  conteúdos  programáticos  incluem  a  análise  e  discussão  de  vários  exemplos  específicos  de  empresas  de  base  tecnológica  nas  aulas,  a  elaboração  de  um  relatório  individual  e  de  um  plano  de  negócios  em  equipa.    

Ao  longo  do  semestre  têm  sido  realizadas  aulas  abertas  com  vários  oradores  convidados  –  empreendedores,  financiadores,  académicos,  especialistas  –  de  organizações  como:  ALFAMA  •  CELL2B  •  CRITICAL  SOFTWARE  •  FININVENTA  •  FNBA  •  IAPMEI  •  INNOVAGENCY  •  LINK  CONSULTING  •  MICROSOFT  •  PLY  ENGINEERING  •  PORTUGAL  TELECOM  •  YDREAMS.  

Com  vista  ao  desenvolvimento  de  novas  competências,  networking   e  apoio  à   realização  dos  projetos   finais,   os   alunos   têm   beneficiado   de   parcerias   estabelecidas   entre   a   Unidade  Curricular   de   Empreendedorismo   e   diversos   programas/organizações,   como   por  exemplo:    • START  UP  PROGRAMME  –  Junior  Achievement    • ACCENTURE  INNOVATION  CHALLENGE–  Junior  Achievement  • 3-­‐DAY  START-­‐UP  LISBON    –  Técnica  Entrepreneurship  Club  • BET  DELTA  APP    –  IST  (IEE  Student  Branch)  /  BET  Católica  • ESA’S  SPACE  SOLUTIONS  ®  UNIVERSITY  CHALLENGE    –  Agência  Espacial  Europeia.    

A   parceria   entre   as   Unidades   Curriculares   de   Empreendedorismo   do   IST   e   do   ISEG   prevê  sessões  de  colaboração  dos  alunos  de  engenharia  com  colegas  de  gestão,  economia  e  finanças,  com  vista  ao  desenvolvimento  dos  projetos  finais.  

Ao  partilharem  e  desenvolverem  ideias  de  base  tecnológica  de  uma  forma  multidisciplinar  e  prática,   os   alunos   estimulam   a   criatividade,     inovação,   conhecimento     tecnológico   e   de  mercado,  a  capacidade  de  estruturar  melhor  a   informação  e  de  trabalhar   individualmente  e  em  equipa.  

O   processo   de   identificação   uma   boa   oportunidade   de   negócio   e   transformação   de   uma  tecnologia  num  produto  com  potencial  comercial,  não  é  simples  nem  imediato;  mas  no  final  do  semestre  nascerá  um  projeto  concreto,  validado,  passível  de  ser  concretizado  no  mercado  e,  acima  de  tudo,  cada  um  dos  participantes  ficará  com  a  certeza  se  o  Empreendedorismo  é  ou  não  é  o  desafio  certo  para  si!