navigating entrepreneurship @ mccombs/media/files/msb/centers/texas... · (nvc) venture labs...

Navigating Entrepreneurship @ McCombs September 4, 2013

Presented by:

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Agenda

1. Welcome

2. Introduction

3. Entrepreneurship @ McCombs

4. On-Campus Resources

5. Austin Entrepreneurial Community

6. Career Opportunities

7. Q&A

Navigating Entrepreneurship @ McCombs September 4, 2013 Presented by: Texas Venture Labs

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Brett Hurt Entrepreneur-in-Residence

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Entrepreneurship @ McCombs

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Elective Coursework

Lecture-Based Entrepreneurship Classes

- Entrepreneurial Management (Graebner)

- Opportunity Identification (Doggett)

- Entrepreneurial Growth (Doggett)

- Law for Entrepreneurs (Meakin)

- High Tech Marketing (Williams)

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Elective Coursework

Entrepreneurship Skills

- Innovation in Global Companies (Jarvenpaa)

- Marketing Metrics (Srinivasan)

- Small Business Finance (TBD)

- Pricing and Channels (Mackie)

- Data Mining for Business Intelligence

- Integrated Marketing Communications

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Elective Coursework

Experiential Entrepreneurship Classes

- New Venture Creation I & II

- Texas Venture Labs Practicum

- Venture Fellows

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Elective Coursework

Outside of McCombs

- Social Entrepreneurship (LBJ)

- Tech Commercialization (ME/BME)

- Enterprise of Technology (ME)

- 1-Semester Start-up (ECE)

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Options: Executive MBA

1. New Venture Creation

1. Executive (weekends)

2. Full-time (Tues. & Thurs. afternoons)

2. Texas Venture Labs Practicum (Monday evenings)

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TEMBA & MSTC

TEMBA: New Venture Creation Capstone

MSTC: New Venture Creation I

Both Included in Curriculum

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Sample Track: Start a Company

First Semester • Join the Entrepreneur

Society • Apply for TVL or Venture

Fellows • Participate in 3-Day

Startup • Bid for spring electives • Participate in ES Pitch

Party

Second Semester • Classes:

• Law for Entrepreneurs

• Entrepreneurial Management

• Texas Venture Labs • New Venture

Creation • Begin networking • Attend SXSW activities

Summer: ATI SEAL program or ES Fellows, attend local events, begin researching post-grad options

First Year

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Post-Grad: Accelerator, TVL Accenture Venture Partner, Launch Company

Sample Track: Start a Company Second Year

Third Semester • Classes:

• Take a Doggett class • Small Business

Finance • Networking • TVL (Principal) • New Venture

Creation II • Participate in ES Pitch

Party

Final Semester • Compete in Texas VLIC,

investment competitions • Independent Study • Interview with

accelerators • Participate in local meet-

ups, events and speaker series

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McCombs Alumni Companies

Class of 2010 - 5

Class of 2012 - 24

Class of 2013 – 7

Class of 2011 - 6

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Sample Track: Work at a Startup

First Semester • Join the Entrepreneur

Society • Apply for TVL or Venture

Fellows • Participate in 3-Day

Startup • Bid for spring electives • Participate in ES Pitch

Party

Second Semester • Classes

• Law for Entrepreneurs

• Entrepreneurial Management

• Texas Venture Labs • Venture Fellows

• Networking • Attend SXSW activities • Attend ES Connections

Summer: Intern with a startup, attend local events, conduct informational interviews with local entrepreneurs and startups

First Year

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Post-Grad: Work at a Startup

Sample Track: Work at a Startup Second Year

Third Semester (Fall) • Classes:

• Doggett classes • High Tech Marketing • Small Business

Finance (TBA) • Participate in ES Pitch

Party • Intern at a startup

(independent study)

Final Semester • Marketing Metrics • Innovation in Global

Companies • Attend ES Connections • Participate in local meet-

ups, events and speaker series

• Intern at a startup (independent study)

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Notable Austin Startups

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Texas Venture Labs

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What is Texas Venture Labs?

Texas Venture Labs

Texas Venture

Labs Practicum

New Venture Creation

(NVC)

Venture Labs

Investment Competition

TVL Scholarship

Program

Accenture Venture Partner Program

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Texas Venture Labs Practicum

What is the Texas Venture Labs Practicum?

Practicum Organization Course

• Focus on entrepreneurship

• Learn from top professors

• Work with local entrepreneurs

• Gain skills to help understand running the entire business

• Work with graduate students from across campus (MBA, Pharmacy, CNS, Engineering and Law)

• Get an inside look at early stage companies and how they perform

• Gain experience and apply your knowledge outside the classroom

• Get to know students outside your degree program

• Experience Austin entrepreneurial resources and events

• Work with professors across campus

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How does it work?

Assigned a cross-functional team (2 MBAs, 1 Law,

2 Technical)

Listen to company presentations as a team, choose 2 to

work with

Meet bi-weekly with

entrepreneurs to develop and

complete projects

Present to class and

entrepreneurs mid-semester and end of semester

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TVL in Action

Fall 2010 Spring 2011 Fall 2011

Atonometrics Hurricane Party

Hyperware M87

Ovna Medical ThaTrunk

Akimbo Digital Harmony Games

RayDyne Energy Salient Pharmaceuticals

Televero Health Vocal Media Zilker Motors

Alafair Biosciences eCampusTutors

Infochimps Mass Relevance

SpectraPhase Xeris Pharmaceuticals

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TVL in Action

63 companies • Over 48% funded • Over $184 million raised

Spring 2012 Fall 2012 Spring 2013

Clear Technology Systems Enerlyte

Gametime Arena Terra Pave Titralyte

Vecturalux

Escapaide EyeQ

Health Information Associates

Jurify Nuventix Paybook

TeVido Biodevices Unique Influence

Admittance Technologies Altogen Labs

Carnegie Design Systems Cellular Machines

IncentTo Infinite IO

Vampire Labs

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Project Focus Areas

Business Model Assessment

Market Validation

Competitive Analysis

Financial Analysis

Funding Guidance

Helped Moniker Guitars get their statements in order and analyze the information to validate their pricing model.

Examined the marketability of Kin Valley as a social media platform and worked with them to shift to a data-based business model.

Worked with Admittance Technologies to research three potential applications for their product, ultimately determining that one was viable and two were not.

Assisted Farmhouse Delivery in identifying their 5-year growth potential based on different funding options (VC, Angel, Loans, Bootstrap).

Looked into competitors and substitutes for Jurify and found that they did not provide enough differentiation to gain funding.

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Application Process and Timeline

1. Application opens: September 13, 2013 2. Submit a resume and cover letter

Due: September 20, 2013, 5pm

3. Analyze a business plan (provided) Due: September 27, 2013, 5pm

4. Interview with TVL staff Completed by: October 8, 2013

5. Work with group to analyze and present business plan Presentations: October 9, 2013, 5pm-9pm

6. Selections communicated: October 14, 2013

Visit: bit.ly/tvlapplication 25

TVL Class Details

Texas Venture Labs Practicum Course Listings: ASE 396 (Engineering) EE 390V (Engineering) EM 397 (Engineering) ME 397 (Engineering) MAN 385 (MBA)

If you are accepted: MBA – the course is cross-listed, no action required Engineering – the course is cross-listed, no action required Law – requires advisor approval, receive CR/NC CNS – requires advisor approval Pharmacy – requires advisor approval, can apply towards external minor

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Student Opportunities

Associate • First Semester of TVL

• Project Execution Role

• Goal: 35 students

Principal

• Second Semester: TVL 2

• Project Management Role

• Goal: 7 Students

Accenture Venture Partner

• Post-grad position: one-year

• Help develop and execute on all TVL initiatives

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Accenture Venture Partner Program

Who: Graduating students who have taken the TVL Practicum course What: A one-year position with Texas Venture Labs that allows the AVP to both work on their own venture and assist in the growth and development of the group Where: AT&T Center, Austin, TX When: Post-grad start date negotiable, generally between June and September Why: Gives individuals the opportunity to work through the growth of their enterprise while also gaining experience

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New Venture Creation

New Venture Creation Class

Pitch company ideas to the class and form

teams for the semester

Learn market validation, competitive analysis, financials and

growth techniques

Use classroom skills and processes to

develop a company business plan

Present completed business plan to a

panel of entrepreneurs

New Venture Creation 1

New Venture Creation 2

Establish final project goals and steps

necessary to achieve these goals

Bi-weekly meetings to review progress and

revise goals as necessary

Presentation of final report describing goal

achievement outcomes

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New Venture Creation Classes

Student Benefits: • Explore the process of

creating a new venture • Learn the ins and outs of

funding and growth strategy • Gain experience with real

ideas • Aid peers in the creation of

their business model • Get help with the

development of your business idea

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Venture Labs Investment Competitions


The Venture Labs Investment Competitions are a chance for students to: • Present their business idea to

investors, industry professionals and entrepreneurs

• Gain feedback on their business idea

• Develop business contacts that can help the company grow

• Win cash prizes

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Texas VLIC Global VLIC

Eligibility: • Graduate students in any UT Austin dept. or

UT System satellite campus • Graduate students played major role in

business conception Key Dates: • Intent to Compete: 12/10/13 • Application Due: 1/17/14 • Semi-Finals: 2/6/14 • Finals: 2/13/14

Eligibility: • Graduate students played major role in bus.

conception • Either 1) qualified via a previous automatic

berth competition or 2) apply through the open berth process

Key Dates: • Application Due for Open Berth: 3/3/14 • Open Berth Teams Announced: 3/28/14 • Deadline for Open & Auto Berth to Accept

Bids: 4/7/14 • Business Plans Due: 4/14/14 • Semi-Finals/Finals: 5/3/14

For more information: Bit.ly/tvl-VLIC

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Entrepreneur Society

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Navigating Entrepreneurship Presentation

September 4, 2013

Student organization 140 McCombs graduate students Passion for entrepreneurship

A startup is a human institution designed to create new products & services under conditions of extreme uncertainty. -Eric Ries, The Lean Startup

ES Connections put me face to face with the CEO of AdBM. They later offered me a job and I had an amazing summer experience. -Paulo Barros, class of 2014

I met Vobi at ES Connections. We would not have met if not for ES Connections. I became the fifth employee at a funded startup. I had a great summer, I'm sticking with Vobi during the school year and hope to work there post-graduation. -J.T. Burgess, class of 2014

ES Connections put me face to face with the CEO of AdBM. They later offered me a job and I had an amazing summer experience. -Paulo Barros, class of 2014

Upcoming Events 9/12 ES Happy Hour 9/23 Whiteboarding Event 10/3 Pitch Party

Perfect your pitch Interact with successful entrepreneurs

Connect with local startups

[email protected] $65 lifetime membership via paypal

Join

Lead Class of 2015 leaders elected December

mailto:[email protected]

David Atlas Mario Barrett

Tom Coffey JT Burgess

Amanda Jones Peter Whitcomb

Corey Wood R.I.P K. Fujita ES 2012-2013

Venture Fellows

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Navigating Entrepreneurship at McCombs

September 4th, 2013

WHAT IS VENTURE FELLOWS? Student run non-profit organization designed to

expose MBAs to the investing community and provide opportunities for hands-on learning:

Internship during 1st year spring and 2nd year fall

Speaker Series with thought leaders in areas such as venture capital, private equity and entrepreneurship

National investment and business plan competitions where students will either judge business plans or compete against other MBA programs

Treks to meet national VC and PE firms

WHO ARE THE VENTURE FELLOWS?

18 full-time MBAs are selected to join the organization from a broad pool of applicants

Students come from assorted backgrounds, including previous careers in private equity, consulting and start-up organizations

Fellows have a shared interest in both learning about and working in private equity and venture capital

Alumni go to work at top private equity, venture capital, consulting and investment banking firms

INTERNSHIP Each Fellow has an arranged internship with one of our partner VC / PE firms in the spring semester of his or her 1st year and the fall semester of his or her 2nd year (workload 10-15 hrs/wk)

INTERNSHIP

SPEAKER SERIES

One class per week - VF hosts founders, executives, venture capitalists

and private equity partners

Intimate roundtable discussions allow for interactive dialogues

Founders & Executives Venture Capital Private Equity

NATIONAL COMPETITIONS

VF fields a team of 5 McCombs students to compete in the VCIC Competition

Team is trained by a support group of professors, entrepreneurs, lawyers and VC professionals

Investment Competition (VCIC) Investing Competition Judging

Fellows apply their investment skills as judges at the Rice Business Plan Competition and Global Venture Labs Investment Competition at UT

Excellent opportunity to network with entrepreneurs and venture capitalists

TREKS

Each year the Fellows travel to investment centers around the country to meet with leaders in venture capital and private equity

Intimate meetings with professionals at different career stages including: Chip Kaye, Co-President of Warburg Pincus

2013 New York Trek Companies Visited

RECENT EMPLOYMENT

Venture Capital

Private Equity

Consulting

Investment Banking

Corp. Fin. / Marketing

Startups

RECRUITMENT PROCESS Open to all students regardless of background

No class prerequisites or concentration requirements

Due to large number of applications, process is intense and should be taken seriously

Class selected by outgoing class – NOT a popularity contest

Objective grading process!

TIMELINE

Application Due / Interview Sign Up – Wednesday, Sept 18th

Interviews – Thursday, Sept. 19th

Happy Hour – Thursday, Sept. 19th

2nd Round Announced and Case Distributed – Sunday, Sept. 22nd

Event for 2nd Round – Monday, Sept. 23rd

Case Write-up Due – Thursday, Sept. 29th

Case Discussions – Tuesday, Oct. 2nd & Wednesday, Oct. 3rd

Class Announced – Mid-October

Interested?

Send an email to:

[email protected]

VPs of Recruiting

Meghan Holzhauer

Kevin Johnson

Andrew McMaster

Kelly Zhai

HOW TO APPLY


On-Campus Resources

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Office of Technology Commercialization (OTC)

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What is the OTC?

The OTC is “responsible for the

efficient transfer of university

discoveries to the marketplace for

the benefit of society.”

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Educates the UT community about the

patenting and commercialization process

Protects, markets and licenses UT inventions

and software to industry, entrepreneurs, and

the equity community

Assists in the formation of startup ventures

Promotes UT-industry collaborations and

relationships

What is the OTC?

credit to otc.utexas.edu

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What is the OTC?

figures from otc.utexas.edu

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What is the OTC?

figure courtesy Jim Brown and OTC

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figure courtesy OTC newsletter

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What does the OTC offer an Entrepreneur

from McCombs?

figures from otc.utexas.edu

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What does the OTC offer an Entrepreneur

from McCombs?

images from otc.utexas.edu/events

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o t c . u t e x a s . e d u

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Austin Technology Incubator

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http://www.ati.utexas.edu/

• Professional staff • UT students & faculty • “Been there, done that” advisors, mentors, and investors

Talent

Private Capital: Angel & Venture capital relationships Federal and state granting agencies Industry partnerships

Capital

Value Proposition to Client Companies

ATI’s Sweet Spot

“A” round funding and/or market traction

Pre-seed stage through substantial external funding

and/or market traction

Seed funding

What does an ATI Company Look Like

• 4 Verticals:

IT, Wireless, Bio/Health Science, Clean Energy

• High-tech (usually IP-driven)

• High risk, high reward (Big exits: IPO/acquisition)

Graduate from ATI

Review

Vet Internally

Vet Externally

Set Milestones

Technology

People

Market

Admit into ATI

3 years or:

1) When a major funding round is obtained 2) When significant cash from operations are achieved 3) When ATI can no longer add significant value 4) Company folds

Incubation Process at ATI

Screen

Rolling Admissions Typically review 150+ companies/yr 8-9% acceptance rate

Past 5

Years (2008-12)

1000 Companies

Reviewed

80 Admitted to

Incubation

$280M Capital

Raised

ATI performance metrics 75

VP, Research IC2 Institute

Bob Peterson John Butler

ATI Director Isaac Barchas

Development (UT Campus)

IT/Wireless Kyle Cox

Clean Energy Mitch Jacobson Michael Webber

Bio/Health Sciences Cindy WalkerPeach

University of Texas Associates Paid internship

Apply for the Spring & Summer Semesters at ati.utexas.edu

Organization

Intern with local startups in a variety of industries

(ATI member companies)

Vet ATI applicant companies to identify

qualified leads

Pair with UT-Austin labs to identify research that

can be monetized

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SEAL Program

• Summer program

9 companies in 2013

• Competitive acceptance

• Mentor-driven

Industry expert

ATI Directors

• Pitch Event

Large audience from UT/ATX

Awards available

SEAL Decision Day Event – Tomorrow, Sep. 5 at 6:30 PM

Blanton Museum of Art (200 East MLK Jr. Blvd)

Mixer to follow

RSVP at ati.utexas.edu

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The Austin Entrepreneurial Community

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Local Organizations to Know

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Investors

Venture Capital

Accelerators & Incubators

Networking Organizations

Other Notable Opportunities

• Longhorn Startup Camp - http://www.1semesterstartup.com/

• Austin Startup Crawl (October 10th) http://atxstartupcrawl.eventbrite.com/

• SXSW Startup Village - http://sxsw.com/interactive/startupvillage/

• SXSW Accelerator - http://sxsw.com/interactive/accelerator

• Dell Social Innovation Challenge - http://www.dellchallenge.org/

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http://www.1semesterstartup.com/

http://atxstartupcrawl.eventbrite.com/

http://sxsw.com/interactive/startupvillage/

http://sxsw.com/interactive/accelerator

http://www.dellchallenge.org/

How to Stay Updated in Austin • Austin Startup Digest -

http://startupdigest.com/austin/

• Silicon Hills News - http://www.siliconhillsnews.com/

• Austin Business Journal

• Austin American Statesman

• Texas Enterprise - http://bit.ly/TexasEnterprise

• TVL Newsletter - http://tvl.utexas.edu

• Austin Startup List - http://www.austinstartuplist.com

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http://www.siliconhillsnews.com/

http://www.siliconhillsnews.com/

http://bit.ly/TexasEnterprise



http://tvl.utexas.edu/

http://www.austinstartuplist.com/

http://www.austinstartuplist.com/

3-Day Startup

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3 Day Startup is an entrepreneurship education

program designed for university students with an

emphasis on learning by doing

Started in 2008 at UT Austin and have spread to 9

schools in the US and abroad.

3 Day Startup is an

entrepreneurship education

program where university students

learn by doing

Chemistry students have

labs

Engineering students have

machine shops

Painting students

have workshops

An applied

environment for

entrepreneurship

3 Day Startup Program Outcomes

Past: 71 programs at 40 universities in US, Israel, Chile, China,

Thailand, Spain, Netherlands, Germany, France, Portugal,

Qatar, Mexico.

Upcoming: 60+ programs scheduled for 2013

Df

Dfdf

Dfdf

Companies launched:

39 companies that have

collectively raised

$14.5 mm

33 companies accepted to

incubators/accelerators such

as Y Combinator, TechStars,

Dreamit Ventures, Capital Factory

Goal of the Program:

• Outputs: Investor pitch, prototype demo

• Customer discovery

• 3 months of progress in 3 days

• Connections to mentors, investors, and

other champions

3 Day Startup Programs Do Not:

• Award cash prizes or select winners

• Provide formal direct investment

• Emphasize business plans

3DS Enterprise Innovation

3DS Program Timeline Application due September 25th

Day 1 (October 18th)



• Resume • Business idea • Statement of

interest • Interview

• Brainstorming

groups • Pitches/Q&A • Idea selection • Customer

discovery prep • Execution

• Customer

discovery • Market

validation • Market sizing • Prototyping • Identity &

branding • Structured

mentorship • First practice

pitch/Q&A

• Pitch prep • Demo prep • Final

presentations

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Questions

Career Management

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Navigating Entrepreneurship @ McCombs

Wednesday, September 4, 2013

Gabrielle Zandan

The Entrepreneurial Job Search

Corporate

• Structured

• OCR/Job Description

• Culture

• Credibility

Start-up

• Unstructured

• Networking/Self-Sourced

• Size, Stage, Scope

• Value Add

Own Venture

• Idea Generation

• Business Plan

• Pitch

• Funding

Risk Tolerance ($ and Time)

Experience Gaps (Large vs. Small)

Goals (Short-term and Long-term)

“I knew I wanted to work in a start-up, but that’s

neither an industry nor a job function.”

- J.T. Burgess, MBA Class 2014

Business Plan Job Search

Idea Generation Identify Goals

Market Validation Networking

Product Development Skills Development

Strategy Strategy

Selling Pitch, Application,

Interview

Proactive Smart

Strategic Focused

Get people to invest in you and your product!

People

McCombs/UT:

Alumni

Faculty

2nd years (PA’s) & classmates (all programs)

Career Management

MBA+ Communication Coaches

Community:

CEO’s/Founders

Employees

Influential Investors/Community Leaders

Places

McCombs/UT:

Student Organizations

Career Connections/ES Connections/Careers

Now/Alumni Events

Other Departments

Community:

SXSW

Meet-Up Groups/Networking Events

Organizations

Things

McCombs:

Job Postings (OCR and McCombs Job Board)

Classes

BA181 Strategic Career Planning class

On-line Resources (Library)

Community:

List-serves

Capital Factory, Door64

Websites

Blogs/Social Media/Current Events

Statistics

Internship: $23.70/hr

Small: $22.37/hr

Large: $23.75/hr

Full-Time: $90,000/yr

Small: $83,854/yr

Large: $99,958/yr

Typical:

Industry: Technology

Function: Marketing/Sales

Role/Title: Product Management, Business

Development

To do’s:

Look at this:

http://www.mindmeister.com/24358308/austin-

entrepreneurship-scene

Watch this:

http://www.slideshare.net/joshuabaer/intro-to-

the-austin-startup-scene or this:

http://www.youtube.com/watch?v=aU9_a-

MyeDg

Read this:

http://angelinvestinginaustin.blogspot.fi/

Plan with this:

https://www.startupdigest.com/digests/austin

http://www.mindmeister.com/24358308/austin-entrepreneurship-scene







http://www.slideshare.net/joshuabaer/intro-to-the-austin-startup-scene











http://www.youtube.com/watch?v=aU9_a-MyeDg









Case Examples: Career Path JOSH TINCH, MBA 2013

• Pre MBA: Business Development Manager, J.P. Morgan

• Internship: Umbel, Austin (Tech Start-up)

• Post MBA:

• Director of Market Development, Umbel , Austin

• Founder, EdSafari, Inc , Austin

MICHAEL WESTGATE, MBA 2009

• Pre MBA: CPG Marketing

• Internship: Product Marketing Manager, Microsoft, Seattle

• Post MBA:

• Senior Product Marketing Manager, Microsoft, Seattle (2009-2011)

• Senior Marketing Manager & Social Media Lead, Microsoft, Austin (2011-2013)

• Director of Social Commerce, WCG , Austin(Present)

Q BECK, MBA 2010

• Pre MBA: Movie/Television Production and Development

• Internship: Co-Founder, Famigo, Austin (Own Venture, seed money from Capital Factory)

• Post MBA:

• Co- Founder, Famigo, Austin 104

Case Examples: Advice

JOSH TINCH, MBA 2013

“If you are interested in working for a start-up you need to get off campus and start meeting people so make sure to plug into the ATX start-up and entrepreneurship scene.”

MICHAEL WESTGATE, MBA 2009

“Remember that you are unique “products” in a human capital marketplace, so figure out what you do well, find leaders who you can make you better and rely on our strong longhorn network to land a job you love.”

Q BECK, MBA 2010

“You eventually have to make some hard decisions, like turning down a lucrative job offer to make $0. You can't have it both ways.”

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We are also free to meet and share more information with you regarding any of the items discussed. Please contact us at [email protected] to set up a time.

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Q&A

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navigating entrepreneurship @ mccombs/media/files/msb/centers/texas... · (nvc) venture labs...

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