ric centre new client package · ric centre new client package package contents: 1. overview ric...

2660 Speakman Drive, Mississauga, ON L5K 2L1 289-373-3050 www.riccentre.com

RIC Centre New Client Package

Package Contents: 1. Overview RIC Services Handout 2. Client Service Agreement (duplicate) 3. Client Stages Break-down 4. One Page Company Summary – Example 5. Value Proposition and Business Model Canvas Template 6. Market Intelligence Service 7. Startup Bootcamp and NRC-Concierge 8. Entrepreneur’s Toolkit Workshops 9. Growing Your Business Breakfasts and Expert Seminar Series

Client Instructions Download an electronic version of this package and templates on the RIC Centre website at riccentre.com/clients. Please remember to opt-in to the RIC emailing list to receive important updates about networking events, funding opportunities and educational seminars. For any questions, please contact RIC Centre’s Communications Officer ([email protected]).

Checklist 9 Complete non-confidential one page company summary (request electronic

template) 9 Create a value proposition statement and business model canvas (download

electronic versions) 9 Complete market intelligence request form electronically 9 Complete meeting notes after each meeting (it will be sent to you by e-mail) 9 Meet with NRC-Concierge Innovation Advisor for information on government

grants and resources 9 Attend Startup Bootcamp, Entrepreneur’s Toolkit Workshops, Expert Seminar

Series and Growing Your Business breakfast seminars 9 Provide advisor with quarterly updates, milestones, achievements 9 Follow us on social media:

twitter.com/riccentre facebook.com/riccentre RIC Centre Group

WWW.RICCENTRE.COM | 2660 Speakman Drive, Mississauga ON, L5K 2L1 | T: 289-373-3050

Network Connections

Incubator Program

Access to Funding

Professional

Service

Providers

Champion Series

Pitch Panels

Mentorship &

Advisory

Customized Market

Intelligence

Entrepreneur

Workshops and

Lunch & Learns


Client Services Agreement Introduction Welcome, and thank you for registering for services at the Research Innovation and Commercialization (RIC) Centre! We are excited to work with you, build a lasting relationship and help fast-track your business to market. Through this agreement, we describe how the RIC Centre supports its clients, what you can expect from us and what we expect from you.

The RIC Centre is part of the Ontario Network of Entrepreneurs (ONE) which includes 14 other centres like ours, all providing similar services. Which centre(s) you choose to work with is up to you; generally it is most convenient to choose the closest location, but situations vary and it’s your decision. We are a not-for-profit organization funded primarily by the Ministry of Research and Innovation. Most, if not all services we offer are free of charge (you will be notified if there are any charges associated with an event or program).

Client Confidentiality We understand confidentiality is of utmost importance to our clients, and therefore we have a strict non-disclosure policy regarding all confidential/proprietary client information. By agreeing to our terms of service during the online registration, you are protected by a blanket non-disclosure agreement between all employees of the RIC Centre and your company.

Any information that you give us that is not publicly available will be treated as confidential. We will make all reasonable efforts to keep the information confidential within the Ontario Network of Entrepreneurs. The information will not be used except as reasonably required to provide our services, and will only be shared with partner organizations when their services can enhance or complement the suite of services offered by RIC Centre. Each member of our team works with many companies, and we may provide services to companies that are similar to yours or ones that you consider to be competitors. We won't disclose any of your proprietary information to other clients. We cannot guarantee that an individual member within the Regional Alliance, or the broader ONE, does not have a conflict of interest and could therefore receive information prior to disclosure of a conflict. If you are concerned that anything you say might be considered public disclosure and damage your chances of receiving IP protection, you should consult with a qualified professional.


Initial Meeting Having registered on the website and gone through an initial conversation with our Business Analyst, you are officially a client of the RIC Centre. From here, the most appropriate mentor(s) are chosen based on your industry, current needs and stage of business development. You are also free to register for and attend events hosted by the RIC Centre. Please remember to opt into our e-mailing list so you receive up to date information about upcoming events and opportunities that are relevant to your business.

For your initial in-person meeting with your mentor(s) at the RIC Centre, the purpose is to get to know you and your business better and determine what you need help with and how we can help you specifically. If you have specific questions for us, particular business hurdles / challenges, please come prepared to discuss these. If you have a business plan, business model canvas, customer or investor presentation etc., it is best if you can send these to us in advance of the meeting so we can review these with you.

What the RIC Centre does 1. The RIC Centre provides advisory services at no charge which may include general guidance,

feedback and mentoring as well as connections to other appropriate resources including market research reports, RIC events, MaRS Entrepreneur’s Toolkit, educational programming and networking opportunities, referrals to relevant community or industry partners, public and private funding opportunities and additional resources all at the sole discretion of the RIC Centre.

2. We care about you and your business, and want to see you commercialize your technology and make money. We strive to help you develop skills and knowledge in building a business, so you are fully prepared for success by providing advice, suggestions, ideas, and opinions based on the collective experience and knowledge of our mentors. We will always provide honest and straightforward feedback.

What the RIC Centre does not do 1. We provide feedback and support; you make the decisions and execute the work. RIC Centre

assumes no responsibility or liability for business decisions that are made by you, based on the information, feedback and support it provides. RIC Centre will not write business documents or funding applications on your behalf, however it will provide suggestions and comments related to business documentation that you provide.

2. We cannot tell you directly if you have a viable business idea. We will introduce you to tools, methodologies, business experts, and resources which will allow you to critically evaluate your market, customers and business model in order to determine the viability of your business idea.

3. We do not provide direct funding. We have connections to certain funding programs and opportunities, but do not provide funding directly. If your company is at the appropriate stage to apply for external funding, we can discuss these options with you and help with investor presentations and strategy.


Client requirements, expectations and responsibilities 1. Keep in touch and remain proactively engaged with your advisors. Provide regular quarterly

updates on progress, milestones and significant achievements. RIC Centre will profile clients who achieve major milestones and successes on our website or other media.

2. Complete a non-confidential one page summary of your business to keep on file (using the RIC Centre template). This may be used to make introductions between your company and third parties such as MaRS market intelligence service, volunteer advisors, and potential investors.

3. Fill out a meeting notes / action items form after each meeting or call with an advisor (the form will be sent to you by e-mail after each meeting)

4. Respond to and fill out our client surveys which are sent out one to two times per year. The data collected are critical for maintaining effective client services and meeting RIC Centre’s reporting obligations to the government.

5. Add the official RIC Centre client logo to your website. Instructions can be found here: riccentre.ca/clientlogo. For any questions, contact [email protected].

6. If you choose not to utilize any RIC Centre services over a six month period, and fail to provide a progress update, we reserve the right to remove you from the active client list, which may hinder the future use of RIC Centre resources

This agreement shall be governed in accordance with the laws of the Province of Ontario, and supersedes any previous agreements (formal or otherwise) between the two parties.

Client Company Name:

RIC Centre

Client Name:

Advisor Name:

Signature:

Signature:

Date:

Date:

Client Stage and Sub-stage:

EXAMPLE - Non-Confidential Company Profile


228

COMPANY

� Website: www.medux.io (in progress) � Year Established: 2013 � Patents: 1 granted, 1 pending, 7 provisionals

filed � Working Prototype: Yes � Industry: Medical Devices

TEAM

� E-mail Address: [email protected] � Tim Pryor (Co-Founder)

o MEng. Entrepreneurship/Innovation, McMaster

� Joseph Dwaihy (Co-Founder) o M.D. Dartmouth College

� Brian Lukas o BSc. Computational Science/Physics,

Waterloo � Partners: UWO CSTAR-Surgical Expertise

and mock operating room facilities � RIC Centre Advisors: Tim Scott, Alex Senson

FINANCIAL INFO

� Revenue (past year or monthly): pre-revenue

� Monthly net burn: $-- � Funding to date (source, amount): $-- in

govt grants; $-- from SR&ED credits and personal funding

� Capital seeking: $-- � Deal terms: 10% equity stake

USE OF FUNDS

� $--- for product definition, market research, user adoption studies to inform final prototype development

COMPANY OVERVIEW

� A sterile disposable controller with rechargeable electronic core that allows surgeons to intuitively and precisely control their digital data in the sterile field of an operating room, reducing surgeon distraction and frustration

� The company solves two core workflow problems in the operating room. First, it gives surgeons direct, tactile control over procedure data in the sterile field; second, it gives them control over their data located on their iPhone/iPad. It brings the iOS experience to the OR.

� Result: Reduced surgeon frustration, medical errors and greater job satisfaction. It streamlines a procedure that accounts for approx. 60% of a typical US hospital’s profit and revenues. Surgeons have estimated that it would reduce procedure times by 10%-20%.

� Our technology represents a breakthrough in surgeon-computer interaction and fundamentally changes the way surgeries will be performed.

MARKET

� Total US Market Size: ~30 million procedures/year (disposables), ~24,000 ORs (system sales)

� First Customers: Large US research/academic hospitals

BUSINESS MODEL AND TRACTION

� Disposable sales per procedure, system sales for individual ORs � Direct to hospital sales � Currently have a functional prototype unit, getting feedback from surgeons

MILESTONE PLAN

� 3 Months: Submit US Patents and PCT ; 6 months: Product Definition completed; 12-15 months: HW/SW Prototype submitted to FDA and pilot work with US hospitals, establish US presence

� Key activities: patent prosecution/filings, implement quality management systems and FDA/Health Canada regulatory strategy; define product

� Resources required: financing, electronics design, industrial design, regulatory support, quality mgmt system support

� Challenges: Little experience with FDA product development process and medical device quality management systems


Your Value Proposition Below is a basic template or starting point for a value proposition (refine this in your own language once you have filled in the template – it’s meant as a guide only)

For __________________________________________ (insert specific target customer)

Who is looking for/challenged with _________________________________________ (insert their need/problem)

We have developed ___________________________________________ (insert what it is)

That helps/generates/creates/saves/improves _______________________________________ (list values)

Now, write it in your own words in proper sentences (example on back of sheet)


Definition: The value proposition statement should consist of the following components:

• What you are offering to customers • The specific value associated with your offering • For whom you are creating the value • (…Why your product is different from everything else on the market)

Examples: “Winners is a department store that offers fashion conscious consumers the latest brand names for up to 60 per cent off.”

“A1 Industries has developed an economical and easy-to-use chemical additive that allows paint manufacturing companies to reduce the environmental impact of their products”

“Google is the world’s largest search engine that allows internet users to find relevant information quickly and easily.”

“Google is the world’s largest search engine that automatically provides advertisers with potential customers tailored to the ad content, increasing click-through rates and conversion rates.”

What is it?

For whom?

Values?

Bu

siness M

od

el C

anvas

Osterwalder, Alexander, B

usiness M

od

el Gen

eratio

n, 2009

7. Key Partners

5. Key Activities

1b. Value Propositions

3. Customer Relationships

1a. Customer Segm

ents

6. Key Resources

2. Channels

8. Cost Structure

4. Revenue Streams

Bu

siness M

od

el C

anvas

Osterwalder, Alexander, B

usiness M

od

el Gen

eratio

n, 2009

7. Key Partners x

Who else do you need to

make your m

odel work?

x W

ho are our Key Partners?

x W

ho are our key suppliers? x

Tie into key resources (W

hich Key Resources are

we acquiring from

partners?) x

Tie into key activities (Which

Key A

ctivities do partners perform

?) M

otivations for partnerships: x

Increased credibility x

Differentiate your

product/service x

Decrease tim

e to market

x O

ptimization and econom

y x

Reduction of risk and

uncertainty x

Acquisition of particular

resources and activities

5. Key Activities x

What K

ey Activities do our V

alue Propositions

require / what things m

ust you do to attract custom

ers and produce your value proposition?

x K

ey activities for our Distribution C

hannels? x

Key activities for our C

ustomer R

elationships? x

Key activities for our R

evenue Streams?

Example Broad Categories

x R

&D, production, m

arketing, sales, customer

service x

Provide detailed activities for each

1b. Value Propositions x

What value do w

e deliver to the custom

er? x

Which one of our custom

er’s problem

s are we helping to

solve? x

What bundles of products and

services are we offering to each

Custom

er Segm

ent? x

Which custom

er needs are we

satisfying? V

alue proposition statement: 2-3

lines which indicate 1) W

hat you are offering. 2) The specific value associated w

ith what you are

offering. 3) For whom

you are creating value.

3. Customer Relationships

x W

hat type of relationship does each of our C

ustomer S

egments expect us to establish and

maintain w

ith them?

x W

hich ones have we established, and need to

establish? x

How

are they integrated with the rest of our

business model?

x H

ow costly are they?

1a. Customer Segm

ents x

Who do you serve, w

ho pays you and w

ho uses your product? x

For whom

are we creating value?

x W

ho are our most im

portant custom

ers? x

Create different business m

odel canvases for different custom

er segm

ents, and compare to select

the most viable business m

odels x

What is the custom

er persona and dem

ographics? x

Do you have a tw

o sided market?

What are your m

ultiple customer

segments? R

emem

ber to create a separate value proposition for each.

6. Key Resources x

What K

ey Resources do our V

alue P

ropositions require? x

Key resources for our D

istribution Channels?

x K

ey resources for our Custom

er R

elationships? x

Key resources for our R

evenue Stream

s? Exam

ple types of resources IP, technical expertise, hum

an resources, financial and physical assets, key contracts and relationships etc

2. Channels x

Through which C

hannels do our Custom

er Segm

ents want

to be reached? How

do they buy and how do you deliver?

x H

ow are w

e reaching them now

? x

How

are our Channels integrated?

x W

hich ones work best?

x W

hich ones are most cost-efficient?

x H

ow are w

e integrating them w

ith customer routines?

Channel Types:

1. C

omm

unication – with your potential custom

ers 2.

Sales – where buyers and sellers agree on the transaction

3. Logistics/distribution – physically deliver your product to the custom

er C

hannel phases: 1. Aw

areness - How

do we raise aw

areness about our com

pany’s products and services? 2. Evaluation- H

ow do w

e help customers evaluate our

organization’s Value Proposition?

3. Purchase - How

do we allow

customers to purchase specific

products and services? 4. D

elivery - How

do we deliver a Value Proposition to

customers?

5. After sales - How

do we provide post-purchase custom

er support?

8. Cost Structure x

What are the m

ost important costs inherent in our business m

odel? x

Which K

ey Resources are m

ost expensive? x

Which K

ey Activities are m

ost expensive? x

Do a rough spreadsheet to com

pare potential costs against potential revenues for this business m

odel Is your business m

ore: x

Cost D

riven (leanest cost structure, low price value proposition, m

aximum

automation, extensive

outsourcing) x

Value Driven ( focused on value creation, prem

ium value proposition)

x sam

ple characteristics: x

Fixed Costs (salaries, rents, utilities)

x Variable costs

x Econom

ies of scale x

Economies of scope

4. Revenue Streams

x H

ow do you get paid and how

much?

x For w

hat value are our customers really w

illing to pay? x

For what do they currently pay?

x H

ow are they currently paying?

x H

ow w

ould they prefer to pay? x

How

much does each R

evenue Stream

contribute to overall revenues? D

o a rough spreadsheet to compare potential revenues against potential costs for this business m

odel E

xample Types:

Asset sale, U

sage fee, Subscription Fees, Lending/R

enting/Leasing, Licensing, Brokerage fees, Advertising,

fixed pricing, List Price, P

roduct feature dependent, Custom

er segment dependent, Volum

e dependent, dynam

ic pricing, Negotiation( bargaining), Yield M

anagement, R

eal-time-M

arket

MARKET INTELLIGENCE

In partnership with the MaRS Market Intelligence, RIC Centre clients have access to premium secondary market research resources at no cost.

* To maximize the value of this service, we highly recommend that you request research twice per year for updated information and more targeted questions.

RIC Centre clients have received an average of $27,000 worth of research reports per request.

Market research data is CRITICAL to your startup:

3 Supports your business plan and investor pitch

3 Strengthens funding applications

3 Making strategic business decisions

Gain exclusive access to reports provided through secondary market research databases including:

www.riccentre.com 289-373-3050

Alex Senson t, [email protected]

1. You must be an active client of the RIC Centre. The venture must be technology based and must be developed and located in Ontario.

2. The venture must have less than $1 million in revenues in the past fiscal year.

3. The venture has raised less than $2 million in private investments ($3 million for biotech/cleantech ventures) from the year established from sources such as VC, angel, personal capital, friends, family, government-funded investment programs and bank loans. This does not include funds raised from government research and development grants.


Alex Senson t, [email protected]


Eligibility Criteria

Sample Questions* Limited to secondary market research questions

PROFESSIONAL SERVICEPROVIDER PROGRAM

IP Clinic

Legal Clinic

Government Grants& Programs Clinic

For more information, contact Amarpreet Kaur, Operations Manager at [email protected].

WWW.RICCENTRE.COM | 2660 Speakman Drive, Mississauga ON, L5K 2L1 | T: 289-373-3050

CLIENT SERVICES

RIC Centre is proud to offer our clients free access to professional services during

monthly office hours. This is your

opportunity to meet dedicated professionals from RIC Centre’s partners:

Bereskin & Parr LLP

Pallett Valo LLP

NRC - Concierge

RIC Centre offers free MaRS Entrepreneur Workshops to develop your skills, strategies, and processes. These entrepreneurship programs and resources help you navigate successfully through the different stages of your growing business. Get unparalleled access to business and sector knowledge and experts through diverse event series and workshops that cover all aspects of building a winning venture. Starting Lean: Value Proposition (2 sessions, 4 hours each) Starting Lean: Business Model (2 sessions, 4 hours each) Finance Fundamentals (3 sessions, 4 hours each) The MarCom Toolkit (3 sessions, 4 hours each) The B2B Sales Process (3 sessions, 4 hours each) Pitching to Investors (2 sessions, 4 hours each) For more information and registration, please contact Amarpreet Kaur at [email protected] or 289-373-3050 x 204

Bi-monthly seminars

7:00am - 10:00am

Growing Your Business bi-monthly breakfast-with-the-experts seminars are an

excellent way to network and gain valuable information from aspiring businesses,

enterprise companies, service providers and government organizations.

During these seminars, three guest speakers (an academic, an industry specialist

and an entrepreneur) present their expert advice, followed by a panel discussion.

The session ends with a lively networking period.

RIC Centre offers educational training opportunities for our clients. These are 1.5-2 hour

sessions from an industry expert on various topics such as market segmentation, factoring,

business model canvas, crowdfunding, SaaS Metrics, financial modeling, etc. Previous event

presentations are available on our website. For more information, visit our website at

www.riccentre.ca/services/seminars-workshops

RIC Centre I www.riccentre.com2660 Speakman Drive, Mississauga ON, L5K 2L1T: 289-373-3050 I E: [email protected]

Xerox Research Centre

of Canada

2660 Speakman Drive

Mississauga, ON L5K 2L1

Venue

Location

Pre-Registration

At the Door

$25

$30

Fee includes continental

breakfast and parking

Expert Seminar SeriesBi-weekly seminars

12:00pm - 1:30pm

Xerox Research Centre

of Canada

2660 Speakman Drive

Mississauga, ON L5K 2L1

Venue

Location

Pre-Registration

At the Door

$10

$15

Fee includes continental

breakfast and parking

ric centre new client package · ric centre new client package package contents: 1. overview ric...

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