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Evaluating Business Opportunities

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Transforming Incredible Ideas into Credible Businesses ... Flexible placement opportunities for students, post-grad and alumni. Grant-funded Consultancy ... – PowerPoint PPT presentation

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Title: Evaluating Business Opportunities


1
Evaluating Business Opportunities
  • John Halliday
  • Virtual Company Facilitator
  • Kingston University Enterprise Exchange
  • for
  • WestFocus Knowledge Exchange Fellows Seminar

2
WestFocus Business Acceleration
  • Business Creation Commercialisation of
    University Research
  • Spinout / Licensing
  • Business Support Knowledge and Skills Transfer
    for SMEs
  • KTP, WBL, Academic Consultancy, Student /
    Graduate Placements
  • The Virtual Company (TVC) scheme Innovation
    support for Inventors and Fledgling Companies
  • Spin-In / Start-up
  • http//www.WestFocus.org.uk/BusinessAcceleration

3
WestFocus Business Creation Focus on Academics
  • Project Mining / Assessment
  • Identifying ideas with commercialisation
    potential
  • Guidance on Intellectual Property issues
  • Protecting the Idea
  • Market Assessment
  • Will it sell?
  • PARK Proof-of-Concept and Seed Funds
  • Early stage funding
  • Introduction to Angel and VC investors
  • External investment

4
WestFocus Business Support Focus on SMEs
  • Knowledge Transfer Partnerships (KTP)
  • DTI subsidised placements for Project
    Associate, supported by Academic Supervisor
  • Work-based Learning (WBL)
  • Accredited learning programmes from Certificate
    to Masters
  • STEP
  • Summer placement opportunities for students
  • UTP (was Cut-iT)
  • Flexible placement opportunities for students,
    post-grad and alumni
  • Grant-funded Consultancy
  • Consultancy opportunities for academics
  • External engagement enhances teaching and
    research

5
The Virtual Company (TVC) Scheme Focus on
External Inventors and Innovators
  • Kingston University initiative
  • Piloted by Business Link Wessex
  • Supporting innovation using university expertise
  • Academic engagement
  • Pipeline for innovative ideas
  • Many more outside than inside the university?
  • Enhanced profile with industry, public and
    government bodies
  • Attract funding
  • Builds a sustainable business creation activity
  • Equity participation, Licensing and consultancy
    income

6
Invention - Success Factors
  • Britain claims to be the most inventive country
    in the world so why do so few inventors enjoy
    commercial success?
  • Does the Entrepreneurial Inventor exist?
  • Inventors go through the following phases-
  • Inspiration they think of a great idea!
  • Aspiration they seek help to prove the concept,
    build prototypes etc.
  • Perspiration they strive to get products to
    market (with a little help from others)
  • They need complementary Skills
  • Business Development, Sales and marketing,
    Project Management, Design, Engineering, Legal,
    Finance, manufacturing..
  • Plus Drive and Energy!
  • Thomas Edison Invention is 1 inspiration and
    99 perspiration

7
The Virtual Company (TVC) Scheme
  • A proven formula that organises a team of
    specialists to guide lone inventors, champion
    their cause and help them gain access to grants
    and other sources of funding
  • A Virtual Company is formed when a team of
    experts agree to work with an inventor to bring
    an idea to market
  • The experts work for no fee, but in exchange for
    virtual shares in a virtual company, which
    convert into real shares in the case of eventual
    success
  • Similar process for academics (Spin-Out)and
    external inventors (Spin-In), except IP
    ownership
  • http//www.kingston.ac.uk/business-services

8
DTI Diagnostic - Investigating an Innovative Idea
  • Evaluation Criteria(SME Project)
  • Project Plan
  • Market
  • Risk
  • Human Resources
  • Financial Resources
  • Project Management
  • Strategic Fit
  • Competitive Position
  • Environmental Social Impact

Note Triple-I scheme discontinued mid 2005
9
TVC Nurturing the Early-stage Idea
Business Plan
Marketing Plan
IDEA
Milestones
Research
Concept
Development
Production Sales
Spin-Out or Spin-In
Vision
Proof-of-Concept- technical- commercial
Prototype
Production
Trials
  • Focus on Proof-of-Concept stage
  • Where the university can add value
  • Entrepreneurship Training
  • learning modules, seminars, workshops
  • MSc by learning contract(Innovation
    Entrepreneurship)
  • Kingston Inventor Club
  • Pitching the idea
  • Getting constructive feedback
  • http//www.kingstoninventors.org

Proof-of-Concept, Commercialisation
Referral
Nurturing
10
TVC Filtering / Qualification Process
Consultancy only?
RecommendTVC support?
Long-term commitment
  • Do we see a business opportunity?
  • Can the university add value?
  • Rigorous assessment process establishes
    credibility with grant bodies
  • Rejects need positive direction or referral
    propose alternative

11
KU Enterprise Committee Support Form
  • KU Support Criteria
  • Can we form a team?
  • Engage technical / business experts
  • Can we raise funding?
  • Qualification for PoC / RD Grants
  • Return on Investment?

Note R Red, A Amber, G Green (All presented
to EE must be at least A or G)
12
Funding the Business Creation Process
Business Plan
Marketing Plan
IDEA
Milestones
Research
Concept
Development
Production Sales
Spin-Out or Spin-In
Vision
Proof-of-Concept- technical- commercial
Prototype
Production
Trials
DTI
Closed mid-2005
Triple-I
Micro
RDA RD Awards (old DTI SMART)
Availability depends on RDA region
Research
Development
RDA Proof-of-Concept Funds for SME / HEI
collaboration
LDA Connect, SEEDA PoCKeT
Proof-of-Concept Fund
WestFocus / PARK( CommercialiSE /PoCKeT)
Seed Fund
Angel Funds
  • Proof-of-Concept funding aims to reduce risk
  • Seed funding prepares for external investment or
    revenue

VC Funds - CLOSE
13
Key Assessment Criteria (WestFocus / PARK)
  • Will it work / how well?
  • USP (Unique selling proposition)
  • How innovative?
  • Competitive advantage
  • How does it satisfy a market sector?
  • Timeliness?
  • Longevity of product or product line / repeat
    orders?
  • Potential for family of products
  • to permit company development?
  • Previous record
  • technical innovation / management?
  • Intellectual property rights (IPR)
  • Protection of idea
  • Scores assigned against objective criteria
  • Weighted Sum / Product used to aid decision

14
Key Assessment Criteria (CommercialiSE / PoCKeT)
  • Technology
  • Innovation
  • Technical Risk Assessment
  • Commercial
  • Barriers to Entry
  • Sustainability of Competitive Advantage
  • Exploitation Prospects
  • Profit Generation Potential
  • Applicant Capability
  • Viability
  • Management Commitment
  • Applicant Track Record
  • Management Abilities
  • Wider Aspects
  • Relationship Value Added
  • Environmental Impact
  • Useful for ranking of Projects
  • Note low score in certain areas can simply
    indicate potential work to be done

15
Commercial Opportunities Appraisal Process
(Warwick / Coventry)
  • 10 COAP Dimensions
  • Uniqueness of the technology
  • Readiness of the technology
  • Value of the Market
  • Anticipated Profit Margins
  • Intensity of Competition in the Market
  • Competitive Edge of your Product or Service
  • Ease of Access to the Market
  • Customer Conservatism
  • Commitment of the Team
  • Commercial Experience of the Team
  • Original idea by David Catton, Sheffield
    University Enterprises Ltd
  • Note focus on the Individual or Team!

16
TVC Scheme Project Drivers
  • Project Drivers
  • Key role to define and maintain strategic
    direction
  • Objectives aligned with other stakeholders
  • Recruitment
  • Personal attributes, Skills, Sector-specific
    Experience
  • Engagement provides some validation of the
    business concept
  • Selection Workshops
  • Several projects pitched to several candidate
    drivers
  • One-to One meetings to determine rapport with
    Academic / Inventor
  • Remuneration
  • Initial contribution to work-up of funding
    proposal on no-win-no-fee basis, then (if
    successful) a defined role on the project
  • Continuing role against agreed share in equity or
    license / royalty income
  • http//www.kingston.ac.uk/business-services
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