Day 2 / Breakout 4: Successful Entrepreneurial Practice

2009 February 17
by Erin Daley

Comments on Breakout Session 4

from → Feb 9-10, 2009, FCT/UNL

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  1. 2009 February 17
    Erin Daley permalink

    Summary Notes from Session:

    Business plan – a formal business plan has no operational value because it is not reactive, but it CAN BE a good “thinking tool”

    PRO’s
    1. Allows you to put all your ideas on paper
    2. In a small business can help you set goals
    3. You can prepare for different
    4. Clarifies the strategy you should follow: keep you on track
    5. Good thinking tool
    6. Help to raise money

    CON’s
    1. You can’t predict sales
    2. You can’t control the context: may lead to wrong assumptions
    3. The day after you write your plan, it is out of date

    Erin Defosse:
    - “We don’t read business plans”
    - What is important: does the time have a unified mission (business purpose)
    - You can buy software to make a business plan.
    - It is more important for the team to be able to present the pitch in 15 minutes: - No VC reads business plans
    - You should be able to summarize it in one page

    Marlos
    What kind of business plans do Americans VC’s expect?
    Erin: What are the key things the company should maximize to arrange the interview and get the funding?
    1. Get an audience (personal recommendation: venture partner)
    2. Prepare the meeting:
    - One page executive summary and prepare a powerful presentation
    - Short and clear document with:
    o Financial data – market demand (segmentation analysis): basic numbers and grounded information (ie costumer quotes)

    CHIPIDEA – Successful case study
    Erin – Do not refer to your business as a project: use “business” or “company”
    Paulo Pereira: How can a company grow fast? Case – B2B
    Cliff: It is your market that decides how fast you grow – steps are going to be adjusted to the market you are in, but you can’t predict them
    Different kinds of industries follow a different path
    Rainho – Checking product definition should be the first step
    Cliff – Allow your technology to enter the market and let the market tell you
    Marketing and distribution strategy – How do you structure the message and the strategy… But that takes time

    Action Business Plan – David Cristina
    Create value and pack yourself
    Keep the rights to the technology
    Erin - Prove the concept and sell the IP