Can Scientists and Engineers Become Entrepreneurs? Dawood Parker - - PowerPoint PPT Presentation

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Can Scientists and Engineers Become Entrepreneurs? Dawood Parker - - PowerPoint PPT Presentation

Can Scientists and Engineers Become Entrepreneurs? Dawood Parker Melys Diagnostics Ltd ENTREPRENEURSHIP FOR SCIENTISTS AND ENGINEERS Trieste, Italy 19 th -23 rd March 2018 Dr.Parker. Can Scientists and Engineers Become Entrepreneurs?


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SLIDE 1

Can Scientists and Engineers Become Entrepreneurs?

Dawood Parker Melys Diagnostics Ltd

ENTREPRENEURSHIP FOR SCIENTISTS AND ENGINEERS Trieste, Italy 19th-23rd March 2018

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 2

What is an Entrepreneur?

An entrepreneur is someone who takes an idea, develops a business around it, manages the business and assumes the risk involved in making a profit.

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 3

Ray Dolby Physicist/Entrepreneur

Dolby Noise Reduction System

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 4
  • S. Raghu

Physicist Entrepreneur

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 5

Attributes of Inventors

Curiosity Problem solving skills Reasoning skills Numerical ability Persistence Ambition Missing – Financial Acumen

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 6

Attributes of Entrepreneurs

  • Do I enjoy being in charge?
  • Can I hire and fire others?
  • Can I delegate work?
  • Can I motivate people?
  • Can I negotiate and compromise?
  • Do you have the persistence to achieve your

goal?

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 7

Incomplete Data

  • Scientists and engineers are used to making

decisions based on complete data.

  • An entrepreneur has to make the decision to

start a company on incomplete data. YOU HAVE TO TAKE A RISK

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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Innovation Driven Start-ups

Your invention is your major asset

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 9

You need…

CUSTOMERS!

(and they won’t beat a path to your door)

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 10

Market Survey

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 11

Options

Sell your idea Sell your invention Start a company

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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An Idea or Invention you can sell?

New battery technology – UK Innovate £250million over 5 years

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018 Faraday battery challenge: clean and flexible energy To improve air quality for people in the UK and cut emissions, government’s clean growth strategy commits to ending the sale of new conventional petrol and diesel cars and vans by 2040. The automotive industry is now faced with the challenge of transitioning from internal combustion engines to full electrification and zero emission - a market that is estimated to be worth £5 billion in the UK and £50 billion across Europe by 2025. To power the next generation of electric vehicles, we need cost-effective, high performance, durable, safe, low weight, and recyclable batteries. This challenge will support the design, development and manufacture of batteries for the electrification of vehicles. It will tackle air pollution, as well as enable UK businesses to make the most of the opportunities presented by the low carbon economy. Government will invest £246 million over 4 years in research, development and scale-up facilities. The potential GVA to the UK economy is estimated to be £33 billion each year up to 2050.

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SLIDE 13

Management Team vs The Brilliant Idea

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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Business Plan

  • Executive Summary
  • The Business
  • Management Team
  • The Market
  • Marketing Plan
  • R&D
  • Barriers and Risks
  • Exit
  • Financials

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 15

Fund Raising

It’s about… You The Management Team

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 16

Who will be the Entrepreneur?

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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Value Yourself

Act as an Entrepreneur

  • Dr. Parker. Can Scientists and Engineers Become Entrepreneurs?

Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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Value Your IP

  • How unique is your IP – competitors?
  • Years of patent protection pre-launch
  • Compare with potential royalty income
  • Get independent advice

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018

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SLIDE 19

Overview

  • Yes, scientists and engineers can be

entrepreneurs

  • Do you have the personality?
  • Your idea is your principle asset
  • Decide on your exit strategy
  • Become skilled at fund raising
  • Learn to live with risk

Dr.Parker. Can Scientists and Engineers Become Entrepreneurs? Entrepreneurship Workshop, Trieste, Italy, 19-13 March 2018