Introducing the CIE Membership Type Rates Mentor $75 per year - - PDF document

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Introducing the CIE Membership Type Rates Mentor $75 per year - - PDF document

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4/8/2020 1 Introducing the CIE Membership Type Rates Mentor $75 per year Entrepreneur $125 per year; 2 member per organization Tenants Co-working space $100/month Private Office $300/month pending availability 2 Mentor Skill

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Introducing…the CIE

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Membership Type Rates

Mentor $75 per year Entrepreneur $125 per year; 2 member per organization Tenants Co-working space $100/month Private Office $300/month pending availability

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Agenda

Time Topic Presenter 8:00 - 8:15 Arrival and networking 8:15 - 8:25 Welcome & Overview Diane 8:25 - 9:25 Mentor Team Process Bill/Barry/Cynthia 9:25 - 9:35 BREAK 9:35 - 9:50 Mentor Team Practices: Ways of Working Daniel 9:50 - 10:20 Entrepreneurial Concepts Michelle 10:20 - 10:30 Discussion/Questions Diane

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Overview: The CIE Mentor Group Program

  • Mission Statement
  • Strategic Goals
  • Pilot Program

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Mission Statement

Mentor entrepreneurs with high growth innovative ventures on how to start, market, manage and grow

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Strategic Goals

  • Convene, prepare, and grow a dynamic base of mentors
  • Attract and engage the region’s most ambitious, growth-

focused and innovative entrepreneurs

  • Create a virtual cycle of entrepreneurial support and

talent engagement to accelerate the creation and growth

  • f innovative ventures

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Why do Mentors Mentor?

  • Motivated to give back
  • Interested in new ideas
  • Desire to be connected to a prestigious institution
  • Opportunities for entrepreneurs and mentors to meet
  • Opportunities to network
  • Ability to select venture of interest
  • Flexibility with scheduling time commitments
  • Opportunity to join ventures
  • Opportunity to invest (Caution!)

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Mentor Characteristics and Qualifications

  • Positive attitude
  • Time to participate
  • Good listener-Understand entrepreneurs
  • Enthusiasm for the program
  • Respected by colleagues- role model
  • Has significant and relevant experience
  • No personal agenda
  • Ability to advise and coach
  • Comfortable with team mentoring

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Working With the Entrepreneur

Objectives

  • Learning needs of entrepreneur/venture (trust building)
  • Identify the interest/contribution of each mentor

(establishing expertise)

  • Establish the SMART goals of the engagement
  • Propose the process (timeline, meeting schedule,

location)

  • Agree to confidentiality and program protocols
  • Manage team process
  • Intentional ending (Mentor Team wrap up)

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Build Trust (Rapidly)

  • Pairs Exercise

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Build Trust (Rapidly)

  • Pairs Exercise Debrief

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Build Trust: Listening

  • Conscious Listening: creates understanding
  • Active Listening: conveys interest to speaker & builds

trust

  • Tips for Listening:
  • Mouth/Brain speed difference
  • Attendant Body Language
  • Lash the Interruption Monster
  • Suspend Judgement/Analysis
  • Summarize and the usefulness of SO

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Build Trust: Listening

  • RASA*:
  • Receive (Listen well)
  • Appreciate (Encouraging body language & responses)
  • Summarize (Repeating back without parroting)
  • Ask (Questions drive understanding-more on this later)

*From Julian Treasure, Listening Expert

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Establishing Expertise: Lead Mentor Role

  • Serves as primary interface between Venture and

mentoring services

  • Coordinate regular meetings with entrepreneur: meeting

dates, agenda, priorities, action items, and minutes

  • Maintains contact with Venture between team meetings
  • Identifies need for addition of Mentor(s) with special

expertise

  • Provides updates to larger Mentor Group at Program

meetings

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Establishing Expertise

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Mentor Mentee

Idea for Venture Background research Target market Respect Trust Enthusiasm Time commitment Active Listening Confidentiality Volunteer Experience Network Critical assessment

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Establishing Goals

  • Re-staging the Venture
  • SMART Goals
  • Consensus

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Level 1: Concept Level 2: Development Level 3: Launch

Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6 Team Vision Idea Basic market research Confirmed value prop w/customers Business plan Resources Freedom to

  • perate

Prototype design Minimum viable product Detailed financial projections Competitive landscape Staffing for marketing & sales FINANCING PreSeed: Grants, Family, Friends, Personal savings Seed Rounds Angel investors, Competitions Series A: Angel investor follow-on, VCs

Establishing Goals: Staging Ventures

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Establishing Goals: Be SMART

  • Goals must be reached collaboratively with Entrepreneur
  • Goals must be SMART:
  • Specific
  • Measurable
  • Actionable
  • Realistic
  • Timely

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Establishing Goals

  • Re-stage the Venture Activity
  • Read the scenario
  • Discuss in pairs
  • Agree with partner the stage of this venture
  • What might one SMART goal be for this Entrepreneur?

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Propose the Process

  • Get agreement:
  • Timeline
  • Meeting Schedule
  • Location/Virtual Tool
  • First Meeting Checklist (to guide you)
  • Confidentiality
  • Program Protocols

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Manage Team Process

  • Team Stages:
  • Forming
  • Storming
  • Norming
  • Performing
  • Adjourning

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Manage Team Process

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Manage Team Process

  • Conflict Happens (Must Storm & Norm to Perform)
  • ABC Process:
  • Ask (seek first to understand)
  • Brainstorm (without evaluation)
  • Choose (win/win)

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Manage Team Process

  • Questions are the best tool:
  • [Video]
  • Questioning Practice: 3 minutes

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Manage Team Process

  • Intentional Ending/Wrap Up:
  • Review all goals: gaps – closed? Future action?

Recommendations?

  • Provide access to materials to entrepreneur
  • Hand off Meeting process: let the Entrepreneur begin to

lead

  • Connect to resources
  • Celebrate & Encourage

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Reporting and Tracking

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Challenges

  • Ensuring an effective use of time.
  • Mentors can't make every meeting.
  • New mentors will join the programme.
  • Guest mentors will be needed to help teams.
  • Entrepreneurs may struggle to keep track of advice.
  • Documents may need to be private to protect IP.

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Solutions

  • Meeting Best Practices
  • Collaborative Working
  • Collaboration Tools
  • Roles and Permissions

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Meeting Best Practices

  • Pre-circulate the Agenda.
  • Help ensure everyone gets to input.
  • Finish with agreed Next Steps.
  • Update mentor team document.

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Collaborative Working

  • Always meet as a team, not 1-on-1.
  • Careful not to bombard via email, collate team

responses before replying.

  • Use the tools provided to keep up to date and input.
  • Ensure meetings are on Zoom for those who cannot

attend in person.

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Collaboration Tools

  • Google Drive
  • Google Docs - Word Processor
  • Google Sheets - Spreadsheets
  • Google Slides - Presentations
  • Zoom

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Roles and Permissions

  • CIE Administrators
  • Mentor Team Leader
  • Entrepreneur
  • Mentor Team Members
  • Guest Mentor Contributors
  • Mentor Programme Members

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Roles and Permissions

  • Files:
  • View: People can view, but can’t change or share the file

with others.

  • Comment: People can make comments and suggestions,

but can’t change or share the file with others.

  • Edit: People can make changes, accept or reject

suggestions, and share the file with others.

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Roles and Permissions

  • Folders:
  • Can organize, add, & edit: People can open, edit, delete,
  • r move any files within the folder. People can also add

files to the folder.

  • Can view only: People can see the folder and they can
  • pen all files within the folder.

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Entrepreneurship Concepts

  • Lean Startup
  • Business Model Canvas
  • Customer Discovery
  • Minimal Viable Product
  • SWOT
  • Elevator Pitch
  • Investor Presentation
  • Angel Investors

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The Lean Startup

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The Lean Startup

  • Transforming how new products are built and launched
  • Provides a scientific approach to creating and managing

startups and get a desired product to customers' hands faster

  • Develop a Minimal Viable Product (MVP)
  • Validated learning
  • Eliminate uncertainty
  • Work smarter not harder
  • Benefits
  • Be more innovative
  • Stop wasting peoples time
  • Be more successful

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Business Model Canvas

A strategic management and lean startup template for developing new or documenting existing business models

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The Benefits of the Business Model Canvas

  • Focus: It helps structure discussions
  • Speed & Agility: It’s fast
  • Common Language: It intuitively makes sense
  • Centered on the value proposition

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Customer Discovery

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Customer Discovery

  • First of four steps of Steve Blank’s

Customer Development Model

  • Objective is to identify customers,

‘Earlyvangelists’

  • This is done by taking your main

assumptions about who your customer is, the exact problem you are solving for the customer, and how the customer will buy from you—and turning those assumptions into hypotheses which you will then test (mainly through interviews with potential customers).

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Minimal Viable Product (MVP)

The race to deliver customer value

  • The smallest thing you can build that

delivers customer value

  • enough value that people are willing

to use it or buy it initially (early adopters)

  • demonstrates enough future benefit

to retain early adopters

  • provides a feedback loop to guide

future development

  • The final, complete set of features is
  • nly designed and developed after

considering feedback from the product's initial users.

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SWOT

  • The point of a SWOT analysis is to help you develop a strong

business strategy by making sure you’ve considered all of your business’s strengths and weaknesses, as well as the

  • pportunities and threats it faces in the marketplace.
  • Internal = strengths & weaknesses (reputation, patents, location)
  • External = opportunities & threats (suppliers, competitors,

prices)

  • Can be applied to an entire company, or individual projects
  • Should be used as part of the planning process for new

businesses

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How to Conduct a SWOT Analysis

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  • A group of people

with different perspectives

  • Brainstorming

session or individually

  • Create a final,

prioritized version

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Developing Strategies from your SWOT Analysis

  • Use results to maximize the positive influences on your

business and minimize the negative ones

  • Consider how S W O & T overlap with each other:
  • Use strengths to maximize the opportunities (strength-
  • pportunity strategies)
  • How strengths can be used to minimize treats (strength-

threats strategies)

  • Use opportunities to minimize the weaknesses (weakness-
  • pportunity strategies)
  • Minimize weaknesses to avoid treats (weakness-threats

strategies)

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Elevator Pitch

Value Proposition

  • Clear statement that explains how

your product or service solves a customers problem in a unique or superior way

  • Specific, proof
  • Without a VP, everyone makes

their own mind up about what the product or service does

Elevator Pitch

  • Short, 1-2 sentence statement that

defines who you work with (target market) & general area in which you can help them

  • About 10 seconds long
  • Memorized
  • Attract potential clients &

stimulate discussion

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“The purpose of an elevator pitch is to describe a situation or solution so compelling that the person you’re with wants to hear more even after the elevator ride is over.” – Seth Godin

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Investor Presentation: Pitch Deck

  • Presentation that tells the story of your company simply and

compellingly to potential investors

  • Typically 15-20 slides showcasing the company’s products,

technology & team

  • Crucial to nail this compelling and interesting story
  • Much like an executive summary, it should cover:

 The business your company is in  The state of company development  The target market/customers  The customers’ unmet needs, and how they are addressing that need today  Proposed solution to that unmet need (product and/or service)  Competition & your competitive definition  Established strategic alliances  Management team  Financial summary  Capitalization & amount of capital the company is hoping to raise

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7 Key Components of a Strong, Unforgettable Investor Presentation

1.

The big idea that lead to the business idea

2.

Pre-emptive statement: We are the first or only business that…

3.

The business case quantified

4.

The persona of the buyer in human terms

5.

The leaders & their incomparable credentials

6.

Is there a social good component?

7.

Does the presentation technically work

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What Is Angel Investing

  • Also known as: information investors, angel funders, private

investors, seed investors, business angels

  • Focused on helping startups take their first steps and get through

difficult early stages

  • An individual (typically their own money) investing in a private

company, small startups or entrepreneurs

  • Inject capital in exchange for ownership equity or convertible debt
  • Sometimes alone, sometimes in a group – sometimes crowdfunding
  • Can provide one-time investment or ongoing injection
  • Provide more favorable terms compared to other lenders, since they

usually invest in the entrepreneur rather than the viability of business – essentially, opposite of venture capitalists

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An Angel Investor Is:

  • Most are Securities Exchange Commission’s (SEC) accredited

investors:

  • Annual income exceeding $200k single / $300k joint for last 2

years with expectation of earning same or higher in current year

  • OR net worth exceeding $1m, either individually or jointly
  • OR manages a fund or group of accredited investors
  • High wealth individual, not necessarily a trained investor
  • Who can live without the cash – lose their investment

completely if startup fails

  • Looks for opportunities for a defined exit strategy, acquisitions
  • r IPOs
  • Looks for effective rate of return, ranging from 20%-30%

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Business Angels vs Formal Venture Capital

  • Angels invest their own assets and contribute their

managerial skills, whereas VC invest the funds of others

  • Angels also invest lower amounts than VCs. They tend to

be involved in the early stages of a business’s lifecycle and their expectations in terms of ROI are more modest.

  • Angels make their decisions of the future growth of a new

business as a VC are looking to the post records of already existing companies

  • Angels provide simpler investor relations (speed)
  • Angels fund approx. 16x as many companies than VCs

(HBR)

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Questions?

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