LSU Innovation Park Business Consultants Launching Dreams Kenny Anderson Jason Boudreaux LSU Innovation Park Business Consultants October 13, 2016

What we do LSU Innovation Park Small Business Consulting Full service tech business incubator founded in 1988 Small Business Consulting Market Research Financial Modeling Business Planning Technology Commercialization Management Consulting Access to Capital If you want more specific info on our services please contact us afterward. The LSU Business Incubators and the LSU Innovation Park lead LSU’s economic development mission by: Commercializing LSU research Taking research from the lab to the marketplace Access to Capital for commercialization of LSU technology Create licensing/royalty revenue for LSU Enhance the image of LSU GOALS: Creating businesses by assisting entrepreneurs, innovators, and inventors Creating jobs for Louisiana citizens Creating jobs for LSU graduates, keeping them home Creating internships and student jobs for LSU students

Tools for Early Stage Businesses How to assist ‘idea stage’ businesses? Lean Canvas Business Model Single page canvas Forces students to asses critical components of the business plan Aligns with elements of executive summary and/or business plan Days of 20+ page text heavy business plans are over Some investors will review a lean canvas **Important to note There is a difference between the Business Model Canvas and the Lean Canvas We assist 300+ small businesses at all stages every year.

Thought Process “Life is too short to build something nobody wants” Ash Maurya “Customers care about their problems, not your solution” Dave McClure “There are no facts inside the building, so get outside!” Steve Blank Build companies and launch products quicker More in line with customer needs Eliminate long development times

Lean Startup Cycle

Talk about order and most important segments for HS teachers “our” order versus Eric Reis order Talk about how we use it effectively

Problem Go through alongside example

Solution

Customer Segments (Very Important) DON’T FORGET SCAVENGER HUNT QUESTION! What Matters to Customers? Customers do not care about your technology – they care how the product creates value to them Customers do not exist to buy your product – you exist for your customers What Makes a Good Customer Segment? • They are PEOPLE • Specific and well-defined group of people • Very few people who fit the specific description won’t buy your product • Have willingness and ability to pay • Their performance or pay is judged on a metric that you can improve EXAMPLE: More Reliable Electric Motor • Good: hybrid and/or electric vehicle motors in haul trucks fail • Better: electric motor failures in haul trucks cause significant unplanned downtime and lost production • Best: save mining companies $720,000 per day by preventing lost production from unplanned haul truck down time

Unique Value Proposition What Makes a Good Value Proposition? • Direct benefit to customer • Concise • Specific and quantitative • Uniquely delivered by your team • In words your customer would actually say

Channels

Revenue Streams

Cost Structure

Key Metrics

Unfair Advantage

Follow-on Deliverables/Resources Executive Summary Garage Template (handout) Business Plan SBA template https://www.sba.gov/tools/busine ss-plan/1 Strategyzer https://strategyzer.com/app LSU Innovation Park Resources Handout The Lean Startup by Eric Ries Discuss our resources for following up.

Questions?