1. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Wellcome to DTU E’ship course for Ph.D. Students Knowledgebased Entrepreneurship 2006 Entrepreneurship is " the process of looking at things in such a way, that possible solutions to problems and perceived needs may evolve in venturing." Saskatchewan Government; Ministry of Learning Wellcome, all of you! venture (plural ventures) A risky or daring journey or undertaking. Here: a risky commercial undertaking with a perspective

2. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Skulle jeg ønske mig noget, da ville jeg ikke ønske mig rigdom eller magt, men mulighedernes lidenskab. Det øje som overalt, evigt ungt, evigt brændende ser muligheder Søren Kirkegaard Were I given a wish, I would not want wealth or power, but the passion of opportunities. The eye that everywhere, ever young, ever passionate, identifies opportunities.

3. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ PRESENTATION 1 minute each. • Name • Specialties - interests • How many years in further education? • If intl. student: from where? • If visitor: why here – and from where ? •Any particular message to the audience ? Take notes if you would invite the presenter to join your team – or be part of hers/his

4. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Agenda Presentation of the Course •The Teacher •Does entrepreneurship matter •Mission Statement •Methodology •Course Plan •Textbook and Materials •Work Plan

5. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The Teacher • M.Sc. CE. DTH, 1974 • Mil. service, Research Dept. • VIP, DTH, 1976 – 1988 • DTU Incubator 1988 – 2000 • DTU Innovation 2000 – 2004 • Assoc. prof., E’ship, IPL, 1992 -> •CEO, Gastrotechnology, 2004 -> 2006 •Boardmember, app 15 Start-ups •Chairman, Swantec ApS •Boardmember, Image Metrology A/S, GPT •Own company: Danish Product Development ApS

6. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Dansk Produktudvikling ApS JOB SHOP! Don’t do it. Stay focussed

7. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll

8. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll

9. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The Importance of Entrepreneurship

10. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Do we need more entrepreneurs? The Global Entrepreneurship Monitor GEM says YES Variation in rates of entrepreneurship may account for as much as one-third of the variation in economic growth Best Countries: 15% of New Companies Start growing rapidly Denmark: 5% of New Companies expand

11. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Do we need more Entrepreneurs ? YES! They make our industry more robust •New industrialized nations take over classic industry •Large companies do incremental innovation. Radical break-through is the entrepreneur’s turf •New knowledge and technology in an increasingly global marketplace creates ever more sophisticated business opportunities – waiting for the skilled entrepreneur, capable of grasping and capturing ideas

12. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Does it Matter what a University does? •One in four faculty involved in technology venturing •5.000+ companies founded by graduates and faculty since 1861 (in av.: 35/yr. DTU: probably 5 – 10 max) •Employees at MIT– companies > 1.000.000 •Sales of MIT- companies > $250 Billion/yr •If a nation: 24th largest in the world Massachusetts Institute of Technology

13. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Does it matter what a university does? Technical University of Denmark

14. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Alltogether: entrepreneurship makes a lot of sense – and now to THE COURSE

15. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Rationale High Tech Venturing is a complex, demanding and interdisciplinary process. Succes depends on multiple competencies, networks, advanced technical knowledge, business experience Multiple Competencies Education and Training NetworksGroup work, Venture Cup Business experienceMentor program Simulator training

16. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Objectives •Enable the inner entrepreneur •Learn how to start a company •Study experiences •Train methods and principles = acquire applicable competencies •Develop business talent: learn to see the business opportunity – learn to capture it. •Create new companies Business start-up takes a qualified decision Acquire the qualifications needed.

17. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Enable the Entrepreneur  Enable the Entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Create New Companies •The Near-Entrepreneurial Experience •Introduction to a Working Life •Develop trust in own competencies •Get inspiration from successfull entrepreneurs

18. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Learn How to Start and run a Company  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Create New Companies Subjects covered: •Basic experiences and practicalities •Creativity and new business ideas •Business models and start-up strategies •Business planning •Marketing economics •Financing •Business administration •Business law •Intellectual property rights •Management

19. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Study experiences  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Create New Companies Case Stories: •Entrepreneurs •Consultants •Investors

20. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Train Methods and Principles - 1  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Create New Companies Project-oriented Group Work •Opportunity-driven Creativity •Pre-analysis •Information research •Information analysis •Business model development •Business Planning •Presentation & Pitching

21. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Train Methods and Principles - 2 Business Development •Ideas •Pre-analysis •Information research •Information analysis •Business model development •Business Planning •Presentation & Pitching

22. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Qualify Your Competencies  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Create New Companies •Realistic perception of opportunities •Qualifying your basis of decision •Develop specific self-confidence •Make a balanced decision

23. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Develop your networks  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Develop your networks  Develop your business talent  Create New Companies •Meet new people – in the group – and outside •Start working with them in a start-up context •Meet some of the players within financing and consultancy •Meet your customers – your jury!

24. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Develop your business talent  Enable the entrepreneur  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Develop your networks  Develop your business talent  Create New Companies •Get to know your marketplace •Find out what can be sold and what not •Develop your capacity for sensing business opportunities •Develop ”the silent merchant”: the continous outlook for business opportunity coupled with the continous calculator, working residently somewhere in the deep of your mind

25. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ Create New Companies  Enable interest i entrepreneurship  Learn how to start  Study experiences  Train Methods and Principles  Qualify Competencies  Develop Business Talents  Develop your networks  Develop your business talent  Create New Companies After the course  •Basic competences acquired •Insight into the knowledgebased entrepreneurial culture •Relations to pre-seed venture capital developed •A business idea ready to be launched You earned your wings Now try if they can bear

26. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The COURSE PLAN - 1 1. lecture: 3 April 2007 •Presentations • Introduction to the course • Entrepreneurial basics • Opportunity-driven creativity • Meet your team 2. lecture: 10 April 2007 • Start-up strategies • Business planning

27. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The COURSE PLAN - 2 3. lecture: 17 April 2007 • Business economics Budgets, cash flow projections • Financing Pre-seed and early-stage investors: Seed Capital Denmark. Vækstfonden A venture capital company • A case by Ulla Brockenhuus Schack

28. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The COURSE PLAN - 3 4. Lecture, 24 April 2007 • Busines Law Select the right type of corporation/enterprise Pro’s and con’s of holding companies White Collar Workers’ Act Product Liability Agreements in trade and between shareholders • IPR strategies for start-ups The IPR Protection Shield The basics of a patent Economy - IPR relationships for start-ups

29. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The COURSE PLAN - 4 5. Lecture. 1 May 2007 • Business management The art of business management The basics of running a board • Market Research and - Analysis Michael Porters Market model The 5-forces in action The value chain • Sales and marketing Sales strategies in high tech venturing What makes you a successful sales person?

30. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ The COURSE PLAN - 5 6. Lecture. 8 May 2007 • Exams Formalities Present your business plan • Exit The course in retrospective Entrepreneurship and the history of ideas

31. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ MATERIALS •Business Start-up for Knowledge based Entrepreneurs. •Overheads •Hand-outs •The Ph.D. Student’s Guide to the Entrepreneurial Course. (The Course Manual) •Start-up Handbook (McKinsey) All items are available at www.entrepreneur.dk

32. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ WORK PLAN Reference is made to the Course Manual Tentative time schedule: Kick-off: Week 14 Team formed. 3 April 1. milestone: Week 16 Product /business concept OK 20 April 2. milestone Week 18 Market research finalised 3 May Project deadline: Week 20 Business plan completed 16 May Deadline: submit business plan no later than Friday 18 May at 12:00 am. Exams : Tuesday 22 May. Plan TBD

33. Institut for Produktion og Ledelse Danmarks Tekniske Universitet John Heebøll VÆKSTHUS+ BREAK!