1. © Imperial College Business School Workshop 3 - Guidelines Innovation, Entrepreneurship & Design Toolbox

2. © Imperial College Business School A) FORMAT

3. © Imperial College Business School IE&D Workshops: a safe environment The workshops are a safe place where mistakes are considered opportunities to learn. There is no criticism, only feedback. Workshops 1 to 3 are meant to show your evolution, research, thinking. The presentation should be to the point, in a business style, although much of the content discussed will be academic in the first three stages. The presentation at the final workshop will be different! You will remove most of the academic frameworks and spend less time discussing your research and just focus on your conclusions: your final business case… The business plan competition is different again!

4. © Imperial College Business School Presentation development If you have a template, use it as a guide, nothing more You should experiment with formats to build your own story, one that is appropriate for your idea The final presentation at Workshop 4 will be a more standard format Recommendations: By Workshop 3, really make a point of using pictures and visual aids (including props and prototypes), to put the message across more effectively. Be methodical but also creative and use your judgement: please don’t look at it as a ‘box-ticking’ exercise. Use your own graphics/branding – this is also part of your message Imperial College Business School ©

5. © Imperial College Business School Time management and presenting skills Plan to present for 20 minutes at this workshop (followed by 20 minutes feedback from coaches and peers). One slide typically requires 1-2 minutes of speaking so roughly 10 slides is probably the right number for you. But your best guide is to practice in advance and see what works! Don’t overrun the time slot – the coaches may stop you mid- sentence if you do! Don’t overcrowd single slides with too much text! Guidelines are for spoken content as well as slides. Imperial College Business School ©

6. © Imperial College Business School B) CONTENT

7. © Imperial College Business School What to put across in workshops 1–3 Whatever format or sequence you use, in general you should put across the following things at each workshop: 1.Status of your business case. This means: present the case in its most recent form, in headlines 2.What did you do? This means what is the research you have done or what are the actions you have taken to make progress. 3.What did you learn? This means what are the insights the research provided? 4.What does it mean? This means explaining how the insight now changes your view on the case, e.g. problem, solution, clients, industry, markets, channels, business model, profitability, etc… 5.Next steps? What are you going to do in the next phase? How will this help you? What is your hypothesis?

8. © Imperial College Business School Specific Purpose of workshop 3 1. Present your updated idea to the coach 2.Show the background work you did to justify your assumptions and statements (from the IE&D toolbox). The emphasis is on: Prototyping and market testing Business Model validation 3. Your aim is still to explore the feasibility of your idea and be open to potential changes or ‘pivots’, so present your case as objectively as you can. 4.... But don’t be afraid to show some enthusiasm if your findings are encouraging! Imperial College Business School ©

9. © Imperial College Business School 1. Introduce the idea

10. © Imperial College Business School Introduce the idea This is your further updated ‘elevator pitch’, summarising your proposal at this stage, to be further explained in the following slides. –Make it interesting, to the point and lively, to capture your audience’s attention. A quick and simple summary (one spoken paragraph or a few bullet points) of your business idea so far, indicating what you currently know about: –Problem/solution or Technology/Applications (update from last time?) –Why your proposition is novel and how it’s competitive compared to other offerings In particular the advantages to user/customer (faster, simpler, easier, cheaper, etc.) –What type(s) of customer or user you envision (update from last time) –Likely size/value of the market/opportunity –Business model including some financial information Since this is an introductory summary of the whole presentation, it may be most effective to write this slide after you have written the rest of the presentation. Imperial College Business School ©

11. © Imperial College Business School 2. What did you do?

12. © Imperial College Business School How have you worked on the idea? List the sources and methods you used: –2D or 3D prototyping –Field tests –Focus groups –Conjoint analysis –First roadmap –First financial projection –Other... (possibly including further work on issues from the last workshop) You do not have to use all kinds of research or all frameworks in the Toolbox. Just let the coach know what you did use.

13. © Imperial College Business School 3. What did you learn and 4. What does it mean?

14. © Imperial College Business School Prototyping Have you developed and used a simulation or prototype (low-fi or hi-fi) to guide product development, test on users and/or show to investors? –Please show the prototype or describe the simulation to the coaches.

15. © Imperial College Business School Market Testing Outcomes of your testing activities: How did potential users or customers or stakeholders respond to simulations or prototypes, lead user exercises, focus groups or “in- market tests” (i.e. early sales or mock sales)? Back up your assertions about market type, size and interest by explaining how you collected your information and made your estimates, who your sources are, and how accurate you think your estimates may be. What do the outcomes mean? provide insights on any implications for your addressable market segment, product design, value/price, positioning, cost, scale, production, supply chain, business model… Do you have a positive business case with respect to market traction and market value? Background Tools: Market Testing

16. © Imperial College Business School Value proposition and Pricing

17. © Imperial College Business School Other Relevant Updates Include any relevant updates in terms of: –Market data –Industry and supply chain insights –Competitive strategy –Protection –Business model improvement –…

18. © Imperial College Business School Finance: early financials Do the back-of-the-envelope financials make sense for starting this business? Is this starting to look like a positive business case with respect to financials? Background Tool: ‘Financial Feasibility’ tool in Business Model section of IE&D Toolbox Market scale Breakeven analysis Return on investment

19. © Imperial College Business School Roadmap: first draft Based on what you’ve determined about the likely business model, what steps will you need to take to implement this idea? Based on decisions such as: Is this a start-up or a licensing play? Are you in the market for products – making and selling end products or services, or are you going to sell a technology? What type of company will you build to serve that model and strategy? Marketing-driven or sales driven? What’s the sequence activities to build the company? Major milestones? This is a rough first draft, to elaborate further at your final workshop. Background Tools: Business Model section (and The Smart Entrepreneur, ch. 7), Roadmap

20. © Imperial College Business School Conclusion and self-assessment Summarise what you think you know at this stage in your entrepreneurial journey: What assumptions about the business have begun to look more certain? What has changed in your business idea as a result of your research? Any remaining gaps? Imperial College Business School ©

21. © Imperial College Business School 5. What are your next steps? – Any questions? Explain to the coaches what you think you need to find out in the next phase to verify your idea’s feasibility and further develop a business case Although the coaches will tell you what aspects they think you need to improve or develop further, this is also your opportunity to indicate any area you are uncertain about and ask for specific advice.

22. © Imperial College Business School Appendix: supplementary slides Imperial College Business School © Presentation time is limited, so you must be selective and concise with information. If you feel concerned about too much succinctness, you may wish to append a few supplementary slides at the end with more detailed information or illustrations. You might use these slides to illustrate your thinking if asked by the coaches to explain further how you got to your conclusions. This could help you manage your presentation time while having detailed information ready if needed. This is optional if you think it’s needed, not required.