ENGR 112
Laboratory to Market, Entrepreneurship for Engineers Spring 2015 Tuesdays and Thursdays, 4:00 – 5:50 PM Room 110, La Kretz Hall Instructors:
Visiting Assistant Professor Nathan M. Wilson, Ph.D., M.B.A. (
[email protected]) Schaffer Grimm, M.S., M.B.A. (
[email protected]) Office and Office Hours: By arrangement Teaching Assistants: Melissa Forstell (
[email protected]) Alexandra McDonald (
[email protected]) Daniel LaFranchi (
[email protected]) Enrollment: Open enrollment. First Class Meets: Tuesday March 31st, 2015, Room 110, La Kretz Hall Discussion Sections: Fridays 9AM, 10AM, 11AM, 1 PM, 2PM, 3PM, 5422 Boelter Hall
Course Description This course serves as a rigorous introduction to entrepreneurship and small business development from the perspective of the entrepreneur. It is intended to be a self-contained course that introduces the concepts of idea generation, market analysis, fundraising, legal corporate structures, and basic financial accounting for entrepreneurial endeavors. Mastery of any individual subject area is beyond the scope of this class, but the student will be expected to understand the basic concepts introduced and demonstrate the attained knowledge through thoughtful comments and insightful questions in class, written in-class exams, and a graded team presentation. By understanding the basic building blocks of new venture initiation, students will be able to seek out additional resources (e.g. online materials, guest lectures, etc.) that can supplement the material learned in the course. While this course will focus extensively on the core fundamentals of building a business, the class will also emphasize the inherent experiential nature of entrepreneurship. Successful entrepreneurial students must always be learning from the collective small business and entrepreneurial experience available: from distinguished guest lectures on campus to family barbeques or a conversation with the local barber shop owner. A two-fold approach will be adopted to expose students to the decisions faced by real life entrepreneurs. First, guest lecturers will be invited to speak about their experiences as entrepreneurs. The emphasis of the guest lectures will be on small ventures, not megasuccess stories like Bill Gates or Steve Jobs.
ENGR 112
Laboratory to Market, Entrepreneurship for Engineers Course Schedule at a Glance #
Date
1
Mar. 31
2
Apr. 2
3
Apr. 7
4
Apr. 9
5
Apr. 14
6
Apr. 16
7
Apr. 21
8
Apr. 23
9
Apr. 28
10
Apr. 30
11 12
May 5 May 7
13
May 12
14
May 14
15
May 19
16
May 21
17
May 26
18
May 28
19
June 2
20 21
June 4 June 11
Session Description Introduction to Entrepreneurship; Entrepreneurial Paths Course Reader: A Perspective on Entrepreneurship Introduction to Business Model Canvas VPD: Intro (pp. xiv-xvii); BMG: pp. 1-49 The Value Proposition Canvas; Business Model Canvas: Value Propositions & Customers VPD: Chapter 1 (pp. 6-61) Understanding Customers VPD: Section 2.3 (pp. 104-119) Giff Constable: Talking to Humans Hypothesis-Driven Entrepreneurship VPD: Chapter 3 (pp. 178-253) Course reader: Experimenting in the Entrepreneurial Venture The Environment Map: Industry Forces, Market Forces, Key Trends, Macro-Economic Forces Course Reader: Industry Analysis Course Reader: Blue Ocean Strategy: From Theory to Practice Business Model Canvas: Channels, Partners, Customer Relationships LPC videos Course Reader: Business Model Analysis for Entrepreneurs (Appendix C: pp. 21-23) Business Model Canvas: Revenue Models; Key Resources, Costs LPC videos Entrepreneurial Marketing; Entrepreneurial Accounting Course Reader: Selling and Marketing in the Entrepreneurial Venture Course Reader: Segmentation and Targeting Course Reader: Overview of Financial Accounting Entrepreneurship in Practice Proposed Guest Speakers: Craig Jones & Kevin McFarland, Formative, Inc. Midterm Introduction to Legal Issues for Startups Course Reader: Legal Forms of Organization Course Reader: The Protection of Intellectual Property in the United States Patents Course Reader: Innovation and Invention - A Patent Guide for Inventors and Managers Proposed Guest Speaker: Kevin D. Debre, Partner, Stubbs Alderton & Markiles, LLP Introduction to Raising Capital Course Reader: Financing Entrepreneurial Ventures Venture Capital; Term Sheets Course Reader: How Venture Capitalists Evaluate Potential Venture Opportunities Introduction to Business Plans & Elevator Pitches Course Reader: Developing Business Plans and Pitching Opportunities Course Reader: Business Model Analysis for Entrepreneurs Special Topics for Engineers: Disruptive Innovation; Technology Push vs. Application Pull VPD: pp. 94-101 (from Section 2.3) Course Reader: Disruptive Technologies: Catching the Wave Special Topics for Engineers: University Technology Transfer Course Reader: U.S. Universities and Technology Transfer Proposed Guest Speaker: Brian Shedd, Ph.D., UCLA OIP Entrepreneurship in Practice Proposed Guest Speaker: Leo Petrosian, Ph.D., CEO, Neural Analytics Final Exam (in-class, no make-up exams allowed!) Final Exam Time Slot (3 PM – 6 PM) (NOTE: Final exam has been moved to 6/4/15!!!)
Discussion Sessions # 1
Date Apr. 3
2
Apr. 10
3
Apr. 17
4
Apr. 24
5
May 1
6
May 8
7
May 15
8
May 22
9
May 29
10
June 5
Session Description 60 Second Pitch Not for grade Used to attract teammates Will be videotaped to view progress over the quarter Launchpad Central Software Training Used to capture teams’ Business Model Canvases Capture individual comments and feedback to teams Team Presentation (graded) Business Model Canvas – Initial Assumptions Team Presentation (graded) Business Model Canvas – Customer Discovery Focus Team Presentation (graded) Business Model Canvas – Value Proposition Focus Team Presentation (graded) – MID POINT REVIEW Business Model Canvas – Customer Segmentation Focus Team Presentation (graded) Business Model Canvas – Distribution Channels Focus Team Presentation (graded) Business Model Canvas – Partnerships Focus Team Presentation (graded) Business Model Canvas – Financial Assumptions FINAL PRESENTATION (GRADED) 60 second pitch Final Investment Presentation
Guest Speakers Note: The specifics of the class sessions are subject to change based on the availability of speakers.
Session 10 13 18 19
Guest Speaker Craig Jones & Kevin McFarland, Formative, Inc. Kevin D. Debre, Partner, Stubbs Alderton & Markiles, LLP Brian Shedd, Ph.D., UCLA OIP Leo Petrosian, Ph.D., CEO, Neural Analytics
Classroom Matters Class attendance and participation are critical to providing a rich learning environment for your colleagues and critical for understanding the material presented. Students are expected to read assigned material BEFORE each class, and come to class prepared to have an intellectual conversation about the week’s material. The instructor may rely on cold-calling and other techniques to foster a vibrant class discussion. Please note that the quality of participation matters much more than the quantity of participation. That is, high-quality participation means much more than merely talking a lot, it involves being articulate and focused in your comments or questions. However, the idea of a classroom environment is to be a “protected space” where students feel comfortable asking questions or expressing reasoned opinions. Any student disrespecting or belittling their fellow classmate’s genuine learning efforts in class will have their class participation grade significantly adversely impacted. Class attendance will be taken by the TA during every class. Students are expected to attend the entire lecture, and arriving late or leaving early may impact your class participation score.
Required Reading
Course Pack: https://cb.hbsp.harvard.edu/cbmp/access/36493801 Alex Osterwalder, Yves Pigneur, Greg Bernarda, Alan Smith (2014). Value Proposition Design. Hoboken, New Jersey: John Wiley & Sons. This text is referred to as “VPD” below. “Business Model Generation”, First Edition, Alexander Osterwalder and Yves Pigneur, 2010, ISBN10: 8126533676, ISBN-13: 978-0470876411. This text is referred to as “BMG” below. Note: you can download a free preview of the book from the author’s website which contains ALL of the assigned reading material: o http://www.businessmodelgeneration.com/downloads/businessmodelgeneration_preview .pdf Talking to Humans: Success starts with understanding your customers (2014). (free e-book) o http://www.talkingtohumans.com/ Additional required readings may come from free online resources.
Recommended Supplemental Materials Many excellent resources on entrepreneurship exist including the following manuscripts, websites, and blogs: Books Peter Thiel (2014). Zero to one: notes on startups, or how to build the future. New York, Random House. Brian S. Cohen and John Kador (2013). What Every Angel Investor Wants You To Know: an insider reveals how to get smart funding for your billion-dollar idea. NY: McGraw-Hill. Brad Feld and Jason Mendelson (2013). Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. 2nd edition. Hoboken, New Jersey: John Wiley & Sons. Steve Blank and Bob Dorf (2012). The Startup Owner's Manual: The Step-By-Step Guide for Building a Great Company, First Edition. ISBN-10: 0984999302, ISBN-13: 978-0984999309. Ash Maurya (2012). Running Lean: Iterate from Plan A to a Plan That Works, 2nd Edition. O’Reilly Media, Inc., Sebastopol, CA. Eric Ries (2011). The Lean Startup. NY: Crown Business. "The Ernst & Young Business Plan Guide" (2007), Brian R. Ford, Jay M. Bornstein, Patrick T. Pruitt, Third Edition, 2007, ISBN-10: 0470112697, ISBN-13: 978-0470112694, Edition: 3. John W. Mullins (2006). The New Business Road Test. 3rd Edition. London: Pearson Education Limited. ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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W. Chan Kim & Renee Mauborgne (2005). Blue Ocean Strategy. Harvard Business Press. Guy Kawasaki (2004). The Art of the Start. NY: Penguin Group. Geoffrey Moore (2003). Crossing the Chasm revised edition. NY: HarperCollins. James Swanson, Michael Bair (2003). Engineering Your Startup. 2nd edition. Belmont: Professional Publications. Clayton Christiansen (1997). The Innovators Dilemma. HBS Press.
Web Sites http://www.bruincubate.com (UCLA entrepreneurial resources) http://www.startupucla.com (Startup UCLA) http://steveblank.com (Steve Blank’s collection of entrepreneurial resources) http://www.lava.org (Los Angeles Venture Association) http://www.entforum.caltech.edu/ (Caltech Enterpreneur’s Forum) http://www.sba.gov (Small Business Administration) http://stvp.stanford.edu (Stanford Technology Venture Partners) http://www.kauffman.org/Section.aspx?id=Entrepreneurship (Kauffman foundation entrepreneurship topics)
on
various
Blogs http://steveblank.com (Steve Blank, entrepreneurial thought leader) http://www.bothsidesofthetable.com/ (Mark Suster, Upfront Ventures) http://blog.asmartbear.com/ (Jason Cohen, entrepreneur) http://venturehacks.com/ (AngelList founders Naval Ravikant and Babak Nivi) http://guykawasaki.com/blog/ (Guy Kawasaki’s, entrepreneurial writer) http://avc.com/ (Fred Wilson, Union Square Ventures) http://practicetrumpstheory.com/ (Ash Maurya, author and entrepreneur)
Course Requirements Note Professor Wilson exclusively reserves the right to make case-by-case exceptions to the grading policies below. Students should understand that approved exceptions are EXTREMELY RARE and nearly all such requests will be denied by the instructors. Students must request exceptions to the policies below in writing (e.g. email), and should understand that WRITTEN APPROVAL from the instructor must be explicitly obtained or the request should be considered denied.
Grading Criteria You will receive an individual grade in this course based on your performance throughout the course. The grade will be determined as follows: Components of Final Course Grade Attendance & Class Discussion (individual) Midterm Exam (individual) Group Homework & Presentations (team) Final Exam (individual) TOTAL
Contribution to Grade (%) 15% 20% 25% 40% 100%
The final grades will be assigned based on a relative distribution. No more than 50% of the class will receive a grade of “A-” or above. ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Attendance and Class Participation Since a significant part of learning takes place during class sessions, attendance and class participation are all expected. If you miss more than two class sessions, your final grade may be lowered. Please consult the TA for additional information or clarification if needed. Each student is expected to provide constructive comments and feedback to other teams following presentations. Each student will be evaluated individually. Class participation will be graded on a relative distribution. Mid-Term Exam A 110 minute in-class, closed book, closed note, and closed computer exam will cover material covered in the assigned reading as well as material discussed in lecture. The mid-term term may consist of multiplechoice, short answer, and brief essay questions. Students must be present to take the mid-term exam in class at the assigned time. No make-up examinations will be allowed. Team Presentation During the first three weeks of the quarter, the class will be divided into 5 person teams. Each team will work together during the quarter to prepare a concise, 10 minute PowerPoint presentation for the class representing a mini-feasibility study for an approved business idea. Detailed instructions for the format and style of the presentation and paper will be given during the quarter. In general, the presentation will be graded for clarity, reasoning, and the intelligent use of supporting evidence. Most of the research will be conducted through interviews. To receive credit for the team presentation, students must be present during the group presentation during the assigned class time as given by the instructor. Students not present during the group presentation will be automatically assigned a 0% for the group presentation. The presentations will be graded on a relative distribution. Note: Is anticipated that all team members will receive the same grade for the group assignments and final presentation. However, individual students may have their grade lowered due to lack of contribution to the effort as determined by the professor based on observation and peer-review team feedback. Interviews As part of the grading for the Team presentations, it is expected that each team will perform a minimum of 40 interviews over the course of the quarter. These interviews must be logged in the LaunchPad Central software to be counted. It is expected that the interviewer be identified along with contact information, notes on the interview and what team members were present for the interview. Final Exam A 110 minute in-class, closed book, closed note, and closed computer comprehensive final exam will cover all the material covered in the class. The final exam may consist of multiple-choice, short answer, and essay questions. Students must be present to take the final-exam in class at the assigned time. No make-up examinations will be allowed.
Academic Integrity
All students must familiarize themselves with the academic integrity policies of UCLA as detailed on the Office of the Dean of Students website: http://www.studentgroups.ucla.edu/dos/students/integrity/ In particular, I would like to emphasize the following excerpt from the “Student Guide of Academic Integrity” PDF found on the Dean’s website: Plagiarism - the presentation of another’s words or ideas as if they were one’s own, including but not limited to:
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Submitting, as your own, through purchase or otherwise, part of or an entire work produced verbatim by someone else Paraphrasing ideas, data, or writing without properly acknowledging the source
Students must fully cite all materials (text, figures, etc.) utilized in creating deliverables for this course. Any and all violations of the universities policies will be referred to the Dean of Students. Ignorance of the rules is no excuse!
Class Schedule Note: The specifics of the class sessions are subject to change based on the availability of speakers.
Session 1, March 31: Introduction to Entrepreneurship; Entrepreneurial Paths Objectives: Introduction of faculty & TAs; Course overview; Overview of entrepreneurship; What is entrepreneurship? What makes a successful entrepreneur? Can entrepreneurship be taught? Can you be an entrepreneur part-time? What does it mean to be a full-time entrepreneur? Can you become an entrepreneur even if you don’t invent a brand-new product or service? Required Reading: HBSP: A Perspective on Entrepreneurship, Howard H. Stevenson. (NOTE: This article will tested on the midterm, but it is not required that you read the article before the first day of class!) Optional Online Teaching Entrepreneurship Resources: o http://www.kauffman.org/multimedia/sketchbook/kauffmansketchbook-entrepreneurial-mindset Session 2, April 2: Introduction to Business Model Canvas Objectives: Where do “good” ideas come from? What criteria should be used to judge ideas? Who is my target customer? What is a “business model canvas”? Discuss the nine sections of the business model canvas. Required Reading: VPD: Intro (pp. xiv-xvii) BMG: pp. 1-49 Optional Online Business Model Canvas Explained (Kauffman Foundation & Resources: Strategyzer) o https://www.youtube.com/watch?v=wwShFsSFbY&list=PLBh9h0LWoawphbpUvC1DofjagNqG1Qdf3 Business Model and Value Proposition Canvas (Strategyzer) o https://strategyzer.com/canvas Entrepreneurs Do Three Things o https://www.youtube.com/watch?feature=player_detailpage& v=M7VZIbeUrSU One View of Entrepreneurship o https://www.youtube.com/watch?feature=player_embedded& v=GBuDGJ6totE ABC Nightline – IDEO Shopping Cart o http://www.youtube.com/watch?v=M66ZU2PCIcM Stanford University’s Entrepreneurship Corner, Larry Page on Enterpreneurship o http://ecorner.stanford.edu/authorMaterialInfo.html?mid=10 76 ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Session 3, April 7: The Value Proposition Canvas; Business Model Canvas: Value Propositions & Customers Objectives: What is the value proposition canvas? What are customer pains, gains, and jobs? What are pain relievers and gain creators? Required Reading: VPD: Chapter 1 (pp. 6-61) Optional Reading: HBSP: Why the Lean Start-Up Changes Everything, Steven G. Blank (free download from http://www.steveblank.com, click on the article image in right side frame) Optional Online Business Model and Value Proposition Canvas (Strategyzer) Resources: o https://strategyzer.com/canvas
Objectives: Required Reading:
Optional Reading:
Session 4, April 9: Understanding Customers Who is a customer? How do you conduct interviews? VPD: Section 2.3 (pp. 104-119) Talking to Humans: Success starts with understanding your customers (free e-book) o http://www.talkingtohumans.com/ Giff Constable: 12 Tips for Early Customer Development Interviews: http://giffconstable.com/2012/12/12-tips-for-early-customerdevelopment-interviews-revision-3/
Session 5, April 14: Hypothesis-Driven Entrepreneurship Objectives: What is hypothesis-driven entrepreneurship? What are the criteria for good hypotheses? What do we mean by build-measure-learn? What are customer discovery, customer validation, customer creation, and company building? Required Reading: VPD: Chapter 3 (pp. 178-253) HBSP: Entrepreneurship Reading: Experimenting in the Entrepreneurial Venture, Thomas R. Eisenmann, Eric Ries, and Sarah Dillard Optional Reading: HBSP: Why the Lean Start-Up Changes Everything, Steven G. Blank (free download from http://www.steveblank.com, click on the article image in right side frame) Optional Online How to Build a Startup (The Lean LaunchPad) Resources: o https://www.udacity.com/course/ep245 Steve Blank’s blog o http://steveblank.com Eric Ries’ website o http://theleanstartup.com/
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Session 6, April 16: The Environment Map: Industry Forces, Market Forces, Key Trends, Macro-Economic Forces Objectives: What is an industry? What is a market? What is segmentation? What is a beachhead market? What is a five forces analysis? What is a five forces analysis? What is a blue ocean? Required Reading: HBSP: Strategy Reading: Industry Analysis, Ramon-Masanell. California Management Review: Blue Ocean Strategy: From Theory to Practice, W. Chan Kim & Renee A. Mauborgne Optional Reading: None. Optional Online Interview with Michael Porter Resources: o http://www.youtube.com/watch?v=mYF2_FBCvXw Blue Ocean Strategy lecture by Mauborgne o http://www.youtube.com/watch?v=zrGOBdVm-KE Good Strategy / Bad Strategy lecture by Richard Rumelt o http://www.youtube.com/watch?v=UZrTl16hZdk Session 7, April 21: Business Model Canvas: Channels, Partners, Customer Relationships Objectives: What is a channel? Physical versus virtual channels. Direct channels, indirect channels, OEM, Multi-sided markets. B-to-B versus B-to-C channels and sales (business to business versus business to consumer). Discuss partners issues including: resources, types, strategic alliances, joint business development, etc. How do you create end user demand? How does it differ on the web versus other channels? Evangelism vs. existing need or category? General Marketing. Sales Funnel, etc. How does demand creation differ in a multi-sided market? Required Reading: HBSP: Business Model Analysis for Entrepreneurs, Thomas R. Eisenmann, read “Appendix C” (pp. 21-23). Required Online LPC Videos on Channels, Partners, Customer Relationships Resources: Session 8, April 23: Business Model Canvas: Revenue Models, Key Resources, Costs Objectives: Discuss Key Resources and Costs including: Four Critical Resources, Financial Resources, Human Resources, Qualified Employees and Culture, Intellectual Property. What is a revenue model? What types of revenue streams are there? How does it differ on the web versus other channels? How does this differ in a multi-sided market? Required Reading: None. Required Online LPC Videos on Revenue Models, Key Resources, Costs Resources:
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Session 9, April 28: Entrepreneurial Marketing; Entrepreneurial Accounting Objectives: What is the difference between sales and marketing? What are early adopters? What is a balance sheet? What is an income statement? What is a cash flow statement? What’s the difference between accrual accounting and cash-based accounting? Is cash really “king”? What are pro-forma financial statements and how are they used? Required Reading: HBSP: Entrepreneurial Reading: Selling and Marketing in the Entrepreneurial Venture, Frank V. Cespedes HBSP: Segmentation and Targeting, Sunil Gupta HBSP: Overview of Financial Accounting, David T. Doran Optional Online Three Marketing resources: Segmentation, Targeting, & Positions Resources: (STP), the 4 Ps, the 7 Ps, the 3 Cs, USP analysis o http://tutor2u.net/business/presentations/marketing/stpse gmentation/default.html o http://www.mindtools.com/pages/article/newSTR_94.htm o http://www.vectorstudy.com/management_theories/3Cs_the ory.htm o http://www.vectorstudy.com/management_theories/extend ed_marketing_mix_7ps.htm o http://www.mindtools.com/pages/article/newTMC_11.htm Finance Your Business (SBA) o http://www.sba.gov/category/navigation-structure/startingmanaging-business/starting-business/prepare-yourbusiness-f-0 Finance Your Business – Preparing Financial Statements (SBA) o http://www.sba.gov/ombudsman/7046
Objectives: Required Reading:
Session 10, April 30: Entrepreneurship in Practice Entrepreneurial Guest Speaker. None.
Objective:
Session 11, May 5: Mid-Term Exam Mid-Term Exam (110 minutes, closed book, closed notes, closed computer). NOTE: All students must take the exam during the regular class time slot.
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Objectives:
Required Reading: Optional Online Resources:
Objectives:
Required Reading: Optional Online Resources:
Session 12, May 7: Legal Issues for Startups Do I need a corporation? What is a sole-proprietorship? What is a partnership? What is a corporation? An S-corp? What is a LLC? How does a team divide ownership? What are stock options and who gets them? What is a patent? What is a trade-secret? What can I copyright? What is a trademark? A service mark? HBSP: Legal Forms of Organization, Michael J. Roberts HBSP: The Protection of Intellectual Property in the United States, Myra M. Hart & Howard Zaharoff Legal Issues for Entrepreneurs - Formation and Founders Issues o http://www.fenwick.com/publications/pages/legal-issuesfor-entrepreneurs-formation-and-founders-issues.aspx Copyright Basics - Just Enough Copyright Law If You Are Not an Attorney or IP Expert o http://www.fenwick.com/publications/Pages/CopyrightBasics-Just-Enough-Copyright-Law-If-You-Are-Not-anAttorney-or-IP-Expert.aspx Trade Secrets Protection: A Primer and Desk Reference for Managers and In House Counsel o http://www.fenwick.com/publications/Pages/Trade-SecretsProtection-A-Primer-and-Desk-Reference-for-Managers-andIn-House-Counsel.aspx Patent Protection for High Technology Companies o http://www.fenwick.com/publications/Pages/PatentProtection-for-High-Technology-Companies.aspx Trademarks for High Tech Companies o http://www.fenwick.com/FenwickDocuments/TM_Selection_ for_HighTech.pdf Session 13, May 12: Patents What is a patent? How long does it take to get a patent? What does it cost? How long does a patent last? Can you patent software? Can I copyright software? What is a provisional patent? What does it mean to be novel, nonobvious, and useful? What does “freedom-to-operate” mean? What resources exist for researching patents? HBSP: Innovation and Invention - A Patent Guide for Inventors and Managers James G. Conley, David Orozco M. Patent Protection for High Technology Companies o http://www.fenwick.com/publications/Pages/PatentProtection-for-High-Technology-Companies.aspx U.S. Patent and Trademark Office o http://patft.uspto.gov/
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Objectives:
Required Reading: Optional Online Resources:
Objectives: Required Reading: Optional Reading: Optional Online Resources:
Session 14, May 14: Introduction to Raising Capital What is a lifestyle business? What is a high-growth business? What are the sources of cash to start a business? What investment criteria do friends & family use? Who is an angel investor? What is a venture capitalist? What government programs exist (grants, loan guarantees) for small businesses? HBSP: Entrepreneurial Reading: Financing Entrepreneurial Ventures, William R. Kerr, Ramana Nanda, James McQuade Own Your Venture Equity Simulator o http://www.ownyourventure.com Milken Institute Panel on Crowdfunding for Start-Ups and Small Business o http://www.milkeninstitute.org/events/gcprogram.taf?functio n=detail&EvID=4019&eventid=GC13 A List of Top LA Accelerators and Incubators o http://vator.tv/news/2013-05-17-a-list-of-top-laaccelerators-and-incubators Session 15, May 19: Venture Capital; Term Sheets What is a venture capitalist? What criteria do venture capital firms use when evaluating an investment? HBSP: How Venture Capitalists Evaluate Potential Venture Opportunities, Michael J. Roberts & Lauren Barley HBSP: The Early-Stage Term Sheet, Susan Chaplinsky, April Triantis Money Tree Report (PriceWaterCoopers / NVCA Recent Trends in VC Investing, 2013) o http://www.pwcmoneytree.com
Session 16, May 21: Introduction to Business Plans & Elevator Pitches What does a business plan look like? What are the main sections of a business plan? Is the Executive Summary really the most important part of a business plan? Who needs a business plan? How are they used? What is an elevator pitch? How do you construct a good pitch? Required Reading: HBSP: Entrepreneurial Reading: Developing Business Plans and Pitching Opportunities, Lynda M. Applegate & Carole Carlson HBSP: Business Model Analysis for Entrepreneurs, Thomas R. Eisenmann Optional Online Create Your Business Plan (SBA) Resources: o http://www.sba.gov/category/navigation-structure/startingmanaging-business/starting-business/how-write-businessplan Build Your Business Plan Tool (SBA) o http://www.sba.gov/tools/business-plan/1 Example of Excellent Five Minute Pitch (DEMO 2011): o http://www.youtube.com/watch?v=RwcTvqR-pls Objectives:
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Session 17, May 26: Special Topics for Engineers: Disruptive Innovation; Technology Push vs. Application Pull Objectives: What is disruptive innovation? What is the difference between technology push and application pull? Required VPD: pp. 94-101 (from Section 2.3) Reading: HBSP: Disruptive Technologies: Catching the Wave, Bower, Christensen. Optional Online Disruptive Innovation Explained (Interview with Clayton Christensen) Resources: o https://www.youtube.com/watch?v=qDrMAzCHFUU Session 18, May 28: Special Topics for Engineers: University Technology Transfer Objectives: Review the history of technology transfer efforts of universities in the United States. Discuss the Bayh-Dole Act and its impact on technology transfer. Discuss recent trends in commercialization of university technology. Highlight the common considerations for licensing university technology from an entrepreneur’s perspective. Discuss in detail the Office of Intellectual Property at UCLA and explore the efforts it makes to promote technology transfer. Required Reading: HBSP: U.S. Universities and Technology Transfer, RG Hamermesh, J Lerner, P Andrews. Optional Online Better World Reports (click on “Read Featured Stories”) Resources: o http://www.betterworldproject.org/ UCLA Office of Intellectual Property website o http://oip.ucla.edu/ Association of University Technology Managers o http://autm.net
Objectives: Required Reading:
Objective:
Session 19, June 2: Entrepreneurship in Practice Entrepreneurial Guest Speaker. None.
Session 20, June 4: Final Exam, 4-5:50 PM Comprehensive Final Exam, 110 minutes, closed book, closed notes, closed computer. NOTE: All students must take the exam during the assigned time slot. NOTE: The Final Exam will be in the regular classroom.
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
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Course Reader The course pack can be purchased from the Harvard Business Publishing website using the link in “Required Reading” section above. # 1 5
6 6 7 9 9
9 12 12 13
14
15 16
17
18
TOTAL
Title Perspective on Entrepreneurship CCR: Entrepreneurship Reading: Experimenting in the Entrepreneurial Venture CCR: Strategy Reading: Industry Analysis Blue Ocean Strategy: From Theory to Practice Business Model Analysis for Entrepreneurs Financial Reporting Standards: 1: Overview of Financial Accounting CCR: Entrepreneurship Reading: Selling and Marketing in the Entrepreneurial Venture CCR: Marketing Reading: Segmentation and Targeting Legal Forms of Organization Protection of Intellectual Property in the United States Technical Note: Innovation and Invention--A Patent Guide for Inventors and Managers CCR: Entrepreneurship Reading: Financing Entrepreneurial Ventures How Venture Capitalists Evaluate Potential Venture Opportunities CCR: Entrepreneurship Reading: Developing Business Plans and Pitching Opportunities Disruptive Technologies: Catching the Wave U.S. Universities and Technology Transfer
Author(s) Howard H. Stevenson Thomas R. Eisenmann; Eric Ries; Sarah Dillard Ramon CasadesusMasanell W. Chan Kim; Renee A. Mauborgne Thomas R. Eisenmann
ID # 384131-PDF-ENG 8077-HTM-ENG
Pages 13 31
Cost $3.95 $6.95
8101-HTM-ENG
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$6.95
CMR312-PDF-ENG
18
$3.95
812096-PDF-ENG
25
$3.95
David T Doran
BEP166-PDF-ENG
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$3.95
Frank V. Cespedes
8086-HTM-ENG
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$6.95
Sunil Gupta
8219-HTM-ENG
25
$6.95
Michael J. Roberts Myra M. Hart; Howard Zaharoff James G. Conley; David Orozco M.
898245-PDF-ENG 897046-PDF-ENG
10 17
$3.95 $3.95
KEL104-PDF-ENG
37
$3.95
William R. Kerr; Ramana Nanda; James McQuade Michael J. Roberts; Lauren Barley Lynda M. Applegate; Carole Carlson
8072-HTM-ENG
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$6.95
805019-PDF-ENG
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$3.95
8062-HTM-ENG
45
$6.95
Joseph L. Bower; Clayton M. Christensen Richard G. Hamermesh; Josh Lerner; Phillip Andrews
95103-PDF-ENG
13
$3.95
812016-PDF-ENG
33
$3.95
437
ENGR 112: Laboratory to Market, Entrepreneurship for Engineers, Spring 2015 (Version 2015.04.11)
$81.20
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