Four tools to support your puzzle SPARK Europe Webinar, 6 September 2023 Background FacultyofImpact FacultyofImpact Faculty of Impact Program • 2 year fellowship to commercialize your research • Researchers keep contract with university • Open to researchers that work at a Dutch university • Stay in their research group, keep lab access, etc • Groups of ≈ 15 fellows • Intense training & coaching for entrepreneurship skills Your Puzzle FacultyofImpact Definition of Entrepreneurship ~ORIGIN early 19th cent. from French, from entreprendre ‘undertake’ ~one who organizes, manages, and assumes the risks of a business or enterprise -ial: ~not afraid to undertake a challenge FacultyofImpact Definition The pursuit of opportunities without regard to resources currently controlled Stevenson, 1989 FacultyofImpact FacultyofImpact FacultyofImpact Five main areas of managing resources • Customers & Market • Product & Technology • Management, Team & Culture • Financials & Funding • Legal, IP, governance Tool 1 The Deal FacultyofImpactFacultyofImpact The Deal in short • One sentence to describe the essence of your startup to an outsider • Especially: the customer • Looks easy, is actually quite hard The shortest pitch of your idea What Do You Sell To Whom For How Much Tool 2 Where to Play FacultyofImpactFacultyofImpact FacultyofImpactFacultyofImpact FacultyofImpactFacultyofImpact FlyAbility Unique Accessibility Collision tolerance (humans/ walls) Decoupled & light protection cage Roles on any surface Operates in a range of temperatures & pressures Aviation Abilities On-site video piloting Dark/ smoked/ dusty environments Limited flight duration Imagery System HD recording Thermal recording Real time video streaming Remotely adjustable Post mission analysis Industrial Inspection Infrastructure Inspection Security / Search and Rescue Oil & Gas Power plants Maritime Vessels Fuel tanks Pressure vessels Storage tanks Thermal boilers Nuclear rooms Wind Police Military Fire fighters Intelligence surveillance Rescue forces 2015 Bridges Sewers Mines Open air facilities Indoors facilities Dams Tool 3 Belbin FacultyofImpact Belbin in short • Great way to get founders thinking started on diversity in the team • Also a great way to think about roles that need to be played in a team, even if the team is <5 people • And a great way to learn to reflect on your strengths (and inevitable weaknesses) Preferred roles Manageable roles Allergy roles TED talk 'How to start a movement' Tool 4 The Mom Test FacultyofImpact Mom Test in short • Interview technique • Better understand one of your biggest risks: false positives • Train yourself to listen, listen, listen • Much (much much) more important that giving amazing elevator pitches Not everyone is your customer G.A. Moore, Crossing the Chasm Innovators Early adopters Early majority Late majority Laggards The chasm Focus on Early adopters • Has a problem • Is aware of having a problem • Has been actively looking for a solution • Has put together a solution out of piece parts • Has or can acquire a budget Figuring out if they are your customer • Identify potential customers in your beachhead market • Set up meetings with them (in person, phone, Zoom, Skype, etc.) • Find out if they have a pain • Find out if they are early adopters Customer interviews Interview set-up 1. Find out if they are the customer 2. Explore what keeps them awake at night 3. Get commitment or advancement There is one problem … There is one problem … Everybody Lies! (People tell us what we want to hear, if we ask the wrong questions)