what will i get out of the competition? knowledge on how industry works and how start-up companies...
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What will I get out of the Competition?
•Knowledge on how industry works
and how start-up companies
operate
•Networking opportunity with
entrepreneurs from the
engineering industry
•Development of personal skills
•Enhanced career potential
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Deadline for Applications for Engineering YES: Friday 18th March Competition BriefingMonday 11th April 10am-1pm: Briefing Session, Loughborough University
Timetable
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Sunday 8th to Wednesday 11th May
Holiday Inn, J7 M6, Great Barr.
Grand Finalthe top teams from each heat go head to head to win the top cash prize of £2000.
Wednesday 8th June 2011: Birmingham Science Park.
West Midlands Heat:
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What’s Involved?
• At the Heat – Prepare plans for an imaginary engineering start-up
company– Present an “Elevator pitch” to the other teams– Present to a Panel of judges - “equity investors”– Convince the Panel to invest in your company!
• Available at the workshop– Presentations by experts– Mentors– Organisers
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Sunday evening Meet the other teams
Monday am SpeakersMonday pm Plan Preparation/
Help from MentorsElevator Pitch
Tuesday am SpeakersTuesday pm Plan Preparation/
Help from Mentors
Wednesday Main PresentationsTwo heats of 6 teamsHead-to-head for the heat winners
Format for the Competition Heat
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• Requirements of a Business Plan• IP and Patenting Strategy• Finance• Commercial and Marketing Strategies• Case Histories
What the speakers at the heat will talk about
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• Specialists in different areas (e.g. IP, finance, marketing)
• Available Monday and Tuesday afternoon• Booking system will operate• Take full advantage of this unique
opportunity!
Who are the Mentors at the heat?
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Workshop One: Forming Your Ideas Workshop Two: Business Planning Workshop Three: Marketing & Networking Workshop Four: Finance Workshop Five: Intellectual Property and Patent Laws Workshop Six: Pitching
YES Competition Support Seminar Series
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Running parallel with the YES Support Seminars we will be hosting Coaching Sessions with Striding Out a professional coaching, training and networking support service.http://www.stridingout.co.uk/
Coaching Support
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Before the West Midlands Heat
• Formulate your business idea– Be clear on your IP position– Company name– Team roles
• Research the market– market potential, competition
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• Presentation to group of “Equity Investors” • Contribution from all team members• Structure of the presentation, up to you• Use of Microsoft PowerPoint• 20 mins (max) with 10 mins questions• Feedback provided
Main Team Presentations
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1st prize £2000Runners-up £500Best use of IP £250Best teamwork £250Elevator pitch £100Peer review heat winners £250x2
Best Liverpool Team £1000
Prizes!
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Choosing your company/idea
• Has to be potentially possible – the laws of thermodynamics still apply!
• Has to be appropriate for a small company to develop• Exploitation and manufacturing can be in-house or via
subcontractors or licensees• Some initial ideas
– Novel alloy enabling new, low-cost manufacturing of drinks cartons and cans.
– Novel water turbine to generate electricity for use at old water-mill locations.
– Novel engine design capable of running on bio-friendly fuels. – New additive that increases the tensile strength of concrete.
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Warning:• If you decide to base your idea on a piece
of real research in your laboratory, seek advice from your Supervisor/Head of Department – Early disclosure of ideas and information can
prevent patenting the idea that has been disclosed
– Choose something similar in concept to a real idea in the competition
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Team Roles• Potential Management Roles:
– Managing Director/CEO• Leads the team and the presentation
– Finance Director• Does the money!
– Research and Development Director• Develops the products
– Commercial and Marketing Director• Makes the money
– Operations Director/Manufacturing Director• Makes the products
• Choose the roles that best fit your business– Not all companies have all roles– Combine roles for the competition
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The Elevator Pitch
• What is it?– You get into a lift with the head of ACME VCs. – This is your chance to sell him your company as an
investment– You have till he gets out on the 21st floor – just three
minutes• How will it work?– Each team leader will present the team’s ideas to the rest
of the group– The best presentation will be chosen by a show of hands –
no voting for your own team!– If the other teams are impressed (or otherwise), then so
might the judges be on Wednesday
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The Business Plan• Remember, you are aiming to attract investment.
– What are the costs of the business– How much money will you need?– What/when are the likely profits?
• Investors want to make money– Most VCs want to get a ten-fold increase in 4 years– How/when will they get their money back
• Dividends• Trade sale• Float on a public market
• Yours is not the only option – so why you?– Demonstrate you have a sound commercial opportunity– Show you understand the risks and scale of investment– Show that you are a competent team that they can trust
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The Business Plan• Oral presentation using PowerPoint• Typical layout– Executive Summary– Business Description– Market and Industry– The Competition– Marketing Strategy– Operations Plan– Management Team– Financial Overview and Funding Needs, – Summary and Conclusions
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Selling Your Idea
• Unique selling point (why will the customer want to buy your product?)– Does it do something that couldn’t be done
before?(eg A fireproof plastic coating)
– Does it do something in a different way? (eg new type of concrete)
– Are you offering some added benefit? (eg opens up new markets, cheaper/faster to produce)
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Preparation is the Key!
• Evaluate your market– Market size – which countries?– Competitors– Pricing comparisons– Customers or potential licensing partners
• Intellectual Property– Patents, trademarks, copyrights
• Financial forecast– Raw material & manufacturing costs
• Include capital costs of any facilities– Operational costs
• Including R&D, office facilities, human resources.
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Website Support
https://liverpool-ac-uk.campuspack.eu/Groups/Postgraduate_Research_Students/Yes_competitions
http://www.lboro.ac.uk/research/eng-yes/
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Summary
• It is hard work before and during the workshop
But its worth it!• Help is at hand
Please ASK• Enjoy yourself and
HAVE FUN!
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Main Contacts:Dr Richard Hinchcliffe – Graduate School Skills Team – [email protected]
YES Competitions Co-ordinator: Dr Aimee Blackledge - Graduate School Skills Team - [email protected]
Daraz Umar – Business Gateway - [email protected]
Dr Claire Hookham – Williams School of Management - [email protected]