Elective Information session v1...5 Tuesday 18 Feb 2020 After the Money Arrives 6 Thursday 20 Feb 2020 Achieving Liquidity 7 Tuesday 25 Feb 2020 The Globalization of VC and PE 8 26

RSM - a force for positive change

Master in Strategic EntrepreneurshipElective information session –Block 3, 4 and 5

Opportunitycreation

StartUp & Growth

BLOCK 1(10 ects)

BLOCK 2(10 ects)

Entrepreneurial Skills

CorporateEntrepreneurship

Rese

arch

skill

s (4

ects

)

FinancialIntelligence

Thesis development (16 ects)

Digital Transformation

Venture Governance

EntrepreneurialLab

Managing Family Business

BLOCK 3(6 ects)

BLOCK 4(6 ects)

BLOCK 5(6 ects)

Sept Nov Jan Feb Apr June

Two tracks

New BusinessDevelopment

EntrepreneurialBootstrapping

Thesis trajectory (1 ECTS)

Career service (1 ECTS)

Registration

Round 1 start on Tuesday the 19th of November.

All the key dates are mentioned here: https://www.rsm.nl/master/current-students/current-master-

students/elective-registration/.

10/31/19 3

https://www.rsm.nl/master/current-students/current-master-students/elective-registration/

BLOCK 3


BMME117Financial Intelligence for EntrepreneursFeb-Mar 2020

Taught by Dr. Yu LiuRotterdam School of Management

WHY?

10/31/19 6

WHY?

10/31/19 Philosophy of Science : The ideal of positive science (1) 7

Financial Decision: Type of Venture + Amount of Capital

HOW?

10/31/19 8


Link academic literature with real-world practices.

HOW?

10/31/19 9


Essay Research a single VC firm in terms of firm history, fundraising activities, investment history and portfolios, and internationalization.

Valuation Project1. The valuation option:

benchmark the valuation placed on a recently listed company.

2. The “unicorn” option: valuation>$ 1 billion, dig into why such a high valuation is (not) warranted.

WHAT?

10/31/19 10


Explore the various challenges faced by entrepreneurs in securing financing to support future growth and development with an emphasis on VC financing.

Class Time Subject1 Tuesday 4 Feb 2020 Introduction: the Private Equity Cycle2 Thursday 6 Feb 2020 Deal Sourcing and Deal Evaluation3 Tuesday 11 Feb 2020 Assigning Value4 Thursday 13 Feb 2020 Deal Structuring5 Tuesday 18 Feb 2020 After the Money Arrives6 Thursday 20 Feb 2020 Achieving Liquidity 7 Tuesday 25 Feb 2020 The Globalization of VC and PE8 26 Feb-4 March 2020 Course Project9 Thursday 5 March 2020 Final presentation


Any questions?

Organizing for technological transformationDr. Andreas DistelAssistant Professor

Department of Strategic Management and Entrepreneurship, RSM (starting Nov. 2019)

Assessment: Mixed form: individual assignment (65%), team assignment (35%)

ECTS: 6Period (block): 4

Learning objectives• Understanding why and how some companies survive technological

changes, and others do not• Analyzing various management dimensions of technological

transformation in businesses• Applying relevant concepts related to the exploration, retention, and

exploitation of new technological knowledge• Evaluating the effects of different organizational design elements on

companies’ technological transformations• Recommending strategies for start-ups and incumbents to take

advantage of technological disruptions

Technological Transformation

Technology

intelligence

New business

eco-systems

Knowledge

management

Leadership and

HRM in R&D


Entrepreneurial Lab (BMME078)Taught by Luca Berchicci

Experience the entrepreneurial process!

Basic Idea

• Take what you learn from opportunity creation, Ent. skillset, startup & growth, mix it and apply it in your own business journey

• Together with your team, you will choose a business idea to work on and as a team you will develop it in the next 6 weeks.

• Students from other programs will join too, thus you can create a diverse team

Course Content

The course content is designed to facilitate your team to define a business idea, develop a business model and test the assumptions of (some part of) the business model

Ideation - test - pivoting

BMC 1

Test its assumptions

BMC 2

Test its assumptions

BMC 3

Teaching style• Flipped-classroom

• Hand-on experiential learning• Get-out-of-the-building

teaching (you will learn more

outside than inside the building)

• Workshops

Challenges during the course

Challenge 1: Business model and market analysisChallenge 2: Value PropositionChallenge 3: Prototyping Challenge 4: Social network

Challenge 5: Financial modelChallenge X: you choose what to test

Grading

• Weekly blogs (10% of the course grade)• Final report (15% of the course grade)• Final business idea presentation (15% of the course grade)

• Team Challenges (40% of the course grade)• individual differentiation: you decide how much each member deserves

• Individual report (20% of the course grade)

31.10.19 Footer text (use for presentation title) 21

BLOCK 5

Getting things done without resources:Entrepreneurial bootstrapping

Block 5: May – June 2020Lecturer/coordinator: Wim Hulsink

A loop of leather, cloth, or synthetic material that is sewn at the side or the top rear of a boot to help in pulling the boot on.

Bootstrapping

= The pursuit of success with limited resources and with the help of others

A process that is self-initiating or self-sustaining

You want to improve your personal effectiveness and/or have passionate ideas for new projects, but confined by a lack of

cash, knowledge and contacts

To promote and develop by use of one's own initiative and work

Building a business out of very little or virtually nothing

Learning objectives

Learn how bootstrapping projects differ from traditional ways to plan and finance your projects/ventures;

Know and understand main bootstrapping techniques;

Practice in real-life situations;

Contribute to scholarly knowledge by studying bootstrapping in real-life situations

(theory)

(application)

(tools; practice)

Lectures on Bootstrapping

(a) Related concepts Effectuation, asset parsimony, bricolage

(b) Networking Building and harvesting from your personal network;Friends, family, fools (your strongest ties)Trading for what you want to accomplish

(c) Open source Free, prototyped opportunities;Cheap or free web tools, software, and more;Building a business without intellectual property

(d) Crowdsourcing Mobilizing crowds to work or innovate for you

(e) Cheap finance & crowdfunding

Subsidies, competitions, awards, and more

(f) Entrepreneurial marketing

Let everyone know without spending a dollar

(g) Free tools & facilities Incubators, angels, advisors - Invisible forces that are dying to help you out with advice, knowledge and enacted support

- Example of an assignment: - trade a red paperclip for bigger and better items

- Field project: pick one of the four possibilities- Checklist/roadmap, inventory of success factor(s)- Case study: illustrates a best/worst practice- Advisory report: recommendations to

practitioners low on resources- Project/venture: launch your own product or

business drawing on bootstrapping techniques- Closed-book exam:

- to test your knowledge, analytical skills & ability to apply theory to practice

- Open-ended questions (case-based)

Assignments, Field Project, Exam

Bootstrapping -Getting Things Done Without Resources

Final Presentation21th June 2018

Laura Esmee de JongEli Prins

Aaron Naisar

Bootstrapping: Pitas

30

Golden Rules of Bootstrapping:

Minimize Operating Costs

Nina’s Bakery

▪ Specialized Dutch pita bakery

▪ Aim: Validation of business project

▪ Promise: become future exclusive customer (= unethical bootstrapping)

à Delivery of 50 pitas for free

Bootstrapping: Falafels

31

Golden Rules of Bootstrapping:

Minimize Operating Costs

Restaurant “El Aviv”

▪ Homemade falafels

▪ Problem: Uncertainty of amount needed

à Receival of frozen falafels and we only needed to pay the amounts of falafels sold (rest was given back to El Aviv)

Bootstrapping: Location

32

Barter

Cooperation with “de Smitse”

▪ Deal: Pita Falafel & Beer

▪ Combined promotion for our event and a “de Smitse” event

▪ Approval from Facility Management needed (àcancelled last minute)

à Improvised sale at Xior Student Housing

Applying Theory

33

Effectuation (Sarasvathy, 2012)

1) Bird in the Hand

▪ Kitchen equipment, recipe, spices, personal cooking skills

2) Affordable Loss

▪ Investment in ingredients, no venue expenses

3) Crazy Quilt

▪ Pitas, falafels, personal strong & weak ties (Maya, Xior, etc.)

4) Lemonade

▪ Cancellation of STAR/facility management, entrepreneurial marketing

5) Pilot-in-the-Plane▪ Actively reaching out to 3rd parties, problem solving mindset

Financials

34

Profit Calculation

Costs per Falafel: €1.53

▪ Hummus

▪ Falafels

▪ Salad, Olive Oil, Lemon, Parsley

▪ Others: Napkins, Baking Oil, etc.

Price per Pita Falafel (Revenue): €4

Sold Pita Falafels: 32 pc

Profit

Profit per F. = Revenues – Costs▪ €4 - €1.53 = €2.47Profit Margin: €2.47/€4 = 62%

Turnover32 Pita Falafel x €4 = €128Profit32 Pita Falafel x €2.47 = €79.04

Financial Prediction

35

Not taken into account yet:▪ Pita purchase price (approx. €0.3)▪ Rent for location incl. energy and water (approx. €2500)▪ Increase in selling price: €4 à €5

Break-Even-Calculation: ▪ Fixed costs: rent ▪ Variable costs: price per pita (€1.83)▪ Break-Even: -2500 + 3.17 * x = 0; x = 789

▪ Opening Times: 24 days/month à 33 Pitas per day

(not included: employees, legal costs, kitchen equipment, depreciations, and mkt)

QUESTIONS?

Size(employees)

MarketShare(%)

4

*Personal Estimation

0.0000001*

Size(employees)

MarketShare(%)

9

4


0.0000001*76,000

Size(employees)

MarketShare(%)

9

4


0.0000001*76,000

25

300,000+

FAMILY BUSINESSES

Family businesses are those in which multiple members of the same family are involved as major owners or managers, either contemporaneously or over time (Miller et al. 2007)


MANAGING THE FAMILY BUSINESS Block 5Giuseppe Criaco

Why a Course on Family Business?


Prevalence of Family Business (I)


Percentage of Family Businesses in the Private Sector

Percentage of Family Business Contribution to National GDP

Source: Family Firm Institute, Inc.

Relevance of Family Business (I)


Relevance of Family Business (II)


Family Business: FACINATING, YET Tricky, Organizations


FAMILY BUSINESS

The course’s topics

• Defining the Family Business

• Business Strategies

• Succession

• Non-family Members

• Interpersonal Relationships and Conflicts

• Governance

• Sustained Entrepreneurship in Family Firms

• Exiting the Family Business


• WHEN: Block 5 (May-June)

• HOW: Lectures, case study, videos, guest lectures, company visits

• WHO: Giuseppe Criaco; Maura Leusder

• ASSESSMENT: 50% Team assignments, 50% Individual assignment (no final exam)

• LEARNING OUTCOMES: e.g., ability to reflect upon common challenges faced by family businesses in practice, and develop a way to address these challenges


Questions?


Thank you AND I MAY see you soon

Documents

Elective Information session v1...5 Tuesday 18 Feb 2020 After the Money Arrives 6 Thursday 20 Feb 2020 Achieving Liquidity 7 Tuesday 25 Feb 2020 The Globalization of VC and PE 8 26