From Technology Ideas

to Venture Business

KSEA Technology Entrepreneurship Seminar

Richard Okumoto

Topics Todayo The Technology Idea

o Proof-of-Concept: the minimum viable product theory

o Simultaneous Equation:o Experiment & Innovate – Validated Learningo Collect Early Adopters – Cash Inflowo Entrepreneurship is Management

o Minimum Viable Team/Organization: External & Internal

o Process & Discipline

o Go-to-Market: Gain Traction

o Accelerate

Angel / Strategic Partner Money

Your Money/ Friends or Family

Money

Topics Todayo The Technology Idea

o Proof-of-Concept: the minimum viable product theory

o Simultaneous Equation:o Experiment & Innovate – Validated Learningo Collect Early Adopters – Cash Inflowo Entrepreneurship is Management

o Minimum Viable Team: Internal & Externalo Minimum Viable Organizationo Process & Discipline

o Go-to-Market: Gain Traction

o Accelerate

Venture / Strategic Partner Money

Technology Idea

o Before you start – Can you answer the following questions?

o Is there a Business Opportunity?o Is it Emerging, Mature, or Declining?o Do you have a Value Proposition?o Are you solving a Customer Problem?o Can you make money?

Why Do You Need to Answer These Questions?

“You are not just building a product – You are building a

start-up company”

Insight Process

Strategic Thinking

Asking the Right Questions

Framing the Information

Sense Making

Intuitionand

StrategicImagination

External InsightInternal Insight

Technology Idea

Fast Track Business Plan

“Assumptions Testing & Tracking”

Technology Idea

Fail-Safe Planning

“The Pre-Mortem Process”

Proof of Concept

o Will help answer the following questions:

o Is there a Business Opportunity?o Is it Emerging, Mature, or Declining?o Do you have a Value Proposition?o Are you solving a Customer Problem?o Can you make money?

Proof of Concept

What is the Minimum Viable Product Theory ?

Proof of Concept

Validated Learning

Yes, the Scientific Method is still alive and it works!

Proof of Concept

Validated Learning

Experiment & Innovate

Analysis Process

Strategy Formulation

External AnalysisInternal Analysis

CustomerAnalysis

CompetitorAnalysis

MarketAnalysis

EnvironmentalAnalysis

Financial Metrics

Customer Metrics

Financial Metrics

Financial MetricsOperating Metrics

Miller / Okumoto, Inc.

Financial Metrics

Development Metrics

Proof of Concept

Find someone who will pay you!

Early Adopters = Best Validation

Simultaneous Equation

Entrepreneurship

is

Management

Internal Alignment Process

Translate intoOperations

Financial Metrics

StrategicPriorities

Financial MetricsPrograms

Financial MetricsProjects

Financial MetricsRoadmaps

Internal Alignment

Miller / Okumoto, Inc.

Simultaneous Equation

Minimum Viable External Team

o Intellectual Property Protectiono General Legalo Accounting & Taxo Banking Serviceso Advisorso Board o Investors

Simultaneous Equation

Minimum Viable Internal Team

o Developmento Operationso Marketing/Saleso Finance

Simultaneous Equation

Minimum Viable Processes

o Developmento Operationso Marketing/Saleso Customer Supporto Finance

Go-to-Market Plan

Answer the Questions:

1. How will you connect with Customers?

2. How will you sell to Customers?

3. How will you support Customers?

Accelerate

Answer the Questions:

1. How will you accelerate Staffing?

2. How will you fund growth?

3. How will you ramp-up Production?

4. How will you support more Customers?

5. How will you develop new Products?

Management ProcessConstant & Iterative

Strategic Thinking

Strategy Formulation

Translate intoOperations

Strategy ExecutionAnd

Management

Align, Execute, Corrective Action (Pivot), Align, Execute…

Your Most Important Skills

“Perseverance”

“Subject Matter Expertise”

“Business Management”

“Adaptability”