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Oroclean presentation
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42629 - Innovation in Product Development
Tirsdag d. 20/3-2012
Lærke Holstebroe Jeanne Lønstrup
THE TEAM ORIGINAL PRESENTATION FROM VENTURE CUP FINAL BUSINESS PLAN HOW IT ALL STARTED… (MIT ELEVATOR PITCH) AND ENDED… 10 LEARNINGS AND QUESTIONS?
Lærke Holstebroe Jeanne Lønstrup
Agenda
DTU Management MSc. Stud.
Lærke Holstebroe Jeanne Lønstrup
The Team
Original Slides from Venture Cup Final
Lærke Holstebroe Jeanne Lønstrup
Venture Cup Presentation
Mercury in small scale mining
Lærke Holstebroe Jeanne Lønstrup Jakob Parslov Trine Duelund
OroClean – Change the world with a profitable business Low tech, proven technology Miner: 11% Cheaper than mercury 30% Higher value of gold 41% Income Refiner: 20% Income Locally Produced, for the expences of: DKK150 Eliminate 30% of the global mercury pollution
Venture Cup Presentation
Lærke Holstebroe Jeanne Lønstrup
OROCLEAN REFINER MINER LEASE RENT
GREEN GOLD
NON REFINED GOLD
Product to market
Expand market
1. år 2. år 3. år
Break Even ~ 2. år
Venture Cup Presentation
BUSINESS MODEL
Lærke Holstebroe Jeanne Lønstrup
15 – 20 milliones miners Start up expences: DKK 5 mio. Profit 1st year: DKK 3,5 mio.
OroClean – Doing good by doing well
Venture Cup Presentation
Lærke Holstebroe Jeanne Lønstrup
The Business Plan…
Lærke Holstebroe Jeanne Lønstrup
Content - Business Plan
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+ Appendices: • Patent feasibility • Letter of recommendation • Income Statement • Competitor Analysis • Mapping of Value Chain • Cash flow • Budget
Business model
Lærke Holstebroe Jeanne Lønstrup
Arguments to back up feasibility
• Geo Center
• Professor Kurt S Anderson
Lærke Holstebroe Jeanne Lønstrup
Implementation Strategy
Local Champion
Lærke Holstebroe Jeanne Lønstrup
Current Status
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Projected Market Share / Competitor Analysis
Lærke Holstebroe Jeanne Lønstrup
Mapping of Value Chain and Cash Flow
Create value for all involved actors in the value chain
Lærke Holstebroe Jeanne Lønstrup
Leasing takes place: Rate $90/year*unit
Contract manufacturing takes place: Rate $43/unit
Renting takes place: Rate $10/week*unit $520/year*unit
Income Statement for OroClean
Lærke Holstebroe Jeanne Lønstrup
Cash flow for OroClean
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Problem
How it all started…
Lærke Holstebroe Jeanne Lønstrup
Rensselaer Polytechnic Institute Troy, New York
Lærke Holstebroe Jeanne Lønstrup
USA – Exchange Program
”Think big. You can do it!” – Burt Swersey
Lærke Holstebroe Jeanne Lønstrup
Inventor’s Studio
Problem Methods used
Lærke Holstebroe Jeanne Lønstrup
Basic Engineering skills – Learn by doing • Internet research • Bottom-of-the-pyramid theory • Brainstorms, morphology, concept creating • Actor-network • Testing & Prototyping • Calculation of mechanical / fluid dynamic principals • Roll-the-snow-ball / networking • Pitching / watch other people pitch • Participate in workshops / events, ‘in the field’ • Workshops with experts
An iterative approach
Problem The Problem
• Find a problem that affects millions of people • Understand the context of the problem • “Need to have, not nice to have” • A treat is the most powerful motivation factor
Lærke Holstebroe Jeanne Lønstrup
What’s in it for me?
I want to be able to eat my tuna fish every day!
Lærke Holstebroe Jeanne Lønstrup
Problem Tell a touching story
Lærke Holstebroe Jeanne Lønstrup
Inspiration
Lærke Holstebroe Jeanne Lønstrup
Bottom-of-the-Pyramid (BOP): 2.5 billion people who live on less than $2.50 per day
http://www.youtube.com/watch?feature=playerembedded&v=ezVxt7TkyeM
IDE – Treadle Pump: Inspiration from Franchise business model
Paul Polak - TEDx: Founder of non-profit International Development Enterprises (IDE)
Search for Possibilities
Lærke Holstebroe Jeanne Lønstrup
Do you really need a patent? Other ways to protect your product?
Problem Proof of Concept
Lærke Holstebroe Jeanne Lønstrup
Initial simple tests
Semifinal: 10 selected, 120 entries
Spread the word – Get feedback
Lærke Holstebroe Jeanne Lønstrup
Semi finals: http://www.youtube.com/watch?v=BspJKEMpoUQ&feature=related
First Round: http://www.youtube.com/watch?v=viamkBLPUBw&feature=related
MIT Elevatior Pitch Competition
Lærke Holstebroe Jeanne Lønstrup
Develop New Competencies Through Events
Lærke Holstebroe Jeanne Lønstrup
Workshop with GeoCenter
Lærke Holstebroe Jeanne Lønstrup
Problem Understand the context
Lærke Holstebroe Jeanne Lønstrup
Goldshops The Refiner The Miner
Gold Gold
$ $
Fundraising
Skype presentation from Denmark
Semifinals: 60 selected, 700 entries
Winner of Cleantech Overall winner of Startup Competition
Winner of Develop Prize, Social Entrepreneurship
Presentation of project to Minister of Climate and Energy, Lykke Friis
FUNDS
Augustinus Det Obelske Familiefond Direktør Neergaards Fond Familien Hede Nielsen Fond Spar Nord Fond
No money
Lærke Holstebroe Jeanne Lønstrup
Venture Cup 2010
• Announcement of the final 15 teams, 5 categories
• Online Feedback on Business Plan (Excel Sheet)
• Venture Cup Pitch Training Day
• Jury Panel Pitch – Copenhagen City Hall (2nd of June) • 4 min pitch • 8 min Q&A • 10 min feedback
• Venture Cup Final – Live pitch for audience – Copenhagen City Hall (3rd of June)
• Winner of Cleantech category 50,000kr + final 200,000kr Party + Champaign + Happiness
Lærke Holstebroe Jeanne Lønstrup
Innovation Environments
Accounting Advices
Student Incubator; Office space & business development sparring
After the Venture Cup Final
Lærke Holstebroe Jeanne Lønstrup
Prototyping
Board of advisers
Problem
…. And ended
Lærke Holstebroe Jeanne Lønstrup
What went wrong?
Lærke Holstebroe Jeanne Lønstrup
• Lack of motivation & courage
• A lot of tax
• Not willing to share ownership with Venture Capitalists
• Overlapping competencies in team
• Prioritized university before business
• Spent a lot of time on emails, university rights, practical stuff
• Complexity of market
10 learnings
#1: ”Just do it!” – mentality #2: Share your idea with other people #3: Work with something that interests you! #4: The right team is very essential #5: Take risks #6: Network - will open many doors #7: Talk to the user/experts and understand the context #8: Be curious and keep learning #9: Kill your darling & try again #10: Have fun
Lærke Holstebroe Jeanne Lønstrup
Inspiration – The mushroom man Eben Beyer
http://www.youtube.com/watch?v=Di-cvmSAQEQ
Lærke Holstebroe Jeanne Lønstrup
Video from Dell Social Innovation Competition
http://www.youtube.com/watch?v=LebCeHnr8R4
Lærke Holstebroe Jeanne Lønstrup
Lærke Holstebroe Jeanne Lønstrup
”Its easier to teach a scientist business than to teach a business man science” ”Scientists are the best entrepreneurs” – Sharron Ballard
Question?
Lærke Holstebroe Jeanne Lønstrup
Picture - Trevor Snapp/ Bloomberg http://www.bloomberg.com/news/2010-12-23/shooting-gold-diggers-at-african-mine-seen-amid-record-prices.html Picture - IW Science http://projects.csg.uwaterloo.ca/inweh/display.php?ID=2451 Picture - BOP http://upload.wikimedia.org/wikipedia/commons/thumb/a/a7/Anti-capitalism_color.jpg/300px-Anti-capitalism_color.jpg IDE http://www.paulpolak.com/html/media_photo.html
References