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Turning Your Ideas Into Profitable ProductsIt all starts with an epiphany. Every invention begins with a single “eureka moment” or some “brilliant revelation” that causes the inventor to take action.These epiphanies become the idea seeds planted by inventors around the world. But we can only wish the process was as simple as adding water and fertilizer and waiting for the ideas to spring to life.Inventions are not just patents to be hung on a wall. They are the starting point for a new business enterprise. So, not only does the inventor have to figure out how to create a working product or device, they also have to drive it forward, creating a business model that will enable it to survive. And that’s where we come in.The Inventor Boot Camp will help you focus on what’s important. We will show you ways to leverage your time and resources, eliminate unnecessary work, and direct your energies towards driving your product forward. And most importantly, we will teach you what it takes to become successful.Key Strategies to LearnHow to perform an early stage benefit/market analysis to decide in advance who your end customer will be. Once you fully understand who your customer is, only then can you begin to piece together your business model. How to develop a profit-centric mindset, the same thinking used by most successful inventors, to maximize your odds of success. How to decide if your invention needs to be patented. If it doesn’t, this can save you significant amounts of money. Who you should be listening to. Advice will come from many sources, but not all of it will be good. How to best position yourself for funding. Hear it directly from the people who have money to invest.
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9 months: DaVinci09 to
birth of Flip-Pal™
Gordon NuttallRocky Mountain Ventures Company
www.flip-pal.comwww.capture-id.com
T-12
• Kicked out of the nest• Too many ideas for corporate• Build foundation on
highest core values (not $)
T-11Hmmm .... Top talent
available
Organic innovation (skunkworks) vanquished
Being CEO is a lot like being a jobseeker
Golden years
Not the way
it used to beHigh stage-gate
thresholds
Idled technologies
Workplace
espirit-de-corp
Broadmarketing
T-10
• Met with Michael Bissonnette on Investor Direct Funding
• First subscription in 21 days, 65k$ in 40 days
• Wow, this is where commitment struck home (and sleepless nights)
The Angels flew away in fall 2008
T-9
• DaVinci 09
Innovations award
• Pregnant
T-8
• What the heck am I doing ?• Who am I ?• Act as if you are
that experiencedCEO, knowing you have a teamwith youshoulder-to-shoulder
T-7
• Marketing– Choose launch– Focus groups ** Go Bright **July 27 Chicago
T-6gone to the dark side
T-5
• 26 days from DPO registration submit to granted by DORA
• Multiple direct mail revisions and interviews
• No money
T-4
• DPO 600k min, 880k max• Bring 'em on
• No money
Pitch, pitch, pitch
T-3
• 180k$ payment due for NRE• Markets tank• Adventure investors under the mattress
• No money
T-2
• Go-to-Market expenses• A baby is ready for life, ...
• No money
T-1
• 'Three Feet from Gold' meetingwith Supplier's president
• Funded holiday season (850k$)• Changed game from 'if' to 'how big'
Credibility
Trust
Team
Relationship
* GO LIVE *9 months: Davinci09 to July 27
Innovation award
My Lessons to Share
FundraisingPersonal
Team
My Fundraising Lessons part 1
• Fill your toolbox. Spread a wide net. – Pick parts that are congruent with your DNA
• No traction– Web-based 'matchmakers'– direct mail
• Lists ?• Who reads snail-mail flyers these days • Better from NCBR and BCBR, but you must capture their visits to website
– pitches in groups, even with special incentives and bonuses– business plan
• Relationship & Networking
My Fundraising Lessons part 2
• PPMs worked for me• DPO - not so much– Hotel pitches expensive and time-consuming– Not a good choice for me because of time-to-market– Adventure Investors disappeared in April. Will they
ever come back?– Smaller minimum escrow in this economy
• I'll scream if I hear again "If you were here in mid-2008, you'd have this done in a week"
• Relationship & Networking
My Fundraising Lessons part 3
• Self-directed IRAs are a good mechanism– Provided white paper with personal contact
• Affinity/cause investors was my sweet spot– Some crossover from virgin investors– Adventure Investors dried up in April– 1-on-1, not groups
• Relationship & Networking
My I.P. lessons
• Exclusive cross-licensing with Supplier • Provisional patents• Trademarks• Trade secrets• Market research– Consistent branding– Focus groups to develop KSPs and branding– First-gen prototype
Team part 1
• DNA, DNA, DNA• Sweat equity - consultants– Log Accrued hours worked– Use Salary.com to set hourly pay
(add 30%)– Pay portions as funding becomes available– Option to convert to equity at 80% of current offering
• Weekly 'all hands' meeting• Empower
Team part 2
Culture/DNA
• The middle 'C' is collaboration
• Co-create innovation
Celebrate, create tradition, and be thankful
Personal part 1
• Never, ever give up – You are 5 feet from gold– Day by day, overcome fear
with courage. You've got it• It's hard work, sprinkled with days of ecstasy• It's better to fail/learn by trying than to not try
and constantly wonder 'I should have'• Being CEO is at least ½ fundraising – Learn from job seekers– Rollercoaster highs and lows
Personal part 2
There's nothing quite as rewarding than doing your business venture the way
you think it should be done
It's not just for quick bucks
Excuses
Start your company
Do it with passion, courage, and congruence
with your DNA
And, in the evening ....
9 months: DaVinci09 to
birth of Flip-Pal™
Gordon NuttallRocky Mountain Ventures Company
www.flip-pal.comwww.capture-id.com
ENRICHING LIFE ... SHARING MEMORIES ...ANYWHERE ... ANYTIME$150 MSRP
CONSUMERMODEL
COMMERCIALMODEL
WIRELESS AND ACCURATE CAPTURE OF DOCS AND ID AWAY FROM DESKREDUCE RISK AND COST OF HANDLING PAPERCONFIGURATIONS STARTING AT $250
patented
Flip-and-Scan
technology
patented Scan-in-Binding
technologyMobile scanning
technology platform
.
Vision
• Exploit segments vacated or untapped by major firms with markets from 50-100M$ and high margins
Customer Mass retailers
Major firm
Customer - with customization
Mass retailers
B2C Web
B2B Targeted
marketing
Downsized major firm Focused product
providersRM Ventures
