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good afternoon everyone and welcome to today's webinar on how to create a business plan and this webinar is part of our series where we work with universities on our university startup development program so as I was saying earlier this webinar is part of the university startup development webinar series so we'd like to welcome everyone this afternoon for joining us and hopefully you learn a lot today so before we begin just a couple of reminders that we are holding our next University startup stem with the October 16 and 17 and we are highlighting university startups as well as IP that are submitting to us for you know for this event the deadline is actually tomorrow so if you're interested in submitting IP or startups for consideration for the demo day all you need to do is go to Institute org and submit your IP and startups by tomorrow before midnight so that way we can forward them to our corporate selection committee to be ranked and scored and startups getting the highest scores will get presentation slots and for IP will be feature in the IP book and you know as part of the the demo day and the submission process the startups and the IP will also be funneled into our development program and we'll talk a little bit more about that later so as I mentioned this is a series so if you're registered for this webinar you actually don't have to register for the succeeding ones we have a few lined up this month and we're adding more so as I mentioned earlier if you're already registered for this webinar you'll get reminders for each one so coming up next week is how to connect with angel investors we hope that you and your colleagues can join that and then after that it's how to attract venture capital and market validation after then at on September 20th is how faculty can take IP and building a university startup so basically this webinar series is is focuses more on those who are interested in building their own companies and the components that it takes to to to to build the startup so before we move forward a couple of housekeeping questions we will have Q&A at the end and all you need to do is type your questions in the questions box if your GoToWebinar control panel and when you do that will queue it up and hopefully we get to your question before time runs out this afternoon this session is being recorded and the slides will be made available 24 to 48 hours after the webinar concludes so if you have colleagues that are registered for this webinar but miss the webinar you can let them know that the slides and video will be made available so they can watch it and you know at their leisure however always check your emails because we do send out notices as to the availability or updates on the webinar series so you'll be receiving updates from us as well moving forward just a quick overview of the webinar agenda today so we aside from aside from how to create the business plan which is our main I would say our main event will also do a recap on the background of the startup development program we did the webinar last week about an overview of about the program but if you missed that our speakers will cover that as well and as I mentioned earlier that this series is basically covers many aspects of what it takes or what you need in order to create a university startup so and after that we'll have you know we'll have next steps what do you need to do in order to participate in the startup development program and we'll also have Q&A at the end all right so without further ado I will now introduce our speakers for today so speaking today are you know two very knowledgeable people on startups University startups and how to create startups our first speaker today's and tatoos our executive director he's a former Securities and Exchange Commission Commission attorney Tony Stanko and he'll be followed by dr. Bob hiss Rick he's an insight to startup Development Officer he's also a Bridgestone chair of international marketing and the associate dean of graduate and international programs at Kent State University so without further ado I will turn it over now to Tony to start off today's session ok three maestria welcome everybody I'm gonna talk a little bit about the background of the startup development program sorry ed next slide so this is actually an outgrowth of a congressional ask Congress contacted us about over two and a half years ago now I guess in 2015 and and they were looking for ways to commercialize the hundred thirty seven million dollars a federally funded R&D at universities of federal labs and so specifically they wanted to talk to our corporate members or fortune 500 members to see if they had it the ideas and you know they definitely said they had some ideas so we created a congressional commercialization summit and the corporates we had about 25 corporates come in and Congress came in the Obama White House came in and we talked about different models and one of the things that came out of that was you know the model I'll show you in a second here and we vetted that we had congressional briefings we we did some early pilots with the demo day but downward to the you know the real meat of it which is the start of development piece so that's what what this is all about so really oughta go to the next slide please so I'm not going to spend a lot of time on the slide but this is the model some of the corporates you know put together a subcommittee he came up with this model we took him to Silicon Valley talked to angels VCS at universities they're saving New York and then again in Philadelphia before we started congressional briefings it's pretty involved but you know there's webinars and things like that that describe this a little bit more so we're not going to spend time about this today go on we had next slide please so the storm Developer Program is a way to help university faculty researchers at students create develop at FUD market aligned University startups and that's the key piece there market aligned in the sense that it's not a technology push program which is generally what everybody's doing it the corporates came up with a market pull type of model where are they will acting as either a buyer or a surrogate for the IPO market will Hotel you know everybody that includes the researchers the universities the Angels the VC's the SBIR program what they're looking for as a way to kind of see if there's a market for you know the the start-up at the end of the process we've as part of this program have assembled a pretty strong team sort of development officers like Bob who's gonna be speaking on business plans today they will be doing some webinars in in future future weeks talking about different parts of the ecosystem but the SERP development officers are really the people that will help you mark a line and develop outside your startup reel for the students and researchers faculty on the call support the point of the the program here is to help you know help you develop into senior or experienced management teams by working with the start of development officers that are more experienced basically they'll help you you know start your your company help you with business plans proof of concept prototype with an early product development which you know for people that are familiar with the terminology that's called the valley and death usually this is where the research kind of dies after it comes out of the lab it does it get to product development so this is you know part of the startups get screw that we call them commercialization experiments in a sense because they're like are in the experiments there's a lot of things that you need to try everybody thinks they're gonna they're gonna work but you know the reality is the science does it cooperate or the market does it cooperate or something doesn't work out that you know things don't the failure rate is almost as high as the research experiment failure rate but the idea here is to really you know have the experiments run get to the other side and double down on the ones that succeed so what's really helpful for you know researchers that are looking to to work for fortune 500 is this is a way to kind of show your entrepreneurial skills to the fortune 500 so your if the company doesn't succeed you'll at the you know the the consolation prize is working for a fortune 500 if that's where you want to go because they they're looking for these entrepreneurial researchers and you just have a leg up on you know any regular researcher that just comes there with with lab skills all right so next benefits for the researchers again access to the professional startup development officers to help you create developments when you start up for the difficut market impact and for the graduated students together you get to work in it startups or at either that startup succeeds that you know you end up working for a fortune 500 because they buy you buy the startup or you work for the fortune 500 if that's where you're going because the company doesn't succeed but you put it on your resume and you get hired because the research your entrepreneur experience alright next alright so with that I'm going to pass it over to Bob thanks Tony it's really a pleasure to be with you all and talk about one of my favorite topics creating a business plan we're going to just give a highlight at an overview of a typical business plan but it's really an extensive document usually for the first time you'll probably put in about thirty hours creating it but it the rewards of that are except they exceptional in terms of understanding exactly what your business is all about or will be about in terms of here at the technology stage as well as what medic that you're going to get from it one of these benefits one the big biggest reason people write a business plan is to obtain capital so of them probably over 750 business plans I've either written evaluated or been a part of the majority of those were to obtain capital either at the technology stage or I'm trying to get money to move forward are at that commercialization stage or even at later stages what I'm really trying to grow my company but out of that also you get several other things that are benefits when you go through this process one you really understand your business and that's important because when you're making your presentations for capital raise the investors have gone through this many many times and they can see whether or not you truly understand your business number two it gives you a benchmark which to compare how good you've done now this is a part of it when I create my own companies I don't like very well because you are doing what we call pro forma our future forecasts of revenue and costs but the reality is is this is what happens during that time when that time here comes the mayor so you're going to have a what I call a opportunity to see how well you did and then be able to address those problems and three and I am not sure if these are in any important order except raising capital you are able to see when you need resources and planning the resources particularly for example when you're going your company when do I hire that next VP are the next high level people that are going to cost me some significant dollars and or equity give up and so it gives you a chance to understand I got to have them early enough to be effective and so I don't have problems but not too early that I have to pay salaries or something I don't need so I thought let's go over a typical business plan now there's many formats you could use I like this one particularly just because it flows logically for a reader and remember your goal here is to obtain money but it has basically nine sections some of you may not have a nine section business plan if we go back to page ten but these are the first four sections of the business plan so real would you go back to the previous slide on page 10 okay so you'll see we have three sections section 1 section 2 and I'll talk about section 3 a little bit section 1 is really did this the intro to the business plan it obviously has a title page I recommend the loan that title page you put this particular statement at the end of it it obviously gives the company information and all those kinds of things but the critical issue is this sentence at the bottom it says this is business plan and for the number and a very low number of course number something that confidential business plan number so this is confidential business plan and then put in a number any number between one and four is good you don't want a high number because then immediately the investor says well what happened the other nine so you want to use probably one through four and this gives you a business plan tracking system to that you're going to want to do because you're going to want to follow up now the confidential here is sort of an unwritten agreement between you and the receiver of the business plan but this is a confidential situation you are not going to get any investor that I know of to sign a confidentiality agreement so this is the best thing for you on that let me also assure you though however from an investor's point of view because I'm on that side of the equation as well we would never violate that trust you've given us because we have to have our own reputations which says we're going to order that confidentiality because we want more deals and the approach so that we're not going to get a reputation for being one who would violate that confidentiality but we won't sign a confidentiality agreement because many people if we're working in a particular firm like a venture capital firm are going to review this plan as well as ourselves the third part of this that you have a table of contents obviously just like any book I'm not going through that but is the executive summary I want to tell you this is the most critical document you'll ever write in your life in terms of obtaining capital we turn to the next page on page 11 you'll see an example of an executive summary now this is for LLC marketing by mercury biomen they're all basically the same and they focus on this executive summary so you may have a 45 page business plan plus appendices or whatever you've got a different you got to review this 45 pages down to two pages by two pages this is just sort of the nomenclature that's been come in the industry I don't have a logic board but it's what venture capitalists and private investors expect is a two page business plan a two page executive summary what do you focus on in this executive summary you want to remember there's three things investors use to determine whether or not they want to invest in your company number one the management team I was there's one venture capitalist I think he's raising now he's eight fund sometimes called the daddy adventure capital but he said you've got to bet on the jockey not the horse in other words you bet on the theme not the idea and we can go back in history and you can recall yourselves many times where one technology may be superior to another technology in the end because of the team the the technology that's a blessed er capabilities or quality actually wins in terms of the marketplace so they want to you want to talk significantly about the team number two is the idea so you need to talk about exactly what your idea is and how its position in the marketplace in other words what is your competitive advantage as Porter would call it or what I like to call unique selling propositions so I want to compare my technology or where my technology is going if I'm in the earlier stage with all the technologies in the marketplace that satisfy that need now this means you want to look very broadly on that and then come down with perhaps three to five that really do satisfy the need and then compare that in your business plan and then summarize it in your executive summary in terms of why are you unique and different and then investors tend to like technology that's unique and different and that has the second part of this a large market because large markets they know actually we have the probability of having a large return on investment because of your revenues you're going to get from that so the other part of this in terms ofthe idea is what market are you going to address and how big is it so you got now you've got the idea you've got the competition you've got the the unique differences that you have and you're going to appeal to this market which is at this size now and has a growth rate of whatever and all that in your business plan will be documented in terms of references to whatever references you have and people really look carefully at that documentation so now what do we have we've talked about the people we've talked about the idea and the third thing obviously and really is if you do any surveys of these people I have I have a hard time sometimes understanding this but the third thing is the returns so they want to return so you'll have a financial statement which we'll talk about in a minute but you're going to summarize in terms of a very short financial statement now if you look at the bottom of this page you'll see we go out from 2015 to 2021 you need to go out at least five years and all of your financial statements which we call pro forma financial statements which means they are forecasted and not actual had to go out for five years why is that well part of it was defined even though we know years four hundred five are very inaccurate because look obviously the further out you go the less the accuracy is is because of the programs that a lot of the angel groups use and we've had seminars on them our angel networks are based on a five-year pro forma even venture capitalists for some reason want to go out five years in some cases if you're a very high tech technology and you're a very very early stage so you're actually getting money for the technology refinement and perhaps not even getting to market then you may go out even further but you definitely want to go out as far as you can until you know the venture will positively cash flow what does that mean positively cash flow is the most important time ever in your venture because that means that your company is covering all of its costs of operations by the revenue receives and if you remember revenue minus cost equals total revenue minus cost equals profits so I am then showing a profit for the first time now that doesn't mean I have recouped all my costs but in terms of that increment of time that year that month whenever it occurs I have covered all my operational costs for that time with my revenue so you want to go out at least five years or up Intel you know you're going to positively cash flows so if I have a high tech product I'm going to be in development for a long period of time these may go out very simplified version because all you need is the simple parts ie new costs and that gives you gross margin - operating expenses gives you product before taxes - taxes so those five elements you need particularly need to go out quite a few number of years now if we turn to the next page you'll see the bottom the last part of this plan page 12 really you'll see then this has gotten nice the solution to the problem they've addressed and then the founders etc so they have everything here and let me talk just a little bit about the problem this is what I call the hook now you can put the hook in the front or the back these people tend to do and the back eyesore like it in the front because what you're trying to get across to these people is that here is a significant problem that needs solving and obviously the more significant problem the more the investor can relate to that problem the higher the probability is you're going to get some capital and so this is the problem it's your unique it's critical we and here is the solution I'm going to have to solve that problem and then we're going to do that because we have this team and then we have these results that we showed up the first page now why is all this important it's important and why this executive summary is such an important document why I took so much time on it is is many angel investors will only end venture capitalists will only take that as a precursor before the business plan so in other words this is the screen they use to see if they want to go through the task of analyzing a business plan of significant more pages sometimes 40 50 60 80 and Penta sees it can get up even higher than that so you really want to make this document very very very concise very well-written and right to the point and feature the three things that they're most interested in by the team the entrepreneurial team that's going to do this the idea and its uniqueness along with the size of the market and finally the third thing is the financial returns we have so that is the executive summary now let's go to the back to the first page and we'll go on in the section two section two has four areas which are where it's very important one of these areas is this whole thing about the description of the business this is very clear-cut we have we talked about the venture we talked about the industry and we talked about the mission statement of our company now I used to not talk about this mission statement what I loved and talked about business plans all over the world but I think it's very important now we are now sort of driven by this concept of mission statements and via like you can email in or NC 82 and I'll send you some summary mission statements on a lot of companies we've studied those both here and the European Union and but people sort of like a company that has a mission statement so it's not something you want to slap over and then you want to talk about a business model does your idea and your business really radically impact the industry as it operates today section 2 is a very critical document of one of the ones that are probably the most frustrating to create because it's all data so I got to go into the homework and I got to find out who is mom who are my competitors and I need again at the dependency I should list all the competitors that are satisfying the need I need to select five or six of these in terms of that are closely related to what I'm going to do and I got to analyze them in respect to what my technology is going to do to satisfy the need out of that you'll come up with the three to five unique selling propositions that makes your idea your technology better than anything presently on the market and then I got a switch to the second part and I got to say well what market and how big is it so then I got a look at the market and make a determination of that most of this is done if you're a business to business company through what we call nice code NAIC and then you can convert rnase code which is a number assigned to a particular industry segment into other nice codes for example they're called differently but in China it's si si code and Korea s si si code the European Union has its own code so you can actually look at this at a global fashion too if you so desire in terms of the while industry your so that's going to be talked about in the type of industry as well as the industry you're selling to which has a different nice code which again can be converted to any of the others so you need and then you need to find out the growth rate of that market and usually trade journals and things like that can provide that so this is all and then you really know how you're going to forecast out and then how you're discounting that back in terms of what the cost what the revenues in the future mean in today's terms when you ask for your investment and therefore a lot percent of the company you're going to have to relinquish to the investor in order to get there in the capital that you need to grow so that is a probably one of the most time-consuming sections that's where you may want to use a graduate student from some college to go in and in the library you may want to pay some librarian to help you with that you still want to be involved in it because I want to tell you when you go up to make the presentation before a private individual high net worth individual before an angel Network Angel Fund and or venture capitalists they're going to be able to tell if you know what you're talking about very very quickly the third part is what we call the technology plan this is very very very important most of you will have a technology plan because you're going to have technology you want to take to the marketplace you'll need to talk about your technology versus technology on the market you're going to want to briefly describe your patent and then your patent should be our pending either one it is the path itself should be in your pendeks along with some other things we've now have statistics in the appendix we now have defined in the appendix and we'll have one other thing when we get to organizational plan so that people really understand why your technology is different unique et cetera it's protected and it's going to meet the requirements of the marketplace point four is part chart 4 is the marketing plan now this is a really a critical document as well because you need to end this with the thing at the bottom of this chart as you see sales for the first five years that's the goal of this plan and once you have that and it segues over nicely to our next section the financial plan so I'm going to show the yeah the reader of the plan particularly the investor why what is my market segment what is my target segment I'm going after and how am I going after so if we go to the next slide you'll see what I call market segmentation so market segmentation as you see is depends on and this is out of one of my books as lawless all this stuff is the you can see that we're talking about three different markets or we've got to be to see market which is a consumer market we've got a b2b market which is the industrial market and then we got a b2g market which is the government market so we got three different markets I only want to briefly talk in our time here about the first middle one because that's the one most of you will be going to business through an industry b2b market so we have six basic ways we can segment our market in other words take from a whole group so we have this big large market and then we're going to narrow it down to the market we're going after so let's just say we're into the hospital that we have a medical technology that we're going to shoot at the hospitals so our demographic then is hospitals in general and then it's specific it may be according to the number of beds now you'll be amazed if you've never gotten involved with this the amount of counting that's done and the industry that has probably the most state of any industry in the United States at least and probably any industry in the world I know it is in China for the country of China is the medical industry it is tremendously Dayton late that's why we talk about big data now which is such a hot topic and those kinds of things so there are most of all this data is published so you just got to get what we call a nice code here in the United States at AIC code and for hospitals go into that code and you get all kinds of information on hospitals by size etc and the total number of hospitals listed by geographic area in the entire United States that's public information and your honor remember in our country in the United States public information because of the freedom of Nation Act says public information any data collected by the government is open to anyone in the world it's public information so that is accessible to you and that if you want to get it more refined you may have to pay some some money for some agency that refines that data but you can get the access to any single data you want that's collected by any government state local or federal in the United States obviously demographic segmentation flows nicely into region of the country a regional segmentation and as I said we're in the hospital sis an example so I can find out that in Cleveland Ohio there are what hospitals they are and where they are and then I could go further and find out how many bends they have of I'm worrying about size or whatever other factor I want to use for that and so now I have a really a nice part so the two most widely used segmentation criteria are these top two why because there's published data on them so we really want to get that data and have it apparent so that I know what's the size of my market and when I create my marketing plan which we'll get to in a minute then I know exactly who I'm going to target well I want to know that so that I know that it when I start my company start my venture wants my technology is at that point in if we need FDA approval approved by the FDA I know exactly where I'm going to start my ventures so we had a product that was into the hospital market and so we picked because we were located in Cleveland Ohio ASIS some years ago we picked the couple of three of the hospitals in Cleveland Ohio Cleveland Clinic we've one of that because obviously the Cleveland Clinic not only is a is ranked as the number one Hospital in various Hospital segments but it's close by we also picked the University Hospitals another good Hospital and not highly ranked is Cleveland Clinic and we picked a smaller Hospital so that we would know that the first year we're totally going to focus all of our efforts because it was an enterprise solution on those three hospitals so that's demographic and geographic meditation now there's four other segmentations I'm doing I'm not going to take a lot of time on because they're not used as expensive successively psychological wood from free of industrial leadership we use that a little bit didn't we in my example because we picked the Cleveland Clinic and we know that if the Cleveland Clinic is going to take it we're going to say that to all of our future sales all of our other target market karat people next line we'll see the last three segmentation characteristics here in terms of this market segmentation the one I like the best of this there's law in which we used by number of meds the controllable marketing element that's just in my book because I want to cover everything so nobody says left out anything but the one I really like is this the benefits in other words the reason I like it is not so much it may not define for me what markets I'm going after the reason I like it is I want to make sure I am positioning my technology to fulfill to mimic to cover and deliver the benefits that the target market wants and I really like that because it's very simple model if somebody has a need and they want these benefits to satisfy that need and I give them that I'm going to win so these are very general statements of benefits dependability reliability efficiency of operations etc but you really want to take some time maybe go out and talk to 20 potential customers you know it's amazing that in this kind of game as long as there's not a great divergence in the sample and the universe that takes very few individuals or companies or hospitals to be statistically balanced and find out what benefits when you buy a product to fulfill that need what benefits do you want to have specifically and that becomes the goal of the developing your technology to satisfy to deliver those benefits and satisfy them think there is so we now have the market we're going to target then we can turn to the next slide and I'll show you how we're going to target that through what we call the marketing mix and the next paid 60 the marketing mix you'll see very soon I'm sure what we have we have four basic things we control number one we control the product or the technology and these are just some issues you want to think about general issues quality assortment guarantee service package those kinds of things and that's a part of this whole marketing mix so you got to have your product that's unique you probably want to give some kind of warranty or guarantee and you need to package it in some form obviously consumer b2c markets are more dependent upon packaging than the b2b markets but the b2b markets have it as well like if you ever want we could chat on the phone I'll show you some stories problem the price is the next variable that is a really important one and one is probably the worst done by startups and SMEs small best small medium-sized enterprises for some reason w get in our thinking process that that price is going to be there turning very one I want to tell you that it's probably product more than price that makes the decision for someone to purchase your particular technology but price is important I want you to think of price in terms of the three C's of pricing the cost that you and him the consumer that you're going to sell to and the competition and the price if you use that you can probably come up with a price that makes some sentence then we got to look about its distribution and then of course the last thing is one of the more part it more fun parts of the marketing plan is the promotion makes how I'm going to make people aware of what I have to do so that's the end lore section for the marketing plan which is very important and that ends with sales for the first five years so we turn to the next page page 17 you'll see that we're now in the section six of the business plan which is the financial plan so if we could turn the page that set page 17 we're in the financial plan here we are so instead of looking at this refuge 18 but I just wanted to show you sequential how we're going through this page 18 you see the financials statements we need to have these are the financial statements in any good business plan that you'll have you have a sources and uses a fun statement which means this is the money I need and this is where it's going to come from hopefully the investor is going to provide a significant amount of the uses of money all the rest of the financial statements are general statements you'll see by every single company operating these are what we're going to report out that gives us the difference we teach while we project it and what we happen but we have an income statement we call it pro forma because it's forecasted we have a five year summary first because as we're the students we're going out of the way we will go out at least five years then we will break it down by first year by month second year by quarter third year by quarter we take that once we created that pro forma income statement sig Way of those three statements that easily converts if you are using the right computers software into what we call the cash flow statements the cash flow statements then they have the same kind of sequencing five-year summary first year by month second year by quarter and this is out of the cash flow statements where we get what that great critical point which is called positive cash flow where our revenues are greater than the costs are there before we're financing our company internally instead of externally and finally we have the pro forma balance sheets those they're just at the end of the year these really have no meaning at the start of a company these are only meaningful when we have some assets this is measuring of assets so they're not looked at very carefully and all my the investor money you need to hand them there for complete unit we're at five years so we've got a five year pro forma balance sheet many large companies that have been involved for a while or not growing or measured by assets and that's where the policies become more important whereas startup companies and high-growth companies which you will be hopefully we are measured by income statements so out of these once the most critical statements that the investor this is the first place they're going to turn if you've bought them through screening through the executive summary they're going to look first at the five year performer income statement they're secondly going to look at the five year pro farmer cash flow statement the third statement they're going to look at is the sources and uses of funds so these have to be good they have to be complete they have to be done in a way that the relationships between the three statements and that's the way you're going to manage your business anyway are well known and understood and that's where you're going to if you get to the point hopefully you all will to make it to perform on the presentation in the investor this is where you want to focus a lot of your time in the presentation the area you're going to make is you're going to focus because you feel more comfortable with on the technology this is what they want to understand the second thing they want to stand is how you're going to achieve that because the first line the pro farm income statement is revenue revenue comes from the marketing plan that's the sales that we said sales for the first five years if we go on then to the other four sections of the plan RIA page 19 you see we're on the production plan sometimes hopefully most of you will outsource this so this really becomes an outsourcing plan but if you are going to produce that you're going to want to know all the production the material I don't see any reason that that startup you want to raise capital to produce when you can outsource that and that sort of assemble as you need to but that's of course your decision seven is the organizational plan here's where you describe the management team and here and here's where you refer to the light of one of the most important documents that's back in your appendices and that is each member of the REM of the management team needs to have their resume in the business plan and that occurs in the appendices that are the final part of this business plan and you really need that if you have some advisors and are your advisory board most of the time they will not want to share their resume for the business plan but at least you can put a summary description of them both here in the rager original plan as well as in the appendices if you need to enlarge it here's where you're going to want to put the type of cut open you're gonna farm most see you will probably form LLC's which is standard farm if you have internet if you have investors outside the US you're going to have to have an S see versus an LLC because at all see that's not allowed for investors outside the US or now you can actually form without significant problem a corporation particularly if you're farming in the state of Delaware so you may want to consider that as well if you ever take your company public are probably when you deal with that your capitalist you're probably going to have to be a corporation but again if you start out as an LLC and/or an SC then and you can easily convert that just to filing which is not a significant procedure on or of significant costs so the organizational plan and then we have excuse me that 8.0 is the operational plan where we have a description of the company's operations and flow of orders very short probably one-page and then we have we have to conclude you remember any novel you have as an opening and input and then it's a closing so you have to have some summary or conclusion just to make it plan that's again very short half a page maybe a page that the most to conclude your plan so that's what we have in terms of our business plan it's a it's a hard document decreed for the first time the the section that's going to take you probably the most time because we have computer software to do the financial plans both income statement and the cash flow statement is the the section tune in terms of the competitive analysis and the description of the industry and section for the marketing plan because here's where you got to think about who's your target market why am I going to achieve that probably going to reach them and then come out with my five-year sales forecast so I hope we get a feel for this business plan if it's it's a document you're going to use it's a document that's needed in fact a venture capitalist will not see you most banks will not see you most angel investors individually or in groups will not see you without having a business plan to present to them so I'm open for any Q&A or any for Tony so good luck and have a good fun time creating your first part maybe not your first but your business plan thank you Bob we do have a few questions lined up so maybe we can start with the first one okay our first question is how important is the business plan for angels NBC's I think you mentioned something like that earlier but maybe you can expand a little I sure can sure I want to all the venture capitalists and I often do some of the anyways have consultants either internally or they bring them in from the outside and there's three things they're interested in one the technology which I usually don't address that's usually someone that's a technology expert the second one is the competition and the positioning of the technology and the marketplace and the size of the market and that's what I do is the consultant and as an angel investor myself and the other angel groups that I'm a part of we always require a business plan so in other words if you don't have a business plan you're not going to get in front of these people banks usually have the same kind of requirement that's debt financing debt financing says you have to have an asset most of you at startup will not have an asset perhaps your patent is worth something but in your body is only worth $1 98 cents and chemicals so you have banks or asset-based lenders so you're probably not you still need one although it's not as important for debt financing all right our next question as investors tell them that the business will pilot on first contact with a customer so what's the point of spending time putting together a business plan well that's a good question I know that's one of those things that are talked about all the time it is a business plan should it be done or should it not first of all unless you have some investors and even if you get family and friends to invest in your company they have the right to see what your plan is what you think you're going to do so I think I think it's just important in order to get the contacts and be able to deliver and talk about what you want to do obviously there's no question about it the sale fee is not made on a business plan so you're going to have to make contacts for the customer but you probably won't have the opportunity to make contacts for the customer if you don't have a business plan because you don't have the now if you don't need any capital then you can do what you want I still highly recommend even if you don't need capital which I said is one of the primary reasons for writing a business plan I still think a business plan is good discipline to have you think through what you're going to do when you need resources watch your watch your expect when you expect economy cash flow and therefore internally fund your business and you can't get any of that without having a business plan to do it so I highly recommend the business plan regardless of some of the myths that are floating around out there about our business plans obsolete I've seen articles like that I've seen articles why spend your time on business plans as which is part of your question I may be in a different world but my world says the business plan is important and as an investor myself I won't even I can't talk to you in general we can have a memory churn some food but I'm not gonna look at anything you want until I see a business plan because I have nothing to put my money in - yeah baby Bobby Bobby I could say a couple words on this - oh so yeah I I think the point is really not the plan itself it's the thought process and the planning to get to the the business plan so I think that's what investors are people are looking for have you thought it through have you considered all the ones that are on the business off time that's how you sure you have so I think the question is is a good one and I think there is a controversy but the thinking behind the business plan regardless of whether you end up with a business plan or you show anybody a business plan is really the point of it like hey are there any logical flaws of what you do is your competition being addressed is the product you know saleable to customers at a proper front of price point you know is the market there all these all these considerations have to be addressed in an in a good business business model and so the business probably just allows you to really be coherent and I agree - all right we have a next question here how this a CSUN serial entrepreneur become an sto so Tony this is probably for you alright so the start of Development Officer exclusive group so it's it's not easy to get in I think we're doing like one in five that are requesting we're kind of bringing him you have to be in one of three categories so you're either a serial entrepreneur and it sounds like you are here so that could work as long as you know you have startups that have been successful the other is you have to be an angel investor and again you know it's it's the it's how well you're doing and the third group is an X corporate executive so something that's worked at a fortune 500 is the other category that we look to to to have a start development officer alright so there's a there is a bit of a process I think going forward it'll be more refined but right now we take resumes and in references that you see who in the community is is the best of the best to help you know the students the faculty the researchers those things basically from the lab to fortune 500 company though it could also be from the lab to an IPO if you know if the company is that is that good all right Wow did you have anything on this or take a pass on this Thanks okay our next question is what metrics do you use for screening and project selection this problem also for the SD okay now these have been great questions of tough ones too I really like that you have you really put thought into this I think the the me there's two key dimensions and what I can and we can send you some information on it RIA if you've just email it or how Gloria does this I call it an opportunity assessment plan we're using that with a fund we have here at the University and this is our first stage so when you come up with your technology that you have the first thing to me you want to look at is what is my technology how does my technology compare the technology in the market so one thing in terms of that project selection is do I have anything unique now I know every all of us think what our idea is the most unique nobody has done it before it's the only thing on the market and all those kinds of things and I really wish that was true because I've been shown to mice had to show myself and then have to not do it but that the idea I had really hadn't been done several different ways and several different times and I have nothing unique or different so you want to look at your technology and one screening criteria do I have three to five things that are unique now if the interesting you think we'll why only three to five probably you won't have anything more than three to five but more importantly this is what you're going to focus on and obviously if I have three to five uniquenesses that's going to be the heartbeat of any kind of messaging I do later off the second thing is is there a market for it because we often have a lot of technologies in their early stages and even as they move through the pipeline that have no market so to me it's important for your for you as a scientist or your inventors or if you're a development officer for them to say this is the market I think will have some uses for this particular technology and then you're going to need to go in and if it's a b2b technology that you're going to need to get an ace code if it's a b2c technology then you're going to get some demographics of the consuming population in terms of the market and the markets going to be a significant size and you obviously want a market that's growing because the market that's decreasing obviously is going to continue to decrease for a period of time but secondly when you you know that kind of market it's very very different okay because you're not just entering a girl market so that to me is the two most important metrics well how my unique first is everything presently on the market and number two it is what's the size of the market and how is it how fast is it though okay our next question oh sorry sorry Bob are you done no oh okay how would you build a strong tam without having initial seed capital Wow I'll tell you you know we're gonna have to get to softer questions that's a great question to my by now I'll just share you with my experience that is a very very very difficult thing I think what you're going to have to do is is get people who are willing to be sort of on the visor E board maybe you'll have to fulfill some of the needs by a consultant these kinds of things but what you got to be able to do is have a business play I'll tell you how I and some other one make sure we created in Boston when I was at an institute at the university up there is we had a great idea for a gas permeable contact lens so the scientists that I knew we needed this have some other people on our team so we actually you know went to them and said listen we'd like to use you in our business plan we will not use your name if you don't want if you come a lot more than you would we have a pot of capital set aside that you will have and we always want if you're going to offer capital to entice people if you want to have it invest it or come to bear in at least a three year period so in other words if you say we'll have you have three percent of the company but you're going to get it in increments of one percent the first year one percent the second year and three percent the third year are one percent the third year for a total of three percent so that you keep them you have them committed for at least three year period of time once the capital is raised then of course you're going to have a salary along with it so you're going to have to do the same job of convincing people for your team as you are going to have to do think of bits of the Wester to it your company and and with that you're probably going to be able to at least because they're not putting their name on the document you can at least have interest and use their resume as someone who is potentially you're going to be a member of your team investors don't need the full team formed they just need a description of the capabilities you know you have to call that you're going to have to have on your team in order to be a success so as long as you have the description of the capabilities needed and you might have a candidate or two for that without naming then you'll be alright in terms of the presenting presentation to the investors yeah else a couple words on this too so you know a strong team that's probably your most important thing regardless of what you're doing you have to have a good team because a good team will deliver and you know even with a weak product you'll kind of figure it out but if you don't have a strong team you're not going to be able to do it so how do you get a strong team so that's a bright question capital is not the issue right you're not going to get us you're not gonna get a team because you have money unless you get to you know like VCS with a hundred million dollars they're gonna put into the company II you know the money is not going to make a difference so what you're looking for is the passion of the person right so that's the heat so you have to find people that are very passionate about what you're doing so that they will work through the problems in evitable problems that will come about as you try to build the company so that's so that's number one where do you find them if you're a big University you're probably in the most resource rich environment you will ever be in for finding you know founders and teammates for your company so if you're in a lab you know look look up at around and other people in your lab only gonna be your strongest teammates right they might have different skill sets but that's alright that's how you're building a team to look around and if not in your lab and Jason laps or somewhere on the universe so that's where you're gonna find your great tips so but what the sto program with the startup development officer program is really set to do is to give you some help you know I was senior people that'll sit on your board or board of advisors so you still have to find day to day people you know locally and people around you but you know we're helping to develop those teams with experience with having these advisors and Porter director people the startup development officers help you so alright real next um unfortunately we've run out of time so we won't be able to you in any more questions so if there are questions that remain unanswered all you need to do email us at support at NC 2 org or email us email us back so we could we can we can handle some of the questions for you offline but before we conclude today's session I'd like to thank Bob and of course Tony for joining us this afternoon do you guys have any last words before we close today's webinar will serve you in a lot of different ways and I think just by developing it you're going to have a whole different view of what you can do and what you can't do so it's it's worth putting the hours in just because of the learning process you're going to have and the understanding you're going to have and as far as they and be able to obtain the capital you need all right so those who are still interested in you know look seeing whether their IP or their startups of our market align for SEO s to work on especially if its IP and you want to build the start-up around it the deadline to submit startups and IP is tomorrow and all you need to do is go to our website and click on submit your submit startup and you should be able to find the form to provide the information for your IPO your startup to get ranked and scored by our corporate selection committee who are very active and looking at you know technologies as well as startups to partner with and just a reminder that our next webinar is on August 30th that's Wednesday and it's on angel investing so how to connect with angel investors about your technology and startup the real risk reward profile of your opportunity so again if you're registered for this webinar you need not register again but do look out for the email reminder about next week's webinar and hopefully you can join us then so again thank you to our speakers for joining us today and thank you everyone for your questions and hopefully we see you again next week the slides and recording will be available 24 to 48 hours and again check your emails we should be able to send you and the advice pretty soon all right have a good afternoon and thank you again

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