Different Types of Entrepreneurship - Entrepreneurship 101 (2013/2014)
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This lecture covers various business structures, including the difference between for-profit, non-profit, and alternative paths to entrepreneurship. Discover the right questions entrepreneurs must ask before committing to building a business. What are the requirements and resources you need to have in place to get started? What are the types of financing―and how do they work and why do they matter to different kinds of entrepreneurs?
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Different Types of Entrepreneurship - Entrepreneurship 101 (2013/2014)
- 1. Entrepreneurship 101! ! Presented by Kerri Golden! Partner JOLT Fund ! and ! Allyson Hewitt! Senior Fellow Social Innovation! and Director, SiG@MaRS! ! October 2013!
- 2. Pg 2!
- 3. Memory at Work Why do I want to start this business?! – What is my motivation?! What resources do I need?! – Basement or corporate office?! – Shared spaces/incubators?! How do I fit into the rest of the world?! – Is my product and/or service unique?! – Have others tried this before?! What is my business structure?! – For profit?! – Not-for-profit?! – Co-operative?! – Hybrid?! Pg 3! Do I have the skills/ aptitude to be an entrepreneur?! - Am I comfortable taking risks?! - Is this something I feel I have to do?!
- 4. Pg 4! Grant Funded Non-Profit! (Charity)! RETURN Social (Charitable) Financial (Commercial) Tradi2onal Business Revenue Genera2ng NFP (Social Enterprise) Social Purpose Business Target Zone Social Ventures (B Corps – L3C) Co-‐opera3ve Structure
- 5. Memory at Work Key Characteristics! – Multiple participants, diverse focus, variable size, leverage core assets to provide access to market and advice! Examples! – Consulting: McKinsey, Bain, Deloitte, IBM, Hatch! – Aperio, Purpose Capital! Benefits & Risks of Model! – Low capital costs and minimal set-up! – Leverages specialized knowledge/experience ! – Liability insurance, can be difficult to build/scale! CONSULTING! Pg 5!
- 6. Memory at Work Key Characteristics! – Speciality business serving consumers or other businesses! Examples! Benefits & Risks of Model! – Online software as a service! – Infrastructure costs may be high: initial development, servers, support, staffing! SERVICES! Pg 6!
- 9. Using the power of the market to make change! Pg 9!
- 10. JUMP Math! Pg 10! Do good- er Photo:ChrisChapman Advise. Convene. Accelerate. This is John Mighton of JUMP Math. We worked together to take his innovative venture to the next level. Do good better. This is SiG@MaRS. marsdd.com/sig
- 11. Memory at Work Key Characteristics! – Tangible offering (consumer products, pharmaceuticals, equipment or devices)! Examples! ! ! Benefits & Risks of Model! – Higher development costs; marketing! – Sales and distribution model! – Production costs high, outsource?! – Potential for scale – huge! – Trends: collaborative consumption, wearable technology! PRODUCTS! Pg 11! PUSH BAND
- 12. Memory at Work PRODUCTS! Pg 12!
- 13. Memory at Work Pg 13! Forms of Financing! – Bootstrap - self-fund and reinvest all profits for growth ! – Debt - borrow from someone, using an asset as security; rate & time period to be negotiated! – Equity - sell a piece of your venture to someone in exchange for an investment in the venture! – Fundraising - grants/ foundations/ government funding/ corporate sponsorship/ members (co-ops)! – Crowdfunding – for causes/charities Giveffect and Catalyst and product pre- orders on Kickstarter and Indiegogo! The Matterform 3D Scanner Raised: C $471,082 on target of $81K in 30 days! April 2013 !
- 14. Memory at Work Pg 14! A quick primer on debt versus equity:! ! Debt:! • gets paid back first, before any dividends ! get paid ! • secured by assets (company, your personal)! • once the debt is repaid (with interest of ! course), the lender gets nothing else! Equity:! • never has to be “repaid”! • keeps on “paying” forever! • you now have an investor partner who ! is in this, like you, for the long haul!
- 15. Mobile App Example! You need $40K to build/market a new iOS app You have a grant for $10K so funding needed is $30K Profit Debt 50:50 Equity Low on chart $10K lender loses $20K* partner loses $25K you get $0K & owe $20K you get $5K Featured List $30K lender is even+ partner loses $15K you make $0K you make $15K Top of Chart $200K lender is even+ partner makes $70K you make $170K you make $100K Granting agency reports your success!
- 16. Memory at Work Pg 16!
- 17. Memory at Work Pg 17! The 3Fs again – Friends, Family and Fools! – The turkey principle! Angels (aka high net worth individuals)! – Generally like to invest in areas that they have worked in or are comfortable with! – Can add valuable hands-on experience! – http://www.angelinvestor.ca/! Accelerator Programs! – Supported by angels and VC funds! Banks and Other Institutions! – Tier Ones traditionally don’t fund early losses! Venture Capital Funds! – Different funds invest at different stages in the growth of a company! – Most funds also specialize in type of investment! – http://www.cvca.ca/! SVX – investing for impact!
- 18. Memory at Work Pg 18! Proof of Principle / Idea to Innova3on – www.ResearchNet.ca – www.nserc-‐crsng.gc.ca/index_eng.asp – www.cmf-‐fmc.ca/funding-‐programs – www.oce-‐ontario.org/programs – hLp://coralcea.ca/ NRC -‐ IRAP – hLp://irap-‐pari.nrc-‐cnrc.gc.ca/main_e.html Founda3ons: – Ontario Trillium Founda2on -‐ www.trilliumfounda2on.org – Gates Founda2on – www.gatesfounda2on.org – Imagine Canada -‐ hLp://www.imaginecanada.ca/node/22
- 19. Memory at Work Pg 19! “Being an entrepreneur simply means being someone who wants to make a difference to other people’s lives.” -Sir Richard Branson
- 20. How to contact us:! ! Allyson Hewitt, ahewitt@marsdd.com! ! Twitter: @AllysonHewitt! ! Kerri Golden, kgolden@marsdd.com! ! Twitter: @KerriGolden! !