Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
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@marsdd.com! ! Thank you for the overview on entrepreneurship. Let me know if you have any other questions.
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Different Types of Entrepreneurship - Entrepreneurship 101 (2012/2013)
- 1. Pg 1!
- 2. Entrepreneurship 101! ! Presented by Kerri Golden, Partner JOLT Fund ! and ! Allyson Hewitt, Director, Social Entrepreneurship and Director, SiG@MaRS! ! October 2012!
- 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 model?! – For profit?! – Not-for-profit?! – Co-operative?! – Hybrid?! Pg 3!
- 4. Target Zone Grant Funded Revenue Social Social Ventures Tradi;onal Non-‐Profit Genera;ng NFP Purpose (B Corps – L3C) Business (Charity) (Social Enterprise) Business Co-‐opera3ve Structure Social (Charitable) Financial (Commercial) RETURN Pg 4!
- 5. Memory at Work CONSULTING! ¨ 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, Venture Deli! ¨ Benefits & Risks of Model! – Low capital costs and minimal set-up! – Leverages specialized knowledge/experience ! – Liability insurance, can be difficult to build/scale! Pg 5!
- 6. Memory at Work SERVICES! Pg 6!
- 7. Memory at Work SERVICES! ¨ Key Characteristics! – Speciality business serving consumers or other businesses or consumers! ¨ Examples! ¨ Benefits & Risks of Model! – Online software as a service! – Capital costs can be high; labs services, servers! Pg 7!
- 8. Courier Services! Pg 8!
- 9. Advise. Convene. Accelerate. JUMP Math! Do good- er Photo: Chris Chapman 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 Pg 9!
- 10. Memory at Work PRODUCTS! ¨ Key Characteristics! – Tangible offering (consumer products, pharmaceuticals, equipment or device)! ¨ Examples! ! ¨ Benefits & Risks of Model! – High development costs; marketing! – Sales and distribution model! – Production costs high, outsource?! – Potential for scale - huge! Pg 10!
- 11. Memory at Work PRODUCTS! Pg 11!
- 12. Memory at Work ¨ 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)! Pg 12!
- 13. Memory at Work 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! Pg 13!
- 14. Mobile App Example! You need $40K to build/market a new iOS app – have 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!
- 15. Memory at Work Crowdfunding! Pg 15!
- 16. Memory at Work ¨ 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 donʼt 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/! Pg 16!
- 17. Memory at Work ¨ Proof of Principle / Idea to Innova3on – www.ResearchNet.ca – www.nserc-‐crsng.gc.ca/index_eng.asp – www.cmf-‐fmc.ca/funding-‐programs – hNp://riccentre.ca/programs/venture-‐start/ – hNp://coralcea.ca/ ¨ NRC -‐ IRAP – hNp://irap-‐pari.nrc-‐cnrc.gc.ca/main_e.html ¨ Founda3ons: – Ontario Trillium Founda;on -‐ www.trilliumfounda;on.org – Gates Founda;on – www.gatesfounda;on.org – Imagine Canada -‐ hNp://www.imaginecanada.ca/node/22 Pg 17!
- 18. How to contact us:! ! Allyson Hewitt, ahewitt@marsdd.com! ! Twitter: @AllysonHewitt! ! Kerri Golden, kgolden@marsdd.com! ! Twitter: @KerriGolden! !