Duke Program for Entrepreneurs (P4E) - Info Session

Howie Rhee
Spring 2016
www.dukeP4E.org
Program for Entrepreneurs
Info Session

Initial Questions for You
• When you graduate, what’s your…
– Dream Location (choose one city)
• If you had equally great job offers in multiple cities, which city would you
choose?
– Dream Company (choose one company)
• If we had a magical job offer for any company in the world, which company
would you choose?
– Dream Role (choose one job title)
• If the CEO of the company said “we want to hire you, just choose any role”
which role would you choose?
• Twenty years from now, what’s your…
– Dream Location (choose one city)
– Dream Company (choose one company)
– Dream Role (choose one job title)

Pre-MBA advice
• Pre-MBA internship
– It’s an unusual move, but if you can get a pre-MBA
internship at your dream city, company, role, do it.
• Spend time in your dream city
– If you have flexibility, spend time in your dream city.
Network with about three different people per day at target
companies.
• Work at your dream company in advance
– If you can arrange a remote internship to work with your
dream company (especially for smaller companies), while
you are in school, do it.

Want to work at a startup?
• Create a Job Search Spreadsheet
– Use this template
– Put only companies that you’d want to work at
– Go through AngelList to find companies you’d love
• Angel.co/locations
• Angel.co/markets
• Angel.co/duke-university
– Don’t limit yourself to companies that are hiring right now
• Mid-sized Companies with Momentum
– Great Andy Rachleff article
• https://blog.wealthfront.com/2016-career-launching-companies-list/
– Go through his list of companies
– Also, look at the http://www.breakoutlist.com/why

Want to start a company?
• Talk to target customers and pitch them on your idea
– Find 10 that “love your idea”
• Start to recruit team members
• Join us on Facebook
– https://www.facebook.com/groups/dukegen/
– https://www.facebook.com/groups/dukep4e/
• Watch this Udacity course by Steve Blank
– Lean Launchpad course:
https://www.udacity.com/course/how-to-build-a-startup--
ep245

Program for Entrepreneurs
Overview

P4E Process
January
July
October, 1st year
Fall 2, 1st year
Spring 1 & 2, 1st year
Fall 1 & 2, 2nd year
Selection
1.Application
2.Idea matching
3.Screen
4.Recruit team
NV 1 - Opportunity Evaluation
Business Plan
NV 2 - Strategy development
NV 3 - Operating plan
Company Launch
Strat. 848 NV: Opportunity Eval.
Strat. 849 & 850 NV: Strategy Dev.
Strat. 851 & 852 NV: Operating Plan
Timing Courses

Highlights of P4E
• Start a company while you are at school
• Receive Course Credit
• Matched with Mentors
• Structured Courses over 1.5 years

9
Ideas Students
Startup
Projects
~20 ~80 10-15

Other Students Can Join the Team

P4E Process
Selection
1.Application
2.Idea matching
3.Screen
4.Recruit team
Business Plan
Company Launch
January
July
October, 1st year
Fall 2, 1st year
Spring 1 & 2, 1st year
Fall 1 & 2, 2nd year
Strat.848 NV: Opportunity Eval.
Strat. 849 & 850 NV: Strategy Dev.
Timing Courses
Strat. 851 & 852 NV: Operating Plan

Two entry points
Pros
• Avoid conflicts in Fall 2 – easier to
fit into your schedule
• Possibly prep time can be valuable
– won’t prematurely dismiss a good
idea.
Cons
• There’s less time but not less work
• This will be particularly an issue if
there are multiple complex markets
to explore
• October: In general, entry is at NV1 with occasional rare exceptions.
• January: Entry is available at NV2, assuming larger teams and some
progress.
• The final report will
• Require some portions of the need portion of the NV1 report to be covered
under “Target Customer.”
• The other portions of NV1 report made explicit as foundation for other
questions.
• But we can help with that

Committed
Student(s)
Supporting
Roles
Supporting
Roles
Supporting
Roles
Supporting
Roles
Business
Mentor
Faculty
Advisor
Committed
Student(s)
P4E Team
Inventor

Two types of roles
• Committed Students
– Committed to starting
this company , assuming
it looks like a worthwhile
opportunity
– “I want to start a
company while getting
my degree”
– Must be at least one per
team
• Supporting Roles
– “I’d like to experience
being part of a startup
while getting my degree,
but it’s not my main
career choice.”

Advisors
• Ashish Arora, Professor, Strategy
• Rich Burton, Professor, Strategy
Jon Fjeld, Professor of the Practice,
Strategy; Executive Director, Center
for Entrepreneurship & Innovation
• Jonathan Gindes, Chief Financial
Officer and Senior Vice-President of
Business Development, Affinergy
• Doug Green, Entrepreneur
• Donald Haile, Venture Partner,
Fidelity
• Karen LeVert, CEO, Southeast
TechInventures
• Matthew Megaro, Executive-in-
Residence, Center for
Entrepreneurship & Innovation
• Chris Moorman, Professor,
Marketing
• Howie Rhee, Managing Director,
Center for Entrepreneurship &
Innovation
• David Robinson, Professor, Finance;
Director of Entrepreneurship
Research, Center for
Entrepreneurship & Innovation
• Rich West, CEO, Advanced Liquid
Logic
• Joe Velk, Contender Capital

EntoGenetics
Started the Program for
Entrepreneurs in 2008

EntoGenetics creates Spider Silk from
genetically modified silk worms
 20+ yrs research and millions of dollars into Spider Silk, called
the “Holy Grail” of fabrics because it is light, tough, and elastic
19
Solution OverviewProblem Definition Market Opportunity Operations Funding Need
 50% weight savings over competing fibers
 Ten times (10x) more elastic than Kevlar
 Higher breaking energy & greater toughness

Spider Silk can replace Kevlar in
ballistic vests
Solution OverviewProblem Definition
 Military ballistic vests can weigh 30+lbs
without gear (weapons, supplies)
 Average soldier in Afghanistan is carrying
a load of 96 pounds
 Soldiers complain that body armor in Iraq
is “too heavy and bulky” for the mission
20
Market Opportunity Operations Funding Need

Other Markets Have High Need
o Parachutes: shock cords, canopies
o Ropes / Cords: harnesses, climbing ropes, fall protection
o Medical: Surgical sutures, cell scaffolds, stents
o Clothing: Lightweight, natural, elastic
o Aerospace: Composites for airplane bodies and supports
21

P4E Kickoff, July 21, 2008
Jonathan Mark

Conference call with
EntoGenetics, July 22, 2008
Mark
Jonathan

After P4E Kickoff
8 students  7 teams

High-quality Audio versions of written articles
Nick Sehn, Simon Li
26

GENERAL│NANO: Spinning Carbon Nanotubes
18mm
Patented
Process
CNT Substrate
Magnified Array
CNT Thread
World’s Longest CNTs

Water sensor network for more
accurate irrigation

New Ventures 1: Opportunity
Evaluation
1. Is there a sufficiently attractive
market opportunity?
2. Is your proposed solution
feasible, both from a market
perspective and a technology
perspective?
3. Can we compete (over a
sufficiently interesting time
horizon): is there sustainable
competitive advantage?
4. Do we have a team that can
effectively capitalize of this
opportunity?
5. What is the risk / reward profile
of this opportunity, and does it
justify the investment of time and
money?
Selection
1.Application
2.Idea matching
3.Screen
4.Recruit team
Company Launch

EntoGenetics Team for NV1
• Advisors: Matt Megaro, Don Haile, Jon Fjeld
• Inventor: David Brigham, Entomologist based
in Charlotte
• Students
– Mark Smallwood ‘10, Fuqua
– Jonathan Gibbs ‘10, Fuqua

After New Ventures 1,
7 teams  3 teams

New Ventures 2: Strategy
Development
• Analysis for this
course
–Target customers
–Business model
–Competitive
position
–Company
objectives
Selection
1.Application
2.Idea matching
3.Screen
4.Recruit team
Company Launch

• Inventor: David Brigham, Entomologist based
in Charlotte
• Students
– Gautham Pandiyan ‘08, ‘09
• Master’s in Cancer Biology
• Master of Engineering Management

Won $25,000 in the Duke Start-Up
Challenge, April 2009

After New Ventures 2,
3 teams  3 teams

Summer - worked at internships
• Mark Smallwood
– Delta Airlines
• Jonathan Gibbs
– SJF Ventures, cleantech venture firm
• Gautham Pandiyan
– Mi-Co, replacing paper processes with e-forms
New: Can get into Summer Innovation Program
($5,000 per team) via Duke Start-Up Challenge

New Ventures 3: Operating
Plan
• Core competencies
• Elements of the
operating plan
– Sales forecast
– Gross margin
– Sales and marketing plan
– Research and development
– Operations and
manufacturing
– General and administrative
• Budget
• Financing plan
Selection
1.Application
2.Idea matching
3.Screen
4.Recruit team
Company Launch

• Inventor: David Brigham, Entomologist based in Charlotte
• Students
– Gautham Pandiyan ‘08, ‘09
– Robert Olinger ‘10, Fuqua
– Matt Brancato ‘11, Fuqua
– Nishant Patel ‘10, Trinity
– Dmitriy Rokhfeld ‘10, Trinity
– David Chen ‘10, Trinity

Last day of NV3, 12/12/09
Dmitriy
Dave
Matt B
Don
Matt Mark
Robert
Jonathan

P4E history
Class of
2010
Class of
2011
Class of
2012
Cass of
2013
Class of
2014
Class of
2015
Class of
2016
Selection 30 ideas
8 students*
*Handpicked
students
70 ideas
68 students *
• Used an
• application
80 ideas
90 students
50 ideas
100 students
71 ideas*
104 students*
*Matchmaker
Directory
108 ideas
112 students
N/A ideas
110 students
NV1
Opp. Eval.
8 projects 13 projects
48 students
11 projects
37 students
17 projects
53 students
11 projects
38 students
11 projects
~39 students
12 projects
34 students
NV2
Strategy
32 students
7 projects
22 students
9 projects
25 students
6 projects
16 students
4 projects
14 students
8 projects
26 students
NV3
Plan
3 projects
14 students
4 projects
20 students
3 projects
14 students
1 project
2 students
5 projects
17 students
2 new
projects
9 students
Launch EntoGenetics Investors
Mosaic
Hootli
Medici
K Kane
AIPatents
Jobbertunity CrowdTunes
Broota
All9s
Jobbertunity
HowIDidIt
KOI
Physao

"I got offers from Bank of America
and Walmart (Finance and
Strategy, 1 of only 8 total, they
typically recruit from Harvard,
Kellogg, Chicago). I think my
experience over the two years in
P4E was definitely the reason I got
both offers"
-Mark Smallwood, Fuqua '11

“I've told several incoming
students that P4E taught me more
in business school than anything
else”
-Ted Getten Fuqua ’12

Tommy Thekkekandam ‘10 Adam Mangone ‘10Ted Getten ‘12
Joe Knight ‘11Mark Smallwood ‘10Rasheed Wiggins ‘10
Meghan Gallagher ‘11 Olgun Kukrer ‘12 Melanie Oberman ‘10

Tomorrow’s Pitch
• 3 minutes to pitch, 5
minutes of Q & A,
• Multiple slides ok,
slides not necessary.
• Fill out an RSVP
form
• Deadline for RSVP is
tonight at 9pm, so I
can share Dropbox
folder with you.

Main Action Items
• Kickoff in July
• Announce “P4E Candidacy” by August 20
– You want to be in, we will publicize your goals and needs
– This will be a Google Form I will send out
– How do you think you’ll get in
• P4E Matchmaker Event is mid-Sept
• Pitch yourself or your startup idea
• Get team into P4E (New Ventures 1) by October 8th
– Minimum Team of 3 for Course Credit
• Exceptions of 2 will be considered
– Must have met with, and recruited, one of our advisors
– Need to inform myself and Jon Fjeld

Tips from the last few years
• Finding teammates is a challenge.
– Spend time now doing it.
• You’ll be very busy in Fall
– Expect it
• Paradigm: This isn’t a typical course
– Starting on your own, with support from us
• No Certificate (on purpose)
– This is meant for those that want the experience

Ways to get in
1. Your own startup
– Find startup idea, form team, and get in.
2. Match
– We identify technologies, you choose one.
3. Problem-focused
– Team up on a problem
• Recruit like-minded people
• Find a problem
• Move from problem statement to a business idea
• We need you to self identify

P4E history
Class of
2010
Class of
2011
Class of
2012
Cass of
2013
Class of
2014
Class of
2015
Class of
2016
Selection 30 ideas
8 students*
*Handpicked
students
70 ideas
68 students *
• Used an
• application
80 ideas
90 students
50 ideas
100 students
71 ideas*
104 students*
*Matchmaker
Directory
108 ideas
112 students
N/A ideas
110 students
NV1
Opp. Eval.
48 students
11 projects
37 students
17 projects
53 students
11 projects
38 students
11 projects
~39 students
12 projects
34 students
NV2
Strategy
32 students
7 projects
22 students
9 projects
25 students
6 projects
16 students
4 projects
14 students
5 projects
20 students
NV3
Plan
3 projects
14 students
4 projects
20 students
3 projects
14 students
1 project
2 students
5 projects
17 students
2 new
projects
9 students
Launch EntoGenetics Investors
Mosaic
Hootli
Medici
K Kane
AIPatents
Jobbertunity CrowdTunes
Broota
All9s
Jobbertunity
HowIDidIt
KOI
Physao

P4E outcomes to date
• 69 projects over 5 years
• 18 continued existence in some form
• 42 of 49 failures (86%) due to absence of
market
50

A few points to consider
– Ask why - make sure you understand the reasons
for the process being the way it is.
– Ask whether it is more important to work on my
idea or a good idea.
– Gates - we don't tell you what to do - we try to
help you make good decisions
– Team - need some committed students – P4E is
opportunity for you to recruit other students to
work with you.

Entrepreneurship Activities to Get
Involved with at Duke

Biannual event where 6 startups founded by Duke alumni or
students are selected to pitch to a panel of Duke investors
• San Francisco in June 2014
– Held @ Google’s office
– 400 Duke attendees
• NYC in November 2014
– Held @ AppNexus
– 200 Duke attendees
DukeGEN Startup Showcase
Next Startup Showcase is November in NYC

Katie Finnegan ‘10
$5.5MM
Basil Enan ‘03
$6.5MM
Kathryn Minshew ‘08
YC Winter 2012
Tim Hyer ‘05
$1.8MM

• What is it? The club for students
interested in Entrepreneurship and
Venture Capital.
– Winner “MBAA Club of the
Year” in 2009
• When is it? Events all throughout
the year
• Why? Provide great activities and
camaraderie
• Who? Students interested in
Entrepreneurship and Venture
Capital. There are many options for
getting involved.

What is it? Entrepreneurship
Competition at Duke
When is it?
Fall – Round 1 due
Spring – Round 2 and Demo Day
Summer – Summer Incubation
Fall/E-week – Finale, 50K
competition
Why? Win money, learn through
experience
Where? Various locations at Duke
Who? Three student Co-presidents

What is it? An alumni network
for Duke’s entrepreneurial
community that students can
also join. The main group has
7000+ members and there are
many Interest Groups
When is it? 24/7
Why? To help alumni and
students start companies
Where? www.dukegen.com
Who for? Alumni and students

Incubators
~1,200 sq ft
student incubation
space on campus.
Staffed by part-
time EIR and
student manger.
Virtual Space that
serves as creativity
incubator.
• Duke I&E a Founding Partner
• Co-working Space and Small Offices
The Underground @ Main Street

Duke Program for Entrepreneurs (P4E) - Info Session

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