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Success formulas workbook_session4

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You only get one chance at the perfect investor so you need to be ready. This is the fourth in a series of workshop sessions that get you ready.

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Success formulas workbook_session4

  1. 1. Success Formulas® Session Four Technical Strategy
  2. 2. Session Four Agenda • Present Revised Executive Summaries • Product/Service Strategy • Offensive & Defensive Strategies • Intellectual Property • Make/Buy Decision • Group Discussion: Your Technology Strategy
  3. 3. Executive Summary In 2-or-3 Pages, Briefly Describe the highlights of… • Elevator Speech • Industry • Vision • Mission • Corporate Legal Description • Product/Service - What it does, how much it sells for, proprietary position • Market - Who’s going to buy, what is the sales channel. • Operations • Management Team • Investment Required • Financial Proforma • Note: Develop each topic for five years
  4. 4. Technology Defined “The Entire Body of Methods and Materials to Achieve Such Objectives.” - American Heritage Dictionary
  5. 5. Product/Service Strategy Key Questions • Internal: What Technology Do You Need? • External: – What Strategy Should You Choose? – What Stage of Product Development? – Should You Protect It? Can You? How? – Can You Make It in Volume?
  6. 6. Imagine... • Your Company Has Been Very Successful. • You Make Effective Use of Technology. • You Have Been Asked to Make a Brief Presentation to a Group of Stakeholders on The Technologies You Have Chosen.
  7. 7. Your Product/Service (Define) • Who is Your Customer? • What is the Customer’s Compelling Need? This is an Important First Step!
  8. 8. Who is YOUR Customer? • Follow the Money Trail. • Is Your Product Combined With Another? • Who Do You Call on to Sell Your Product?
  9. 9. What is YOUR Customer’s Compelling Need? • Narrow It Down. • Often a Simple Answer. • Listen to Your Customers...
  10. 10. Listen to YOUR Customers... • Focus on What Product Can Do For Them (Not What it Does) • Involve Users and Partners • Listen to Your Customers--Even If You Know The Answer Why Are These Important?
  11. 11. Approaches to Your Strategy • Offensive - Proactive You Choose What You Want To Do With Technology • Defensive - Reactive You Wait to See What the Need is As You Go Along.
  12. 12. Offensive Strategies • Research & Design • Technology Transfer Into Your Company • Obtain Exclusive Sole-Source Agreements
  13. 13. Research & Design Who is Funding It? • Self • Grant • Customer • Partner
  14. 14. Technology Transfer • People Exchanges • Data Exchanges • Patent Exchanges (Licensing)
  15. 15. Sole-Source Agreements Sell to Just One Company to Give Them an Edge Against the Competition.
  16. 16. Summary of Offensive Strategy • Identify Market Early • Use Sales Engineering to Solve Customer Problems • Revise Position Often, Based on: – Market Feedback – Competition
  17. 17. Defensive Strategies • Patents • Trade Secrets • Tool Kits (Prevent Others From Using) • Industry Knowledge (Protect by Knowing) • Manufacturing Infrastructure
  18. 18. Break
  19. 19. Intellectual Property • Inventions • Literary Works • Trade Secrets • Trade Marks • Industrial Designs
  20. 20. How To Protect It • Inventions - Utility Patent • Literary Works - Copyright • Trade Secrets - Keep Confidential • Trade Marks - Register • Industrial Designs - Design Patent
  21. 21. Get a Good Patent Attorney! Sooner rather than later…
  22. 22. Beware of... Patent Timing Issues. Again, sooner rather than later…
  23. 23. The Make/Buy Decision Specify What You Will... • Make • Buy Lower the Risk Discuss Each “Single-Point-of-Failure”
  24. 24. Focus on What You Do Best and... Out Source Everything Else.
  25. 25. What Will Your Technology Strategy Be?
  26. 26. Homework Assignment • Update Executive Summary • Product/Service Section • Get going on 10 minute presentation • Work on Finance Charts for Session Five – (2) Revenue Charts – (1) Cost of Goods - COGS – (1) Head Count – (1) Salaries – (1) Expenses
  27. 27. Preview Session Five: Financial Strategy • Three Fundamental Approaches to Financial Strategy • Financial Plan • Financial Assumptions • Prepare for Session Six-Presentation Tips
  28. 28. Success Formulas® Session Four Technical Strategy

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