New York University



NYU Stern’s

Entrepreneurs

Challenge

see different.

think different.

do different.

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Entrepreneurs Boot Camp

October 5, 2008

stern.nyu.edu/bces/competition

Entrepreneurs’ Boot Camp

Table of Contents

Agenda

Presenter Bios

Writing the Venture Summary for the Social Venture

Writing the Venture Summary for the Traditional Venture

Financial Analysis and Resource Plan

Marketing Plan and Marketing Analysis

Management Operations Plan

Social Venture Concept Summary Guidelines

Traditional Venture Concept Summary Guidelines

Entrepreneurship Specialization

Berkley Center

Berkley Center Staff

Entrepreneurs’ Boot Camp

October 5, 2008

NYU Stern School of Business

40 W. 4th Street, Schimmel Auditorium, Tisch Hall UC Level

Agenda

8:30 am Continental Breakfast and Registration

9:00 Welcome – Jeffrey Carr, NYU Stern Professor and Executive Director, Berkley Center

Cynthia Franklin, NYU Stern Professor and Senior Associate Director, Berkley Center

9:05-9:50 Writing the Venture Summary for the Social Venture – Jill Kickul, NYU Stern Professor and Social Entrepreneurship Program Director, Berkley Center

Writing the Venture Summary for the Traditional Business – Jeffrey Carr, NYU Stern Professor and Executive Director, Berkley Center

9:50-10:00 Break

10:00-10:55 The Venture Idea –Dean Alderucci, NYU Stern Professor

11:00-11:55 Financial Analysis and Resource Plan–Glenn Okun, NYU Stern Professor

12:00-12:30 Break – Pizza Lunch outside of Schimmel Auditorium, UC Level

12:30-1:25 Marketing Analysis/Marketing Plan – Cynthia Franklin, NYU Stern Professor

1:25-1:35 Break

1:35-2:30 Management Operations Plan – Harry Chernoff, NYU Stern Professor

2:30-3:00 pm Networking

Workshop Presenters

Dean Alderucci

Adjunct Professor of marketing

Dean Alderucci is an adjunct professor at NYU Stern School of Business and the chief operation officer and assistant general counsel of Cantor Fitzgerald's Global Innovation Division. He has spent more than a decade specializing in developing and protecting proprietary business models and business strategies. He is an inventor on 25 patents and more than 150 pending. He has designed, developed and patented business systems in a wide variety of fields including financial services, credit card, retail, ecommerce and gaming.

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Jeffrey A. Carr

Clinical Associate Professor of Marketing and Entrepreneurship and

Executive Director of the Berkley Center for Entrepreneurial Studies

Jeffrey A. Carr has been on the faculty of the New York University Stern School of Business for 14 years and became the Executive Director of the Berkley Center for Entrepreneurial Studies in September 2007. Professor Carr teaches Strategic Marketing and Marketing Management and Planning in the M.B.A. and Executive M.B.A. programs, and the Venture Planning Practicum in the Undergraduate program. He is a past recipient of the Stern/Citibank Teaching Award.

Professor Carr, president of Marketing Foundations Inc is also an entrepreneur and marketing consultant with clients worldwide in the manufacturing and service industries. Consulting and lecturing extensively in the Europe, Asia, Africa and the U.S., he has completed consulting projects and delivered executive development programs for Booz Allen Hamilton, IBM, General Electric, Pfizer, Kodak, Time Inc., and Unilever, among others. As part of his social entrepreneurship activities Professor Carr is involved in a United Nations-sponsored program to help developing countries create more effective budgeting strategies and implementation plans for their healthcare initiatives and regularly consults with non-profit organizations regarding their strategic planning.

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Harry G. Chernoff

Clinical Associate Professor of Operations Management

Harry Chernoff has been a member of the faculty of the Stern School for more than 30 years, and earned a BS, MS and PhD from the Stern School of Business. He has won teaching awards including the 1992 Citibank Award for Excellence in Teaching. His early teachings in operations management led to the development of the course and department at Stern.

Professor Chernoff teaches in the Stern MBA Program, Langone Program, the Executive MBA Program, and the the Stern Lehman MBA Alliance Program

He is an owner and developer of various real estate projects in Manhattan and the New York City area since 1980, including commercial, residential and hotel properties. He currently owns and operates a number of properties in NYC and Las Vegas, including two small hotels. He brings much of his real estate and development experience from industry into the classroom in his operations teaching.

Over the past ten years, Professor Chernoff has taught in international programs at business schools and private industry training centers in Bordeaux, France, Vienna, Austria, Hanoi and HoChiMinh City, Vietnam, and Wuhan, China.

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Cynthia Franklin

Adjunct Professor of Entrepreneurship and

Senior Associate Director, Berkley Center

Cynthia is a Stern alumna, with an MBA in management and a graduate of Bernard M. Baruch College where she earned a BBA (magna cum laude).   

She returned to Stern from The KIP Group, a b-to-b marketing and media company she co-founded. The company’s flagship publication is the award-winning KIP Business Report newspaper, whose clients/advertisers included Mercedes-Benz, Citibank, Microsoft, AT&T, JPMorgan Chase, among others.  Cynthia co-produced KIP Business Report Success Stories, a weekly television segment profiling entrepreneurs, which aired on WCBS-TV, and co-hosted The KIP Business Report on WLIB radio, a popular morning drive-time program focused on small business issues. The KIP Group also has an event division that produces conferences focused on franchising, private equity, business management and professional development.  

For her work promoting entrepreneurship and business development, Cynthia has received numerous honors and awards from the U.S. Small Business Administration, U.S. Department of Commerce,  and New York City's Department of Business Services, to name only a few. She has been featured in Crain’s NY Business, The New York Times, and The Daily News as well as a host of other media outlets.  

Cynthia joined the Berkley Center in September 2007.[pic]Jill Kickul

Clinical Professor of Management and Organizations

Director of the Stewart Satter Program in Social Entrepreneurship

Jill Kickul recently joined the faculty at New York University Stern School of Business as the Director of the Stewart Satter Program in Social Entrepreneurship in the Berkley Center for Entrepreneurial Studies. Previously, Dr. Kickul was the Richard A. Forsythe Chair in Entrepreneurship in the Thomas C. Page Center for Entrepreneurship at Miami University (Ohio) and a Professor in the Management Department in the Farmer School of Business. Prior to joining the Miami University faculty, she was the Elizabeth J. McCandless Professor in Entrepreneurship at the Simmons School of Management. She has also taught entrepreneurship internationally for the Helsinki School of Economics and for the International Bank of Asia (Hong Kong MBA Program), and she has delivered research seminars at the Stockholm School of Economics, the EM Lyon School of Business, the Aarhus Center for Organizational Renewal and Evolution (CORE), and the Jönköping International Business School.

As a scholar, she has been awarded the Cason Hall & Company Publishers Best Paper Award, Michael J. Driver Best Careers Paper, the Coleman Foundation Best Empirical Paper, “John Jack” Award for Entrepreneurship Education, and the IntEnt Best Paper. She has more than 50 publications in entrepreneurship and management journals, including Entrepreneurship Theory and Practice, Journal of Management, Journal of Small Business Management, Journal of Organizational Behavior, Frontiers of Entrepreneurship Research, International Journal of Entrepreneurship and Innovation, International Journal of Entrepreneurial Behavior and Research, Journal of Business Ethics, Decision Sciences, Journal of Innovative Education, and Academy of Management Learning and Education Journal. She and Lisa Gundry have also recently written a new book entitled, Entrepreneurship Strategy: Changing Patterns in New Venture Creation, Growth, and Reinvention (Sage Publishing).

Finally, her work on entrepreneurship education development and curriculum design has been nationally recognized and supported through the Coleman Foundation Entrepreneurship Excellence in Teaching Colleges Grant and has been named by Fortune Small Business as one of the Top 10 Innovative Programs in Entrepreneurship Education.

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Glenn A. Okun

Clinical Professor of Management and Entrepreneurship and

Adjunct Professor of Finance

Glenn Okun has been a member of the faculty of the New York University Stern School of Business since 2002. Professor Okun teaches courses in entrepreneurship, private equity, venture capital, corporate finance and investment management. He advises corporations on financial and investment matters.

He was President of Mitchum, Jones & Templeton, a merchant bank and broker dealer headquartered in San Francisco, California from 1998 to 2001. He previously served as a Director of Allen & Company Incorporated in New York. Professor Okun invested in early and later stage financings of private companies in various industries. He also ran a small capitalization emerging growth stock hedge fund and a special situations portfolio. Professor Okun has advised corporate clients on mergers, acquisitions and restructurings and has underwritten public offerings and private placements of securities. He began his investment career at the IBM Retirement Fund where he invested in mezzanine private placements, real estate, public emerging growth equities and oil and gas assets.

Glenn holds JD and MBA degrees from the joint degree program at Harvard University and a BA degree from Wesleyan University.

NYU Stern Social Venture Competition

New Social Venture Concept Guidelines

Purpose

The New Social Venture Concept is intended to give you the opportunity to 1) describe your venture’s potential for financial profitability or sustainability and social impact; 2) clearly articulate the venture model and marketability of the new venture; and 3) communicate the management team’s ability to execute and achieve its social impact goals. All social ventures proposals should be for-profit or have an earned income stream strategy.

The initial document should be two pages. Keep in mind, this document is an overview – you will articulate the details in the full business plan later in the competition. Please use the structure below to guide you in your social venture concept development.

Screeners and judges have been advised to focus on the five key areas outlined below with importance designated by percentages. They receive the following guidance:

Funding: The social venture does not need to be one that requires venture capital unless that is appropriate or needed. However, all enterprises require funding and therefore, the preliminary venture concept must state how you propose to fund your venture.

Scale: The venture need not be initiated as a large venture. However, we do not view favorably the small venture that lacks a clear vision for scalability and growth over time.

Evaluation Criteria

1. New Social Venture Idea and Impact 30%

a. What is your theory of change? Describe the existing social need and how your venture will address it. For example, based on your understanding of the need/problem, what is your theory about which actions will lead to the results you want to achieve? In other words, what is your logic chain?

Inputs→Activities→Outputs→Outcomes→Impact

b. The Big Idea/Your Solution: Describe the service/product, its unique selling benefit (e.g. why are you different?).

c. What innovation(s) is this venture leveraging? How does this innovation address the need?

d. Who is your customer? Is there more than one customer group? (Remember to differentiate between the customer who pays, and the end user of your service/product)

2. Social Venture (Sustainability) Model 25%

a. What are your potential sources of revenue and funding?

b. What are your cash needs for the first year of operations? How will you get there?

c. What are your initial financial projections? Provide a simple income statement with revenue, cost of goods sold, other expenses and projected margins.

d. How do you plan to scale and grow the venture?

3. Market Analysis 20%

a. Who is the present competition and possible new entrants? Consider other solutions that exist.

b. What are the critical success factors?

c. What are the critical risks and how, if possible, will you manage them?

d. What is your competitive advantage? Is this advantage sustainable?

e. What is the appropriate segment of customers?

f. What is the marketing plan?

4. Operations and Social Impact Measurement 15%

a. How does this business work? Identify: development/logistics/human resources/physical facilities/operating and sales cycle necessary to fulfill the strategy and mission of the venture.

b. Articulate milestones and longer-term goals for new venture. What is your current status?

c. How do you measure success in this venture? That is, how will you assess your effectiveness in achieving its mission (indicators should link back to your theory of change and strategy).

5. Management 10%

a. What are the current team’s qualifications for executing this plan successfully? (consider personal connection to mission, background, experience, expertise, network, and advisors)

b. What does your initial management and governance structure?

c. Who are the necessary key hires? Key partnerships?

Submission Procedure

The New Social Venture Concept should be no more than two pages of text and a third page of source documentation with one-inch margins and 12-point type.

Submit the initial and revised venture concepts online at

NYU Stern Business Plan Competition

Traditional New Venture Concept Guidelines

Purpose

The goal of the New Venture Concept is to clearly articulate the venture business model and marketability of the new venture; describe its potential for financial profitability and success; and communicate the management team’s ability to execute and succeed in its business goals. The concept document should be two pages. Keep in mind, this concept is an overview – you will identify the details in the full business plan. Use the structure below to guide your proposal.

Screeners and judges have been advised to focus on the five key areas outlined below with importance designated by percentages. They also receive the following guidance:

Funding: The startup does not need to be one that requires venture capital unless that is appropriate or needed. However, all enterprises require funding and therefore, the preliminary venture concept must state how you propose to fund your venture.

Scale: The venture need not be initiated as a large venture unless that is appropriate. However, we do not view favorably the small venture that lacks a vision for growth.

Evaluation Criteria

1. New Venture Idea 25%

a. What existing need or want does the concept fill? In other words, what is the problem you solve?

b. Describe the service/product – will it change the way people live, work or do business?

c. Who is your customer? What is your market segment? Is there more than one customer group?

d. What is the unique selling benefit? (e.g. why will they buy?)

2. Venture Model 25%

a. What are your sources of revenue and funding?

b. What are your cash needs for first year of operations? And how will you get there?

c. What are your initial financial projections? Provide a simple income statement with revenue, cost of goods sold, other expenses and projected margins.

d. How do you plan to scale the business?

3. Market Analysis 25%

a. Who is the present competition and possible new entrants?

b. What are the critical success factors?

c. What are the critical risks and how, if possible, will you manage them?

d. What is your competitive advantage? Is this advantage sustainable?

e. What is the appropriate segment of customers?

f. What is the marketing plan?

4. Operations Plan 15%

a. How does this business work? Identify: development/logistics/human resources/physical facilities/operating and sales cycle necessary to fulfill the strategy and mission of the venture.

b. Articulate milestones for new venture. What’s your current status?

5. Management 10%

a. What are the current team’s qualifications for executing this plan successfully?

b. Who are the necessary key hires?

Submission Procedures

The Venture Concept should be no more than two pages of text and a third page of source documentation with one-inch margins and 12-point type. Submit the initial and revised venture concepts online at

Entrepreneurship & Innovation Specialization

The specialization in Entrepreneurship is intended to equip students with the tools and concepts necessary to be able to start a business.  Beginning with the Foundations of Entrepreneurship course, students learn how to write business plans, obtain venture funding, manage growing businesses, develop new products, and learn a variety of other concepts necessary to being an entrepreneur.  Of particular note is our strength in social venturing.  Thus, students can choose to either focus in "traditional" entrepreneurship or in social entrepreneurship where there is a double bottom line, both profitability and a social goal.

REQUIRED B65.3335 Foundations in Entrepreneurship

OR B65.3336 Foundations of Entrepreneurship (Social Entrepreneurship Focus)

B10.3360 Accounting, Tax, & Legal, Issues for Entrepreneurs

B20.3362 Emerging Technologies & Business Innovation

B40.3148 Social Venture Capital

B40.3173 Venture Capital Financing

B40.3361 Entrepreneurial Financing

B40.3373 New Venture Financing

B65.2128 Social Entrepreneurship

B65.2130 Corporate Venturing

B65.2161 Negotiating Complex Transactions

B65.2327 Managing Growing Companies

B65.2328 Family Business Management

B65.3333 Business Start-up Practicum

B65.3356 Technology Innovation & New Product Development

B70.2128 Entrepreneurial Selling

B70.2129 Sales Management

B70.2370 New Product Marketing & Design

B70.2371 Creativity & Design

 For course descriptions, please see the Office of Records & Registration website.

Academic Advisor:  Professor Ginsberg, 212-998-0077

Social Innovation and Impact

B10.3310 Forensic Accounting & Financial Statement Fraud

B30.2105 Energy and the Environment

B30.2110 Economics of Healthcare

B30.2195 Advanced Global Perspectives on Enterprise Systems

B30.2350 Global Poverty Alleviation

B40.3148 Social Venture Capital

B55.3335 Social Venture Fund Practicum

B55.3336 Examining the Nonprofit Capital Market

B65.2128 Social Enterprise Development

B65.2300 Women in Business Leadership

B65.2327 Managing the Growing Company

B65.3336 Foundations of Social Entrepreneurship

B65.3359 Leading Sustainable Enterprises

B70.3101 Corporate Branding and CSR

Academic Advisor: Professor Smith, 212-998-0878

 

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What We Do

Whether your goal is to one day start a promising new venture or to land a rewarding job in an established firm, having an entrepreneurial mindset –a bias toward action--will carry you far.

At the Berkley Center, we have a single mission: to nurture entrepreneurial talent at NYU Stern. We do that by conducting research that improves the understanding of the entrepreneurial process and by delivering programs that help students launch and grow sustainable ventures, and become outstanding entrepreneurial leaders. By taking advantage of the programs and services the Berkley Center has to offer, you get real world, hands-on business experience to complement the rigorous instruction received in the classroom.

How We Do It

Our primary program areas include:

Business Plan Competitions

• 10th Annual Business Plan Competition is the premier platform for identifying, nurturing and showcasing entrepreneurial talent at NYU. The competition challenges aspiring entrepreneurs and those excited by the new venture start-up process to take their ideas from concept to market. Winners receive the $75,000 Ira Leon Rennert Prize.

• 5th Annual Social Venture Competition recognizes and supports the growing number of students interested in using their business and entrepreneurial skills to create innovative approaches to tackling social problems, here and abroad. Entrants vie for the $100,000 Satter Family Prize.

Through our business plan competitions, we offer extensive “how to” training on all aspects of starting and growing a venture including: identifying target markets, writing business plans, building a management team, developing sound financial projections, pitching investors and more. Plus, entrants can tap our vast mentor network and receive on-going feedback from our business coaches.

Start-up Support Services

• Stern Virtual Incubator provides a supportive environment in which Stern-affiliated start-ups can test and refine their business ideas. Incubatees receive:

o On-going coaching & mentoring.

o Pro bono accounting, legal, and marketing services.

o “Brown Bag” Lunches with successful entrepreneurs and investors.

o Access to Stern resources such as meeting space, office equipment, etc.

o Access to a network of other incubatees, veteran entrepreneurs, seasoned investors, and practitioners with which they can share ideas.

Incubatees are selected from among the finalists and semi-finalist in our business plan competitions based on their team’s commitment to launching the business and the viability of the venture concept.

• Himelberg Entrepreneurs-in-Residence work closely with entrepreneurial-minded students by assisting them with refining their venture models, developing marketing strategies and identifying funding options. Through this unique program, students are able to tap the expertise, insights and even contacts of seasoned entrepreneurs, from diverse fields who are committed to giving back to aspiring business owners.

Conferences & Training

• The 5th Annual Conference of Social Entrepreneurs is a cornerstone of our Stewart Satter Program for Social Entrepreneurship. This invitation-only event provides a rare opportunity for social entrepreneurs, investors, philanthropists, scholars, thought leaders and students to explore practical and substantial ways to advance the field around the issue of measuring social impact. This year’s conference will be held November 7, 2008.

• Our Innovation & Entrepreneurship Workshop Series will help you discover established techniques for developing your business ideas (whether a product, service or business model) and getting them to market. In this 11-week series, you’ll learn:

• How to create and refine your “big idea” into a commercially-viable innovation.

• How to build a portfolio of patents and other intangible assets to protect your innovations.

• How to license and sell those assets to industry.

• How to bring your “big idea” to market using non-traditional but powerful ways.

• The Himelberg Speaker Series features high-profile individuals who have unique perspectives on how to succeed in the risky but high-reward field of entrepreneurship.

• Learning Forums bring to campus leading industry experts who explore critical aspects of launching a sustainable business. Topics include “How to Raise Money for Startups” and “Legal Issues for Startups”.

• The Annual Innovation & Entrepreneurship Conference, Coming May 2, 2009.

Berkley Center Directory

Jeff Carr (212) 998-0073 jeffery.carr@stern.nyu.edu

Executive Director

Cynthia Franklin (212) 998-0055 cfrankli@stern.nyu.edu

Senior Associate Director

Loretta Poole (212) 998-0074 lpoole@stern.nyu.edu

Associate Director

Jill Kickul (212) 998-0079 jkickul@stern.nyu.edu

Director of Social

Entrepreneurship Program

Glenn Okun (212) 998-0078 gokun@stern.nyu.edu

Business Plan Competitive

Faculty Advisor

Patricia Miller-Edwards (212) 998-0071 pmiller0@stern.nyu.edu

Administrative Assistant

William Baumol (212) 998-8943 wbaumol@stern.nyu.edu

Academic Director

Alexander Ljungqvist (212) 998-0304 aljungqv@stern.nyu.edu

Research Director

Janeece Roderick-Lewis (212) 998-8942 jlewis@stern.nyu.edu

Administrative Aide,

Office of William Baumol

Main Office (212) 998-0070 Fax: (212) 995-4211

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