making financial success happen - make your dream a reality
TRANSCRIPT
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Making Financial Success
Happen-
Make Your Dream a Reality
Why Innovation and Leadership are the Keys to
Your Success and Standing Out in Your Career
Dr. Pamela McCauley, Ph.D., CPEProfessor & Director, Ergonomics Laboratory Industrial Engineering & Management SystemsUniversity of Central Florida
President & Chief Technology Officer Transforming Your STEM Career, Inc.Orlando, FL
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What type of entrepreneur or leader do you want to be?
Research business
Renowned Scientist
Consulting business
Research consultant
Service business
Corporate Leader
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How to Decide:
Your passion and purpose
1
Your professional strengths, research, experience, and expertise
2
Emerging opportunities business, corporate or leadership opportunities
3
Access and relationships
4
Viable “business” model possible
5
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Best Case Scenario
• expertise
• experience
• passion Integrate your
• relationships
• resources
• professional network with your
• a small business
• entrepreneur
• corporate leader
in order to meet a current and emerging business
need as
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How to do it?
Know
Know that it is a business NOT a university project
Decide
Decide what you want to do
Give
Give yourself a timeline to achieve “kick off”
Determine
Determine the resources that are available
Determine
Determine who will be on “your team”
Protect
Protect your ideas
Create
Create an initial plan and timeline
Understand
Understand what it takes to “manage,” maintain, and grow the business
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When to do it?
Factors to consider
Phase of your career
Time sensitive issues surrounding the opportunity
Accessibility to key relationships
Funding opportunities
Impact on your personal life
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My Entrepreneurial History
Expert Witness
Tech Solutions, Inc.
Top Secret Weave, Inc.
Bush Enterprises, Inc.
Transforming Your STEM Career, Inc.
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Expert Witness
Sole proprietorship initiated in 1994
Ergonomics, biomechanics, occupational safety and product liability expert witnessing
My area of expertise, experience and passion
Able to differentiate myself:
Professor, level of experience and expertise
Access to labs/faculty
Textbook author
Strong communication skills
Certifications
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Tech Solutions, Inc.
Founded in 1999 as a partnership with a university colleague
• Ended partnership 2 years into business
01Initiated as a result of my HFE consulting
02DoD Contracting business
03SBA 8a certified
04Offices: Orlando, FL and Albuquerque, NM
05Closed in 2012 after SBA 8a graduation
06Issue: Difficulty in business “differentiating” itself
07
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Top Secret Weave, Inc.
Founded in 2001 due to personal interest and opportunity in Black Hair Care industry
Innovative concept developed
Issue: Not my expertise; Lacked relationships, knowledge and depth of experience in the field
Closed in 2005
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Tech Solutions/Bush Enterprises, Inc.
Partnership that was developed to continue the work of Tech Solutions.net, Inc. after TSI graduated from the SBA 8a Program
Issue: Difficulty differentiating the business; no IP and not my area of passion
Ended partnership in 2012
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Founded in 2012
Research & Expert Witness
Leadership & Professional Development
Program Evaluation
Establishing IP
Top Notch Team
Business plan
SBIR submissions
Seeking investors
My Expertise, Experience,
AND Passion!!!
www.TramsformingYourSTEMCareer.com
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13
T-STEM’S ALGONITE TM
Algonite will accelerate global research
opportunities by streamlining collaborative
and social connections among STEM professionals
There does not currently exist any other platform
that is conclusively effective in facilitating collaborative initiatives among all STEM professionals seeking more
inclusive and diverse research teams.
A secure network for scientists to engage in social
media for the purpose of connecting, collaborating,
and disseminating scientific information or perspectives.
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Create Your Team
Identify a trusted person that can be your “Innovation
soundboard”
Develop a core team of (3 to 5) supporters/advocates with key areas of knowledge that you can trust
• Business, technical, legal, strategic and financial guidance
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Create Your Micro-Innovation Eco-system
Idea generation plan
01Product innovation strategy
02Talent and expertise resources
03Technology transfer strategy
04Funding options and strategies
05
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Resources! Resources! Resources!
University incubators
NSF I-Corps
SBIR/STTR
Technology Transfer offices
Small Business Development Centers
Crowd Funding…
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Creating Your Path
Know your value
01Find your passion
02Personal vision statement
03Personal mission statement
04Roadmap
05Alignment: individuals, organization and community
06
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Find Your Passion
What excites, energizes or angers you?
What did you dream of doing as
a child?
Apply this approach:
• Obtain information
• Talk to people in the area
• Engage in a situation to gain an experience
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Personal Vision Statement
Vision Statement (long-term perspective)
A statement that represents the holistic view, intention, and purpose of your life and career.
This statement is described with global or high level words and should be original and specific to the values, passion, and life views that you hold.
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Personal Mission Statement
Mission Statement
Statement of goals to be attained in support of the vision; 1 to 3 years timeframe
The mission statement consists of actions that you will follow to achieve your vision.
The statements connect specific action to your vision.
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Innovation Initiation
Find a need
Know what you know – know what you don’t know
Don’t be afraid to think differently
Know the market/customer
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Innovation Instantiation
Determine whowants this innovation
01Protect your idea/innovation
02Create a brief but clear explanation of the innovation
03Identify potential collaborators
04WILL ANYONE PAY FOR IT?!!
05
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Innovation Introspection
Decide if/how you want to take the innovation to the finish line
Will you hand it off?
Partner with others?
Will you lead it?
How much control to maintain?
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Innovation Implementation
Draft a plan to develop the idea to at least a “proof of
concept”
Plan toward an “end result”
• University relationship
• Funding for proof of concept and product development
• SBIR/STTR funding
• Venture capital funding
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PlanYour Exit Strategy
Yes, you will want to exit…Want
Get professional adviceGet
Have fun! Have
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Final words of encouragement…
A small business is very different from academia and the corporate world
Differentiate yourself – value proposition
Add value – get Intellectual Property!
Manage Conflict of Interest
Know and USE your resources
Demanding but very rewarding
Just do it!
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Innovative Leadership is a Lifestyle