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3/6/2015
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Catalyst for Entrepreneurial Innovation
Robotics:
Entrepreneurial Opportunity?
IEEE RoboResearch Seminar 6 Mar 2015
Paul Wetenhall
Ventureprise, Inc.
Innovate + Interact + Ignite 2
Twin Pillars: Innovators & Entrepreneurs
Entrepreneurial Best Practices
Venture Financing including Robotics
Resources
Your Questions
Topics
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Start-up Job Creation Decline
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Year
Jobs Created by Establishments less than one year old
Source: U.S. Bureau of Labor Statistics
Gap 1.5 mil
jobs
Innovate + Interact + Ignite 4
The Big Picture
Innovation vital to our economic strength
Disruptive innovation increases productivity and standard of living
Startup companies disrupt
creative destruction
Startup companies drive U.S. job growth
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Economic Impact
Each new high-tech job leads to five additional
jobs in local services (lawyers, nurses, plumbers)
Innovation sector multiplier is 3X manufacturing
multiplier
Source: Enrico Moretti, The New Geography of Jobs
Innovation-driven Enterprises (IDE) National and global markets
Innovation as core competitive advantage: tech, process, business model
Initial losses followed by rapid growthor failure
Often require external equity capital
Catalyst for Entrepreneurial Innovation
Innovators & Entrepreneurs
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Innovation Defined
the act of introducing something new:
something newly introduced The American Heritage Dictionary
an innovation is a value-creation mechanism Lawrence Husick
change that creates a new dimension of
performance Peter Drucker
Disruptive Characteristics Cheaper
Simpler
Smaller
More convenient
Examples Cell Phone & Skype vs. Land Line Phone
Netflix vs. Blockbuster
Apple products generally
Nucor minimill vs. US Steel
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Disruptive Innovation
Source: Clayton Christensen
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Opportunity Continuum
Idea Invention Innovation Opportunity
Technical Feasibility ?
Customer Acceptance ? ?
Business Model ? ? ?
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Who Is The Entrepreneur?
Source: Timmons and Spinelli
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Creative Destruction
Innovate + Interact + Ignite 12
Customer Discovery
Charlotte Venture Launch
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Lessons
Business models more important than inventions Edison electric light patent rejection
Edison enabled electricity to be sold like gas, a utility
Connecting, not inventing Autos available two decades before Ford Model T
Mass production; Ford I invented nothing new. I simply assembled into a car the discoveries of other men
Innovation in action Watts steam engine invention in 1762; but steam engines had
been used in coal mines for 70+ years
Impact when entrepreneurs worked with the technology
Source: Andrew Hargadon, Kauffman Foundation
Catalyst for Entrepreneurial Innovation
Financing
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Equity Sources
1. Founders, Family & Friends
2. Angels
3. Venture Capitalists
4. Strategic Partners
5. Public Equity Market
Dont forget
SBIR, STTR, ATP, other government
NC IDEA, Charlotte Venture Challenge, etc.
Stages of Company Development
< $1M $2 - $3M $3M - $10M $10 - $20M--
Typical Pre-
Money
Valuations
< $1M $2 - $3M $3M - $10M $10 - $20M--
Typical Pre-
Money
Valuations
Develop idea
into working
prototype
Develop beta
products; trial
customers
Launch product
sales to paying
customers
Expansion
through $XXM
revenue targets
IdeaMilestonesDevelop idea
into working
prototype
Develop beta
products; trial
customers
Launch product
sales to paying
customers
Expansion
through $XXM
revenue targets
IdeaMilestones
Pre-Seed SeedEarly
Stage
Later
StageConceptCompany
StageA-Round, B-Round, C-Round
Pre-Seed SeedEarly
Stage
Later
StageConceptCompany
Stage
Pre-Seed SeedEarly
Stage
Later
StageConceptCompany
StageA-Round, B-Round, C-Round
$5M--
Typical
Funding
Amounts
$5M--
Typical
Funding
Amounts
Venture Capital & Strategic Investor Founders, Friends, Grants
Angel Capital & Quasi Public
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Venture Capital: Seed & Early
Innovate + Interact + Ignite 18
Robotics Venture Capital
$millions 2011 2012 2013 2014
Deals 14 24 19 27
Investment $ $160 $220 $250 $341
$ Per Deal $12 $9 $13 $13
First VC fund dedicated to robotics, Grishin Robotics, appeared in 2012 Medrobotics raised $113M with four annual rounds Largest 2014 deal Anki Drive at $55M ($100M+ to-date) 2014: 6 drone deals; 4 medical robot deals High valuation exits: Mako Surgical $1.6B, Kiva $775M, MakerBot $600M But, modest market caps limit sector appeal: iRobot $1B
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Thinking of a Startup?
Innovate + Interact + Ignite 20
Ventureprise
Hybrid University & Charlotte Community University home and funding
Community governance and engagement
Serve multiple communities Academic researchers and students
Innovation-driven entrepreneurs
Regional innovation ecosystem
PORTAL building: where student, faculty, entrepreneur,
and corporate talent collaborate Charlotte Research Institute: corporate
Ventureprise: entrepreneurs
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UNC Charlotte
Commercialization
Innovate + Interact + Ignite
Commercialization Awareness [Tech Transfer, Ventureprise]
Invention Disclosure and IP Protection [Tech Transfer]
Customer Discovery & Business Model [Ventureprise]
Business Start-up and Growth [Ventureprise, SBTDC]
Innovate + Interact + Ignite 22
Robotics:
Entrepreneurial Opportunity?
Investors dont usually fund research
Thus Research via grants
Capital efficient business models
Niche focus
Strategic partners
What do you think?
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A Final Word!
Make Something People Want
Paul Graham
Veteran entrepreneur and founder of Y Combinator
Innovate + Interact + Ignite 24
Questions?
Topic Contact
49er Foundry & Charlotte Venture Challenge
Devin Collins [email protected]
Ventureprise Paul Wetenhall [email protected]
Ventureprise, Inc. 704 697-0900
www.ventureprise.org