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3/6/2015 www.ventureprise.org 1 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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  • 3/6/2015

    www.ventureprise.org 1

    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

  • 3/6/2015

    www.ventureprise.org 2

    Innovate + Interact + Ignite 3

    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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    Innovate + Interact + Ignite 5

    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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    Innovate + Interact + Ignite

    7

    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

    Innovate + Interact + Ignite 8

    Disruptive Innovation

    Source: Clayton Christensen

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    Innovate + Interact + Ignite 9

    Opportunity Continuum

    Idea Invention Innovation Opportunity

    Technical Feasibility ?

    Customer Acceptance ? ?

    Business Model ? ? ?

    Innovate + Interact + Ignite 10

    Who Is The Entrepreneur?

    Source: Timmons and Spinelli

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    Innovate + Interact + Ignite 11

    Creative Destruction

    Innovate + Interact + Ignite 12

    Customer Discovery

    Charlotte Venture Launch

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    Innovate + Interact + Ignite 13

    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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    Innovate + Interact + Ignite 15

    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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    Innovate + Interact + Ignite 17

    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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    Innovate + Interact + Ignite 19

    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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    21

    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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    Innovate + Interact + Ignite 23

    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