Enabling a Different Perspective for Potential Entrepreneurs Emel Bulat Gordon-Cen. SSIS/ALERT –Industry & Government Liaison President – My. Skin Technologies 04/12/13 ACW Workshop, Chicago, IL
Agenda § NSF I-Corp, § Why is I-Corps Important? § Biz Plans, Adjacent Markets § Other sources of funding § SBIR, AIR & SECO § Discussions § Recommendations
I-Corps Intro “The National Science Foundation (NSF) has established a new opportunity to assess the readiness of emerging technology concepts for transitioning into valuable new products through a public-private partnership. The NSF Innovation Corps (I-Corps) program will bring together the technological, entrepreneurial, and business know-how to bring discoveries ripe for innovation out of the university lab” §Takes academics out of their comfort zone & “out of the building” §Brings different people together enabling interdisciplinary collaboration §Funds only “Biz Plan” & “Voice of the Customer” activities
I-Corps Tools § Great “Team” concept § Great books § “Business Model Generation, ” Alexander Osterwalder, Yves Piguer; Wiley Press § “Canvas” for understanding nuances of market, value proposition, supply chain, etc. § Makes for a better SBIR, etc.
Manufacturer Product Development Exclusive Spas. Beta sites Correlating measurements with OEM cosmetics Cosmetic companies B 2 B Higher quality matching of skin care products to customers Long-term Low cost B 2 B 2 C Train OEM Database of skin tones to better target products Exclusive Spas In-Home Cosmetics (Avon, Mary Kay, Arbonne) More accurate Melanin measurement IP Marketing Brand High-End (prestige) Cosmetics Direct OEM Over the counter (CVS, Walgreen) Cosmetic R&D Reduce returns Consistent results Advertising & COGS = $200 / Marketing Instrument Integration with OEM product Human Resources OEM Sales Service & Calibration Contracts Leasing In-Home Sales
Canvas § Forces team to look from many different perspectives – “Voice of the Customer” rather than “my invention is the best thing since sliced bread” – Value Proposition-Is your assumption valid? – Is there something you missed? – Can you Pivot? – Economics; Adjacent Markets – Competition – Channels-overlooked by many start-ups
Teaming with MBA’s & Mentors a Must Diagram of Payment Flows $250 Year $200 unit Contract Manufacturer My. Skin. Tone Cosmetics Firm or Spas / Salons $500 - $1 K unit • • • My. Skin. Tone purchases product from contract mfg Product received from manufacturer My. Skin. Tone delivers to cosmetic firms My. Skin. Tone receives payment from cosmetic firms Cosmetic firms place My. Skin. Tone product into department stores or leases it to regional sales reps • Department store sells cosmetics to consumer, increase sales Department OEM or Sales Reps Increased Sales Consumer My. Skin. Tone Product Money Cosmetics Cosmetic Money 7
Linking Other Programs § SBIR I & II, (IB & IIB) – Great next step after I-Corps – Requirements could be more in-line with the momentum created from the I-Corps § STTR § SECO – Currently there are two Options: • Option I for new start-ups teamed with ERCs • Option II for active SBIR II teamed with ERCs § State Funding § Angels, VCs
Discussion Topics § Making sure the technology is robust § Getting high quality mentors who are willing to donate their time § Having the “right team” § Networking with start-ups in similar markets § Positioning for other funding opportunities
Recommendations § I-Corps is unique for the “. gov” community § Focusing founding teams on “Biz Plan & Mkts” § Developing more interactions with potential customers § Funding agencies providing more one-on-one access with the private sector
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