From Science to Business

Today’s global economy and business are facing a tremendous challenge: how to transform research, the money invested and the resources provided to laboratories and scientific parks into new innovations to create new products and services that can lead to the improvement of the life of individuals and society as a whole.
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One of the main barriers encountered is the “distance” between researchers and the business world. This distance is not usually physical, it is simply a lack of knowledge on both sides.

Minimizing this distance would, without a doubt, improve the returns to society on the money invested in R&D. The participation of the senior scientist behind the invention and/or the researchers who decide to pursue a professional career in developing new businesses will significantly increase the odds of a successful new company.

This course and its contents are designed around the concept of a new tech-based entrepreneurial
venture.

Starting a new business includes a different array of tasks and operations. An overview of the process of identifying an opportunity, turning an idea into a product or service and making a business out of it will help the mind behind the invention to understand the whole process that starts once the discovery has been made.

In general, scientists and others engaged in the development of new knowledge are not usually the ones running the start-ups, as they are more focused on research than the development of new ventures. However, as it will always be necessary to have someone to take the ideas out of the lab and turn them into new ventures, having the researchers within the entrepreneurial team will greatly improve the ratio of new inventions turned into new product or services.

• How to find and evaluate business ideas.
• How to analyze the environment, the industry and the market to understand the idea.
• Methods to differentiate between an idea and an opportunity.
• How to craft a suitable business model.
• Basics of competitive strategy, and how to get your clients to continuously choose you instead of your competitors.
• Basic tools for market analysis and consumer understanding.
• Basics of B2B marketing.
• Frameworks for designing marketing plans.
• Understanding financial statements: profit and loss account, cash flow and balance sheet.
• Methods to estimate the capital requirements of the venture: The financial plan.
• How to manage high growth venture teams.
• How to protect the new venture. What can be patented?

This program is aimed at researchers, senior researchers, postdoctoral fellows and last year doctoral students as well. It is also addressed to managers in charge of research labs, scientific parks, innovation or R&D departments, and for decision makers in regional
policy.

This course aims to increase the speed of turning innovation and knowledge into new ventures. The course is designed for groups of approximately 20 people all of whom would be working in the same field or organization, as some of the cases discussed will be selected from the sector. Class size is limited to ensure optimal participation, learning and faculty-to-participant ratio.

Day 1: Introduction to Strategy

This session will provide a framework for understanding the company from a strategic point of view, the tools to analyze the general environment and the industry and a model for strategic management.

• Different business strategy options and the search for a competitive advantage.
• The Industry and the Company Value Chains.
• Key Success Factors.
• Mechanisms for growth.

Day 2: Marketing for Scientific and/or Technology based Start-ups

This session is designed to help participants:

• Learn how to formulate marketing policies and strategies specifically in B2B and technology based businesses.
• Improve their skills in market analysis and client understanding.
• Define frameworks for designing marketing plans.
• Integrate operational marketing knowledge with strategic marketing.
• Increase their ability to implement marketing programs.

Day 3: The Entrepreneurial Process

This session will focus on two main issues in Entrepreneurship – firstly, the context, in which a scientific venture is established and operates and, secondly, the process of developing and managing a new venture.

• Understanding the process of building a new scientific venture.
• Designing a suitable business model: from ‘idea’ to ‘opportunity’.
• The business plan: how to prepare and use it.
• The elevator pitch.

Day 4:

• Part 1. Managing the team

This part of the session is designed to make the participants aware of the importance of managing the team for the new venture to succeed.

The main aspects that will be treated in this session are:

• How to build and lead the new venture team.
• How to manage and reward the team members.
• How to get all the team members on board and aligned with the new company strategy.

• Part 2. IP Projection and other legal aspects for the new venture

How to protect the new venture:

• Patents.
• What can be patented?
• The process of patenting an invention.

The new company as a legal subject:

• Legal aspects to consider when setting up a new company.
• Taxes and other legal obligations.

Day 5: Entrepreneurial Finance

This session will be dedicated to one of the most challenging and difficult activities that an entrepreneur must embark upon: understanding the financial needs of the venture.

The main aspects of the session are:

• Understanding the financial statements: profit and loss account, cash flow and balance sheet.
• Methods to estimate the capital requirements of the venture.
• Preparation of the Financial Plan.
• Entrepreneurial finance for innovative ventures: business angels and venture capital.

For further information and application, please contact:
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Dolors Carreño
dolors.carreno@esade.edu
Tel. +34 935 560 757

Sarah Clarke
sarah.clarke@esade.edu
Tel. +34 932 804 008 (ext. 3718)