I had attended
Prof. Asad M. Madni seminar named “Key Elements of a Business Plan for a
Start-up Company” which was organized by College of Science and Engineering,
City University of Hong Kong on 19th Oct 2018. Entrepreneurship is the engine of economic
growth. Technologist, faculty members,
graduate students, and other visionaries keep on developing concepts, products,
and service that are revolutionary and continue to define the evolution of our
society. This seminar introduced the key
elements as well as simple yet powerful approach to develop a successful
business plan for a start-up company. Before
it, I took a photo with Prof. Madni.
The group
photo was taken with all participants at the end. Prof. Hong Yan (Dean, College of Science and
Engineering, CityU) (Left 3 in 1st row) and Dr. Ray Cheung (Asso. Professor,
Dept. of EE, CityU; Director, CityU Apps Lab) (Left 5 in 1st row)
were also here.
In the
beginning, Dr. Ray Cheung introduced the background of speaker Prof. Asad M. Madni
who is a visionary and highly successful executive to lead two enormously
successful companies: Systron Donner Corporation and BEI Technologies Inc. He is currently an Independent Consultant; Distinguished
Adjunct Professor and Distinguished Scientist of Electrical & Computer
Engineering at UCLA; and Executive Managing Director & Chief Technology
Officer of Crocker, a San Francisco based private venture firm specializing in
emerging technologies.
Firstly, Prof.
Asad M. Madni (Distinguished Adjunct Professor, Electrical & Computer
Engineering, University of California, Los Angeles) asked us a question why so
little startup success. You needed to go
out to raise money and CEO of investment could give you only 15 min for you to
present your idea.
Therefore, he told students and participants to ask themselves the following questions.
1.
What
is it?
-
Explain
the product or service that you are providing in simple, understandable
language. Do not assume that the reader
understands your technology, product or service in as much depth as you do.
2. Why are you
proposing it?
-
Explain the market you are trying to serve.
3. Who else is satisfying this market?
- If someone is in the market, then explain how you plan to take away his/her market share. If no one is then explain how you plan to create and penetrate the market. He said “Market analysis is necessary and talk to your end user/customer”.
4. Intellectual
Property
-
Prof. Madni said IP is very important that not
necessary patent but your core technology should be protected.
5. Management
Team
-
He said that Technology Guru is not Management
Guru. The combination of group / team should be included Engineering, Operation
and Management who understand startup.
6. Sustained
Profitable Growth
-
Show clearly how you plan to grow the company. “Cash flow” is most important that to help
your company alive.
7. Be realistic
in your projections
-
You will have to live with your own projections.
(Like milestone assessment)
8. Perform
sufficient Due Diligence before you choose your investors and VCs.
-
He said to choose investors who understand your
business and marketplace for long-term development.
9. Exit
Strategy
-
Have a well-defined roadmap in terms of an exit
strategy. All investors will want to
understand this very clearly.
10. Give
Investors a reason to invest
-
Very compelling reason why investors should risk
their money on a startup
11. Do not
become a Victim of your Past Success
-
Learn to adapt to changing market conditions.
12. Be Prepared
to Work Hard
-
He said startup is no boss, you are the boss and
work from Morning to Night without break!
13. Surrounding
yourself with the Best People.
-
He suggested to join different association and
conference in your field and talk with experts.
14. Do not be
limited by Your Own Imagination
-
Discuss your plans with lots of experienced people
(even sign NDA if need)
Lastly, Prof.
Asad M. Madni encouraged students to take their technology from laboratory
concept to commercialize as product or service.
At the end, Prof.
Hong Yan (Dean, CSE, CityU) presented a souvenir to Prof. Asad M. Madni for
appreciating this valuable and inspiration talk to students.
Reference:
Prof. Asad M.
Madni - https://www.ee.ucla.edu/asad-m-madni/
CSE, CityU - http://www6.cityu.edu.hk/cse/cms/index.aspx?lang=en
CityU Apps Lab (CAL) - http://appslab.hk/
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