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2 Entrepreneurship > 11 Corporate Innovation & 7 Business Plan And Financials > Flashcards

11 Corporate Innovation & 7 Business Plan And Financials Flashcards

1
Q

Disruptive innovation

A

Product/service taking root in simple application for neglected segment, then growing until replacing established competitors

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2
Q

DIFFERNCE BW START-UP AND COMPANY: Why disruptive innovation happens

A
  • Start-ups: search new business models
  • Companies: execute on known business models
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3
Q

Why difficult for successful companies to innovate?

A
  1. Too comfortable with market share and profitability
  2. Internal processes not aligned with longer cycles of innovation
  3. Investment too risky
  4. Mgt tools and incentives favor short-term revenues
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4
Q

What mistake do companies make in the way they view themselves

A

As single institution w/ single business model

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5
Q

Optimal: ambidextrous organization

A

Both executing existing business and searching for newness

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6
Q

Two types corporate innovation

A

Closed/internal vs open/external

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7
Q

Examples closed/internal vs open/external corporate innovation

A

closed/internal:
- internal R&D/innovation
- corporate accelerator

open/external:
- innovation team
- corporate VC arm
- external accelerator

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8
Q

Is L’Oreal and Founder’s Factory Beauty Tech accelerator closed or open corporate innovation?

A

Open

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9
Q

How companies generate innovative ideas (3 types, with examples)

A

Bottom up
- suggestion box
- e-platform

Top down
- ideation events
- design thinking on strategic topics

External
- hackathons
- open call for ideas

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10
Q

BCG six innovation model (name, explanation)

A
  1. Creator: knows best, visionary
  2. Solution builder: listening
  3. Leverager: do it best
  4. Explander: steal share
  5. Defender: protecting turf - slow changing sectors
  6. Fast follower: react rapidly
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11
Q

Innnovation thesis: What’s the usefulness

A

Gives direction to move forward in integrated coherent way, facilitating implementation of innovation strategy (integrate current business and innovation)

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12
Q

Elements innovation thesis

A
  1. Future of industry
  2. Which areas/tech invest in
  3. Which areas/tech not invest
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13
Q

Formula innovation thesis

A

We see the ____ industry moving into this, this & this direction, in the future we see ourselves as being a reference in ______ (these pillars) by doing this _____.

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14
Q

Innovation portfolio

A

Framework: help make good investments to create innovation inside company -> putting innovation strategy into practice

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15
Q

Horizons investment portfolio

A
  1. Core
  2. Adjacent
  3. Transformational
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16
Q

Closed/open innovation @ L’Oréal

A

Closed
- R&D
- innovation lab
- internal accelerator

Open
- innovation team
- corporate VC fund
- external accelerator

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17
Q

Innovation thesis L’Oréal

A

We see the beauty industry moving into a more tech-based direction and in the future we see ourselves as being a reference in tech used in the beauty industry.

We are going to accomplish this by attracting innovation through in-house accelerators but also the Founder’s Factory.

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18
Q

3 innovation focus areas of L’Oréal

A

Product
- best products w/ best molecules -> bets performance

Customer
- keeping up with trends in touch points: communication, selling

Tech
- cutting edge technology: product, customer service, value chain

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19
Q

Innovation portfolio of L’Oréal

A

Core
- R&D
- innovation lab and internal accelerator

Adjacent
- corporate VC fund

Transformational
- Partnership
founder’s factory
Station f

20
Q

3 factors success L’Oréal

A

1) top mgt: involved in innovation
2) strategy: vision of future and strategy to be in that future
3) partnerships: realizes can’t generate all ideas by themselves

21
Q

Internal (3 ex) vs external (4 ex) stakeholders

A

Internal
- employees, mangers, owners
External
- suppliers, customers, society, shareholders

22
Q

Is business plan just financial plan? What is it there for

A

No, not just financial plan, but to get credibility from outside

23
Q

3 jobs of business plan

A

Vision, roadmap, communication

24
Q

4 points in the vision part of business plan

A
  1. Vision + mission
  2. Target market
  3. Competition
  4. Revenue/profitability
25
Q

Roadmap element of business plan (which 3 strategies)

A
  1. Marketing strategy
  2. Sales forecast
  3. Operational plans
26
Q

Communication part of business plan (2 parts)

A
  1. Convey business concept to stakeholders
  2. Viability of business (support from stakeholder)
27
Q

6 key contents business plan

A
  1. Company description
  2. Market analysis
  3. Offer
  4. Marketing/sales
  5. Operational plan (day-to-day to deliver product)
  6. Financial projections
28
Q

Elevator pitch

A

Concise speech summarizing business idea (30 sec - 2 min)

29
Q

Business plan: company description (2)

A
  • mission, vision, values
  • personnel/shareholding structure
30
Q

Business plan: market analysis (5)

A
  1. Industry landscape
  2. Target market
  3. Competitive environment
  4. Market size, growth
  5. Customer demographic, purchasing behaviour
31
Q

Business plan: Offer (product/service) (4)

A
  1. Features, benefits, value proposition
  2. Functionality
  3. Pricing
  4. Unique selling point (USP)
32
Q

Business plan: marketing/sales strategy
- they are methods to do what?
- 3

A

Methods to attract, acquire and attain customers
1. Target market segments
2. Marketing channels
3. Promotions

33
Q

Business plan: operational plan
- what is it mainly
- 5

A

Day-to-day operations to deliver product
1. Product/service delivery
2. Supply chain mgt
3. Quality control
4. Inventory mgt
5. Customer service

34
Q

Business plan: financial projections (3) + what they all do

A

Forecasted (3-5 y)
- income statement
- cash flow statement
- balance sheet
—> detailing rev, expenses, profits, cash flow

35
Q

Formula elevator pitch

A

We are (name)… and we help (target customer segment)… do (value - what product does for customer)….

We are better than the competition bcs (differentiation or comp advantage)

36
Q

Stakeholders

A

Interest in organisation/project -> affected by/affect actions of business

37
Q

Financial planning: 3 key figures

A
  1. Revenue
  2. Net invome (revenue-cost)
  3. Burn rate ( how fats going through cash)
38
Q

acronym for gaol setting in financial planning

A

Specific
Measurable
Achievable
Realistic
Time-bound

39
Q

3 most important financial statements

A
  1. Income statement
  2. Balance sheet
  3. Cash-flow statement
40
Q

6 elements financial planning

A
  1. Goals/plan launch
  2. Start-up costs (investment)
  3. Monthly expenses
  4. Revenue
  5. Cash-flow projections
  6. Financing needs
41
Q

Estimating revenues: bottom-up approach

A

Sales (prod capacity/estimated sales) x selling price

42
Q

Estimating revenues: top-down approach

A

Market size (region) x market share

43
Q

Estimating operating costs: bottom-up approach

A
  1. production capacity
  2. add up individual expenses (materials, labor, marketing, OH)
    - write down individual cost/lump sum
    - multiply with production
    - total
44
Q

Estimating operating costs: top-down approach

A

1) estimated revenue
2) industry benchmarking: apply average cost ratios of comparable firm (materials, labor, marketing, OH)
- write percentages
- apply to revenue
- total

45
Q

3 elements cash flow projections

A
  1. Investing activities
  2. Operating activities
  3. Financing activities
46
Q

Six stages of start-up funding

A
  1. Pre-seed stage: ideation, market research
  2. Seed stage: financial support, verify hypothesis
  3. Early stage: VC, MVP, establish customer base
  4. Growth stage: scale, diverse funding
  5. Expansion stage: self-sufficient, other market segments, acquisitions?
  6. Exit stage: selling?
47
Q

Pitching to investors - 8 slides

A
  1. Opening slide (brand, one liner)
  2. Sell problem
  3. Solution
  4. Market opportunity
  5. Traction (growth)
  6. Business model
  7. Team
  8. Ask for what ur looking for

2 Entrepreneurship (4 decks)

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