4

Question 1

describe the 4 steps involved in the lean startup process

Answer 1

1. Plan Project
2. See plan as hypothesis
3. decrease risk systematically by testing hypothesis
4. adapt plan

Question 2

definition cybernetics

Answer 2

Regelungstechnik (understand functions that have goals, iterative causal chains, from action to sensing…)

Question 3

definition of MVP according E.Riess

Answer 3

a version of a new product which allows us to collect the maximum amount of validated learning about customers with the least effort

Question 4

5 effectuation principles

Answer 4

analyze - plan - do - check - act
or in entrepreneurial context:
market research - segmentation - positioning - business plan - financing/staff - “go live”

Question 5

8 success factors for new technology ventures according Song et al.

Answer 5

1. supply chain integration
2. market scope
3. firm age
4. size of founding team
5. financial rescources
6. founder’s marketing experience
7. founder’s industry experience
8. existence of patent protection

Question 6

3 key components of the Value Proposition Exchange Program

Answer 6

Roles, Value Propositions, Connectors (looks like SysML)

Question 7

5 sectors important in the connected vehicle startup scene

Answer 7

connectivity, diagnostics and maintenance, mobility management, safety and assistance, in-car content

Question 8

stages of the Startup in the Kompere “Startup financing cycle”

Answer 8

• valley of death (angels, seed capital)
• early stage - later stage
• IPO - Public Market

Question 9

name/describe 4 sources of funding

Answer 9

• equity (family, Angels…)
• grants (eXist)
• mezzanine (shareholder-loans)
• loans (bank, leasing…)

Question 10

legal definition of company crisis

Answer 10

“unworthy of credit” - does not obtain loans at market prices anymore

Question 11

top 5 motivations of business angels

Answer 11

supporting young entrepreneurs, contribute own experience, for fun, potentially fruitful investment, to play a role in the company process