Each week you can read a recap of the previous Entrepreneurship Resource Nights (Business Plan Practicum) session. This week, instructor John Zagula (founder, Ignition Capital) lead a class featuring guests Steven Hooper, Founder and CEO of Kigo Kitchen and Shanis Windland, CFO of Heptio, which was recently acquired by VMWare.
QUOTES OF THE WEEK
“Money is usually attracted, not pursued” – Jim Rohn
“Money is better than poverty, if only for financial reasons” – Woody Allen
SIXTH RESOURCE NIGHTS SESSION
This week we really got down to business—and business models—before finally focusing on the essential topic of money. First, we talked about three key money concepts: the box—into and out of which key stuff like money and resources for your business flow; the pickle—of managing expectations vs. reality; and the pie—that you need to share and/or grow (dear finance and account majors, my apologies, and my gratitude for not yelling at me).
Then we heard from strategy, finance, and startup veteran Steve Hooper on how to create and manage the numeric case for your business from the top down. Hooper was followed by another special guest, CFO/CPA and all around start up financial guru Shanis Windland. She spoke to the class on how to create, tell, and test the story of your business and your business model based on unit economics.
These two wonderful people went on to work live with two of our surprise participants: the Coach Chef and Optheia teams. They started with building out both their top down case of Total Available and Total Addressable Markets, test assumptions and discovering the key success levers along the way. Then they focused on building out the real story of the business in a business model and initial plan, again testing assumptions and key success levers.
We closed with some key observations on the importance of cash, cash, cash! Not just as fuel for your business, but in making sure your “burn rate” is not so high that you overshoot your “runway” and, well, die a grisly death. Don’t do that.
Alaska Airlines Environmental Innovation Challenge: February 19 applications are due, April 3 is the actual EIC competition
ENTREPRENEURSHIP RESOURCE NIGHTS LECTURE SERIES
Resource Nights are each Thursday starting January 10 from 6 to 7:50 p.m. in PACCAR Hall 192 (Shansby Auditorium). Can’t make it in person? Lectures will be recorded and the links posted to our website weekly. View the Resource Night schedule for links and complete listing of topics and guest speakers.
Thursday, February 21 at 6:00 pm in PACCAR Hall, Shansby Auditorium (room 192)
We are going to be talking all about actually building a company to contain and move your business forward. Specifically we will look at organization, legal structure and key steps, and of course, the all important team—how to build, lead and grow one. We will again have two expert speakers to help guide us through all of this including Tyler Hollenbeck, partner at DLA Piper, and Terry Drayton, the Founder/CEO of Livible.
Reminder, you can drop-in or catch the recording of this weekly course.
QUESTIONS ABOUT THE HIC, EIC or DEMPSEY STARTUP COMPETITION?
Hollomon Health Innovation Challenge: Terri Butler
Alaska Airlines Environmental Innovation Challenge: Lauren Brohawn – Reminder the deadline to apply is Tuesday, February 19!
Dempsey Startup Competition (formerly UW Business Plan Competition): Sarah Studer