Jeff is right. And while it may seem odd to admit, the outcome/deliverable of a semester-long course (the b plan or pitch deck) is less important than the process teams go through to produce it.
At Miami U, our senior capstone New Venture Creation course mirrors a typical "startup accelerator" experience. Each section of the class has 25-30 students and includes a mix of business and non-business students (we have a 50/50 split of business and non-business majors in our entrepreneurship program), and each section ends up with 6-8 startup "teams" of about four students on average. Over a 15-week period as part of the course, students have worked in small teams establishing problem/solution fit, identifying and sizing the addressable market, developing a business model and launch plan, and projecting future revenues and financial capital requirements for a startup business idea. At the conclusion of the fall and spring semesters, about 20 or so student teams pitch their startups to 50+ institutional investors (from VC and PE firms across the Midwest), directors of startup accelerators, angels and angel groups, and founders of funded companies (in a format similar to an accelerator's demo day). Over the past year or so, several of our teams have received funding. Three teams found spots in accelerators-OROS Apparel (The Brandery), Devoo (OCEAN Accelerator), and Nomful (DreamIt Ventures). One completed a successful $300,000 Kickstarter campaign. Two others have received angel seed funding.
Rather than simply "grade" each team at the end of the semester-long project on the pitch/plan they produce, I assign four major group assignments during the semester that represent key milestones in a typical startup lifecycle (1. problem statement/ID, 2. target customer and addressable market, 3. initial prototype/MVP, and 4. growth strategy and financial projections). I have a specific rubric for each assignment and for the pitch at the end of the semester. Before the final pitch competition, each team submits (1) a 5-page executive summary, (2) a copy of their pitch presentation slides, and (3) financial projections (focusing on top-line revenue, margins, and cash) and capital projections (seed round financing needs). Designed this way, assignments drive teams to address key questions about the problem, the target customer and value proposition, size of the opportunity/addressable market, etc. and forces the teams to consider related topics like fundraising and valuation. The approach we follow requires "pitch" 5-6 times during class (as part of each assignment) before they pitch to investors at the pitch competition held at the end of each semester, which helps them better understand how to craft a compelling "story" for investors.
Let me know if you're interested in the assignments, rubrics, etc. and I'll email them to you off-line as well.
Ah, yes. You will get multiple responses from members of the list who have strong opinions about business plans.
My own opinion is that new venture management is optimally taught from a business model generation perspective. Rather than a static business plan, a business model evolves as new information and data are gathered which improves the venture idea iteratively.
Here is the business model canvas.
For the students in my classes, the end-of-semester deliverables are: 1) a business model canvas, 2) a 2 minute pitch, and 3) an implementation timeline.
I'll email you rubrics offline.
Jeff Pollack
Assistant Professor
Management, Innovation, and Entrepreneurship Department
Poole College of Management
NC State University
2801 Founders Drive, Campus Box 7229
Raleigh, NC 27695-7229
804.397.0818 phone
jmpolla3@ncsu.edu
I am developing curriculum for a new venture management course and I was wondering if anyone would be willing to share some of their experiences with teaching the development and writing of business plans.
What kinds of exercises do you use? What kind of rubric do you use for grading a business plan?
Any feedback or advice would be greatly appreciated.
Assistant Professor of Management
California State University, Los Angeles
************************************** This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management. Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list. You can manage your subscription options, including joining or leaving the list here:http://aomlists.pace.edu/scripts/wa.exe?SUBED1=entrep&A=1 If you have questions or need help, please contact Jeff Pollack (jeff_pollack@ncsu.edu) or Kevin Cox (kcox24@my.fau.edu). Ventures HO!
Jeff Pollack
Assistant Professor
Management, Innovation, and Entrepreneurship Department
Poole College of Management
NC State University
2801 Founders Drive, Campus Box 7229
Raleigh, NC 27695-7229
804.397.0818 phone
jmpolla3@ncsu.edu
************************************** This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management. Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list. You can manage your subscription options, including joining or leaving the list here: http://aomlists.pace.edu/scripts/wa.exe?SUBED1=entrep&A=1 If you have questions or need help, please contact Jeff Pollack (jeff_pollack@ncsu.edu) or Kevin Cox (kcox24@my.fau.edu). Ventures HO!
************************************** This message is from ENTREP which is sponsored by the Entrepreneurship Division of the Academy of Management. Please do not post messages with attached files. Commercial messages or spammed messages are not allowed on the list. The use of auto-responder "out-of-office" messages may also lead to your removal from the list. You can manage your subscription options, including joining or leaving the list here:
). Ventures HO!