Tuesday, December 21, 2010

Peter Farrell Cup winners WIN AGAIN!

First-place Peter Farrell Cup Competition winner TaxiApps has won again, this time at the John Heine Entrepreneurial Challenge at the University of Adelaide (in partnership with Queensland University of Technology) on 9 & 10 December 2010. Taxi Apps is a mobile phone-based taxi booking and fare payment platform.
Team TaxiApps not only won First Runner-Up, which comes with over $7,000 in cash and prizes, but also the Outstanding Showcase Display Award, and the i.lab technology incubator Award. 

Team member Andrew Campbell says, "[We] embarked on this journey because we perceived it would be a great process to go through to refine the business plan. And you know what? It has been remarkable as a way of doing this. The prize money was perceived as a bonus...If we had just tried to write a plan and a model ourselves, I can imagine how crap it would be. 

"By going through the PF Cup and the JH Challenge we have received so much in-put, energy, critique and motivation. The TaxiApp plan is now really well refined and we believe that it now has a much greater chance of success as a business. In addition, we now also have some great contacts, we learned lots, we pitched and pitched and pitched this thing & we know it backwards." 

TaxiApps has developed a mobile phone-based taxi booking and payments platform. One of the application's main features is to connect passengers and taxi drivers directly by broadcasting their location using mobile phone technology: passengers save time and effort finding cabs, while drivers get more fares and revenues. 

In Australia, large taxi network operators and the highly monopolistic payments firm, Cabcharge, wield enormous influence and control over other players in the industry. The Taxi Apps business is founded on the principal of applying emerging technology to disrupt a highly monopolised market, redefining in the process how this market operates.

For more information on the John Heine Entrepreneurial Challenge, click through on the following link: http://www.johnheinechallenge.org/competitor/prizes.jsp

Friday, November 26, 2010

Peter Farrell Cup competition RESULTS!!

Mobile phone-based taxi booking and payments platform developer TaxiApps took first place in the 10th annual Peter Farrell Cup Business Plan Competition last Thursday. The event was hosted by the Centre of Innovation & Entrepreneurship (CIE) in the School of Strategy & Entrepreneurship at the Australian School of Business (ASB). 

The competition offers teams of students the opportunity to create and develop an innovative business idea,  then present it to a panel of five judges comprising business founders and venture capitalists.

“The whole process, from coming up with idea and then thinking through what we wanted to do and how we were going to do it – the whole thing just gathered momentum and then I started thinking `Hey, we could really do this’ and now it’s just really exciting that we’re going ahead with this,” said TaxiApps team member Ned Moorfield, a student of the AGSM. “The contest really gets you going.”

Dr Peter C Farrell with 1st place winning team, TaxiApps. From L to R:
Trung Nghi Tiet, Ned Moorfield, Dr Farrell and Andrew Campbell
Other winning ideas were: on-site toxic halogenated waste recycling, hangover and osteoporosis medications, and an online social network for casual workplaces.
“I was really impressed at the sophistication of not only the presentations but the ideas themselves,” commented Axelle Marjolin, UNSW student and spectator, at the evening’s events. “I certainly wasn’t expecting so many technical ideas with that much development behind them.”

Judge Gareth Dando, founding Managing Director of Southern Cross Venture Partners, also expressed surprise at the ideas presented, saying, “I’m quite impressed with the calibre of the ideas and businesses [the teams] put together. There are some quite good ideas here, and not just for students.”

Teams were judged not only on their written business plan – which determined, from the initial 25 applicants, who would go on to win one of the ten spots in the finals presentation roster – but also on live presentation and their ability to field questions from a tough judging panel.

“The Peter Farrell Cup is about articulating a business idea, and doing that through a brief written plan and verbal pitch. It provides an opportunity to experience what it’s like to actually have an idea, develop a business model around it, and then solicit interest and feedback about the opportunity from real investors - people who know what they’re talking about and evaluate such opportunities on a professional basis,” said Dr Martin Bliemel, CIE’s Director. 

“Sure, the judges are looking for a unique selling proposition, a clear market and risk analysis, and investment attractiveness, but what else they really want to see is that spark in the eye of the person telling them about it, they want to see that passion for the idea,” he explained.

Dr Peter C Farrell, AM, Founder and Executive Chairman of ResMed Inc, sponsor of the competition, was on-hand to announce the winners and present awards.

Ernst & Young and TiE also sponsored the event by offering full membership with the TiE and attendance at Ernst & Young’s Entrepreneur Of The Year ™ awards dinner to the winners.

A special addition to this year’s competition was the unveiling of the new Peter Farrell Cup competition trophy. Jointly designed by Selena Griffith, Lecturer at UNSW’s College of Fine Arts (COFA), Dr Miles Park, Senior Lecturer in UNSW’s Faculty of the Built Environment (FBE), and Industrial Designer Hugh Worthington (BSc. Design UNSW) of Vert Design in Redfern, the uniquely stylized cup is representative of the “crucible” effect of the competition on rough business ideas that are distilled and concentrated through participation in such competitions.

New Peter Farrell Cup trophies by UNSW's COFA and FBE, and Vert Design

Made from recycled aluminium bicycle tire rims, the outside of the hollowed half-sphere has a roughly mottled surface created by a process called lost-foam casting. As the surface turns the edge from the outside, the level of polish increases until it reaches the centre of the hollow, which is almost a mirror. 

“We wanted it to represent the ideas [in the competition] needing to be polished, and be something of value to hold. The polished texture changes the form, and it looks different and feels lighter as the texture changes,” said Andrew Simpson, Principal Industrial Designer at Vert.

First, second, and third place winners each receive a smaller replica of the Cup engraved with their team name to take home. The original Cup will remain on display at the CIE with the first-place team’s name engraved on the highly polished steel plate on which the trophy rests.  

“Although it’s a long evening with ten 15-minute presentations, the level of activity and networking at the event was tremendous,” stated Dr Bliemel. 

“One participant, Sampath from Solbij, which is a provider of solar chargers for mobile devices, did not make the finals but still came to the event and guerrilla-pitched the judges in their break to demonstrate the massive progress he made since his initial submission. Now that’s taking initiative and being entrepreneurial!” said Dr Bliemel with a laugh.

In addition to the prizes initially offered, the winning teams have also been invited to pitch to more investors at Seed Accelerator’s upcoming Sydney Startup Networking event on 9 December. TaxiApps is also going on to compete in the John Heine Entrepreneurial Challenge in Adelaide, and Solbij has received further advice from one of the founders of Sydney Angels. 

Winners were:

1st place - TaxiApps (mobile phone based taxi booking and fare payment platform)
2nd place - ACIRO (on-site toxic halogenated waste recycling) 
3rd place - OsteoPlus (osteoporosis medication)
4th place - Resaca de Borrachera (hangover cure at the molecular level)
5th place - Shiftr (online social network for casual workplaces)

Winning teams of the 10th annual Peter Farrell Cup Entrepreneurship Competition
For more information please contact the CIE at +61 2 9385 9730.

Thursday, November 11, 2010

Peter Farrell Cup Competition FINALISTS

Congratulations to everyoone who submitted a business plan for this year's Peter Farrell Cup Business Plan Competition.  The judges had a hard time narrowing the field down to just 10 finalists, and they are (with a VERY brief description):

ACIRO - on-site toxic halogenated waste recycling

Extron - hand-held electrical testing device

Nommm - food-photo-based social network

Osteoplus - osteoporosis medication

Rentech Coatings - medical device coatings

Resaca de Borrachera - hangover cure at the molecular level

Shiftr - online social network for casual workplaces

Shwanki - product wiki and trending website

TaxiApps - mobile phone based taxi booking and fare payment platform

Vogelco - infant heart-rate monitor

We're looking forward to seeing the presentations next Thursday, 18 November!

Friday, October 15, 2010

Meet the Entrepreneur - CleanTech - AFTERWORD

Dr Marc Newson, Ernst & Young

Expertly moderated by Ernst & Young's Dr Marc Newson, the CIE's spring Meet the Entrepreneur event explored three innovative businesses in the rapidly-growing field of clean technology.

The panellists:

Guy Pross - Director, Business Development and Commercial Partnerships, Better Place Australia

Stone Wang - Managing Director, Artemis Building Systems

Matthew Warnken - Managing Director, Crucible Carbon

Guided by the themes of Economics, Scalability, and Convenience, the panel related some insights gained from their experiences in starting and building three very different businesses:

Better Place Australia is a global company dedicated to zero emissions driving through the delivery of services to enable confident adoption and use of electric vehicles (EVs). Better Place Australia will build and operate the infrastructure and systems to optimise energy access and use. By providing the infrastructure and services that make it easy, affordable and attractive for motorists to adopt and drive electric vehicles, Better Place will enable the mass adoption of EVs in Australia. (http://australia.betterplace.com/)

Guy Pross, Better Place Australia

Artemis Building Systems pty ltd (ABS) is a Building Integrated Photovoltaic (BIPV) specialist with design, supply and engineering capabilities in Australia and China. ABS provides innovative and responsible supply solutions for building-envelope sustainability such as integrated curtain wall and overhead glazing systems with conventional and high performance glass and claddings or can provide Building Integrated Photovoltaic (BPV) systems to suit particular design requirements. (http://www.artemisbs.com/)
Crucible Carbon's pyrolysis process is designed to produce biochar, biocrude oils and pyrolysis gas from a variety of biomass sources at low capital cost and high energy efficiency - the goal being to have technology that is scalable, replicable and financially viable in today's economic conditions. Pyrolysis has significant potential to reduce greenhouse gas emissions at a global 'wedge' level of carbon abatement through the production and land application of biochar, in addition to generating renewable energy. (http://www.cruciblecarbon.com/)

Matthew Warnken, Crucible Carbon
Stone Wang, Artemis Building Systems
 So, what did the panellists have to say about Economics, Scalability, and convenience? 

  1. Australia is an excellent test market. It's our backyard and a convenient place to demonstrate proof of concept if you're looking to scale up for the US.
  2. While it is generally inconvenient to be the first to try unproven technology, no one wants to be the last person with obsolete technology (i.e. a petrol-powered vehicle in an EV world).
  3. Sure the early adopters will pay to be green, but ultimately the rest of the market wants and needs to know how their lives will be impacted - will they retain, or regain, more time and money for food, housing, medicine, education, family?
  4. Where is the value? What's the IRR to the investor? What are the government money factors (corporate taxes and employment income that offset subsidies, tax breaks and grants)? These have to be clearly defined - and credible!
  5. If you're depending on subsidies, this can get tricky as companies scale up by expanding to other regions. These days it's not enough to think less than globally.

And what's keeping the panellists up at night?

Given the rapid development of new technologies and regulations in clean technology, our panellists cited the following issues:

• The question of balance - do you hold out for perfection or make a prototype that's "good enough"?

• The problem of standardization - many emerging proto-standards can stretch resources too thin.

Join us for our next Meet The Entrepreneur, to take place in the early part of next year. The theme will be Open Innovation.

Thursday, October 14, 2010

StartMate Applications now open (closing at the end of November)

The twitter-sphere has been lit up with announcements from StartMate that they are now open for applications. But, what is StartMate?

Startmate is a group of startup executives offering mentorship and seed financing to founders of Internet and Software businesses based in Australia. Our first program is in the first quarter of 2011 in Sydney and applications will open later this year.
We want to help the most exceptional technically-focused founders create world class companies that solve customer problems.
The three month program offers a $25,000 investment, mentorship from more than 20 successful founders, sage legal counsel and a two week trip to Silicon Valley. At the conclusion of the program there are two demo days, one in Sydney and one in Silicon Valley, where you present in front of early stage investors.
We strongly believe in lean startup principles. The biggest risk in a startup is not whether someone will steal your idea or if you can build a product but rather that no one will care. Startmate is designed to help you win your first customers and work through the initial stages of customer discovery.
I have met a number of the mentors, and indeed, their names should be familiar with you, too. They have an exceptional depth and breadth of experiences related to high-tech web start-ups. Like me, some still occasionally get mistaken for uni students. They may not have grey hair, but that doesn't seem to matter in the GenY business world. They also have a huge heart for the younger entrepreneurs who may not even realize the global social impact their innovations may have.
Over the last couple weeks, the Sydney new ventures community has been on fire with events, including Tech23, the Young Entrepreneurs' Unconvention, SydStart, and Startup Camp Sydney (See also SMH article or ASB media release). Tonight is Seed Accelerator's Startup Networking Party, and CIE's Peter Farrell Cup is still coming up, too! A common element between these events were that there was always someone from StartMate there. The next wave of innovators are revving up, and the angels/mentors are now ready for business (from an email from Niki):
We've opened up the applications for the inaugural wave of Startmate. Folks can find out more here:http://www.startmate.com.au/application-process and apply here: http://hirehive.com/apps/488RSG
Applications will close at the end of November and the final round interviews will be held in early December. 
Startmate is premised on helping small teams of technical founders get started on building great companies. More details on the program here: http://www.startmate.com.au/program-details The first wave of StartMate will begin in January of 2011 in Sydney.

Ready ... Set ... Go!

Saturday, October 9, 2010

StartupCamp Sydney going strong (Oct 8-10)

From time to time I have been popping in to check on StartupCamp Sydney IV. Sometimes in person at ATP Innovations, sometimes just checking Bart's twitter feed or the #sucs hashtag.

There are dozens of 30-second idea pitches online, and teams have gelled around 10 ideas listed on the StartupCamp website:

My favorite one has probably got to be the mash-up between ChatRoulette and Foursquare:

The whole collection of videos is available at:

What's next??
The whole schedule of events is available at: http://sydneystartupcamp.eventbrite.com/

The next sections that are open to the public are:
Saturday 9 Oct at 9pm: Launches and Demos to Press, Party!
Each team has maximum 5min (and you will be cut off and this includes fumbling with laptops, etc) to pitch and give a live demo of their product. After this there will be 2-3mins in which the press can ask questions. This pitch is NOT for investors. This is where you get the world excited about your invention
Sunday 10 Oct:
2:00PM - Investor and business leaders arrive for Grand Final Pitches
4:00PM - Networking, Clean-up, Final Touches!
5:00PM - Close off StartupCamp IV

Hope to see you there!

Tuesday, October 5, 2010

Business Plan Workshop for the PF Cup Competition

Dr Martin Bliemel will be running a Business Plan Workshop tonight.

WHEN: 5-6:30 PM

WHERE: ASB Lounge - 6th floor, West Wing, ASB building (E12)

BRING: Paper, pen, and questions

Please make sure you’ve reviewed the Simple Business Outline and Simple Business Model from the CIE’s Library & Tools page (first two items):
www.cie.unsw.edu → Resources menu → Library & Tools

(or http://www.fce.unsw.edu.au/nps/servlet/portalservice?GI_ID=System.LoggedOutInheritableArea&maxWnd=_ResourcesandLibrary)

If you’ve registered to join a team (and haven’t yet found one), this is the event to find that team!

See you this evening!

Wednesday, September 29, 2010

Online workshop: Venture Capital and Private Equity in the Asia Pacific Region

(reposted from an email)


Online workshop
Venture Capital and Private Equity in the Asia Pacific Region
Tues 16 November 
9.30am -11am Hong Kong time.
Organised by the Asian Finance Association and hosted by the School of Banking and Finance, UNSW.

The Asian Finance Association is pleased to invite interested academics and practitioners to submit papers and/or participate in an online workshop on “Venture Capital and Private Equity in the Asia Pacific Region”

The Asian region has an increasing role in the global venture capital and private equity market. However, there has been little research on the role/impact of venture capital and private equity in the Asia Pacific region. The aim of the workshop is to bring together researchers and market participants to discuss recent research on venture capital and private equity and its broader implications for practice and policy.

We invite authors to submit high-quality research papers on any aspect of venture capital and private equity with a focus on Asia Pacific markets.

Interested authors should e-mail their paper in Acrobat PDF format to:

Contact:       Jo-Ann Suchard
Email:         j.suchard@unsw.edu.au
no later than October 19, 2010.

Cost of participation :
Asian Finance Association members : Free
Non members : US$85 for non members to join the Asian Finance Association and includes subscription to the two journals of the Association : International Review of Finance and Pacific Basin Finance Journal.

Friday, September 17, 2010

Lessons Learned from Vancouver: The 4 Stages of a Rockin Startup Eco-system

This post is too good to not simply repost in full. Thanks Danny.

There isn’t a single regional area that I know of who isn’t desperate to building an internet technology industry in their city.  When my wife and I decided to stay in Vancouver to raise our children, we made a commitment to do whatever we can to make Vancouver the best place to start an Internet company in the world.  Lofty goal, yes, but hey, I’m an entrepreneur, and we’re a group who is plagued with unbridled optimism.
I’m not going to get into what mistakes most cities make, but I will say this: If you’re building an incubation/acceleration/mentor program first, and staffing it second, you’re doing it wrong.  Each city has slightly different characteristics and what works for one probably means it wont work for another.  The biggest of these differences is THE PEOPLE. Find the right people, empower them, and get out of their way.
For the first time in the last two years, since I have been working at building the eco-system in Vancouver, I feel like I finally have clarity about how to communicate the stages building and Internet Startup Eco-System, which I’m sure could be applied to any city:
Stage 1: INSPIRE
  • About: This is the top of the funnel. There are many many people who have an interest of starting a company but just don’t think they can, or think they can afford it, or are worried about what might happen if they fail.  At the same time, they probably can’t get thought of it out of their mind either.  These people are entrepreneurs in making. They just need a little inspiration.
  • Goal: 1) Reach new founders and encourage them to learn more about what it takes to start an Internet company, 2) create opportunities for them to meet co-founders and 3) convince them to quit their day job to start the company.
  • How: Inspiration from networking and socializing with other members of the community. Events, Co-Founder speed-dating, Meet and study other successful founders and their companies, Universities. Dispel the myth that failure is bad. Trying is good, failure is experience, success is rare.
  • Where: Inspiration can occur from many sources including: Universities, Trips to Silicon Valley, PR/Blogs, Industry networking events like co-founder speed dating, Stories from successful exits, Educational seminars.
Stage 2: HACK
  • About: Okay, let’s say you’re a founder and you’ve just quit your day job.  You love your idea. You may even have a co-founder already.  What now?  If you guessed that you should test your idea with customers, you’re right!  But for god-sake, do it as quickly as possible with the least amount of money.  In other words, hack something together, test it live, measure results, and iterate it daily.  They’ll be plenty of time for optimizing your code once you find something that people want, but for now, hunt for the perfect user experience. This is NOT the time to raise money, write business plans, give powerpoint presentations, or project your financials performance.
  • Goal: 1) Design mockups and develop prototypes, 2) Test ideas with target customers. 3) Run cheap customer development tests, 4) Educate, 5) Build community.
  • Startup Metrics for Pirates
    Startup Metrics for Pirates, Dave McClure, Eric Ries
  • How: Get a few laptops, fire up a Joyent instance, register a domain, start a blog and twitter account, create a google accounts for apps, analytics and adwords. Build some landing pages and start testing.  And most importantly, start the conversation with your potential customers/users, listen to them, iterate.
  • Where: I know now that any healthy eco-system requires that founders have access to an open public space to hack.  A place with desks, couches, whiteboards, conference rooms, free WiFi, and, of course, the best coffee known to man.  The space would give founders access to limited professional services, tons of advice from mentors, advisors and potential future Investors.  But most importantly, it would be the focal point for the community. It would have a vibe that can only be created by the collective passion of the few who decide they can change the world with a simple idea in their heads.  It would be a place designed by the community, for the community. The space must be subsidized by government, but most importantly, vertically focused on the Internet and operated by passionate members of the startup community.
  • About: Most founders are first-time founders. While extremely intelligent in building products that people want to use, they have a very limited network of people who have been through the experience of successfully starting and exiting a company.  It’s these people who will provide the credibility they need, and help the founder prepare the company to raise financing required to grow. It’s clear, raising money is hard.  Raising money from people who don’t know you is virtually impossible.  Realistically, founders will need a credible introduction to even have a chance. Being accepted into a true seed accelerator is a great start, and the mentors that you work with while in the accelerator complete the picture.
    Startup Metrics for Pirates, Dave McClure, Steve Blank
  • Goal: 1) Provide seed financing, 2) Measure customer acquisition channels. 3) Develop permanent relationships with mentors, partners, & investors. 4) Develop the investor pitch. 5) Transition from iteration to execution.
  • How: There are a few examples of great Seed Accelerators run by even greater people. In my opinion, the team at TechStars, lead by David Cohen, is the leading the way. Seed Accelerators are NOT incubators. Seed Accelerators are unique from Incubators in the following combined ways, 1) Mentorship focused. 2) Provides a small amount of financing in exchange for equity in the startup. 2) Accepts only a small group of companies at a time, 3) Limited time, about 3 months. 4) Have a physical space.
  • Where: Bootup, YCombinator, TechStars, Capital Factory, Montreal Startup, Extreme University, Year1Labs, and tons more. You can also emulate this by working your own professional networks to get introduced and invested in by Super-Angels.
Stage 4: GROW
  • About: By this stage, founders are finalizing the transition into a working company with the goal of optimizing current user acquisition channels, and discovering more.  Although, product iteration never actually ends, it is much more focused on individual feature adds/removes/updates.  Another way to put it: you change from searching for a product that works to optimizing one that starting to show traction.  This is the time to put the peddel to the metel.
  • Goal: 1) Fund the acquisition of new customers as fast as possible in the cheapest way possible 3) develop new acquisition channels  2) Reinvest revenue and/or raise funding.
  • How: Need a $20M Series A venture fund to act as a local lead investor.  Exits of companies within this fund, will attract additional investment funds to open offices in the region.  The fund will invest in the best local companies it can find, but syndicate with highly connected and reputable super-angels and VC firms in Silicon Valley, New York, etc.  This will bring investment from more firms into the local area more quickly than starting up new firms.  This fund must be able to invest in companies outside the local region in order to be focused on making the highest return possible, but it is also very important to build relationships with well connected and experience firms who consistently get invited to invest in the creme of the crop.
  • Where: A modern VC firm in the local area, preferably within the same building that the Seed Accelerator is in.
What's next? (pick one)
  • Series B Financing.  Further equity financing for growth. onward to becoming large anchor technology firm.
  • Customer Acquisition Factoring. A hypothetical future financing model which I project will be available by the time any company starting today is ready for Series B.  This concept deserves it’s own post, but essentially, in the same way banks factor receivables, they will begin to factor user acquisition channels negating the need for Series B VCs.
  • Merger/Acquisition.  There should NEVER be any strings or attempts made to keep the company in the local region.  While the eco-system is ramping up, chances are a higher percentage of companies will sell to US companies, but not ALL of them.  Over time, as the eco-system matures, more companies will stay.
  • Organic Growth/Bootstrap/Lifestyle.
  • IPO (an option, but only in very rare and specific situations)
  • Fail - Entrepreneur gains valuable experience – goto Stage 2.
Net benefit to ecosystem
  • Higher volume of startups started and a higher success rate.
  • More high paying high tech jobs created
  • Angels are created and reinvest.
  • Increased foreign investment from VCs
  • Investor confidence increases.
  • Anchor technology companies.
  • New entrepreneurs inspired, goto Stage 2.
My hope is that companies will start to feel comfortable regularly communicating which stage their in to each other and investors.  Investors should also communicate which stage their interested in investing in.  Aligning these two groups will help to eliminate a point of animosity between these two groups.  Associations, Governments and Universities should communicate which stage their targeting with their programs.  But an eco-system is only actually healthy and functional when all 4 of these stages are fully active, properly funded, and managed by passionate people who care.
One last thought before I anxiously await your comments.  I’m sure you can cite specific examples of companies that “made it” by skipping one ore more of these Stages.  Please keep in mind that I’m not saying that this is the ONLY way to build ALL companies.  However, I am adamant that this is the only way to build a healthy, productive, Internet technology eco-system that produces a high quantity of world-class companies.

Wednesday, September 15, 2010

CIE Newsletter (Spring 2010 edition)

Sept Newsletter
In this issue:
:: Entrepreneur's Notebook
:: Entrepreneurial Internship Program
:: Entrepreneurs' Confidence Barometer
:: Diploma in Innovation Management
:: Upcoming Events

 CIE only

Welcome to CIE's emergence into the web2 era of communication!

In addition to an updated homepage, we now have a more automatic way of subscribing to more frequent updates about news and events:
Since last April, the CIE has continued many of the existing programs with increasing momentum, and pursuing several new programs too. We also have a new Program Manager, Linda Glave, to help with the daily operations so Martin can dedicate a little more time to teaching and researching innovation and entrepreneurship in Australia.

Entrepreneur's Notebook

Networks & Networking - Don't waste your time; invest it!

by Dr Martin J Bliemel
Networks and networking are pretty hot topics these days. When exploring a new line of business, product, or market, networking is often a quick way to get rich feedback. I ran my own business consulting firm for a couple years, searched for clients and partners, and recently completed my PhD dissertation on the networks of entrepreneurs, so I feel the need to disseminate some of my observations. Setting aside my rant about the differences between networks, social networks, and online social networks, this column reviews two key things to consider before networking:

·   Is this the right network for me?
·   How should I use the opportunity to network?

Which network is the right one?
Networks (and organizations that facilitate networking events; example) range along a variety of variables. Some are more durable, and others more trendy. Some are more like a market, and others more like a clique. If you are prospecting for customers, why would you spend your time at an industry conference among all your competitors? If your business is relationships based, why would you network at conferences instead of pursuing individual referrals from your existing network? If you are looking to increase sales and want to 'spread the word', then yes, a shotgun approach to networking might be the best one. That might be by handing out more business cards than Darcy Rezac, through to blasting the news out there with all the new social media platforms. However, if you are looking for that needle in the haystack, and can clearly describe that needle to others, a more targeted search is more applicable. With a more targeted approach, you should approach specific people (for specific referrals). Social media platforms can still help, but work better if you prequalify who you contact, and address them directly. Just think of the last time you felt personally compelled to reply back to a "Dear Subscriber" message (ironic that this column should start that way, I know);, asking for something specific, other than selling you a product or service. Learn to think twice about which networking events to go to, and how to leverage them to your advantage (my second point, below).

How to network
For beginners, networking feels awkward at first, but can quickly become second nature. The basics include (i) having a business card, (ii) offering it somewhere toward the middle or end of your elevator pitch so it doesn't appear like you're liberally giving cards away, (iii) handing it over in a way that can be read easily (e.g. with two hands, card face up and oriented the right way), and (iv) respectfully reading the other person's card. The point I would like to emphasize here though is the elevator pitch. In particular I often see two areas in which networkers fall short of their potential: explicitly stating what value they provide, and what they are looking for.

Regarding the value proposition, in addition to clearly stating your name, role, and who you work for, never assume people are familiar with the company or can extrapolate what services the company provides. Don't leave them guessing, and provide a simple, concise example of who a typical (or ideal) client looks like, and how you improve their business/life. A personal story of the impact you have on their business/life is way better than numbing statistics of how many products you sell and how many customers you have.

Regarding what you are looking for, everyone is obviously looking for opportunities. Opportunities are ubiquitous, idiosyncratic and ambiguous. The first implication of your networking is that you are looking to drum up business. If however, you have other needs, it is perfectly ok to admit you are growing your business and looking for help. People have a natural tendency to help, IF they know they can and it does not come at a major cost to them. For example, after your elevator pitch, you might invite the other person to assist you in finding a better recruiting agency, or providing you a direct referral to a potential employee. Don't overwhelm them and ask for them to help you with all aspects of your business, just show a little humility and ask for ideas relating to a currently important or urgent issue you are dealing with. You may not get what you ask for, but you also don't get what you don't ask for.

3rd Year for the Entrepreneurial Internship Program

The Meet-and-Match event for CIE's Entrepreneurial Internship Program was our biggest ever!  A "short"-list of 30 Honour's and Dean's List students competed for 12 spots with our industry partners.  But then, the partner companies were so blown away with the quality of students that 5 additional positions were created and offered on the spot!

This year's partners are:
  • Anittel
  • Atlassian
  • BMDI Healthcare
  • Homestar Finance
  • IPScape
  • Pet Barn
  • ResMed
  • Telcoinabox
Our congratulations to the students and to our partners for their efforts, and we can't wait to see the reports and posters at the March Wrap-Up event! 

Entrepreneurs' Confidence Barometer 
Entrepreneurs lead the way back to growth
A recent survey of the Ernst & Young Entrepreneur Of The Year alumni has found that 74% of respondents defied the market and grew their businesses in 2009, with 60% expecting to achieve double digit growth in calendar 2010.

The Ernst & Young survey found that the respondents - some of Australia's most successful entrepreneurs - are increasingly confident about their business growth prospects, with 72% confident about the Australian economy in 2010 and 67% believing the availability of capital will improve in 2011. Seventy one percent expect to employ more people in the next 12 months, 62% plan to raise funds in the next 12 months and 68% plan to expand operations overseas. In addition, the entrepreneurs surveyed overwhelmingly agreed that passion, determination and vision are the key ingredients for success, with 80% believing that this has not changed in the past 10 years and will not change in the future.

The survey respondents had started on average four businesses each, creating their first business at the average age of 25 and were motivated primarily by the desire to create a business, with wealth creation as a secondary driver. These are a few of the many findings contained in the 2010 Entrepreneurs' Confidence Barometer, a survey conducted to mark the 10th anniversary of the Entrepreneur Of The Year program in Australia.

Ernst & Young partner Greg Logue says the responses illustrate that successful entrepreneurs are more than simply higher achievers.

"They are the ones who seek out opportunities and turn their vision into reality, creating a flow-on success for those around them through employment, export growth and social contributions," says Logue.

"The confidence and focus of these entrepreneurs is both inspiring and heartening - these are the people who continue to drive the economy forward and create the future."

The survey findings also suggest that there is a greater appreciation of the contribution entrepreneurs make to our economy and communities. Fifty six percent of respondents believe the Australian culture supports entrepreneurship - a significant shift in attitude compared to a similar 2004 survey that found that only 38% of respondents held the same view.

Diploma in Innovation Management 
Now open to
ALL UNSW undergraduate students!
Diploma WordleThe Diploma in Innovation Management has been successfully migrated from the Faculty of Science to the Australian School of Business.

The Diploma is a unique undergraduate offering that is open to students of any Faculty, AND is taught by academics from various faculties, further supplemented by presentations and lectures from industry experts and government officials.

Course material covers areas such as creativity in enterprises, business principles, business planning for new ventures, funding, management and commercialisation of intellectual property, and valuation and assessment of innovative businesses. Students engage in exercises to set up and run their own new ventures and participate in case studies with Australian and international entrepreneurs. The lectures, workshops, case studies and tutorials in each of the program's courses are delivered by a well-balanced mixture of university academics and expert industry and government professionals.

Upcoming Events

Meet the Entrepreneur: Ernst & Young  
When:    Thursday 23 September
Meet the Entrepreneur is a semi-annual event; this session's topic is CleanTech, and will be moderated by Dr Marc Newson, Partner Oceania Cleantech Leader, Ernst & Young.

Click here to register by Thursday, 16 September

Peter Farrell Cup - NEW website!!
The Peter Farrell Cup provides students with the opportunity to bring their innovative business idea to life by pitching to a panel of experts from the Sydney entrepreneurial community.  The competition is open to teams containing at least one currently-enrolled UNSW student.  Teams submit a business plan and finalists are selected to pitch their ideas live to the judging panel.

Want to team up with a student to help you represent in the competition?
Meet-Mix-Match Event - Tues 21 Sept

Click here for details.

Entrepreneur of the Year Award
Join us to celebrate the 10th anniversary of the Ernst & Young Entrepreneur Of The Year program in Australia!  This is the world's most prestigious business award for entrepreneurs and celebrates building and leading successful, growing and dynamic businesses, recognising them through regional, national and global awards programs in more than 135 cities in 50 countries.  Over the last decade, Ernst & Young has recognised the achievements of over 800 extraordinary business leaders in this country.

Click here for details. 

We are currently seeking sponsors for Diploma Scholarships, internship opportunities, and the Peter Farrell Cup. If you are interested in being associated with these innovative initiatives in our newsletters, press releases, website, and at the event, please contact us. Sponsorship may be in the form of general sponsorship for the event (cash or in-kind), or by sponsoring a student intern at your organization.

We are pleased to confirm AusIndustry, Ernst & Young, NewSouth Innovations and RosesOnly as sponsors of the CIE.  Likewise, we would like to thank Peter Farrell and Gary Zamel for their generous donations. Their continued support helps provide the means to host networking events, award prizes, and reimburse our suppliers and service providers. In exchange, our sponsors receive good karma and public recognition as supporters of innovation and entrepreneurship. If your firm is keen to engage with UNSW students, faculty and alumni, and our members from industry, please contact us.

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