EntrepreneurshipBrent Farrar’s Class, Stephens County High School

March 16th, 2017Ignacio Yanez CyberTECH San Diego - EIR program mentor

Nick PhillipsFounder & CEO at MiP.O.V. Technologies

Samuel HowardCTO at MiP.O.V. Technologies

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Entrepreneur storiesWho is behind your favourite brands?

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Bill Bowerman

➝ Athletes coach and tinkerer from Oregon, obsessed with making running shoes lighter.

➝ In 1971 he invented the waffle-tread soil using his wife’s Waffle Iron(1)

➝ He was known for his restless nature, unorthodox manner and tough love.

Phil Knight

➝ Athlete (coached by Bowerman), accountant, MBA. ➝ He had the vision to challenge market leaders (Adidas, Puma) and started

distributing japanese Onitsuka (now Asics) shoes. ➝ Founded Blue Ribbon) with Bowerman in 1964. In 1971 they renamed it Nike

(Greek for ‘Victory’)➝ Sold 300 pairs of shoes in the first year. By 1980 they had 50% of the U.S.

Market and went public (2)

Key Ideas: Thinking ‘Outside the box’, Constant Innovation , Simplicity (Just Do It)

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John Pemberton ➝ Born in Knoxville, Georgia in 1831 he became a brilliant pharmacist at the age of 19.

➝ Fell addicted to morphine after the war and developed a French Wine Coca as a painkiller.

➝ In 1886 a new law forbidding coca and alcohol made him work out an alternative drink

➝ He came-up with a non-alcoholic carbonated water drink he named “Coca-Cola”.

➝ Pemberton and his son sold the patent to Asa Candler. He died in 1888 (6)

Asa Griggs Candler➝ Started his business career as a drugstore clerk and manufacturer of patent medicines.

➝ In 1888 he bought the formula for Coca-Cola, which he turned into a successful company thanks to aggressive marketing

➝ The company has operated a franchised distribution system since 1889:The Coca-Cola Company only produces syrup concentrate, which is sold to bottler companies throughout the world who hold exclusive territories.(7)

Key Ideas: Legislation as source of opportunity. Experiment. Marketing . Global

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Steve Jobs and Steve Wozniak (4)

➝ They met when Jobs was at High School and Wozniak was in College. Jobs joined college but left soon after.

➝ In 1976, Wozniak invented the Apple I computer and showed it to Jobs, who got the idea to sell it . They sold some of their possessions,raised $1,300, and assembled the first boards in Jobs' bedroom.

➝ Jobs, Wozniak, and Ronald Wayne formed Apple Computer in the garage of Jobs's Los Altos CA home. Wayne sold them back his share for $800 soon after. They received funding from Mike Markkula, semi-retired marketing director of Intel.

➝ Success came in with the Macintosh in 1984 due to its graphical interface.

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➝ Jobs was described as “kind of a brain and kind of a hippie ... but he never fit into either group”. Wozniak was expelled from University for hacking in his first year in 1969, has 4 U.S. patents during his time with Apple.

Key Ideas:Technical expertise, Market Futuristic Vision, Complementary partners

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Walt Disney and Ub Iwerks (5)

➝ Became friends working for an art studio in Kansas City in 1919 . In 1920 they were laid off and started their short-lived own business. Walt Disney then founded Laugh-O-gram films but went into bankruptcy in 1923.

➝ They moved to Hollywood with Roy Disney and Walt and Roy founded the Disney Brothers Cartoon Studio, (later Walt Disney Studio). Iwerks was its chief animator.

➝ They developed a Oswald the lucky Rabbit for the Universal in 1927, but lost control of the character and much of Disney staff.

➝ Success arrived with the creation of Mickey Mouse (initially Mortimer) in their 3rd animated film Steamboat Willie which was the first animated film with synchronized sound.

➝ Iwerks worked with Disney until 1930, when started his own business but returned to Disney Studio in 1940. Disneyland park opened in 1955

Key Ideas: Technology trends. Perseverance after failure. Think Big

Meet an entrepreneurWhat is it like to be one? Get first hand information

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What’s the MiP.O.V. Solution➝ A go anywhere camera that’s built with your lifestyle in mind➝ Captures only the moments you really want with a custom loop➝ Built for posting to your favorite social media apps (IG, FB, SC, etc.)

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MiP.O.V. Technologies

Stage➝ Initial funding, Delaware C-Corp➝ Patent-pending, Series funding

What’s the Problem?When capturing and posting videos to social media current camera platforms today:

➝ Lack accessibility & create a barrier between you and the moment➝ The amount of video wastes your time & space➝ Editing and posting takes forever - restricting your creation and

expression on social media

https://mipovtechnologies.com/

Biggest obstacle to overcome?:➝ Jumping from “regular” life to the “entrepreneurial” life

� Unfamiliar & abnormal� Lessons learned

￫ Passion & determination￫ Ask for help

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MiP.O.V. Technologies

Future advice:➝ Nothing goes according to plan➝ Fail fast & fail often➝ Ask questions➝ Be bold & be patient➝ Think

Meet an entrepreneurGet first hand information of what is it like to be one

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The journey goes through different stages1. Creation: From the moment you have your idea to your first sale. You lose money.

2. Promotion : When you start selling but still you are not making profit. Still not sustainable

3. Expansion: Your sales grow enough to exceed your costs, so you make money

Break Even pointProfit starts!

LaunchSales start!

Sales

0Profit

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Sales

0Profit

Sales are zero,costs are NOT zero

Profit is negative!

Where do the costs come from?

To launch your idea in the market you need:

Time & Money!

SavingsFamily & Friends

Angels Venture Capitals (VCs)

Other companies

Investors

➝ Business plan➝ Technical roadmap➝ Team ➝ Assets ➝ Legal entity

The Company Creation Phase : The desert

Profit = Sales - Costs

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➝ Don’t panic! All big companies of today started being nothing

➝ Take time to THINK and VALIDATE your strategy and business model

➝ Be ready to fall down 100 times and stand up 101 : Keep your passion up!

➝ You are not alone. There is help out there: Incubators & Accelerators

How to survive ‘the desert’ phase?

Appendix

1. Two more entrepreneur stories : McDonalds and Google

2. List of references and links from the presentation, to know more about your favourite brands.

3. Some Entrepreneurship organizations and resources near you

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➝ Larry Page was born in Michigan in 1973, and both parents were dedicated to computers. In 1996 joined a PhD program at Stanford University and started researching the WorldWideWeb structure

➝ He was joined by Sergey Brin and together they developed a system to webcrawl the 10 million pages of internet pages and come up with the links between them. They also developed a page ranking algorithm to show the most relevant pages on a search based on its relevancy.

➝ The domain name for Google was registered in 1997, and the company was incorporated in 1998. Initially received several hundred thousand dollars investment from ‘angels’.

➝ Early in 1999, Brin and Page tried to sell Google to Excite, a popular web browser at the time.. They went to Excite CEO George Bell and offered to sell it to him for $1 million. He rejected the offer.

➝ Google's initial public offering (IPO) took place five years later, on August 19, 2004 with a market capitalization of $23Bn. Today its capitalization is $580 Bn (6)(9)

First Google homepageKey Ideas : Innovation in emerging businesses, Angels investment. Luck (?)

Richard and Maurice McDonald, Started a barbecue restaurant in 1940, In 1948, they reorganized their business as a hamburger stand, using production line principles.

Ray Crok. Originally a salesman, joined McD in 1955. He started selling single-store franchises, allowing one franchise per location and controlling the uniformity and service and quality. He bought McD in 1961 and expanded nationwide and worldwide. Known to be aggressive businessman (3)

Key Ideas : Hamburger + production line. Uniformity of Brand and Service. Franchises rental business. Family and ‘the american way’ (I’m loving it)

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1. O’Reilly, Lara 11 Things Hardly Anyone Knows About Nike. Business Insider, Nov 4th, 2014 http://www.businessinsider.com/history-of-nike-facts-about-its-50th-anniversary-2014-11

2. Entrepreneur, Growth Strategies. Philip H. Knight. Oct 9th, 2008. https://www.entrepreneur.com/article/197534

3. Mehta, Foram. 31 Facts About McDonald’s You Never Knew You Wanted To Know. Wall Street Insanity http://wallstreetinsanity.com/31-facts-abou

4. Rawlinson, Nik. History of Apple, 1976-2016: The story of Steve Jobs and the company he founded. MacWorld. Apr 1st, 2016. http://www.macworld.co.uk/

5. Mishkov, Aleksandar. Ub Iwerks - The Forgotten Man of Disney. DocumentaryTube.com April 2016. http://www.documentarytube.com/articles/ub-iwerks-the-forgotten-man-of-disney

6. Ross, Meghan. 5 Facts About Famous Pharmacist John Pemberton, Coca-Cola Inventor. Pharmacy Times. Jan 29th, 2015. http://www.pharmacytimes.com/careers

7. Gunderson, Amy. How Asa Candler Built Coca-Cola. Inc.com. May 1st, 2009. http://www.inc.com/30years/articles/asa-candler.html

8. Batellle, John.The Birth of Google. Wired. Aug 1st, 2005. https://www.wired.com/2005/08/battelle/

9. Brin, S. Page, L TED2004- The Genesis of Google. Feb 2004 https://www.ted.com/talks/sergey_brin_and_larry_page_on_google

To know more : List of references and links

Help for entrepreneurs near you

1. Stephens County guide to entrepreneurs

2. Four Athens Incubator. https://www.fourathens.com ,Athens

3. University of Georgia. Georgia BioBusiness Center , Athens

4. Incubator. http://atdc.org, Atlanta

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Thanks!Any Questions?