Entrepreneurship Resource Nights: Business Models and Legal

Resource Nights (ENTRE 440/540 Business Plan Practicum), offered throughout winter quarter by the Buerk Center for Entrepreneurship, bring in experts from the local entrepreneurial community to teach various aspects of creating a startup venture, from idea generation to legal issues to raising capital. Each week you can read a recap of the previous Entrepreneurship Resource Nights session. This week, instructor John Zagula recaps a class featuring Jesse Proudman, CEO at Strix Leviathan, and Tyler Hollenbeck from DLA Piper. If you have questions about the lecture series, or any of the Buerk Center’s student competitions, email Amy at asallin@uw.edu.

This session closed out the plan phase of the class by discussing the critical topics of money and the law. 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.

Then, we heard from expert Jesse Proudman on how to create and manage the numeric story of your business—your business model. First, choosing which way you plan to make money and then how important it is that you do the hard work of setting your model right, so that if you change assumptions based on new reality, the whole thing changes automatically. He also shared a resource where you can find a pre-made model for “Software as a Service” businesses.

Finally, ace lawyer Tyler Hollenbeck told us ten things to watch out of for as we start companies and emphasized that, even though boring, costly, and a bit morbid to think about all these things that go wrong—it is totally worth structuring things right legally upfront versus regretting not doing so later. You can find additional resources for startups on his blog at www.theventurealley.com . Both Jesse and Tyler (and me) agreed on the value of finding good legal and financial advisers.

QUOTES OF THE WEEK

“Money is usually attracted, not pursued.” Jim Rohn

“Sometimes paranoia’s just having all the facts. William S. Burroughs

“Success breeds complacency. Complacency breeds failure. Only the paranoid survive.” Andy Grove

“No conflict, no interest.” John Doerr

WEEK SEVEN

  • Positioning “XYZs”
  • Differentiation
  • Messaging “123s”
  • Getting the word out, efficiently

Tuesday, February 20 at 6:00 pm in PACCAR Hall, Shansby Auditorium (room 192)

Reminder, you can drop-in, live-stream, or catch the recording of this weekly course.

RESOURCE NIGHTS LECTURE SERIES

Resource Nights are each Tuesday from January 9 to March 6 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.

RESOURCES

FIND YOUR PEOPLE!

If you’re still looking to join a team or for team members, stay tuned to the Student Team Formation website. First, create a profile on the Team Building site. Then check out the Showcase page to browse for a team to join or to find team members. NOTE: This is for current students only! 

MENTOR CONNECT (via website)

Need some quick advice about intellectual property, financial projections, or how to divide equity between co-founders? The Buerk Center’s MentorConnect site is a great way to connect with a professional via email for advice, questions, and feedback. The site requires a UW login, so if you’re a student from another college or university contact me for a guest login.

QUESTIONS ABOUT THE HIC, EIC or BPC?

Health Innovation Challenge: Terri Butler
Environmental Innovation Challenge: Lauren Brohawn
Business Plan Competition: Amy Sallin
BPC MBA student co-chairs: Emma Hohenstein & John Montgomery

Have a great 2018!