Enterprise Pathways 1 ENTERPRISE IN LONDON: GUIDE Interested in Entrepreneurship? Find out about the opportunities, events and possibilities that London has to offer for budding entrepreneurs like you, with this useful guide to enterprise in the capital. LONDON’S EVENING UNIVERSITY 2 Enterprise Pathways Enterprise Pathways 3 HAVE A BUSINESS IDEA? NOW IS TIME TO ENTERPRISE IN MAKE IT HAPPEN! You’re studying at Birkbeck, you’re based in London and you have a business idea; this is a recipe for success and you’re in the right place. LONDON: GUIDE This guide from Birkbeck’s Enterprise Pathways team will take you through the vast opportunities available to you. Regardless of your course of study, if you have a business idea that you want to take forward you will find plenty of useful information and guidance here. We’ll provide a journey through the extensive offering that London brings for budding entrepreneurs, from free resources and incubators to funding support and start-up competitions; you’ll get a flavour for where entrepreneurship happens in London. Wherever you’re reading this, we’re sure you’ll find ideas that will inspire you to progress your idea and we’re excited to be part of your journey! 4 Enterprise Pathways Enterprise Pathways 5 ENTREPRENEURSHIP QUIZ: DO YOU HAVE IT IN YOU TO BE AN ENTREPRENEUR? We found this interesting self-assessment quiz on Forbes. Even though we believe entrepreneurs are made and not born, some people do have a knack for starting their own thing and being their own boss. This doesn’t only entail a great risk-taking spirit and unparalleled resilience; it also includes The questions present hypothetical embracing failure, openness to experience situations drawn from Harrison’s interviews and flexibility. with hundreds of successful entrepreneurs. The quiz assesses each of the five Each answer says something about your personality factors by examining six entrepreneurial bent, though some answers secondary traits that comprise each factor yield a neutral result (suggesting someone (See explanations of each factor on the neither more nor less entrepreneurial link provided). The quiz is adapted from in nature). the Entrepreneurial Personality Quiz in Instinct: Tapping Your Entrepreneurial SEARCH ONLINE: Forbes Entrepreneur DNA to Achieve Your Business Goals, Personality Quiz by Thomas L. Harrison. The five factors DIRECT LINK: forbes.com/2010/08/02/ underpinning the model are Openness to entrepreneur-personality-quiz-thomas- Experience, Conscientiousness, Extroversion, harrison-entrepreneurs-management-serial- Agreeableness, and Neuroticism – OCEAN. startups-10-quiz.html 6 Enterprise Pathways Enterprise Pathways 7 FROM IDEATION TO WHERE CREATION ENTREPRENEURSHIP HAPPENS IN LONDON Startup Commons, a global non- profit start-up consultancy, developed London is a hub. You would a simplified framework on the start-up be surprised how many events, development phases: acceleration/incubation programmes, networking opportunities and much more are out there for early FORMATION VALIDATION GROWTH entrepreneurs like you, as well as Mission > Vision > Strategy Lean Startup Scale Up Establish & others who are more established. ● Co-founder team formation Minimum Viable Validate / Iterate Strengthen ● What, to whom? & Why and how? Product (or pivot) We’ve aimed to map where such events and opportunities happen -2 -1 0 1 2 3 in the capital for you to explore along your journey. Problem / Solution Fit Vision / Founders Fit Product / Market Fit Business Model / Market Fit Ideating Concepting Committing Validating Scaling Establishing Entrepreneurial Defining mission and Committed, skills balanced co- Iterating and testing Focus on KPI based Achieved great growth, ambition and/or vision with initial strategy founding team with shared assumptions for validated measurable growth in that can be expected to potential scalable and key milestones for vision, values and attitude. solution to demonstrate users, customers and continue. Easily attract product or service idea next few years on how to Able to develop the initial initial user growth and/or revenues and/or market financial and people for a big enough target get there. Two or three product or service version, revenue. Initial Key traction & market share in resources. Depending on market. Initial idea on entrepreneurial core co- with committed resources, or Performance Indicators (KPI’ a big or fast growing vision, mission and how it would create founders with already have initial product or s) identified. Can start to target market. Can and commitments, will value. One person or a complementary skills and service in place. Co-founders attract additional resources want to grow fast. continue to grow and vague team; no ownership plan. Maybe shareholder agreement (SHA) (money or work equity) via Consider or have attracted often tries to culturally confirmed additional team members signed, including milestones, investments or loans for significant funding or continue “like a startup". commitment or no for specific roles also with with shareholders time & equity, interest or revenue would be able to do so if Founders and/or investors right balance of skills ownership. money commitments, for next share from future revenues. wanted. Hiring, improving make exit(s) or continue in the team structure three years with proper quality and implementing with the company. yet. vesting terms. processes Startup Development Phases - From idea to business and team to organization. Version 3.0 - www.startupcommons.org The framework helps to understand devoted to creating a business the start-up journey, identify key model of a growing business and stages and to help develop a start-up organisation that captures the value from “idea to business” and from being created. “founding team to organisation” in a As you can see from the figure, balanced and understandable manner. the journey starts with Ideation For a new idea, you do not just need to through to Validation until you reach visualize the innovation process itself; Establishment. Going through it, you need to project your idea to do you think your entrepreneurial generate value as a product and ambition has the potential to business model. To develop all of eventually achieve growth and these together, you need to be fully attract financial resources? LINK: startupcommons.org/ 8 Enterprise Pathways Enterprise Pathways 9 1. GOVERNMENT PROGRAMMES BRITISH LIBRARY BUSINESS AND IP INNOVATE UK CENTRE The UK government is giving The Business and IP Centre supports entrepreneurship specific attention small business owners, entrepreneurs and there is no better time to start and inventors. For an early-stage a venture. Innovate UK is the UK’s entrepreneur you can develop your innovation agency; it’s an executive, ideas with the centre’s market research non-departmental public body and company databases, learn sponsored by the Department for new skills at a workshop or mini- Business, Energy and Industrial masterclass, or have a one-to-one with Strategy. The department strives successful entrepreneurs and experts to determine which science and in their field. The centre also provides technology developments will information clinics and research drive future economic growth and service. Their flagship programme, publishes an annual delivery plan Innovating for Growth, offers £10,000 to summarise its programmes, worth of free support. If you’re after funding competitions and industries more specialised start-up support, of interest. Not only does Innovate they have a dedicated programme UK fund innovation, they also pair for that too. innovative entrepreneurs in science and tech with business partners and LINK: bl.uk/business-and-ip-centre industry leaders. Make sure you STAGE: Start-up and early stage INDUSTRY: Any subscribe to the blog and check out FUNDING: Yes their annual delivery plan. TYPES OF INTERVENTION: Training and business resources, mentorship for start-ups, LINKS: workshops and events, protecting ideas and • gov.uk/government/organisations/ related IP innovate-uk/about • gov.uk/government/publications/ entrepreneurs-setting-up-in-the-uk/ entrepreneurs-setting-up-in-the-uk STAGE: Any INDUSTRY: Science and tech FUNDING: Yes TYPES OF INTERVENTION: Innovation funding advice, events, networking with experts and industry leaders 10 Government Programmes Enterprise Pathways 11 MAYOR’S ENTREPRENEUR HORIZON 2020 THE DEPARTMENT FOR COMPETITION INTERNATIONAL TRADE’S For established start-ups and (DIT) GLOBAL ENTREPRENEUR PROGRAMME (GEP) The Mayor’s Entrepreneur innovative SMEs, Horizon 2020 is competition is in partnership with definitely worth looking into. You This initiative targets global Citi Foundation and is a funding must partner up with two other start- The programme also sponsors entrepreneurs looking to expand their competition for students in London. ups or research organisations in two your Entrepreneur visa to come to businesses to the UK. DIT’s GEP If you’ve got a business idea that different countries to form a three- the UK. To do this you will need places international entrepreneurs provides a creative solution to the member consortium. The Horizon to have received at least £50,000 in the UK through domestic seeding environmental and social challenges 2020 programme was established of funding from an approved competitions and accelerator that London faces, this is the by the European Union (EU) as a organisation (venture capital firm, programmes. So if you‘re an competition for you. collaborative financial instrument