Resources

WHAT IS A BUSINESS PLAN

A business plan is a comprehensive description of a new business. It is a helpful tool as it forces the writer to realistically consider all aspects of the business in detail. In many cases the business plan brings the weaknesses of the idea into the light -this is perhaps it's most important quality, as it helps the entrepreneur confirm if it is the right idea to action.

For investors, the plan should show them how the team is going to take this idea from opportunity to action.

A business plan generally contains:

• Product description,
• Analysis of the market and
• Analysis potential segment of customers,
• Marketing plan
• Implementation plan
• Financial information
• Team info

There is no correct or optimal way to write one, but you can get some tips on how to write a winning business plan here.

Download a popular Venture Cup template for a business plan here.

Note: For the autumn competition in Venture Cup, you will only need a three-page summary, see criteria here, whereas a full investment-ready business plan is necessary to enter. Get more information on what to include in your autumn summary.

USEFUL TEMPLATES

You can use this presentation on business plan outlines to structure and develop your business plan, it includes information on common mistakes and asks some of the right questions which you need to ask yourself when writing the plan. It is one of the presentation that the regional managers and the director of Venture Cup use when training entrepreneurs in writing business plans.

Download a popular Venture Cup template for a business plan here.

Also, Venture Cup has been given permission to distribute "Starting Up", a guide book developed by McKinsey & Company, the founders of Venture Cup, for us on how to write a business plan. Request the e-book by emailing request it by e-mail to

Links to other example business plans and tips

SEED Capital (English) - A quick overview of what questions to ask when you are structuring a business plan.

Startvækst (Danish) - A tool for writing business plans with a lot of tips.

WHERE INVESTORS LOOK FOR COMPANIES

TechCrunch Europe interviews London Venture Capitalist. Read here where he looks for companies.

1. Personal Networks; 30-50%
2. Repeat Entrepreneurs; 30-50%
3. Other VCs; 10-20%
4. Email / Blog / Cold Calls; 5-10%
5. Professional Service Providers; 5-10%
6. Venture Shows / Trade Shows. 0% Why so low?

WHAT NOT TO DO

Interesting reading from Careerne on the demise of FreePrint, one of Venture Cups most promising alumni companies, which decided to close down in June 2009.

And a very down to earth informative piece by Christian Perry on Trogger, a new kind of communication platform.

We bring you these links in case you can learn something from the mistakes they made.

WHAT IS A PATENT

A patent gives the owner the sole right to commerzialise the patented invention. Generally it is only a small part of your invention which can be patented.

The right is enforced by a prohibition, this means the owner of the patent can prevent others from exploiting the invention commercially.

The basic requirements are:

1) Degree of innovation (Nyhedsværdi)

Meaning, that the invention should not be know publicly at the time you fie for the patent.

This means that you should not publish articles, or discuss in public forums the specific part of the product that you are going to patent. There is no problem talking about the rest of the product.

2) Level of invention (Opfindelseshøjde)

The invention must not be obvious for a professional in the particular field, but has to constitude something remarkedly new.

3) Ability to be used industrially (Industrielle anvendelighed)

20 year validity: Patents are generally valid for 20 years from the time of filing (prioritetsdatoen).

In most countries patent applications are published 18 months after the date of filing.

During the first year after the date of filing one can file updated applications regarding the same invention (Værdifuld ansøgning).

Already from the time of filing the application, it constitutes a great value, as it can -for example- serve as basis for licensing deals.

If you require assistance with your patent we recommend: Awapatent.

See the most recent granted patents from the universities at Patentbørs.

WHAT IS A TRADEMARK

What is a trademark?
A trademark is a word, phrase or symbol, or a combination of words, phrases, symbols or figurative elements, that identifies and distinguishes the goods or services of one company from those of another. Organisations ranging from SMEs to huge multinationals use trademarks registration systems to protect their brands.

Trademark registration
If you need trademark protection you have the choice of registering with national, regional, or international trademark offices. These trademark registration systems all provide legal protection for your trademark which is limited to the territories in which they operate. An organisation that needs to do business in just one or two countries may choose to obtain protection by applying separately to the appropriate official trademark offices. Within Europe, wider geographical coverage (27 Member States) is also available with a single application at the Office for Harmonization in the Internal Market of the European Union (OHIM). More info

Check for available trademarks here

For trademarking we recommend: Awapatent.

COMPANY STRUCTURES

Choosing the right structure for your company is an important decision, download the full guideline to see the different options.

HOW TO PITCH YOUR IDEA

What exactly is a pitch?

The pitch, whether to an investor, a potential customer, or a business partner, is the way in which way an entrepreneur conveys their product or service idea, and the value of it, in a meaningful and authentic way. During the competition, we can help you to develop a 3-5 minute pitch.

Pitches may be either formal or informal, and might be delivered by different methods, from a PowerPoint presentation to a casual, impromptu conversation. Most important is to know what message you want to convey, and the audience to whom you will present this information. Those two pieces of information will help create a "success paragraph" that will convince your audience to say, "tell me more!"

Creating your own pitch

State clearly what problem you solve, how you solve, and how you can compete in the market.

Here's an example for a company that makes eco-friendly ceiling tiles out of recycled materials.

"My idea is for a new building material that uses recycled content to create an acoustical ceiling tile. In order to meet carbon emission standards, builders need new, low-emitting materials for both new buildings and those that are being refurbished or remodeled. This new product will help building contractors increase their use of utilize recycled materials in any building, while delivering an attractive, sound-absorbing ceiling tile that has no harmful emissions. The market for this product is through existing building distribution channels and is cost competitive with existing ceiling products. It is made from recycled materials, has a long life, and is fully recyclable. There are no companies currently manufacturing this type of material in Europe"

Elevator pitch

An "elevator pitch" is an overview of an idea for a product, service, or project. The name reflects the fact that an elevator pitch should be possible to deliver in the time span of an elevator ride.

See this video to get some inspiration: