| Acknowledgements | 5 |
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| Contents | 7 |
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| 1: Prologue | 13 |
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| 2: Are You Meant to Be an Entrepreneur? | 15 |
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| 2.1 The MBA | 18 |
| 2.2 Life After MBA | 20 |
| 2.3 Time for Ideas | 22 |
| 2.4 The Clock Is Ticking | 23 |
| 2.5 Get Started! | 24 |
| 2.6 Present: And Feel Good Doing It | 26 |
| 2.7 Setting the Stage | 27 |
| 3: Ideas to Shoot and Root for | 28 |
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| 3.1 Route-to-Market Startups | 29 |
| 3.2 Starting from Pain Startups | 30 |
| 3.3 Technology-Driven Startups (or Back-to-School Startups) | 31 |
| 3.4 Geography Matters | 33 |
| 3.5 From Idea to Market | 35 |
| 3.5.1 Timeline to Pilot | 35 |
| 3.5.2 Sustainable Competitive Advantage | 35 |
| 3.5.3 Establishing Beachheads | 35 |
| 3.6 Positioning: High-Value or High-Volume | 36 |
| 3.6.1 High-Value Positioning | 36 |
| 3.6.2 High-Volume Positioning | 37 |
| 3.6.3 Bridge Positioning | 38 |
| 3.7 Change Required from Status Quo | 39 |
| 3.8 Emotions Rule | 40 |
| 3.9 Rocket Science | 40 |
| 3.10 Seeing the Bigger Picture | 41 |
| 3.11 The Right Idea = Patience and Perseverance | 42 |
| 3.12 My “Aha” Moment | 43 |
| 3.13 Industry Standard | 45 |
| 3.14 No Certainty | 47 |
| References | 48 |
| 4: Technology Evaluation: Is It Ripe for Commercialisation? | 50 |
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| 4.1 Think Secret | 52 |
| 4.2 It “Gives You Wings” | 52 |
| 4.3 Cost and Price | 53 |
| 4.4 Technology Weakness | 55 |
| 4.5 Red Flags | 55 |
| 4.5.1 Different vs. Superior | 56 |
| 4.5.2 Replicable | 57 |
| 4.5.3 Timeline | 57 |
| 4.5.4 Overlapping Patents | 58 |
| 4.5.5 Technology Published | 58 |
| 4.5.6 Technology Across Multiple Segments | 58 |
| 4.5.7 Proof of Concept | 58 |
| 4.5.8 Funding for Proof of Concept | 59 |
| 4.6 Competitive Advantage | 59 |
| 4.7 Time to Market | 59 |
| 4.8 Pilot to Black | 60 |
| 4.9 Research and Manufacturing | 61 |
| 4.10 It’s Okay to Not Know | 62 |
| 4.11 Maturing vs. Mature | 63 |
| References | 65 |
| 5: The Team: Recognising the Red Flags | 66 |
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| 5.1 The Spouse | 68 |
| 5.2 Conflicting Vision of Team | 70 |
| 5.3 Problems in Technology People in Europe vs Silicon Valley | 71 |
| 5.4 Companies Driven by Lifestyle of Team | 72 |
| 5.5 Business Team vs Technical Team | 72 |
| 5.6 Ethics | 73 |
| 5.7 Commitment | 74 |
| 5.8 Perception Is Reality | 75 |
| 5.9 Woods and Trees | 77 |
| 5.10 Respect | 77 |
| 5.11 Inside Out | 79 |
| 5.12 First Love | 79 |
| 5.13 Perfect vs Market Ready | 80 |
| 5.14 What Else Is Possible vs First to Market | 81 |
| 5.15 Does the Current Flow vs Evolving Business Models | 82 |
| 5.16 Research Overkill | 83 |
| 5.17 Too Much Rocket Science | 84 |
| 5.18 Interesting Work vs Mere Manufacturing | 85 |
| 5.19 Peer Review vs Go-to-Market | 86 |
| 5.20 Money, Money, Money… | 86 |
| 5.21 Techie’s Hobby | 88 |
| 5.22 More Equal than Others | 88 |
| 5.23 Rich vs King | 89 |
| 5.24 Align Expectations | 91 |
| 5.25 Growing Pains | 92 |
| 5.26 Non-compete | 93 |
| 5.27 Hierarchy | 94 |
| 5.28 People Past Their Prime | 94 |
| 5.29 Motivations | 95 |
| 5.30 Mindset of Harmless Lies | 96 |
| 5.31 Perception of Risk | 97 |
| 5.32 Equity vs Upside | 98 |
| 5.32.1 Conflict of Interest | 98 |
| 5.32.2 Limited Mindset | 99 |
| 5.32.3 Lack of Appreciation | 99 |
| 5.33 Greed vs Greed | 100 |
| 5.34 Scientists and Ethics | 100 |
| 5.35 For Those Who Come Later | 101 |
| 5.36 Fired Founders | 103 |
| 5.37 Equity vs Options | 104 |
| 5.38 Dilution | 105 |
| 5.39 Tech Driver Conflict | 106 |
| 5.40 Peculiar Principles | 106 |
| 5.41 Gaps and Hiring | 107 |
| 5.42 Friction | 108 |
| 5.43 Diligence | 109 |
| References | 112 |
| 6: Patents: Whys and Hows, Protection Strategies for Your Innovation | 113 |
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| 6.1 Back-Up | 114 |
| 6.2 Exclusive Right to Use | 114 |
| 6.3 FTO | 114 |
| 6.4 Patent Strategy | 116 |
| 6.4.1 Process Patent | 116 |
| 6.4.2 Machine Design-Related Patent | 118 |
| 6.4.3 Future Freedom | 118 |
| 6.5 Broad Versus Narrow | 119 |
| 6.6 Vapourware | 119 |
| 6.7 Design Versus Utility Patents | 120 |
| 6.8 Liquidity Event | 120 |
| 6.9 Evolution of Patent Strategy | 122 |
| 6.10 Non-compete for Founders | 123 |
| 6.11 Licence | 123 |
| 6.11.1 Professor’s Loyalty: To the Company or to His Craft | 123 |
| 6.11.2 Who Paid the Licence Fees? | 124 |
| 6.11.3 Exclusivity | 125 |
| 6.12 Licensing from the Research Entity | 125 |
| 6.12.1 Right to Sub-licence | 125 |
| 6.12.2 What Else Is Included? | 126 |
| 6.12.3 Working at or Working with Technology | 126 |
| 6.12.4 Right to Use Infrastructure | 127 |
| 6.13 Licensing: The University’s Perspective | 128 |
| 6.14 Spin-Off Agreement | 129 |
| 6.15 IP on Multi-country Projects | 130 |
| 6.16 Patent Risks | 131 |