EMBA Management B5519 Section 1

Launch Your Startup Spring 2023

Full Term: Yes

Room: TBD
Day/Time: Friday | Saturday Sessions TBD

Professors: Jack M. Kaplan

Adjunct Professor of Business
Columbia Business School
E-mail: jk697@columbia.edu
Jack McGourty, Ph.D.
Adjunct Professor of Business
Columbia Business School
E-mail: jm723@columbia.edu

Introduction

This "hands-on" applied course focuses on the creation, evaluation, development, and launch readiness of a new
business or social venture. For each new venture, key issues are addressed in a fashion highly consistent with other
formal venture planning processes, including business model development, customer discovery, product-market
validation, in-depth industry and market analysis, product or service innovation, brand development, and go-to-
market strategies, team selection & management, profit models, financing, and legal considerations. Throughout
the class, students will refine their venture's business model based on instructors', visiting domain experts, peer
customers, and investor feedback.

Enrolling in this class requires a "vetted" business or social venture concept before joining the course. A previously
vetted venture concept includes ideas that have been worked on in earlier MBA or other graduate classes, presented
in formal venture competitions, or formulated within traditional venture creation programs outside of the
University, as in events or classes especially targeting aspiring entrepreneurs. You can join the course as part of a
venture team (within or external to the class) working on a new business idea before the class. Changing projects
("pivot") or joining another peer team after the course has started is entirely permissible. Working individually or
preferably in teams (of no more than four), students spend the entire term developing an effective and
comprehensive plan for a "real" venture concept, with proof of concept including customer-based market validation
and early product/service prototypes. Students complete the class with a comprehensive new venture planning
document, an investor pitch, a minimal viable product, and a validated business model.

New venture ideas must be something that the student(s) are passionate about and are capable of near-term
execution. Projects should reflect students' genuine interest but do not need to be tech-centric, venture capital-type
projects, or even "for profit" (many successful non-profits have taken LYS). All ventures must have business
models that provide value to an external customer base, whether individual consumers, businesses, or both. The
class does not support ventures created to work on a technology that does not serve external customers. If a project
is based upon a student's idea, then unless a written agreement states to the contrary, the ownership of the idea and
the work done during the semester is the property of the student(s) who had the original idea. All students sign a
non-disclosure agreement so that we can engage in open discussions about each other's ventures. By the second

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week of class, all students are expected to solidify the venture concept they wish to pursue throughout the term or
have joined another team. There can be no changes in venture or team membership after the fourth week.

Prerequisites

Foundations of Entrepreneurship is a prerequisite for those interested in enrolling in EMBA Launch Your
Startup. It provides a broad survey of concepts and concrete skills that benefit aspiring entrepreneurs and those
who want to invest in new ventures or work for a startup. Foundations of Entrepreneurship is especially
appropriate for students who (a) have limited or no experience in the startup world or (b) have some experience but
do not yet have a fully developed and vetted business idea or team.

Launch Your Startup is an accelerated, applied class for students who are already actively engaged with their
target market, ready to advance their customer discovery and market research, design and test minimum viable
products (MVPs), develop customer acquisition strategy, and prepare investor-ready financials for fundraising.

Exemption Protocol: If you believe that you should be enrolled in EMBA Launch your Startup without having
to take Foundations of Entrepreneurship, please complete the following exemption survey
- https://forms.gle/gZM9cd9J3Gqpdze67.Your request should be brief but specific, including relevant background
information (e.g., entrepreneurship coursework and work experience) and any progress you've made on your idea
to date (e.g., customer discovery). Please allow at least one week for a response, as your request may require
deliberations among faculty.

NOTE: Following school policy, students MAY NOT enroll in EMBA Foundations of
Entrepreneurship and EMBA Launch Your Startup concurrently.

Grading: Students are graded on the timeliness of submission, research efficacy, comprehensiveness, and overall
quality of major deliverables throughout the class. Assignments are to be submitted when due. Late assignments are
subject to point reduction. Attendance is required per CBS policy, and attending the first class is mandatory as class
requirements are discussed in detail. All of your assignment submissions are subject to the CBS Honor Code.
Violations of the CBS Honor Code may lead to failing the assignment, the course itself, suspension, or dismissal.

Customer Discovery and MVP Results & Feedback = 20 Points

Final Venture Presentation = 10 Points
Executive Summary Package = 15 Points
Weekly Assignments (43pts), Class Reflections (12pts) & Active Class Engagement = 55 Points

Course Description

This course deepens the student's understanding of entrepreneurship and innovation practices by guiding them
through the new venture creation process applied to an enterprise idea of their choice. Through interactive lectures,
short cases, guest speakers, and self-directed assignments, students learn the core elements of venture creation and
planning in a specially sequenced modular format. Each module provides the student with the knowledge and tools
required to develop a comprehensive new venture plan. At each stage, students are exposed to critical terms, tools
that support research and decision-making, and explanations of how each significant planning activity fits into the
new venture creation process.

During each module, students respond to a series of venture questions and exercises, guiding them through the
planning process in a self-directed manner. Students identify and evaluate a venture opportunity, assess the industry
and market attractiveness for their venture ideas, form competitive strategies, develop minimum viable products
and services, and generate complete financial statements. This course allows students to hone such professional

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skills as creative problem-solving, oral and written communication, project management, financial analysis, and
effective team leadership. See Table 1 for a list of topics, focus areas, and associated assignments.

Table 1. Course Modules (1-8), Core Topics, Key Focus Areas, & Assignments

Modules 1-2: Opportunity & Business Models. Students step through each element of a formal venture process,
including how to evaluate their progress at each significant juncture. First, students develop a venture concept
summary that details early assumptions about their venture's proposed business model. Key focus areas include the
consumer problem or pain point to be solved, the opportunity or need that the venture addresses; the defined value
proposition for all relevant customers & stakeholders, assessment of the primary target market in terms of size and
segmentation, initial description of proposed product or service; identification of distribution channels the product
or service will need to reach the market, and explanation of unique end-user benefit, why a customer will pay for
the said solution. Next, students formulate an overall business model describing the following components: value
proposition and rationale for customer and market selection (product-market fit); the scope and channels for
products/services offered by your venture; proposed organizational design including critical activities, resources,
and partnerships; and initial assumptions on revenue streams and cost structures. Finally, students refine their
preliminary business model throughout the class.

Module 3-4: Market Research & Strategy. Students develop new venture strategies emphasizing competition,
globalization, and market potential for their new ventures. Customer discovery and engagement are critical
components of the student's work. Extensive customer engagement, including interviews and surveys, is expected.

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Customer data helps to validate business model assumptions and drive early product design and testing. Students
comprehensively analyze the competitive landscape, identifying key competitors in their industry and exploring
their respective business models. Students assess the targeted market size and industry, discover how to obtain
market feedback and validation on market acceptance, develop product features that align with the stated value
proposition, generate pricing assumptions, and learn how to evaluate the industry or niche in terms of maturity and
growth potential. From this analysis, students identify a sustainable competitive advantage, capitalizing on internal
strengths and mitigating any challenges and threats from the external environment.

Module 5: Early Product Design & Testing. Students explore product innovation and develop a roadmap for
development and market testing. At this juncture, one of the main activities is creating a minimum viable product.
Student teams illustrate the essential features of their product or service through such techniques as concept
boarding, sample web pages, and process charts. At least one MVP iteration must be executed and customer
feedback documented.

Module 6: Marketing & Branding. Students learn the basics of product or service pricing, marketing strategies,
and promotional tactics with a focus on product positioning, branding, marketing mix, and the optimal way to
price, promote, sell, deliver, and service the customer. In addition, students develop acquisition strategies and
determine costs for early market entry.

Modules 7-8: Financial Models & Launch Prep. All the research and decisions come together to support the
assumptions required to build the business's overall revenue and profit models. Students make a preliminary
financial plan based on projected revenues, cost of goods, and anticipated operating costs. Student venture teams
generate a three-year projected income statement and cash flow analysis. Various funding sources of capital are
explored, and students define how much money is needed. Students learn about important startup legal
considerations, including intellectual property management, founder's agreements, and equity decisions. Recruiting
and selecting team members for new ventures has challenges, especially when many skills are required but limited
resources. This module explores strategies and tactics to bring together the right set of players that will provide the
necessary expertise and core competencies needed to meet the new venture's value proposition and position the
company for future growth. The students' ventures will be explored by looking for co-founders and partners,
managing family relationships, and partnering with complementary organizations.

Course Assignments

Weekly Assignments, Class Reflections & Active Class Engagement (55 Points). Students apply a sequence of
activities and exercises throughout the course to support their new venture development. Based on class topics,
weekly assignments (43 points) are structured to lead founders and teams through the steps required to form a new
venture, from the initial concept to the execution plan. Students submit these assignments by the stated due date.
They are provided with timely feedback before the next assignment so that comments can be incorporated into their
work as the project progresses.

Students are also encouraged to participate in class discussions, provide peer feedback, engage guest speakers, and
offer insights from their venture work. At the end of each class, individual students are asked to respond to several
reflection questions (12 Points) designed to align what has been discussed in class. Finally, students are encouraged
to schedule individual or team meetings with the faculty outside the class for individualized discussions regarding
venture development. Faculty offers in-person and web-based office hours with plenty of flexibility to support
ongoing venture work.

Customer Discovery & MVP Results and Feedback (20 Points). Detailed documentation on two major customer
development activities: 1) Customer Discovery Interview Section includes: Interviewed customer sample size

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and demographics, data findings focusing on assumptions validated and invalidated, a summary of changes to
venture and product offering due to customer discovery findings, and all interview protocols, scripts, & survey
questions; 2) MVP Test Feedback Section includes: Details of your MVP test design, test students demographic
information, results from the MVP test including customer feedback, and plans for MVP 2

Final Venture Presentation (10 Points). Students deliver a timed "pitch," providing an opportunity to share the
venture idea with peers, faculty, and investors. Students receive constructive feedback on various elements of the
business models as well as on their presentation skills. The presentation is designed to complement the final
venture planning document.

Executive Summary Package (15 points). Executive Summary Package for Investors is a set of "branded"
companion documents that provides descriptive, narrative highlights of your venture business model and execution
plans. The package includes three documents: 1) Detailed Slide Deck, which provides a comprehensive view of
your business model and execution plan. This deck should be developed based on your weekly assignments and
rolling slide deck submissions. 2). A two-page narrative based Executive Summary Document covering critical
points on your opportunity, target customer, market size & industry growth trends, competitive analysis & strategy,
product offering & value proposition, financial highlights & capital requirements, and team profile, and 3) 36-
month Financial Statements including detailed assumptions (P&L and Cash Flow Statements required, balance
sheets optional).

Late Submissions. All assignments must be submitted by CANVAS's due date and time. Garde points are
deducted for late submissions.

Required Textbook:
Kaplan, J & McGourty, J (2020). Patterns of Entrepreneurship Management, 6th Edition, John Wiley & Sons, NY

Attendance Policy

Students are required to attend each class. Students should reach out to the instructor or TA regarding excused
absences (for religious observances, personal, medical, and family emergencies; military service; court appearances
such as jury duty). Unexcused absences will affect your course grade. The first session is mandatory to be
considered enrolled in the class.

Inclusion, Accommodations, and Support for Students

At Columbia Business School, we believe that diversity strengthens any community or business and brings more
significant success. Columbia Business School is committed to providing all students with the equal opportunity to
thrive in the classroom by providing a learning, living, and working environment free from discrimination,
harassment, and bias based on gender, sexual orientation, race, ethnicity, socioeconomic status, or ability.
Columbia Business School will make reasonable accommodations for persons with documented disabilities.
Students are encouraged to contact Columbia University's Office of Disability Services for registration information.
Students seeking accommodation in the classroom may obtain information on the services offered by Columbia
University's Office of Disability Services online at www.health.columbia.edu/docs/services/ods/index.html or by
contacting (212) 854-2388. Columbia Business School is committed to maintaining a safe student, staff, and
faculty environment. Because of this commitment and federal and state regulations, we must advise you that if you
tell any of your instructors about sexual harassment or gender-based misconduct involving a campus community
member, your instructor is required to report this information to a Title IX Coordinator. They will treat this
information as private but need to follow up with you and possibly look into the matter. In addition, counseling and
Psychological Services, the Office of the University Chaplain, and the Ombuds Office for Gender-Based
Misconduct are confidential resources for students, staff, and faculty. "Gender-based misconduct" includes sexual

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assault, stalking, sexual harassment, dating violence, domestic violence, sexual exploitation, and gender-based
harassment. For more information, see http://sexualrespect.columbia.edu/gender-based-misconduct-policy-students.

Course Management Platform

The program is facilitated using the Columbia Business Schools course management system, CANVAS. Faculty
use this system to provide students with class materials, encourage student engagement, interact with course
content, receive assignment submissions, and create a two-way dialogue on venture work. To gain the most from
the program, students should bring their laptops to class and have reliable Internet connectivity and bandwidth
outside the course to download program materials and watch associated videos. The following appendix provides a
general schedule. Students should refer to Canvas for the full schedule with assignments and deliverables.

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Appendix: Sample Schedule [Students Should Refer to Canvas for Final Schedule]

Session Module Topics Assignments & Readings

1 M1 Your Idea Course Overview Textbook Readings: An Entrepreneurial Perspective: Chapter 1:
Team Formation and Pages 4-7
Introductions New Why become an Entrepreneur: Chapter 1: Page 16,
Venture Realization Definition and Types of Innovation: Chapter 2: Pages 26-29,
Process & Innovation Definition and Types of Innovation: Chapter 2: Pages 29-34

Framing the Venture Textbook Readings: Finding and Assessing Ideas and
Opportunity Opportunities: Chapter 2: Pages 34-43 Assignments: Worksheet
Pre-Screening: Is this 1.0 Customer Job/Problem Description, Worksheet 1.1 Is this
venture right for you? venture right for you, Worksheet 1.2 Experts_Solution Providers,
Worksheet 1.3 Knowledge and Access

Teams present "problems Assignments: Short presentation covering topics from Module One
to be solved" + Initiate Rolling Slide Deck (to be submitted at the end of each
module below)

2 M2 Your Introduction to Business Textbook Readings: Definition of Business Models: Pages

Business Model Model Canvas Chapter 3: 56- 63
Examples of Innovative Business Models: Chapter 3: Pages 70-80
Assignments: Worksheet 2.0 Business Model Canvas. Worksheet
2.1 Product Market Fit

M3 Your Introduction of Customer Textbook Readings: Market Attractiveness & Market Research:
Customer Discovery Market Chapter 4: Pages 89-97
Segmentation Defining Market Segmentation and Customer Profiles: Chapter 4:
Pages 98-100

3 Creating a Customer Assignments: Worksheet 3.0 Customer Segment Profile

Profile
Customer Journey Assignments: Worksheet 3.1 Mapping the Customer Experience
Mapping Assignments:
Customer Interviews and Assignments: Worksheet 3.2 Customer Interview Prep
Surveys
Customer Survey Assignments: Worksheet 3.3 Customer Identification
Creation
4 M4 Your Market Market Research: Primary Textbook Readings: On Market Sizing (Chapter 4: Pages 100-101
Versus Secondary Assignments: Worksheet 4.0 Market Sizing
Market size (TAM,
SAM,SOM)

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 Competitive Analysis and Textbook Readings: Competitive Analysis (Chapter 4: Pages 101-
Positioning 104 Assignments: Worksheet 4.1 Competitor Analysis, Worksheet
4.2 Competitor Positioning, Worksheet 4.4 Competitor Chess

5 Customer Survey Data Assignments: Worksheet 3.4 Customer Discovery Findings,

Analysis
Market Research Assignments: Worksheet 3.5 Customer Discovery Summary
Reporting
Market Research In-depth Market Research Presentation
Presentations
6 M5 Your New Product Textbook Readings: Minimal Viable Product: Chapter 2: Pages
Product Development Success 63-70 Assignments: Worksheet 5.0 Prioritizing Customer Benefits,
Factors Worksheet 5.1 Prioritizing Product Features
Minimum Viable Product
(MVP) Design & Testing

Product Development Assignments: Worksheet 5.2 MVP Tests, Worksheet 5.3 MVP
Plans & Costs Dev_Test_Actions
7 M6 Your Brand Worksheet 6.0 Marketing Textbook Readings: Developing an Integrated Marketing
Mix Strategy: Chapter 4: Pages 104-115 Assignments: Worksheet 6.0
Marketing Mix

Digital Marketing & Assignments: Worksheet 6.1 Customer Acquisition, Worksheet

Social Media Strategies 6.2 Branding Elements
Branding Elements &
Messaging
8 M7 Your Revenue and Cost Textbook Readings: Financial Statements: Chapter 10: Pages 242
Financial Plan Assumptions - 250 Assignments: Worksheet 7.0 Revenues, Worksheet 7.1 Costs

Income Statement Assignments: First draft of12 month income statement & cash flow
Projections
Cash Flow Analysis &
Management
9 Startup Metrics & Textbook Readings: Preparing a Break-Even Analysis: Chapter
Breakeven Analysis 10: Pages 250-253
Measuring Startup Performance: Chapter 10: Pages 253-255
Assignments: Worksheet 7.2 Break Even Analysis, Worksheet 7.3
Startup Metrics

Capital Requirements & Textbook Readings: Securing Early-Stage Funding: Chapter 8:

Funding Sources Pages 197-211 Assignments: Worksheet 7.4 Funding
Requirements_Sources

10 M8 Your Launch Team Selection & Textbook Readings: Managing Human Resources: Chapter 10
Management Pages 257-265, Human Resources: Chapter 10: 265-267
Key Partnerships Assignments: Worksheet 8.1 Teams_Advisors_Partnerships

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 Legal Considerations for Textbook Readings: Protecting Intellectual Property: Chapter 7:
Startups + Pre-Launch Pages 169-188 Setting up Your Company: Chapter 6: Pages 147-
Readiness Checklist 165
Assignments: Worksheet 8.0 Legal Checklist + Worksheet 8.2 Pre-
Launch Readiness Checklist

11 & 12 Final Venture Final Venture Textbook Readings: Preparing the Investor Package: Chapter 5:
Presentations Presentations Pages 130-141
Final Deliverables: Final Venture Presentation + Final Rolling
Slide Deck