Protect Intellectual Property - Trademark, Copyright, Patent & Trade Secrets

JWI 575 New Business Ventures & Entrepreneurship, week8 summary, 8/25/13

Intellectual Property (IP) is now the most important asset owned by a corporation as it forms the basis of sustainable competitive advantage and profitability. The way entrepreneurs handle the development, protection, enforcement, and prosecution of Intellectual Property (IP) can make or break the enterprise. 

I. Four forms of IP protection - Trademark, Copyright, Patent & Trade Secret

Original work of value can be legally protected through four forms of IP including Trademark, Copyright, Patent and Trade Secret (Kaplan & Warren, 2010). Each form of IP offers different levels of legal protection by the federal government of the United States. As protection levels for IP differ widely internationally and even from state to state within the US, specific steps should be taken to achieve the level of protection desired.    

Trademarks are used to protect the logo, symbol, short phrase, jingle and brand identity or service description (JWI 575, W8 L1). Simply by using a mark in the course of public commerce, the entrepreneur can establish a common-law right to that mark and may be considered its legal owner. The user can also file for a trademark by applying to the U.S. Patent and Trademark Office (USPTO) in Washington, D.C, by preparing an application describing the trademark and providing drawings.

Copyright protects a specific expression of an idea and is granted to words - written, spoken or performed, art, musical compositions, plays, photography, architectural designs, computer programs, titles and slogans. The author of the work owns the copyright at the moment of its creation. When work is made for hire, the copyright ownership resides with the employer. Registration can be made with the US Copyright Office (USCO) and the process can take eight to twelve months. To register, the owner must provide a declaration, apply to USCO with copies of material to deposit with Library of Congress and obtain a registration number. Copyrights need to be renewed to remain in force.

Patents grant the holder the right to exclude others from making, using, selling or offering for sale the patent invention. To qualify, the invention needs to be novel, useful and non-obvious. For the value of the patent to be realized, the patent must be exercised to yield the patent holder competitive advantages or profit. In return for disclosure and teaching the world about the invention, the entrepreneur enjoys about 20 years of exclusive rights. In addition to creating a revenue stream through royalties for licenses to use, patents help build a moat for the enterprise against new competitors.

The key steps to file a patent include idea conception, documentation of the idea, careful selection of a competent IP law firm, research about prior art and related patents, patent application with diagrams and flow charts and reception of patent approval letter. The entrepreneur should be vigilant to safeguard the rights by searching for patent infringement and prosecuting appropriately.

A Trade Secret is vital information a firm withholds from the public domain as such information is crucial for entrepreneurial success. For example, Coke's formula is a well kept trade secret.

II. How to perform searches for trademarks and copyrights

There are several ways to perform copyright searches. First, the US Copyright office maintains a searchable database (http://www.copyright.gov/records/) that can be leveraged. The Catalog of Copyright Entries is the U.S. Copyright Office’s official publication of copyright registrations and renewals, organized into categories of works. Part I includes registrations for books, pamphlets and periodicals (http://books.google.com/googlebooks/copyrightsearch.html).

For books registered before 1978, the Catalog of Copyright Entries can be manually searched. Hard copies can be found at the Copyright Office located in the Library of Congress, James Madison Memorial Building, 101 Independence Ave SE, Washington, DC 20559-6000, and at a number of different libraries throughout the U.S., including Stanford, University of Michigan and University of California.

Second, the United States Patent and Trademark Office (USPTO) offers search for patents, trademarks as well as copyrights (http://www.uspto.gov/main/profiles/acadres.htm). The trademark search database maintained by USPTO is a great resource (http://www.uspto.gov/trademarks/process/search/).

Finally, law firms that specialize in copyright and trademark searches can also be used (http://ct.wolterskluwer.com/companies-and-products/ctcorsearch/search-services). In these ways, a thorough search for copyrights and trademarks can be made.

III. Basic questions to ask in protecting IP
    What are the IPs used in the business?
    What is their value (and hence level of risk)?
    Who owns it (could I sue or could someone sue me)?
    How may it be better exploited (e.g. licensing in or out of technology)?
    At what level do I need to insure the IP risk? 

Dr DP

CEO Training Part7 - Negotiate better Payable Terms, improve Cash Flow and be a better GM

JWI 599 Capstone, Week8 summary, 8/25/13

What a surreal and awesome moment in my life ! To have an opportunity to get trained by Jack Welch, one of the greatest business leaders ever and be a small part of his enduring legacy.

I. Received blessing from Jack Welch
It was a high honor this week to discuss again with the inimitable Jack Welch and get his blessing as I prepare for graduation in two weeks. When I asked "what is the single most important thing you want us to carry forward into the future?", he replied, "Be a passionate pursuer of good ideas. Know that you have a winning formula of proven business leadership principles and you are better prepared to lead companies than many other MBAs out there. When you win, everybody wins. Be confident. As someone who finished the program in six months you are a role model. You set your mind to it and got it done". 

"To have the courage to speak my mind even if I am the only one with a point of view", said a Harvard Business School graduate I know when I asked the same question.

I ask myself and here is what I can say to myself without blinking an eye. "Win with self-confidence, authenticity, passion for business and extraordinary human relationships".

Thank you, Jack, for being such an outstanding and kind teacher.

II. Link Payment terms to boost Cash Flow

Prior to this course, I would never have thought of renegotiating payment terms with suppliers and customers as a means of improving organizational cash flow, as most people would think these terms are pretty much fixed.

While I am in general aware of the personal benefits of renegotiating payment terms (eg. mortgage re-finance, shifting to credit card with better terms and benefits), connecting this concept to protect the larger cash flow in the organization is new learning for me.

I had learned from the near-death IBM turn around experience of the 1993-1999 period that free cash flow is the single most important measure of corporate soundness and performance (Gerstner, 2002, page5). But I never appreciated it as much as I do now. This is like the difference between reading about fire and actually touching it to know its nature instantly.

IBM CEO Lou Gerstner taught us that companies like Compaq that get hooked on revenues as their main measure of performance will simply perish. Increased market share must result in a growing cash flow - that is cash flow after all expenses, not the notorious EBITDA . He also said that cash flow must be used in a wise manner, avoiding macho or bleary-eyed acquisitions, reinvesting in R&D, marketing, and other critical areas of the company. Gerstner sold off non-critical assets to shore up the balance sheet as soon as he came into IBM which was within months of running out of money for payroll.

IIb. Stretch payment terms to help cash flow

Getting favorable payment terms from suppliers as well as customers is key to protect and strengthen the cash flow in the business. Convincing suppliers to accept longer payment dates, being in a strong position to get customers to pay up earlier, and transferring inventory carrying costs to vendors outside the company  (for instance, through just in time delivery practices made famous by Toyota) are some of the ways to get favorable terms and help the CTC company.

CFO.com recommends six practices to stretch payment terms. First, the accounts payable director should be held responsible for monitoring the best terms other firms are getting in the industry and also how purchase managers are managing their payables. Second, the CFO should anchor this work and intervene if and when rogue suppliers start spreading rumors that the firm is having cash flow problems.

Third, Finance and Purchasing functions should build a close relationship and approach vendors with a common action plan. Fourth, vendors should be classified and approached differently with suitable terms.

Fifth, rigorous understanding of the financial baseline is critical to protect the overall cash flow health. Purchase terms should not only be based on pricing, but also delivery costs, vendor discounts and other allowances. Finally, executives in the firm should be paid for performance ie those whose actions contribute to cash flow health should be rewarded disproportionately.

In the short run, negotiating better payment terms can be beneficial for the company for reasons mentioned above. Particularly for firms like CTC that are in turn-around situations, getting cash flow right can make the difference between life and death of the company. The importance of cash flow is cited as paramount in the case of the fabled IBM corporate turn around that CEO Lou Gerstner engineered (Gerstner, 2002). When negotiating favorable terms, care must be taken to leave the right impression in the minds of the suppliers and customers. The actions of the company should not be interpreted as a weakness in cash flow as explained above.

In the longer run, strong cash flow enables a company to better withstand the ups and downs of the market and also give the privilege of investing in new ventures. A company that does not manage its cash flow well, and has its money tied in inventory or stuck with suppliers and customers may be unable to manage changes in the market and could perish. After all, survival is all about being the most adaptable to change.

III.Strengths & Shortcomings as a General Manager

This Capstone course to me is about connecting the dots and getting my feet wet with actually driving an organization from the top. Until I took this course, it was like learning about swimming in the business world by standing on the shore. In this course I have taken a deep dive into turbulent waters of business situations, gotten myself wet enough to appreciate the nuances, further understood my unique strengths as a leader who can bring people's best forward and more importantly gotten my butt kicked (pardon my language) with shortcomings. In the process I have learned exactly where the gaps to my skills as a general manager are. This is a giant leap in learning for me that excites me to the core. I simply cannot get this by reading countless books (which I have done) and sitting in numerous classes (been there, done that). I am very thankful to my colleagues in CTC Inc. for the wonderful opportunity to learn from their wisdom, styles and feedback.

The finish line of the MBA marathon is in sight. It has been exhausting and I have given this my very best shot. Sprinting faster than ever now.

Dr DP

CEO Training Part 6 - Riding the great depression

JWI 599 Capstone, week7 summary, 8/18/13

Team CTC had a rough DSS result this week. We left $14M in lost sales to our competition. The production was simply not on target and as the low price leader we ended up completely sold out. Our finances have suffered greatly.

Role plays this week taught us a few important lessons:
(i) Always have the courage to ask ! The worst thing you can hear is no.
(ii) Question your assumptions constantly. What held true in the past may not be true now. Challenge with data.
(iii) Fight for what you believe in. Do not let group think sway you.
(iv) Listen more than you speak. Ensure every team member is heard.
(v) Do not be conservative. Make bold decisions and take risk.
(vi) When in trouble, go back to the strategy and remain aligned.

I need to spend more time with the DSS and help the team with decision making when the debate is unending despite due deliberation. I must become intimately aware of cash flow as it is a GM responsibility.

another exhausting but also exhilarating week
Dr DP

Choose the right legal structure for the business - Proprietorship, C-corp, S-corp, Partnership, LLC

JWI 575 New Business Ventures & Entrepreneurship, Week7 summary, 8/18/13

This was another excellent week of learning again. I never really thought about the legal aspect of creating a business this deeply until now. I now understand clearly the critical importance of choosing the right legal structure at the very beginning of the venture itself.

After creating the mission, vision, values and strategy for the company, the structure of the firm should be chosen. The right legal form of the business depends on the short-term and long-term needs and goals of the firm (Kaplan & Warren, 2010). Due consideration should be given to the tax laws and cash flow needs of to arrive at the best fit for the legal structure of the company.

Additionally, legal contracts such as Non-Disclosure Agreements, Employment Agreements and Stock Option Agreements (JWI 575, W7L1) are key to enter into proper contracts with employees and create a cohesive and motivated work force. Great people decisions are vital especially in finding competent lawyers and accountants who need to stay ahead and abreast of the changes in laws. To stay on top of the legal issues and ensure compliance with state, federal and international laws a comprehensive checklist (Kaplan & Warren, 2010, pp 144-147) should be used.

Detailed takeaways below

Dr DP

Reference

Kaplan, J. & Warren, A. (2010). Patterns in Entrepreneurship Management. Third Edition. John Wiley & Sons, Inc.

JWI 575 New Business Ventures & Entrepreneurship, Week7 summary, 8/18/13

I. Choose the legal structure that fits the needs of the company

There are five legal forms of business - the best fit depends on needs of the company

Depending on the short term and long term needs of the company, five legal forms of the business can be considered namely sole proprietorship, C-corporation, S-corporation, Partnership or Limited Liability Company (LLC).

A sole proprietorship is the simplest form of business in which a single owner does business himself or herself. It is easy to set up and involves low start-up fees. The owner gets all the profits and retains total decision-making authority. However disadvantages include unlimited personal liability, limited skills and capabilities of the sole owner, limited access to capital from lending institutions and the lack of continuity for the business when the owner dies or becomes incapacitated.

The C-corporation is the most common form of business ownership and is preferable especially for early-stage companies that are looking to raise capital. The corporation in this case is a separate legal entity apart from its owners and may engage in business, issue contracts, sue and be sued, and pay taxes. Stockholders own the company, a board of directors drives the overall operation of the company, and officers such as the President, CEO and Vice Presidents manage and lead the day to day operations of the company. This form of business provides the most flexible structures for various rounds of private equity investments and venture capitalists demand this for of incorporation.

Advantages of a C-corporation form of business include limited liability of the stockholders, ability to attract capital, ability to continue indefinitely without depending on a single individual or a group of individuals, transferable ownership and a wide base of skills, expertise and knowledge of the employees, officers and the board of directors. Disadvantages of a C-corporation include cost and time involved in the incorporation process, double taxation wherein corporations are taxed on the profits while shareholders who receive dividends also pay tax, high administration and compliance costs.

The S-corporation elects to avoid corporate income tax and gets tax benefits by being a domestic company with only one class of stock which is owned by individuals and certain trusts. Shareholders pay the taxes directly and cannot be nonresident aliens and a maximum of 100 shareholders are allowed. Stringent rules are to be followed to maintain the S-corporation status and there are administrative and cost burdens as well. S-corporation may be beneficial for startup companies that anticipate net losses or highly profitable firms with substantial dividends to payout to shareholders.

A Partnership is defined an association of two or more people carrying on as co-owners of a business for profit. It is easy to establish and benefits from the complementary skills of the partners. Profits can be divided among the partners and each partner's asset base improves the ability of the business to borrow needed funds. So long as there is one general partner who will face unlimited liability, partners with limited liability can come together. As the partnership can react quickly and creatively to changing market conditions new opportunities can be swiftly seized. Like sole proprietorship, a partnership company can avoid double taxation. Consulting groups such as BCG or McKinsey are examples of parternships. Challenges with this form of business is unlimited liability for one partner, inability to attract capital, restrictions of continuity or elimination of general partnership and the potential for personality and authority conflicts.

An LLC is a blend of some of the best characteristics of corporations, partnerships and sole proprietorships. It is a separate legal entity like a corporation but it is entitled to be treated as either a sole proprietorship or a partnership for tax purposes. The owners do not assume liabilities for debt and may offer different classes of memberships and there are no restrictions on the number and types of owners. However there may be difficulties in expanding the business out of state or in transferring the ownership. Requirements may vary by state.

II. Legal contracts - NDA, EA, SOA

Nondisclosure agreements, employment agreements and stock option agreements (JWI 575, W7L1) are key to enter into proper contracts with employees. Nondisclosure agreements help to protect company secrets. Employment agreements spell out the terms under which intellectual property is developed by employees within the company and ultimately owned by the company. Such agreements also clarify grounds under which employment can be terminated. Stock options offer a great way to align the growth of a company with incentives for employees. By sharing the wealth created, a company can motivate long term commitment from its work force.

CEO Training Part5 - Right Product, Right Price, Right Timing

JWI 599 Capstone, week6 summary, 8/11/13

Delighted to see our firm CTC emerging as the market leader.

I. Leadership Dashboard
********************
Here is how we are doing versus metrics that matter:
Is the firm profitable ? Yes !
Is contribution margin (CM) on track to hit 70%-75% ? Yes !
Is the team delivering numbers and are the behaviors consistent with core values ? Yes !



But this is no time to be complacent. We had CTC meeting #10 today to go over the next decisions.

Pricing => hold; market is growing; demand is growing; we are investing in marketing and increasing quality spend

Marketing => CTC is the best in market; spend just a little bit more

People vs Machines => we have a nice balance of labor & automation => hold

Supplier => expect to be limited by raw materials for production capacity this quarter

Customer => continue to get market research and sell like hell; figure out the right price, quality and volume for the new products

Quality => invest some more to get to target level

II. New product introduction
************************

The marketplace is central to everything we do (Gerstner, 2002) in CTC. In the technology business that CTC is in, change in the marketplace is the only constant. Newer and better products built with state-of-art technologies are constantly replacing older offerings. Therefore, staying wedded to an old product is not an option for CTC. A better strategy is to anticipate the lifetime of the core product and readily introduce a new product to take its place when the demand begins to drop.

Some factors are key to the success of new product introductions.

Right product
Firstly, it must be the right product for the customer at the current time and economic conditions. CTC must constantly evaluate the market conditions and invest in Research & Development to be ready with new product introductions.

Right timing
Secondly, timing of new product introduction is critical. This is especially so in the technology industry where the competitive landscape changes all the time. A product that is ahead of its time may not find adequate customers and the firm can suffer by absorbing the development cost of tools by being the front runner. Close followers can benefit from this investment made ahead by the market leader. On the other hand, if a product comes in too late it can miss the window of opportunity and lose the investment made to create it.

Right price
Pricing affects perception of quality and also influences sales volume. Therefore price point for the new products must be set carefully. When a new product is introduced the customer will need to know exactly why they should buy it and not the core product the firm has been selling till now. The up side from the value proposition of the new product must be so clear to the customer that the decision to shift is relatively easy. The price to value ratio has to be compelling to get customers to shift the demand to the new product.

Short term and Long term implications
In the short term, developing new products will require commitment to research and development. Firms under pressure in the market and running short of funds may be tempted to cut R&D to survive a market down turn. However, successful firms do the exact inverse. They commit to innovation through R&D investment, recognizing that it represents a lifeline for the firm going into the future.
In the longer term, new products will be the ones that bring in profits to the customer.

CTC must commit to investing at least 5% of the revenues in R&D each year. This investment level must be benchmarked against spending by competition. By committing to be a market leader in innovation, CTC has a better chance to survive and thrive over the long term as a superior agent of the customer.

Dr DP

Project financials, pitch effectively to investors and select the right investor

JWI 575 New Business Ventures & Entrepreneurship, week6 summary, 8/11/13


I am grateful for another outstanding week of learning at JWMI. The lecture materials, case studies and DQ discussions continue to expand my thinking in exciting ways.

Financial projection, business pitch and investor selection
This week I learned more about the critical skills needed to succeed with entrepreneurship. I understand the importance of accurately projecting the financial needs of the firm ahead of time (JWI 575, W6L1) and attracting investors with a succinct pitch. I recognize the vital need for self-confidence in picking the right investor after taking into account the motivations of the parties concerned and the fit for the firm (JWI 575, W6L2).

Understanding and anticipating the "burn rate", the rate at which the capital will be depleted in the firm, is a critical first step. Ability to quickly communicate to the investors the unique value proposition in the business plan is the second step. The business plan must address the customer segment being targeted, the customer pain point being solved and the differentiation in products and services versus competition. Moreover, the business plan must highlight the amazing team that is collaborating and building the venture.

Finally, the investor must be selected carefully after due considerations. Some investors may be impatient and want to cash out quickly while others may be more patient and open to a longer term partnership. Beyond money, factors that venture capitalists (VCs) could bring such as domain expertise, connections to influential people and a track record of launching successful companies should be considered. Compatibility in working styles with the VCs is also crucial for successful cooperation in high pressure environments with well defined deliverables and deadlines.

These are valuable concepts that I will use in business ventures going forward. I will need to develop further my skill in pitching business ideas to investors and prospective employees and other stakeholders more effectively.

Dr DP

(I) Fund the venture (W6L1)
***************************
Determine burn rate and therefore start-up capital needed

(II) Attract the right equity investors with a tight pitch
******************************************************
For [customer portrait]
who [description of problem he or she faces],
we offer [solution],
which unlike [competitor/substitutions],
offers [unique selling proposition].
I’m building this venture with [amazing team].
[Here’s why you would make a great collaborator.]

Links to Business Pitch
************************
    http://www.masschallenge.org/
    http://www.alumni.hbs.edu/careers/pitch/
    http://www.ted.com/talks/lang/eng/david_s_rose_on_pitching_to_vcs.html
    http://faculty.babson.edu/academic/sye3/RocketPitch/Student/index.htm (Look for the link to Sample Rocket Pitches in the presentation.)

(III) Pick the right investor (W6L2)
*********************************
This is a critical partnership over a long time
Understand investor motivation: make money, derive value & satisfaction

What investor brings to the table:

(a) money
*********
aligned objectives    immediate return to investors (short term cash) OR
                      build long term value, bold bet with huge long term payout
(b) non-monetary benefits
**************************
- domain expertise
- network of connections
- Adult supervision - keep you on your toes
- larger VCs - record of successful investments; introduce to other companies in portfolio - learn from, sell to
- compatible working styles


(IV) Framework used by Venture Capitalists to evaluate projects (Roberts & Barley, 2004):
*****************************************************************************************
(i) Opportunity
Is the idea exciting, interesting and unique? What is the value proposition?
Does it attempt to offer a solution to a customer pain point? What is the big A-ha (Welch, 2005), the differentiator that hooks customers and investors alike?
What is the time window for this opportunity?

(ii) Competitive Advantage
What is the moat that keeps competitors from taking away the business?
For example, is there a new technology? In order to create a barrier, the technology has to be hard to execute.

(iii) Prototype
Is there a working prototype to demonstrate the promised solution or is this just at the idea stage?

(iv) Market size and growth potential
Is the market big enough? Is the sector fast growing?
Explosive growth makes it difficult for rivals to catch up or incumbents to respond.

(v) Customer
Is there any proven customer engagement?
Interest from a customer who is willing to pay could strengthen the business case and make it more attractive to investors (Kaplan & Warren, 2010).

(vi) Team
Does the founder understand the business side and the technical side of the company?
Is the interest of the founder compatible with the interest of the VC firm?
If the founder wants to retain control as the CEO it may restrict the ability of the VC firm to extract financial gains from the investment in a timely manner.

Are the business functions appropriately staffed by talented and the best qualified people?
Do the team members have the desired qualities such as creative skills, drive to win and humility (JWI 575, W5L1)?
Who among the team are assets to the company? Who are likely to be liabilities and need to be replaced?

(vii) Risks vs. Reward
What are the technical, competitive and market risks? Can the technology become obsolete quickly?
How many competitors exist and how are their offerings differentiated?
Do the current economic environment and the global context support the market for this business case?
Can the company run out of funds before customer adoption ? (Steve Blank, 2009)
What is the financial return projected for the investment?

(viii) Business Model
What is the price point? What is the customer acquisition strategy? What is the revenue target? 
What is the expense model? What is the cash flow needed to get to break even?

Rigorous business model analysis (Hamermesh et al, HBS 2002)
*****************************************************
How likely is the business to turn cash flow positive?
How much time is required to ramp-up the revenue in order to turn cash flow positive?
How large an investment is required to pursue the business model ?
What are the critical success factors and associated risks?

(ix) Financial analysis
What is the projected revenue over time for the company? What is the gross margin?

CEO Training Part4 - Role plays & Team evaluations

JWI 599 Capstone Week5 Summary, 8/4/13

At the core the problem boils down to a lag in spending for marketing and quality. The concern is competition may be outspending the CTC team. The team regrouped and corrected the course this week with strategic moves in marketing and quality. If our decisions are right we should see contribution margin stepping up nicely to 62% vs target of 70%-75%.

Through the role plays we learned how to work together with the Union and build bridges for a brighter future together. We also succeeded in getting favorable deals from suppliers. 

As the GM, I learned how to evaluate the performance of each team member by thinking critically about where they each can improve further. As every team member is performing at the highest level, this was another great week for everyone.

Dr DP

CEO Training Part 3 - OPs review

JWI 599 Capstone, week4 update

We focused on creating a power point for an Operations (Ops) review by executives. It was great fun to assemble charts from diverse points of view including general management, finance, marketing, production, R&D and Quality.

We rehearsed as a team and made 10 revisions to the ppt file. The presentation went very well and was rated by the executives as one of the best ever.

When team work is realized, great things are possible

Dr DP

Build winning teams, Create winning culture, Think like a Venture Capitalist

JWI 575, New Business Ventures & Entrepreneurship, Week5 Summary, 8/4/13

This week I learned how to build a winning team and nourish it by creating a winning culture. Early members of the team are vital to success and so it is absolutely important to put the best and the brightest people into new ventures (JWI 575, Welch, W5 video). Essential qualities of a winning team includes sales ability, drive, humility, a knack for hiring up, domain knowledge, solid track record, formal credentials, creative skills, record of past collaborations and good instincts (JWI 575, WK5 L1). Elements of a winning start up culture include execution and accountability, transparency in decision making, wealth sharing, conflict resolution, work-life balance and clear metrics of progress (JWI 575, W5 L2). It is important to keep asking the dumb questions but there is no need to micromanage every little detail (JWI 575, David Calhoun, W5 video).

The Ockham case study (Wasserman, 2004) helped to apply and reinforce the concepts learned this week to a practical business situation. Learning how venture capitalists evaluate potential opportunities (Roberts, 2004) helped me to think more like an investor and less like a technologist.

The skills learned this week will help me build superior management teams, create winning cultures and shape business plans that can win the hearts and minds of investors such as venture capitalists.

Dr DP

References
Wasserman, N (2004), Ockham Technologies: Living on the Razor’s Edge. Boston, MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu 
Roberts, M. (2004), How venture capitalists evaluate potential venture opportunities. MA: Harvard Business School Publishing. Retrieved from icampus.strayer.edu