The EiR Model: Accelerating a New Kind Of Entrepreneurship
Boosting Business Formation with Innovation Ecosystems
✂️ Cutting Through the Red Tape: Why We Need EiRs
Traditionally, Entrepreneurs in Residence (EiRs) worked with VCs and private equity firms to scout and vet potential investments.
That was then.
But the EiR role is changing.
EiRs are gaining popularity across the board, but more specifically in the area of technology accelerators and venture studios to bring their entrepreneurial excellence to companies for a set period of time (usually 3 months to a year).
EiRs are often thought of as the ‘secret ingredient’ to create products and programs that solve industry-specific challenges in a way that is value-generating and accessible. With their own strategy and tactics toolbox, EiRs are two-way communicators that listen to the needs and wants of their customers and distill this knowledge in the form of potential solutions to their corporate employers.
💪 NBT’s EiR Program: Leaping Ahead
As a Berlin-based venture studio for the Machine Economy, Next Big Thing AG is on a mission to launch new companies that make use of the latest technologies and global talent.
NBT’s EIR program is a project set in motion to launch innovative solutions that help solve persistent industry-specific problems. We have created a platform for these innovations to be evaluated, and, if sufficient evidence of effectiveness can be demonstrated, solutions will be tested in the wild as an established venture.
NBT believes in fostering an inclusive entrepreneurial ecosystem that is rooted in community, collaboration, and technology. All we need is YOU.
A High-level Overview
NBT has carefully crafted a four-month EiR Program for entrepreneurs to build, test, and refine new ideas into venture-funded companies.
Who Should Apply?
NBT is looking for industry experts who have identified a specific problem to solve. We work with entrepreneurs who spot gaps in the market and who are committed to shaping tech ideas into viable business case.
Core Focus Areas
- Construction Tech
- Proptech
- Industry 4.0
- DLT
- Pharma
- An open call for Machine Economy use cases
🔥 Reigniting Innovation: EiR Program Benefits
Using a multi-tier structure of in-house resources and pre-vetted outsourced resources, NBT offers support in four core areas:
- Engineering: Hardware & Embedded Systems, Software Development, Data Science, and Manufacturing Design (PoC/MVP level)
- Growth: OKRs, Business Modeling, Product Management, Go-to-Market Strategy, and Sales
- Marketing & Design: UX/UI, Content Creation, Campaigns, Marketing Strategy, Events, Social Media, and PR
- Operations: Recruiting, Fundraising, Accounting, Financial Modeling, Legal Advice, and HR
🏃♀️ NBT’s EiR Sprint Process
NBT’s sprint process is made up of 6 stages of development. EiRs will need to achieve previously defined objectives by the end of each sprint.
Sprint 1 — Value Proposition
Sprint 1 is focused on defining the value proposition of the potential business case. By the end of this sprint, the EiR should have a clear outline of how to convince potential customers why the service/product is more valuable than what is already available on the market.
Objectives
- Clear value proposition
- Competitor analysis
Sprint 2 — Customer Discovery
Sprint 2 focuses on customer discovery where EiRs must play the role of a scientist. They will need to test and validate evidence that leads to a solution without allowing personal biases to influence the outcome.
Objectives
- Define hypotheses and assumptions
- Define customer personas
- Start design partner search
Sprint 3 — Product
Sprint 3 is dedicated to mapping out early product specs (PoC) where the EiR will start taking on the role of the Product Owner. By using an agile approach, the idea is to set up a product strategy and create product roadmaps in an agile environment during this stage of development.
Objectives
- Create user stories
- Expand on the voice of the customer
- Detail PoC features and cost estimates
- Plan out the product roadmap
Sprint 4 — Team
Sprint 4 focuses on sourcing a potential co-founder to join the team once the venture is (eventually) funded.
Objectives
- Find a suitable co-founder
Sprint 5 — Planning
Sprint 5 consists of completing any outstanding tasks in the previous sprint cycles
Objectives
- Complete and update the business plan
- Secure a signed contract from the selected co-founder
- Obtain a letter of intent (LOI) from the design partner
Sprint 6 — Founding
Sprint 6 — the final sprint of the program — is when the GmbH is founded. This is based on successfully achieving all of the above milestones and securing board approval. Sprint 6 focuses on:
- Obtaining formal supervisory board approval for the case
- Getting contracts drafted and approved by the Founder(s)
- Setting up a notary date
Next steps — Portfolio
Once the venture has been established, the company goes into NBT’s Venture Portfolio. This means that the Project moves from the Venture Development team to the Venture Growth team.
📚 What you Need to Know: The Hiring Process
If you’re interested in NBT’s EiR Program and would like to know what to expect from our hiring process, here’s a quick look👇
1. Screening #1 (Application )— EiR
Candidates are required to fill out a Google Form with the following questions:
- Do you have the correct permits to work in Germany?
- Describe your technical knowledge relevant to the space
- Do you have a strong network within the space?
- Describe your ideal co-founder
- What’s your earliest starting date?
- What problem would you like to solve and why are you the right person to solve it?
2. Screening #2 — VD Team
NBT’s VD Team carefully screens potential candidates that best match the hiring criteria and double-check that the EiR is permitted to work in Germany.
3. First interview (30min) — EiR & VD Member
Selected candidates will be sent over a deck explaining the EiR program model. During the call, a Venture Developer will give an overview of NBT, and assess the applicant’s skillset with general questions covering previous career(s), qualification(s), and why the candidate would be a good fit for the team.
4. Second Interview (45min) — EiR & VD Member
Before this meeting, a Venture Developer will ask the candidate to prepare an early slide deck. During the call, the candidate will go through their presentation (about the industry problem/opportunity/solution) and discuss it.
5. Third Interview (45min): EiR, VD Member, & VD Lead
A Venture Developer, along with NBT’s EiR Lead, will ask the candidate more in-depth questions following a proper assessment of the business case.
6. The Final Step (1.5hr-2.5hr): EiR, Business, Tech, & HR
The last step depends on the specific project, but in general, the meeting format is as follows :
- 1hr: Business assessment
- 30min: Technical assessment
- 30min: HR onboarding and expectations management
🤔 Interested?
We are taking submissions now.
We support you — with a successful start into startup life.
If you’re ready to share your idea with the world and would like to steer the validation of critical business assumptions into an established tech venture, reach out to us!
We’re calling all founders, big thinkers, tech evangelists, and visionaries to be the change they wish to see in the world.
If this sounds like you, get in touch, take a look at our EiR website, or check out our LinkedIn job board for more information.
Curious to know more about NBT? Learn about us here👇
