FiBAN - Art of innovation by Bill Reichert

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Presentation shown at FiBAN's business angel day 20.9.2012

www.fiban.org/billreichert

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FiBAN - Art of innovation by Bill Reichert

  1. 1. The Art of Innovation New Rules for the New Eraof Innovation and Entrepreneurship Finnish Business Angels Network Sept. 20, 2012 Bill Reichert Managing Director Garage Technology Ventures
  2. 2. The Engine of Progress“The reasonable man adapts himself to the world;the unreasonable one persists in trying toadapt the world to himself.Therefore, all progress depends on theunreasonable man.” [ … or woman ] -- George Bernard Shaw
  3. 3. Reasonable or Unreasonable?
  4. 4. The Art of Innovation Top Ten New Rulesfor Unreasonable Success
  5. 5. 1. Fundamental ObjectiveOld Rule:n  Make moneyNew Rule:n  Create value
  6. 6. 2. Getting StartedOld Rule:n  Brilliant founderNew Rule:n  Brilliant team
  7. 7. The Brilliant Team . . . A Parable: n  The Optimist, the Pessimist, and the Engineer
  8. 8. 3. Management StyleOld Rule:n  Plan the work, work the planNew Rule:n  Plan as you go
  9. 9. 3. Management Style . . . Garage 24 Hour Rule: n  Only 24 hours to develop your plan before you go out and start testing it
  10. 10. 4. FocusOld Rule:n  Failure is not an optionNew Rule:n  Failure is a requirement
  11. 11. 4. Focus . . .. . . but you better hit your plan!!
  12. 12. 5. Business ModelOld Rule:n  Raise venture capitalNew Rule:n  Bootstrap
  13. 13. 6. Foundation of InnovationOld Rule:n  Good old Finnish know-howNew Rule:n  Good new Global know-how
  14. 14. 7. Competitive AdvantageOld Rule:n  First mover advantageNew Rule:n  Fast adaptor advantage
  15. 15. 8. Marketing StrategyOld Rule:n  Build it and they will comeNew Rule:n  If they come we will build it
  16. 16. 8. Marketing Strategy . . ."We reversed the traditional development process: design, build, and sell. We sell, design, and build and that has saved us from innumerable problems.” ─ VP Marketing, Seagate
  17. 17. 9. Pace of ChangeOld Rule:n  The pace of change is acceleratingNew Rule:n  Change takes time
  18. 18. Pace of Change . . .Progress is slower than we think:n  Energyn  Softwaren  Bandwidthn  Medicinen  Transportationn  Television.
  19. 19. 10. Source of InnovationOld Rule:n  Technology drives innovationNew Rule:n  People trump technology
  20. 20. Bonus: Pitching to InvestorsOld Rule:n  It’s about the ROINew Rule:n  It’s about LOVE
  21. 21. Top Ten New Rules1.  Create value2.  It’s all about the team3.  Plan as you go4.  Fail early and often5.  Learn to bootstrap6.  Go global day one7.  Be a fast adaptor8.  Build your business outside in9.  Be realistic about pace of adoption10.  People trump technology
  22. 22. The Art of Innovation Bill Reichert Managing Director Garage Technology Ventures

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