Your SlideShare is downloading. ×
  • Like
Success factors for innovative start-ups in the United States - Francis Skrobiszewski
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Success factors for innovative start-ups in the United States - Francis Skrobiszewski

  • 184 views
Published

 

Published in Economy & Finance , Business
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
184
On SlideShare
0
From Embeds
0
Number of Embeds
0

Actions

Shares
Downloads
0
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Success Factors for Innovative Start-ups in the United States Francis J. Skrobiszewski Director, US-Polish Trade Council 1 Forum Nowej Gospodarki November 14, 2011 Krakow, PolandCopyright © 2011. All rights reserved.
  • 2. Fundamental Factors for Success• Personal Qualities – Vision, Commitment, Passion, Risk-Taking, Integrity• Professional Skills and Experience – Intellect, Managed Business, Worked in Given Industry• Research and Applied Knowledge – Knows the Technology and Studied the Market for it• Capital and Complementary Resources – Committed Stake, Investor Support, Mentor Assistance• Supportive Ecosystem – Enlightened Gov’t Administration, Trust, Teamwork 2
  • 3. Challenges for Innovative Start-Ups • Identifying a marketable technology • Financing and executing R&D -- Self -- “Friends, Family and Fools“ -- “Angel Investors” • Managing the business and tech development • Marketing the proven technology • Growing the company Conceiving and Building High-Tech Firm Is “High Risk Business”! 3
  • 4. US Advantages in BuildingInnovative Technology Start-Ups• Entrepreneurial Mindset and Availability of Experienced Professionals to Help• Conducive Laws/Regulatory Environment• Established Mechanisms for moving technology from laboratory to market/EXIT• Availability of Capital and Systems to Deploy It Professionally Location – “About 75% of returns come from w/i 25 miles of Stanford” 4
  • 5. Entrepreneur-Innovators Do Not Succeed in a Vacuum• Market-Driven Demand• Conducive Ecosystem/Inst Infrastructure – Availability of skilled managers – Good business practices of collaboration and TRUST – Enlightened Gov’t providing conducive laws and regs, judicial enforcement – Supportive tax and IP Rights regimes• Venture Capital Properly Employed Compare Conditions in World’s Most Successfull Economies 5
  • 6. Key Pillars of Silicon Valley• Universities (“Brainiacs”)• Non-Profit Groups (Incubators, clubs, etc.)• Start-Ups (Entrepreneurs seeking Profits)• Service Providers and Other Experienced Professionals – Serial CEOs, CFOs• Venture Capitalists ($$$$$$$$$)• An Ecosystem Rewarding Risk-TakersMoney Makes the World Go Around,but Honesty/Integrity Are Essential 6
  • 7. Fundamental Factors for Success• Personal Qualities: – Vision – Commitment to Winning, Achieving Objectives – Passion – Willingness to Take Risks – Honesty and Integrity• Professional Skills and Experience: – Management, Management, Management, . . . – with a Track Record that demonstrates you can deliver – Fundamental intelligence – Knowledge of Industry and Understand that Market – Disciplined work skills, Focus – Realistic development plans 7
  • 8. Fundamental Factors for Success• Research and Applied Knowledge : – Deep Knowledge of the technology, product, service – Understanding of the REAL Market demand – Where? What? Who? How? – Creativity coming together with “in-depth research” – Identifying Competitive Advantage: • Unique Technology/Patents/Barriers/First Mover• Capital and Complementary Resources: – Self-fund commitments, FFF, Public Grants – Investor Financing and “Common Vision” on Returns – Not Just Money, but Mentoring advice/counsel on • Good management practices (financial, HR, etc.) • International contacts, marketing and sales • IP protection support, etc., etc. 8
  • 9. Fundamental Factors for Success• Supportive Ecosystem: – Availability of skilled managers – Clustering / Communicating / Networking / Teamwork – Good business practices and a “Climate of Integrity” – Synergies created by “sharing” insights/ideas/inspiration – “Risk-Taking” -- Is it rewarded or punished? – Enlightened Government and Administration – Conducive laws and regulations, judicial enforcement – Supportive tax system – Behavior IP Rights regime encourages or discourages? – Allocation of “Rewards” among parties Businesses Built by “Trial and Error,” and a little Luck Helps! 9
  • 10. Building Polish Capabilities forFinancing Innovative Start-Ups• Extensive Polish Gov’t program of grant support for SMEs through PARP, NCBiR, etc.• Krajowy Fundusz Kapitalowy now financing jump- start of Polish VC industry to fill “equity-gap” – $300 million fund-of-funds, capitalizing new VC funds with investment limit in innovative SMEs of 1.5 million Euros – With KFK committing up to 50% of a VC fund’s capital, ~$600 million will be available to invest in Polish tech entrepreneurs – $150 million already committed to 12 VC funds – www.kfk.org.pl• Strong, commercially-focused private equity industry, jump-started by PAEF in 1990, now with BILLIONS in capital, to finance growth 10
  • 11. Challenges and Opportunities• Speed is of the Essence – The Market does not wait• Building Entrepreneurial Climate of Risk- Taking and Trust• Creating the NEW is more important than perfecting the OLD! Innovative Economy requires Innovative Government• Critical Mass of Capital injection is essential to achieving results – PARP, KFK, Funds “Commercial Objectives” Must Ultimately Drive Decision-making
  • 12. Technology Knows No Borders You Are Positioned to Capitalizeon Opportunities the Future Offers “Those who will not risk cannot win” – Captain John Paul Jones, US Navy Francis J. Skrobiszewski skrobi@earthlink.net mobile: +1-202-468-3374 12