Technological Entrepreneurship –a Key to World Peace andProsperityDan ShechtmanTechnion, Haifa, Israel
What isTechnological EntrepreneurshipThere are many detailed and complexdefinitionsI have chosen the most simple one –Establishment of a newtechnology venture
Why is TechnologicalEntrepreneurshipimportant for the well beingof societies, countries andthe world?
Building sustainable economy requiresdevelopment of human ingenuityHow can we do that?
Good basic education to allFree market economyGood engineering and science educationGovernment policy and supportNo corruption
But that may not be enoughDevelopment of entrepreneurialspirit and knowledgeAlso needed is
While it is true that home environmentcan affect ideas, mentality and self-efficacy,it is also true that proper teaching candirect attention to a worthy subject andgood mentor can inspire enthusiasticfollowers.Born to be technological entrepreneurs? Some say that to become a successfulentrepreneur one has to be “born with it” Not so.
Can we teach technologicalentrepreneurship?Yes, we can and we should!
Who teaches entrepreneurship today?Universities around the worldHow?Startups management in MBA programs.Problem is - MBA startup managers do notusually open new high-tech startups.So who opens startups?
It is the engineers, biologists, MDs,scientists and computer experts thatstart new High-Tec companies.
Future entrepreneurs are students ofengineering, biology, physics, chemistry,computer science MDs and relatedsubjects.Who should teachtechnological entrepreneurship And so, in addition to teaching startupmanagement it is a good idea to motivateand teach future entrepreneurs how toopen successful startups
Universities should expose and motivatethese students to consider opening hi-techbusiness of their own.
Whom and where should we teach Technicians – in vocational school Youth – in high schools
Technological Entrepreneurship –the Technion classOver the past 27 years I have conducteda Technological Entrepreneurship classat the Technion.How does the class work?
Open to all Technion students 300-600 students in the class All lectures by invited speakers successful entrepreneurs new startup entrepreneurs professionals
During the lecture each studentsummarizes the lecture on a form The reports are collected at theend of the lecture. Attendance – mandatory Final exam – none
An invited speaker-entrepreneurshould provide tips, tell stories andgive advice from his/her experience.These entrepreneurs are role models tofollow. If the audience can identify withthe speaker, can believe that they canfollow his or her footsteps and becomesuccess story, we have achieved ourgoal.
What can an experienced invitedentrepreneur talk about? How he started Difficulties he faced and ways heovercame them What were the financial resources How he found proper partners How he found customers What is the company culture
The motivation should be the startup itself.Not money.Money is a byproduct of a successfulbusinessMotivation
Nonprofessional management by thetechnological entrepreneur Insufficient market survey and lack ofmarket knowledge Wrong money sources Partnering with friends rather thanprofessionals Ego driven entrepreneurship –“I know best” Bad contract among foundersMistakes that lead to failure of startups
Government role Incubators Partnership with VC funds Form a chief scientist office in everyministry Support industrial innovative R&Din startups Sign binational agreements andsupport binational funds Form and support instruction andadvice centers for immerging startups.
VC funds - a good or badsource of funding? How does a venture capital fund work? What are the problems with VC funds
So, where should we go toseek funding for our startup Strategic partners Angels Bootstrapping VC funds
What money should not be used If you do not have dip pocketsdo not use your own money Do not take money fromrelatives or friends
START-UP NATIONaddresses the trillion dollarquestion: How is it that Israel-- a country of 7.9 million, only64 years old, surrounded byenemies, in a constant stateof war since its founding, withno natural resources--produces more start-upcompanies than large,peaceful, and stable nationslike Japan, China, India,Korea, Canada and the UK?