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Professor Daniel Isenberg, Babson Executive Education (Open Innovation in the Food Industry)

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Professor Daniel Isenberg, Babson Executive Education (Open Innovation in the Food Industry)

  1. 1. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems Daniel Isenberg May 28 2014 1 All materials © 2014 Daniel Isenberg
  2. 2. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Assumption: One of the reasons you have a food cluster organization is to foster dramatically more food-related entrepreneurship
  3. 3. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors
  4. 4. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 1903 2013
  5. 5. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors SodaStream • HCS Invented in 1903 in UK • Peter Wiseburgh established Soda-Club competitor 1990 in Israel • Grows big markets in Germany, Sweden, France, Israel, NK, CH • Acquires SodaStream, lots of debt, law suits • 2006 huge losses, Wiseburgh tossed out • Fortissimo PE acquires control for $16 million in 2007 • Brings in CEO with about 5% of shares • CEO takes SODA public in 2010, $109 million raised • Market value $367 million -> $1.46 billion in 18 months • Revenues $100mio (2006) -> $436 (2013)
  6. 6. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Is this entrepreneurship?
  7. 7. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Examples • Tough Mudder • Studio Moderna (Slovenia) • Actavis (Iceland) • SABIS (Lebanon) • Cinemex (Mexico)
  8. 8. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors
  9. 9. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 9 Robert Wessman and Actavis Iceland and Generic Drugs
  10. 10. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Actavis (Iceland) A growth story • #5 generic co. WW • Over 11,000 employees • Present in close to 40 countries • 26 acquisitions • €1.6 billion 2007 • 22% EBITDA • 650 products • 412 product pipeline • 24 billion tablets/capsules capacity low cost / high quality Actavis 2007 • 99 employees • Present in 1 country • EUR14 million in sales • Illiquid • Wessman is 29 years old Actavis in 1999 ICELAND WORLD 10
  11. 11. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Example Cinemex La Magia del Cine
  12. 12. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors • small • union-controlled • poor service • single-movie • unpleasant • bad food • cheap • large • reservable • multi-movie • A/C • good food • expensive The Problem in Mexico – 1990s
  13. 13. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 13 They raised $21.5 million!!! and then came the crash
  14. 14. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors • 50% market share by year 2000 • 48 cinemas 2005 • Created entirely new market • Sold for $300 mio in 2002 (founders made $30mio) Outcomes
  15. 15. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 15 5/29/2014 More about growth than about start
  16. 16. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Empirical findings on high growth firms are different from our stereotypes* • Rare – anywhere from .75% (Denmark) to 6% (UK) of startups enter into minimal growth • Old – most studies show that the bulk of high growth firms are 15-30 years old • Basic industries – the large majority of high growth is in food, retail, manufacturing etc and NOT in ICT, life sciences • Sporadic growth – growth is not linear, easily predictable References include Acs et al. (2008), Audretsch (2012), Brown et all. (2014) , Danish Business Authority and OECD (2011)
  17. 17. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 17 5/29/2014 As much about mature ventures as young ones
  18. 18. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 18 5/29/2014 More about execution than innovation
  19. 19. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 19 5/29/2014 Amazingly difficult to know the opportunities until after the fact
  20. 20. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors
  21. 21. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors 21 Entrepreneurship: 5/29/2014 The Creation & Capture of Extraordinary Economic Value Which is usually contrarian in nature
  22. 22. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Support professions • Legal • Accounting • Investment bankers • Technical experts, advisors Non-Government Institutions • Entrepreneurship promotion in non-profits • Business plan contests • Conferences • Entrepreneur-friendly associations Educational Institutions • General degrees (professional and academic) • Specific entrepreneurship training Networks • Entrepreneur’s networks • Diaspora networks • Multinational corporations Government • Institutions e.g. Investment, support • Financial support e.g. for R&D, jump start funds • Regulatory framework Incentives e.g. Tax benefits • Research institutes • Venture-friendly legislation • e.g. Bankruptcy, contract enforcement, property rights, and labor Early Customers • Early adopters for proof-of- concept • Expertise in productizing • Reference customer • First reviews • Distribution channels 3/12/2014 © 2009, 2010, 2011 Daniel Isenberg Leadership • Unequivocal support • Social legitimacy • Open door for advocate • Entrepreneurship strategy • Urgency, crisis and challenge Societal norms • Tolerance of risk, mistakes, failure • Innovation, creativity, experimentation • Social status of entrepreneur • Wealth creation • Ambition, drive, hunger SuccessStories • Visible successes • Wealth generation for founders • International reputationLabor • Skilled and unskilled • Serial entrepreneurs • Later generation family Infrastructure • Telecommunications • Transportation & logistics • Energy • Zones, incubators, co-working, clusters Financial Capital • Micro-loans • Angel investors, friends and family • Zero-stage venture capital • Venture capital funds • Private equity • Public capital markets • Debt Entrepreneurship Policy Finance Culture Supports Human Capital Markets
  23. 23. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Important messages: A lot of things have to happen In non-linear, “chaotic” path Causality is very complex (in fact never know what causes what)
  24. 24. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Support professions • Legal • Accounting • Investment bankers • Technical experts, advisors Non-Government Institutions • Entrepreneurship promotion in non-profits • Business plan contests • Conferences • Entrepreneur-friendly associations Educational Institutions • General degrees (professional and academic) • Specific entrepreneurship training Networks • Entrepreneur’s networks • Diaspora networks • Multinational corporations Government • Institutions e.g. Investment, support • Financial support e.g. for R&D, jump start funds • Regulatory framework Incentives e.g. Tax benefits • Research institutes • Venture-friendly legislation • e.g. Bankruptcy, contract enforcement, property rights, and labor Early Customers • Early adopters for proof-of- concept • Expertise in productizing • Reference customer • First reviews • Distribution channels 3/12/2014 © 2009, 2010, 2011 Daniel Isenberg Leadership • Unequivocal support • Social legitimacy • Open door for advocate • Entrepreneurship strategy • Urgency, crisis and challenge Societal norms • Tolerance of risk, mistakes, failure • Innovation, creativity, experimentation • Social status of entrepreneur • Wealth creation • Ambition, drive, hunger SuccessStories • Visible successes • Wealth generation for founders • International reputationLabor • Skilled and unskilled • Serial entrepreneurs • Later generation family Infrastructure • Telecommunications • Transportation & logistics • Energy • Zones, incubators, co-working, clusters Financial Capital • Micro-loans • Angel investors, friends and family • Zero-stage venture capital • Venture capital funds • Private equity • Public capital markets • Debt Entrepreneurship Policy Finance Culture Supports Human Capital Markets Beware: This pretty picture is potentially misleading
  25. 25. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems Don’t confuse the snapshot and the feature length film
  26. 26. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Easy for Bostonians to see this:
  27. 27. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors And conclude all you need are these:
  28. 28. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors So Fostering Entrepreneurship Ecosystems A cultivation problem, not an engineering problem
  29. 29. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems Don’t confuse the tangible “hardware” and intangible “software”
  30. 30. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors The Hardware Accelerators? Angel networks? Government VC fund of funds? Crowd funding? Angel tax credits? Incubators?Technology transfer? Clusters? SME policies? SME loan guarantees? Startup Weekends Mentor corps? Startup Visas?
  31. 31. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors “Soft”ware • Engagement • Alignment • Learning • Experimenting • Mutual interest • Assessment • Mindset/attitudes • Commitment 5/29/2014 31
  32. 32. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors These “hardware” solutions can all work, and they can all fail Depends on what else you do, and how it is done, and who does it
  33. 33. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems Whose responsibility is it? (Easy to get confused)
  34. 34. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems Not government’s job Not education’s job Not corporations’ job Not the entrepreneurs’ job Not the VCs job Not the banks’ job SO WHOSE JOB IT IS?
  35. 35. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Fostering Entrepreneurship Ecosystems You need a committed coalition of local leaders Entrepreneurship centers Shared work spaces Cluster leaders Educators Media leaders cultural icons Entrepreneurs Corporate execs Elected and appointed Public sector leaders Investors, VC bankers etc
  36. 36. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Entrepreneurship Ecosystems Need to focus on high growth (which has no single definition) Encourage, support, observe, record, and COMMUNICATE growth events, small, large, big
  37. 37. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors A few words to policy makers
  38. 38. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Avoid the trap of second guessing where entrepreneurial success will emerge Can be retail, trade, construction, manufacturing, bio, events, etc. Almost always happens where even the “experts” least expect it
  39. 39. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Beware of tangible incentives for entrepreneurs based on size, industry
  40. 40. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Get and stay off ventures’ balance sheets (public sector)….
  41. 41. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Get and stay off ventures’ balance sheets (public sector)…. That does NOT mean the public sector doesn’t have an essential and unique role
  42. 42. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Focus on the off-ramp of value capture at least as much as the on-ramp of firm creation
  43. 43. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Don’t protect entrepreneurs too much Mistakes are normal Death is normal Failure is normal
  44. 44. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Balance your “portfolio” of social investment in scale ups and start ups Quick wins: Easier for one scale up to go from €10 mio- €100 mio Than for nine startups to go from €1 - €10 mio (in reality, not either-or)
  45. 45. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Two different languages Best practice words • Create • Establish • Make • Design • Copy • Blueprint Best process words • Foster • Facilitate • Foment • Catalyze • Support • Enable • Encourage • Empower5/29/2014 47
  46. 46. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors “Fostering entrepreneurship ecosystems” is a wicked problem, with no clear causality
  47. 47. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors “Fostering entrepreneurship ecosystems” is a wicked problem, with no clear causality To impact an under-determined system, need to “over- determine” the solution
  48. 48. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Entrepreneurship Ecosystems Need to focus on high growth (which has no single definition) Eradicate the term small business
  49. 49. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 . 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Don’t eradicate adversity (as a policy goal) Regulatory adversity – make appropriate Infrastructure adversity – reduce Market adversity – leave and even foster
  50. 50. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors Some wrap up thoughts
  51. 51. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors
  52. 52. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors
  53. 53. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors “Food for thought” • No “recipe”: lots of interest ideas, but it often “boils down” to specifics (even people) • Big & small: how to mutually benefit? (Arla, Findus) • Reverse “menu”: tell us your problems to solve” in addition to “here is what we have to offer.” • “Bread and butter:” execution (making AND selling) • Food innovation: “Red Bull” and “Nespresso” – drugs • “Where’s the beef?” : value creation for customer • “The sizzle and the steak”: How to put sizzle in food industry? • Have amazing “steak” • Be a little bolder: You are really cooking: “Nordic Inside”
  54. 54. EntrepreneurshipPolicyAdvisors Copyright © 2011, 2012 , 2013 Daniel Isenberg Entrepreneurship Policy Advisors EntrepreneurshipPolicyAdvisors To en·gage : To pledge or promise, especially to marry; to draw into; to involve; to enter into conflict with
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