Innovation Culture (Stanford)

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The modified version of the Innovation Culture talk trimmed down to one hour for the Stanford chapter of ASES (Asia-Pacific Student Entrepreneurship Society).

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Innovation Culture (Stanford)

  1. 1. Innovation Culture David Weekly, PBwiki Stanford University October 13, 2008
  2. 2. Why Does Silicon Valley Work? <ul><li>Value capability over everything </li></ul><ul><ul><li>versus your parents, GPA, school… </li></ul></ul><ul><li>Failure-tolerant culture </li></ul><ul><ul><li>From Gold Rush days </li></ul></ul><ul><ul><li>Hard work buys you the right to fail. </li></ul></ul><ul><li>Hippy culture </li></ul><ul><ul><li>Rapid peer distribution of best practices </li></ul></ul><ul><ul><li>Lack of formalism in peer connectivity </li></ul></ul>
  3. 3. The Mentality of the Successful Entrepreneur <ul><li>Confidence </li></ul><ul><ul><li>Knowing you will succeed where others failed. </li></ul></ul><ul><li>Humility </li></ul><ul><ul><li>Knowing you have more to learn. </li></ul></ul><ul><li>Energy </li></ul><ul><ul><li>The stamina to run a long, hard race & inspire. </li></ul></ul><ul><li>Insight </li></ul><ul><ul><li>Through training, seeing what others cannot. </li></ul></ul><ul><li>Curiosity </li></ul><ul><ul><li>Wanting to know WHY. </li></ul></ul>
  4. 4. Ideas are Cheap! <ul><li>Innovation: 1% inspiration, 99% perspiration. </li></ul><ul><ul><li>E=MC^2 doesn’t mean you can make a nuke. </li></ul></ul><ul><ul><li>Value is execution: EBay, Google, Wikipedia. </li></ul></ul><ul><li>Don’t hide ideas. Make them valuable. </li></ul><ul><ul><li>Talking about an idea will help you hone it & make it valuable. </li></ul></ul>
  5. 5.  You’re a Failure!  <ul><li>Most of your ideas will be bad. </li></ul><ul><li>It will take a lot of hard work to find this out. </li></ul><ul><li>You will feel bad. </li></ul><ul><li>You will feel stupid. </li></ul>
  6. 6.  You.
  7. 7.  You’re a Failure!  <ul><li>The key to success in any discipline? </li></ul><ul><ul><li>Rapid, safe failure </li></ul></ul><ul><ul><li>Learning how to fall without hurting yourself </li></ul></ul><ul><ul><li>Learning how to recover from an error </li></ul></ul><ul><li>You need this in order to train @ 100%! </li></ul><ul><li>Embracing failure will let you be more aggressive in vetting bad ideas. </li></ul><ul><ul><li>Which will let you find the good ones. </li></ul></ul>
  8. 8. Technology Lets You Fail Fast <ul><li>Vetting technology ideas is faster, cheaper, and easier than ever. </li></ul><ul><li>CPU, storage, RAM, bandwidth = cheap </li></ul><ul><ul><li>8gb quad-core: $1600->$1150 in 9 months! </li></ul></ul><ul><li>Cloud compute & services = easy </li></ul><ul><li>Rapid-prototype frameworks (Rails, PHP, Python) = fast </li></ul>
  9. 9. The Surprisingly Low Cost of Fail
  10. 10. The Surprisingly Low Cost of Fail <ul><li>Regular employment (25->60 @ $65k, 5%) </li></ul><ul><ul><li>$6.23m lifetime earnings </li></ul></ul><ul><li>Your startup fails after 3 years of $0 salary </li></ul><ul><ul><li>$10m ($125k salary after fail) </li></ul></ul><ul><li>Your startup wins, $4m after 4 years </li></ul><ul><ul><li>$17.7m ($200k salary after win) </li></ul></ul><ul><li>You’ll earn twice as much to do startup, even with an 80% chance of failure. </li></ul>
  11. 11. People are your best asset! <ul><li>Find good people, hang onto them for dear life. </li></ul><ul><li>Don’t be tempted to hire so-so people. </li></ul><ul><li>Connect with others! Be social!  </li></ul><ul><ul><li>(But don’t just pretend to care.) </li></ul></ul><ul><li>M&A napkin-math = $2m/engineer. </li></ul>
  12. 12. Want a job? Want to give me feedback on this talk? [email_address] http://DavidWeekly.org http://twitter.com/dweekly

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