Mit eship show


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Talk about the future of entrepreneurship research. Credit to Steve Blank for some of the ideas here.

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Mit eship show

  1. The Story of 4 Dinners, 3 big ideas, and a President<br />Technology EntrepreneurshipChuck EesleyManagement Science & EngineeringStanford University<br />
  2. 3 Points for the Future<br />Experimentation<br />Unique to scalable, technology-based startups?<br />Technology Entrepreneurship outside the US? (policies, institutions, culture)<br />
  3. Dinner #1<br />
  4. To Jobs . . . <br /> … Not you, Steve.<br />
  5. Any ideas on how to create a few million new jobs?<br />FarmVille subsidies?<br />
  6. E&I?<br />E-Lab?<br />G-Lab?<br />D-Lab?<br />I-Teams?<br />What’s with the short names???<br />
  7. Dinner #2<br />
  8. Diane Burton<br />K. Eisenhardt<br />T. Stuart<br />A. Saxenian<br />S. Shane<br />D. Hsu<br />Fiona Murray<br />M. Cusumano<br />Arnold Cooper<br />Ed Roberts<br />
  9. In the early 1960s, studies of tech. e-ship began with my work on MIT-related firms and Cooper’s work on Silicon Valley…<br />
  10. Most looked at entrepreneur characteristics.<br />We dug into the firm-level.<br />Fiona and Toby looked at networks, AnnaLee at culture, Diane at TMT and org. modes, Kathy did decision making, David looked at entrep. finance, Michael at software.<br />
  11. Where have we been?<br />Began in early 1960s with Roberts, MIT-related spin-offs, Arnold Cooper, Silicon Valley co’s<br />Who becomes an entrepreneur? <br />Relatively small lit on tech-based e-ship<br />
  12. But how do I get my millions of new jobs?<br />
  13. How am I supposed to use this to create a few million new jobs?<br />Let’s try a different group for dinner.<br />
  14. Dinner #3<br />
  15. Big Idea #1<br />
  16. Risk, Failure, and Experimentation<br />
  17. Experimentation<br />
  18. Which piece of the model to test first?<br />
  19. ExperimentationThis is something we should have a lot to say about!<br />Theory<br />Startups = Economic and social experiments<br />How do founders “theorize”? What improves theorizing?<br />Convince others of their findings?<br />Learn faster?<br />Scientific method analogy<br />Experimentation/Iteration – search for scalable business model<br />What experiments to run first?<br />Implications for founders + Private Co. Boards<br />Separate: Idea, execution, resource acquisition<br />
  20. Experimentation<br />Methods – experiments, mobile/web, incubator<br />Understand causal impact of strategic choices, networks, skills<br />Intermediate data<br />User acquisition costs<br />Viral coefficient<br />Customer lifetime value<br />Monthly burn rate<br />Product/market fit<br />Average selling price<br />
  21. But the success rate is so low . . . <br />
  22. Big Idea #2<br />
  23. Most lit not on tech. entrepreneurship<br />Big Idea #2<br />
  24. Fundamental differences with Large Co<br />Finding new markets and business opportunities:<br />Stumbling around effectively with probing, real time information and some luck <br />Shaping new markets and businesses:<br />Claiming, demarcating and controlling<br />Demarcating industry architecture:<br />Advocating an architecture, joining would-be partners, probing key uncertainties<br />Innovative, technology-based entrepreneurship – why different, why important?<br />
  25. And they are NOT small versions of large companies<br />Phenomenon  Importing Theory (Context)  Novel Theory <br />
  26. William C. Durant vs. Alfred P. SloanE-school vs. B-school<br />
  27. How am I supposed to use this to create a few million new jobs and compete internationally?<br />Let’s try a different group for dinner.<br />
  28. Dinner #4<br />
  29. Big Idea #3<br />
  30. Big Idea #3Setting the Table(for entrepreneurs)<br />
  31. Not this table<br />
  32. Big Idea #2<br />
  33. Financial intermediaries<br />Barriers to growth<br />Non-competes, Michigan<br />
  34. Big Idea #3<br />Just like a good dinner party . . . <br />High tech, high growth entrepreneurship<br />Institutions, property rights, universities, basic R&D, contract enforcement, etc. <br />Also, informal institutions, social norms, practices . . . (StartupChile)<br />Strategies in different environments<br />Bubble vs. downturn<br />
  35. 3 Revolutions That Will Change Entrepreneurship Research<br />
  36. What lies ahead?<br />Takes revolution in the world to drive revolution in academic research<br />Computer revolution, Dotcom boom<br />3 revolutions that will drive the coming years of tech. entrepreneurship research<br />Web/mobile/accelerator revolution – petri dish/fruit fly <br />New engineering-based industries<br />Globalization<br />
  37. Mobile internet<br />
  38. Clean tech & similar technologies<br />
  39. Globalization<br />
  40. In Closing<br />Have to get outside of traditional management/strategy ways of thinking<br />E-school vs. B-school<br />Durant vs. Sloan <br />
  41. 3 Points for the Future<br />Experimentation as model for process of building a successful, innovative firm<br />What is unique to scalable, technology-based startups (not small business)?<br />Technology Entrepreneurship outside the US? (policies, institutions, culture)<br />
  42. What lies ahead?<br />Academics are lagging behind the theorizing of practitioners<br />Models of Entrepreneurial Performance<br />Search for scalable business model<br />Many say opportunity recognition, but may not be possible - Disentangle good idea from execution<br />Long R&D cycle vs. web/app startups<br />Theory and Methods – experiments, mobile/web, incubator<br />Intermediate data<br />