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

1. The Story of 4 Dinners, 3 big ideas, and a President Technology EntrepreneurshipChuck EesleyManagement Science & EngineeringStanford University

2. 3 Points for the Future Experimentation Unique to scalable, technology-based startups? Technology Entrepreneurship outside the US? (policies, institutions, culture)

3. Dinner #1

6. To Jobs . . . … Not you, Steve.

8. Any ideas on how to create a few million new jobs? FarmVille subsidies?

14. E&I? E-Lab? G-Lab? D-Lab? I-Teams? What’s with the short names???

15. Dinner #2

17. Diane Burton K. Eisenhardt T. Stuart A. Saxenian S. Shane D. Hsu Fiona Murray M. Cusumano Arnold Cooper Ed Roberts

18. In the early 1960s, studies of tech. e-ship began with my work on MIT-related firms and Cooper’s work on Silicon Valley…

19. Most looked at entrepreneur characteristics. We dug into the firm-level. 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.

20. Where have we been? Began in early 1960s with Roberts, MIT-related spin-offs, Arnold Cooper, Silicon Valley co’s Who becomes an entrepreneur? Relatively small lit on tech-based e-ship

21. But how do I get my millions of new jobs?

22. How am I supposed to use this to create a few million new jobs? Let’s try a different group for dinner.

23. Dinner #3

25. Big Idea #1

26. Risk, Failure, and Experimentation

27. Experimentation

28. Which piece of the model to test first?

30. ExperimentationThis is something we should have a lot to say about! Theory Startups = Economic and social experiments How do founders “theorize”? What improves theorizing? Convince others of their findings? Learn faster? Scientific method analogy Experimentation/Iteration – search for scalable business model What experiments to run first? Implications for founders + Private Co. Boards Separate: Idea, execution, resource acquisition

31. Experimentation Methods – experiments, mobile/web, incubator Understand causal impact of strategic choices, networks, skills Intermediate data User acquisition costs Viral coefficient Customer lifetime value Monthly burn rate Product/market fit Average selling price

32. But the success rate is so low . . .

35. Big Idea #2

36. Most lit not on tech. entrepreneurship Big Idea #2

37. Fundamental differences with Large Co Finding new markets and business opportunities: Stumbling around effectively with probing, real time information and some luck Shaping new markets and businesses: Claiming, demarcating and controlling Demarcating industry architecture: Advocating an architecture, joining would-be partners, probing key uncertainties Innovative, technology-based entrepreneurship – why different, why important?

38. And they are NOT small versions of large companies Phenomenon  Importing Theory (Context)  Novel Theory

40. William C. Durant vs. Alfred P. SloanE-school vs. B-school

41. How am I supposed to use this to create a few million new jobs and compete internationally? Let’s try a different group for dinner.

42. Dinner #4

43. Big Idea #3

44. Big Idea #3Setting the Table(for entrepreneurs)

45. Not this table

46. Big Idea #2

47. Financial intermediaries Barriers to growth Non-competes, Michigan

48. Big Idea #3 Just like a good dinner party . . . High tech, high growth entrepreneurship Institutions, property rights, universities, basic R&D, contract enforcement, etc. Also, informal institutions, social norms, practices . . . (StartupChile) Strategies in different environments Bubble vs. downturn

51. 3 Revolutions That Will Change Entrepreneurship Research

52. What lies ahead? Takes revolution in the world to drive revolution in academic research Computer revolution, Dotcom boom 3 revolutions that will drive the coming years of tech. entrepreneurship research Web/mobile/accelerator revolution – petri dish/fruit fly New engineering-based industries Globalization

53. Mobile internet

54. Clean tech & similar technologies

55. Globalization

56. In Closing Have to get outside of traditional management/strategy ways of thinking E-school vs. B-school Durant vs. Sloan

57. 3 Points for the Future Experimentation as model for process of building a successful, innovative firm What is unique to scalable, technology-based startups (not small business)? Technology Entrepreneurship outside the US? (policies, institutions, culture)

58. What lies ahead? Academics are lagging behind the theorizing of practitioners Models of Entrepreneurial Performance Search for scalable business model Many say opportunity recognition, but may not be possible - Disentangle good idea from execution Long R&D cycle vs. web/app startups Theory and Methods – experiments, mobile/web, incubator Intermediate data