Wehavehadthemalready in a way, buthavetroublecapturingmarketvalue.Nokia: 2.50 to 60 (1994 to 2001, then 40 to 10 (2008 to present)Whyaretheyimportantnow:Employment? Wealth? RoleModel? Allthree
EnablingBlack Swans – Entrepreneurial University, Start-ups, and the InnovationEcosystem German – FinnishDialogues 29th October 2010 Berlin Will.Cardwell@Aalto.Fi, Director
What is ACE Today ? xES Entrepreneurship Education NoteCombo of Academic And Practice! Entrepreneurship Research Innovation Services and Technology Transfer Growth Venturing and Start-Up Services
The Vision of ACE by 2020Enormous impact on globally challenging problems by2015Finland into the top ten high-growth communities in the world 2010-2011Producing success stories and building confidence in Aalto community and beyond
How Will WeDothis? By creating an environmentfriendly to the emergence of positive Black Swans… And capturing a bettershare of the valuethistime!
Caveats and Disclaimers I AMsaying: Finland/Europeneeds to create MANY €100MM+ growthcompanies to make the demographicmath of the futurework We, as University communities, canlay the foundations for theirbirth and growth, butit is challenging and wemust LEARN how to dothat I AM NOTsaying: Thateverybodyshouldtunetheirstartup to try to be a BlackSwan That the guys at the Black Swanswill (necessarily) be the richest, thoughhopefullyso… ThatwecanevenguaranteeanyBlack Swanswillemerge 6
The Counter-IntuitiveReality of the Black Swan Link 8
5 Conditionsthatmustbepresent to raise the probabilityof PositiveBlack Swans Plus, whatitmeans for the Entrepreneur! * Props to my friend and colleagueHerve Lebret at EPFL for much of the research and thinkinghere, seehisbook”The StartupBook”
1. On Passion… Ecosystem: promotes and rewards passion and ambition Entrepreneur: Focus on huge, game-changingproblems …and, letsnotbeat the billion euro ambition out of ourfounders ! Link 10
2. On Risk-taking and Uncertainty… Ecosystem: promotespioneering spirit embracing uncertainty, risk-taking and tolerating failure Entrepreneur: Youmustnotfail! (butits OK ifyoudo, keeptrying!) You just cannothave a Plan B !! Link Link 11
3. On Youth and Energy… Ecosystem: Attract founders, who are ideally young, energetic and possibly migrants, and support them patiently Entrepreneur: Startearly! Universities will probably drive the next Black Swan. And, DON’T BE PATIENT! 12
4. On Customers… Ecosystem: Innovation and commercialization via a trial and error process, this includescustomers ! Entrepreneur: Get out of the officeall the time – live and breathewithcustomers. And customers: ifyoudon’tpay, youarepart of the productorservice, act likeit! Link 15
5. On Teams… Entrepreneur: Bring in the bestwherevertheycomefrom. Ecosystem: Freedom offered to talent who should not be snatched from start-ups. Talent (and capital!) MUST be mobile! Link 16
Whatarewetrying to do at ACE to enablethis? A Deep International Network Bringworld-classlecturers, practitioners and studentsIN SendourcommunityOUT to globalhotspots. SupportREGULARbootcamps and eventsaroundkeythemes Createwinning IP strategies Raise the overallIMAGE of GrowthEntrepreneurship Collaboratefluentlywithour national and regionalecosystem! 17
Its their world,we just live in it !! aaltovg.com twitter.com/ aaltogarage
Spin-offsfrom Aalto University Is the next Black Swan in this list !?!