Outliers, Black Swans, and InternationalizingourEcosystem Will.Cardwell@Aalto.Fi
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
ACE Innovation Services today and tomorrow * * This is ”Practice” part and it is Critical to future of Finland and mustberesourcedaccordingly!!
Finland’s (and Europe’s) Challenge 4 Creating Growth In order to makethishappen,wewillneed to dosomethingsdifferently – whatwearedoingis notworkingwellenough…
Summary of Finnish high-tech company capital raising activity – Q32010 Finnish high-tech companies announced raising nearly €30 million of risk capital during Q3 of 2010. The quarterly amount was comparable to Q3 2009, when Finnish high-tech companies were able to attract around €29 million euros of financing. The amount of investments remained equivalent to the prior year’s Q3 activity, however, the average investment size in Q3 2008 was significantly smaller TECHNOPOLIS PLC 14 December 2010 5
In Israel (1) 6
The following is how I viewthat the values of Finland’sinnovationecosystemneed to berecalibrated, and how Aalto will help… 7
The Counter-IntuitiveReality of the Black Swan Link 8
Outliers and Black Swan explained.
Makes a MassiveImpact
Endowedwith an unfairadvantange.
Extremepractice and work
Haveweeverhadany, and whyaretheysoimportanttoday?
Caveats and Disclaimers I AMsaying: Finland/Europeneeds to create MANY €200MM+ growthcompanies to make the demographicmath of the futurework We, as a University community, 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 10
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 11
2. On Risk-taking and Failure… Ecosystem: promotespioneering spirit embracing uncertainty, risk-taking and tolerating failure Entrepreneur: Youmustnotfail! (butits OK ifyoudo, keeptrying!) You just cannothave a Plan B !! Link Link 12
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! 13
About 34 About 26 14
aaltovg.com twitter.com/ aaltogarage
4. On Customers… Ecosystem: Willingcustomersparticipate in trial and errorprocesswithinnovators. Entrepreneur: Get out of the officeall the time – live and breathewithcustomers. And customers: ifyoudon’tpay, youarepart of the productorservice, act likeit! Link 16
5. On Teams… Entrepreneur: Bring in the bestwherevertheycomefrom (and manywillcomefromabroad!) Ecosystem: Freedom offered to talent who should not be snatched from start-ups. Talent (and capital!) MUST be mobile! Link 17
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! Getgreatideas into the marketFAST! 18
SelectSpin-offs and Start-UpsfromAalto University SomePast Start-Ups Hybrid Graphics F-Secure Sulake Rovio Solid … manyothers
Any Ideas? Invented Something? Contact us directly: Will Cardwell, Head, 040 514 1325 Pauli Laitinen, Innation Services teamleader, 050 338 0509 Or looked at: http://ace.aalto.fi 20