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Innovation and Entrepreneurship
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Innovation and Entrepreneurship

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Prof Mark Harris presentation, former Intel director

Prof Mark Harris presentation, former Intel director

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Innovation and Entrepreneurship Innovation and Entrepreneurship Presentation Transcript

  • ™ innovation, entreprenurship and smart business models Prof. Dr. Sc. math. Dr. h.c. Mark Harris CEO and Founder1 Adjunct Professor for Technology Entrepreneurship & Innovation
  • What is innovation ? Innovation is an invention, paired with a process and a market Entrepreneurship invention process market © innoVaventures ™ 2 All rights reserved
  • Entrepreneurship is:A processNot a personAbout BIG companies that happen to be smallNot about small businessImportant to BIG business © innoVaventures ™3 All rights reserved
  • What is Entrepreneurship ? „The pursuit of opportunity beyond the resources one currently has under control“. * * Source: Professor Howard Stevenson © innoVaventures ™4 All rights reserved
  • Entrepreneurship Bridges the GapTechnology/ Entrepreneurship ValueOpportunity © innoVaventures ™5 All rights reserved
  • The Entrepreneurial Process Identify • Need Opportunity • Solution • „Unfair Advantage‟ Acquire • Technology rights Resources • People • Money © innoVaventures ™6 All rights reserved
  • Technology Entrepreneurship The New Way Forwards EURObservations: Criteria US Europe Comparison Comment• EU 2020 declaration highly Economies in same focussed (#1 issue) on GDP (2010) 14.66 T$ 14.82 T$ Ballpark innovation and Europe invents entrepreneurship. Domestic Patents +65% more (actually 82000 135000• Invention (ideas,patents ) (2009) much more because no SW patents in Europe, is good, but CII) Europe only ~ 1/5th commercialization is not. the VC• Very low VC activity in EU VC activity (H1’2010) 12.4 B$ 2.6 B$ (1/5th US), huge equity GAP % of population that US is 50% higher• Attitude of consider 67% 45% entrepreneurship and entrepreneurship failure not being an option % of Population that US is 289% higher 13% 4.5% a big hindering factor. become entrepreneurs• Need to catch-up on some US 40% higher % of population that 20+ years of accept possible 75% 54% entrepreneurship education failure in a startup• Need to broaden where and Trying to catch up 20- Entrepreneurship how entrepreneurship is 25years of Education 1980’s Early 2000’s and attitude Education since taught• Need to get EU success Programs in HE and ™ now starting in K12 rates (20%) close to US Breadth (# types) innoVaventures © 8 1-2 (30%). 7 All rights reserved
  • What is Technology Entrepreneurship ? Cash Flow I II III IVThe technical The Business Business invention company Creation Administration t The business innovation Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 8 All rights reserved
  • The Professional Entrepreneur Cash Flow I II III IVThe technical The Business Business invention company Creation Administration Visioning the Future into the Present t The business innovation Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 9 All rights reserved
  • The Professional Entrepreneur Cash Flow I II III IVThe technical The Business Business invention company Creation Administration Zone of Collaboration t The business innovation Zone of Competition Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 10 All rights reserved
  • The Importance of Teamwork Entrepreneurship is a team sport © innoVaventures ™11 All rights reserved
  • The MarketThe Technology Lifecycle Adoptation Curve % Crossing The Chasm The Early Market The Mainstream Source: The Four Steps to the Epiphany Market Steven Gary Blank The Chasm t © innoVaventures ™12 All rights reserved
  • The Innovators Dilemma (Intro)The Impact of Sustaining and Disruptive Technological Change P Product Performance Performance Demanded At the high end of the market Performance Demanded At the low Disruptive end of the market Technological innovation t Source: The Innovator„s Dilemma Clayton M. Christensen 13 © innoVaventures ™ 13 All rights reserved
  • Strategy: Using Small Markets as “Beach Heads” “Sustaining” Technological Innovation Product Performance Big Companies Need Third Technology A Continuous Process Second Technology First Technology Time or Engineering Effort Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations Management 1, no. 4 (Fall 1992): 340. Reprinted by permission.14 © innoVaventures ™ 14 All rights reserved
  • Strategy: Using Small Markets as “Beach Heads” Application (Market) “A” Application (Market) “B” Performance as Defined in Application “B”Performance as Defined in Application “A” Disruptive Technology takes over the larger established market! New entrant Technology 2 dominates Older BIG company playing Disruptive Technology catch-up • new market niche • small markets Technology 1 • small companies Time or Engineering Effort Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations Management 1, no. 4 (Fall 1992): 361. Reprinted by permission. 15 © innoVaventures ™ 15 All rights reserved
  • New Venture Funding Stream $ Sales $80 IPO $40 Cash Flow $20 $8 $1 time Venture Capital Rounds © innoVaventures ™16 All rights reserved
  • Structuring the FinancingThe “Why” of multiple rounds Value is a Step Function: Value Technology/Product Marketing Management Time © innoVaventures ™17 All rights reserved
  • Adding Technology Value Market Introduction Regulatory Approvals Value Manufacturing Prototype Working Prototype Patent Application Feasibility or Prototype Concept Time © innoVaventures ™18 All rights reserved
  • Adding Market Value Backlog Satisfied Customers Market Launch Beta Test Value Technical Reports Published Surveys/Concept Testing Qualitative Research (Focus Groups) Market Analysis - Published Data Time © innoVaventures ™19 All rights reserved
  • Adding Management Value Human Resources Mgr Chief Financial Officer Value Sales Manager Manufacturing Vice President Controller Marketing Vice President President Chief Technologist Time © innoVaventures ™20 All rights reserved
  • Smart business models ?• How to become the next Facebook, Google, etc. ???• If this was a pure science and any of us new the exact formula, we wouldn‟t be here…• Much of that is a function also of the right product at the right time and (besides greatness) tons of luck….• Larry and Sergey first failed with their strategy to offer a new search algorithm to Yahoo…. (I wonder if that Yahoo employee who turned it down is still there ??)• Or look at the Intel founders Robert Noyce and Gordon Moore, they left Fairchild to follow their passion !! © innoVaventures ™21 All rights reserved
  • Intel (1968) • 1 page • 3 paragraphs • 9 sentencesSo the • 165 wordsdiscipline of • - 3 errors -business planshas changedsomewhatover the yearstoo  Today ~50+B$ revenue ~65% pre-tax profits © innoVaventures ™ 22 All rights reserved
  • Smart business models ?• Follow your passion !! Being passionate about your new business will help you survive • Create your new venture as “global born”. Focussing initially on a local market is fine, but don‟t loose sight of the global opportunity• Know and understand your customers !!!• Know and understand your market !!!• Focus on YEAR ONE !! Get that right.• Have several exit strategies already when you start.• Work with global enablers like ™ © innoVaventures ™23 All rights reserved
  • A short excursion in Math: Question: What is the shortest distance between points A and B ? Sure, a straight line: A B as long as we are in two dimensional space.... in three dimensional space, for example on a globe it is the GREAT Circle (ARC) 24 © innoVaventures ™Slide: 24 All rights reserved
  • So what is the shortest path for a new venture ? The Path (Trail) to New Ventures Start(up) loop forever Gazelle © innoVaventures ™Slide: 25 All rights reserved
  • ™enables you to cross the Chasm !! new ventures left on their own to bridge this gap Phase 1 entrepreneurship education, Phase 5 VC / further scale Educational BizPlan Competitions Educational Real Process companies © innoVaventures ™26 All rights reserved
  • ™ helps you to bridge the GAP !! Phase 1 Phase 2 entrepreneurship Coaching Phase 3 Phase 4 Consulting education, Mentoring 1st real BizPlans Angel Funding Phase 5 Summer schools infrastructure VC / further scale Experimental labs Educational BizPlan Industry connections Bootcamps Seed Funding Competitions Seed Funding Entrepreneurship Education Educational Real-life RealServices Process practice companies © innoVaventures ™ 27 All rights reserved
  • InnoVaventures Global Network of Experts © innoVaventures ™28 All rights reserved
  • InnoVaventures Network of -in negotiation (Phase I) -planned (Phase II) -planned (Phase III) © innoVaventures ™29 All rights reserved
  • Network of Global Clusters of Innovation © innoVaventures ™30 All rights reserved
  • ™ © innoVaventures ™31 All rights reserved