The Myths of Innovation - Asian Remix

The Myths of Innovation Benjamin Joffe | Plus Eight Star | IGNITE, Paris | 2009.09

The Myths 1. Entrepreneurs have original ideas 2. It’s all about trying enough 3. The vision is clear from day 1 4. Entrepreneurs make millions 5. Innovation is always good

When was it invented?

Europe Gutemberg | ~1450 Korea Metal | ~1230 China Wooden | ~1040

Book by Scott Berkun (Same title) Published: 2007 Even at Ignite!

Mobile SNS in Japan • In 2003! • Location-based • Avatars Other user’s avatar / distance / nickname • Virtual items

I heard that before!

Definitions Entrepreneur Inventor (Business) Idea (Prototype) (e.g. Chocolate + Hemp)

Winner Bias They talk but don’t race We don’t keep track of how many start

DNA Bias “You don’t change horses mid-race” He changed his ride! (This one has no rider) Nobody knows the track’s shape

Examples from Asia #1 SNS in Korea #2 SNS in China #1 SNS in Japan US$100M in 2008 Raised US$500M US$120M in 2008

Changing riders #1 SNS in Korea #2 SNS in China #1 SNS in Japan Yong Hyoung Wang Xing Batara Eto Founder Founder CTO Cyworld Xiaonei Mixi Gave most Sold for Started Mixi shares to US$2mln as an intern! keep going

Changing diet #1 Mobile SNS in Japan US$250M in 2008 IPO: US$1.2bln Initial business model? Ads CPA Virtual goods

Changing media + biz model! #2 Mobile SNS in Japan US$60M in 2008 IPO: US$1.4bln

Sticking to it Tencent #1 SNS in China US$1 bln in 2008 90% From Virtual Goods (40% Net Margin) Market cap US$30 bln (more than eBay) IM was not making money and our competitors moved to other ventures. I did not have other Pony Ma ideas so I stuck to it. Founder & CEO Tencent (QQ)

Too innovative?

“The owls are not what they seem”

“The owls are not what they seem” IGNITE Boise Talk Brian Bothwell July 16, 2009

It’s Iron Man! Timing Infrastructure Finance + Adaptability

Merci ! Learn more about “Innovation Arbitrage” www.plus8star.com benjamin@plus8star.com +81 | Japan benjamin0123 +82 | Korea +86 | China http://twitter.com/plus8star Telecom & Internet www.linkedin.com/in/benjaminjoffe + Added Value * High quality www.slideshare.net/plus8star

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The Myths of Innovation - Asian Remix

by Benjamin Joffe on Sep 29, 2009

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