Chile 1208 generating innovation hubs 2010
 

Chile 1208 generating innovation hubs 2010

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    Chile 1208 generating innovation hubs 2010 Chile 1208 generating innovation hubs 2010 Presentation Transcript

    • Generating High Growth Innovation Hubs
      Steve Blank
      www.steveblank.com
      Twitter: sgblank
    • A Few Short Stories
      Silicon Valley History
      All Startups Are Not the Same
      Why Startups and Companies Differ
      E- School Versus B-School
    • To predict the future you need to understand the past
    • Internet
      PersonalComputers
      IntegratedCircuits
      FruitOrchards
      FruitOrchards
      FruitOrchards
      The Popular View of Silicon Valley History
      Marc Andreessen
      Steve Jobs
      Moore/Noyce
      Hewlett & Packard
      Innovation Networks
      1910
      1960
      1970
      1980
      2000
      1990
      1930
      1940
      1950
      1920
    • Internet
      PersonalComputers
      IntegratedCircuits
      Microwaves/Defense
      TestEquipment
      VacuumTubes
      The Real Story of Silicon Valley History
      Venture Capital
      Innovation Networks
      1910
      1960
      1970
      1980
      2000
      1990
      1930
      1940
      1950
      1920
    • Story 1: WWII The First Electronic War
      • The American’s by Day
      • Precision Bombing
      • B-17’s
      • B-24’s
      • Flew at 15 - 25 thousand feet
      Strategic Bombing of Germany The Combined Bomber Offensive
      British bombed at Night
      Area Bombing
      Lancaster's
      Halifax
      Flew at 7 - 17 thousand feet
    • Math ChallengeFor every 100 bombers on a mission 4 - 20% would not return
      Crews had to fly 25 mission to go home
    • Story 2: The Electronic Shield – Electronic Warfare
    • Harvard Radio Research Lab (RRL) Signals Intelligence and Electronic Warfare
      Reduce losses to fighters and flak
      Find/understand German Air Defense
      Electronic and Signals Intelligence
      Jam/confuse German Air Defense
      Radar Order of Battle
      Chaff
      Jammers
      Top Secret 800 person lab
    • Electronically Blind German RadarJam the Radars with Noise
      MANDREL
      Jammer
      Put Jammers on Airplanes
      Jam and shut down
      Early Warning Radars
      Anti-aircraft Radars
      Fighter Radars
      Ground Control Radars
      Built over 30,000 jammers
      DINA
      Jammer
    • Who Ran this Secret Lab and became the Father of Electronic Warfare?
      Harvard Radio Research Lab
      Ran all electronic warfare in WWII
      800 people
      Director: Fredrick Terman - Stanford
    • Fredrick Terman“the Father of Silicon Valley”
      Stanford Professor of engineering 1926
      encouraged his students, William Hewlett and David Packard to start a company
      Dean of Engineering 1946
      Provost 1955
    • Story 3: Stanford And The Cold War
    • WWII Office of Scientific Research and Development (OSRD)
      $450 million spent on weapons R&D
      MIT $117 million
      Caltech $83 million
      Harvard and Columbia ~ $30 million
      Stanford ~ $50K
    • Terman’s PostwarStrategy
      Focus on microwaves and electronics
      Not going to be left out of gov’t $’s this time
      Recruits 11 members of war lab as faculty
      By 1950 Stanford was the MIT of the West
      Students came from all over the U.S.
    • Stanford Spinouts - Microwave Components
      Microwave Tube Startups:Klystrons, BWO’s, & TWT’s
      Eitel-McCullough (1934)
      Varian Associates (1948)
      Litton Industries (1946)
      Huggins Laboratories (1948)
      Stewart Engineering (1952)
      Watkins-Johnson (1957)
      Microwave Electronics Co. (1959)
    • The Cold War and Stanford
      The Cold War battlefield moves 500 miles east
      Countermeasures, ELINT become critical
      Stanford becomes a center of excellence for the CIA, NSA, Navy, Air Force
      400-person weapons lab in engineering department
    • Lockheed Comes to Town - 1956
      Polaris missile SLBM
      Built by Lockheed Missiles Division in Sunnyvale
      20,000 employees by 1960
      From 0 in 4 years
      HP: 3,000 employees 1960
    • Stanford Spinouts - Military Systems
      Sylvania Electronics Defense Laboratory (1953)
      GE Microwave Laboratory (1956)
      Granger Associates (1956)
      Applied Technology (1959)
      Electronic Systems Laboratories (ESL) (1964)
      Argo Systems (1969)
      Advent Systems (1972)
    • Terman Changes the Startup/University RulesSilicon Valley as We Know it Starts Here
      Graduate students encouraged to start companies
      Professors encouraged to consult for companies
      Terman and other professors take board seats
      Technology transfer/IP licensing easy
      Getting out in the real world was good for your academic career
      Failure was accepted as part of the culture
    • Entrepreneurs
      WeaponsFinance
      Crisis
      Profit
      Motivation
      Customer
      Development
      Mgmt Tools
      Agile
      Development
      Business ModelDesign
      Design Thinking
      Stanford and the Cold War Silicon Valley’s 1st Wave
      Risk Taking
      Culture
      Entrepreneurial
      Outward-Facing
      Tech Universities
      Free flow of
      People/Info
      Infrastructure
      24/7 Utilities
      Predictable
      Economic System
      Stable
      Legal System
      Research
      Universities
    • Story 4: 1956 - The Year it Becomes Silicon Valley
    • Meanwhile, on the Other Side of Town…
      The Head of Radar Bombing training for Air Force starts a Company
    • Internet
      PersonalComputers
      IntegratedCircuits
      Microwaves/Defense
      TestEquipment
      VacuumTubes
      The Real Story of Silicon Valley History
      Venture Capital
      Innovation Networks
      1910
      1960
      1970
      1980
      2000
      1990
      1930
      1940
      1950
      1920
    • William Shockley“The Other Father of Silicon Valley”
      Director of Navy anti-submarine warfare
      Head of Radar Bombing training for Air Force
      Co-inventor of the transistor
      Nobel Prize in 1956
      Founded Shockley Semiconductor 1956
    • William Shockley“Great Researcher, Awesome Talent Spotter, Horrible Manager”
      Unintended consequences: “The traitorous 8” leave Shockley
      found Fairchild Semiconductor
      1st VC-backed startup
      Noyce & Moore leave Fairchild to start Intel
      65 other chip companies in the next 20 years
    • Semiconductor Genealogy: 1955 - 1976
    • Story 5: The Rise of VentureCapital
    • Internet
      PersonalComputers
      IntegratedCircuits
      Microwaves/Defense
      TestEquipment
      VacuumTubes
      The Real Story of Silicon Valley History
      Venture
      Capital
      Innovation Networks
      1910
      1960
      1970
      1980
      2000
      1990
      1930
      1940
      1950
      1920
    • The Rise of Risk CapitalFamily Money 1940’s - 1960’s
      J.H. Whitney
      1st family office 1946
      Laurance Rockefeller
      Draper Gaither & Anderson (1st limited Partnership) 1958
      Spun out as Venrock in 1969
      Bessemer
      East Coast focus
      Wide variety of industries
    • The Valley Attracts Financial AttentionThe 1st West Coast IPO’s
      1956 Varian
      1957 Hewlett Packard
      1958 Ampex
    • The Rise of Risk CapitalSBIC Act of 1958
      Cold war program – Sputnik motivated
      Gov’tmatch of private investments 3:1
      700 SBIC funds by 1965
      75% of all VC funding in 1968
      7% in 1988
      Replaced by the Limited Partnership
    • The Rise of Venture CapitalThe Limited Partnership
      Raise money from pension funds, private universities, wealthy individuals – the limited partners
      Investment professionals manage the fund – the general partners i.e. the VC’s
      Compensate the general partners via the “2 and 20”
      2% management fee, 20% carried interest (i.e. of the profits)
      • Draper Gaither & Anderson 1958
      • Rock and Davis 1961
      • Sutter Hill 1964
      • Patricof & Co. 1969
      • Kleiner Perkins 1972
      • Sequoia Capital 1972
    • The Rise of Risk Capital1978/1979 - A Watershed
      Capital gains slashed (1978)
      49.5% to 28%
      Employee Retirement Income Security Act (1979)
      Pension funds can invest
    • Entrepreneurs
      VentureFinance
      Crisis
      Profit
      Motivation
      Customer
      Development
      Mgmt Tools
      Agile
      Development
      Business ModelDesign
      Design Thinking
      Venture CapitalSilicon Valley’s 2nd Wave
      Risk Taking
      Culture
      Entrepreneurial
      Outward-Facing
      Tech Universities
      Free flow of
      People/Info
      Infrastructure
      24/7 Utilities
      Predictable
      Economic System
      Stable
      Legal System
      Research
      Universities
    • Story 6:Entrepreneurship as a Management Science
      Not All Startups Are Equal
    • Companies Get Educated
      Gov’t charted companies ~1600’s
      Modern corporations ~1800’s
      Business Schools to educate corporate execs
      Organize body of knowledge
      First Harvard MBA – 1908
    • Startups Get Educated
      Every company began as a startup
      Modern startups ~ 1950’s
      Venture funded startups ~1970’s
      Entrepreneurship Schools to educate founders
      Organize body of knowledge
      Emerging now
    • Wait a Minute…Aren’t Startups Small Versions of Large Companies?
      50 Years of Experience Says NO
    • Story 7:Not All Startups Are Equal
      Small Business
      Scalable Startups
      Large Company Innovation
    • Small Business
      Startup
      Exit Criteria
      • Business Model found
      - Profitable business
      • Existing team
      < $1M in revenue
      Small Business Startups
      • known customer known product
      • Feed the family
    • Small Business Startup:Internet Edition
      Small Business
      Startup
      - Business Model found
      - Profitable business
      • Existing team
      < $10M in revenue
      • The Internet allows a new class of Small Businesses
      • Not all businesses on the Internet are “Scalable Startups”
    • Scalable
      Startup
      Large Company
      >$100M/year
      Exit Criteria
      • Total Available Market > $500m
      • Can grow to $100m/year
      • Business model found
      • Focused on execution and process
      Scalable Startup
      Execute
      Search
      A Startup is a temporary organization used tosearch for a scalable business model
    • Scalable
      Startup
      Large Company
      >$100M/year
      • Total Available Market > $500m
      • Can grow to $100m/year
      • Business model found
      • Focused on execution and process
      • Typically requires “risk capital”
      Scalable Startup
      Execute
      Search
      • In contrast a scalable startup is designed to grow big
      • Typically needs risk capital
      • What Silicon Valley means when they say “Startup”
    • What VC’s Don’t Tell You:The Transition – Founders Leave
      Build
      Execute
      Search
      Scalable
      Startup
      Transition
      Large Company
      • Founders depart
      • Professional Mgmt
      • Process
      • Beginning of scale
    • Large Company Sustaining Innovation
      Sustaining Innovation
      Transition
      Scalable
      Startup
      Large Company
      • Existing Market / Known customer
      • Known product feature needs
    • Large Company Disruptive Innovation
      New Division
      Transition
      Large Company
      Disruptive Innovation
      • New Market / Unknown customer needs
      • New tech / Unknown product features
      • Looks like a scalable startup
    • Story 8:Why Startups Are Not Small Versions of Large Companies
    • Startups Search, Companies Execute
      The Search for the Business Model
      Scalable
      Startup
      Transition
      Large Company
      Business Model found
      • customer needs/product features found
      i.e. Product/Market fit
      • Found by founders, not employees
      • Repeatable sales model
      - Managers hired
    • Startups Search, Companies Execute
      The Execution of the Business Model
      The Search for the Business Model
      Scalable
      Startup
      Transition
      Large Company
      - Cash-flow breakeven
      - Profitable
      - Rapid scale
      - New Senior Mgmt
      ~ 150 people
      • Business Model found
      • Product/Market fit
      - Repeatable sales model
      - Managers hired
    • Customer Validation Versus Sales
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large
      Company
      Sales
      • Sales Organization
      • Scalable
      • Price List/Data Sheets
      • Revenue Plan
    • Customer Validation Versus Sales
      The Search for the Business Model
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large
      Company
      Customer Validation
      • Early Adopters
      • Pricing/Feature unstable
      • Not yet repeatable
      • “One-off’s”
      • Done by founders
      Sales
      • Sales Organization
      • Scalable
      • Price List/Data Sheets
      • Revenue Plan
    • Engineering Versus Agile Development
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      Engineering
      • Requirements Docs.
      • Waterfall Development
      • QA
      • Tech Pubs
    • Engineering Versus Agile Development
      The Search for the Business Model
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      Engineering
      • Requirements Docs.
      • Waterfall Development
      • QA
      • Tech Pubs
      Agile Development
      • Continuous Deployment
      • Continuous Learning
      • Self Organizing Teams
      • Minimum Feature Set
      • Pivots
    • Metrics Versus Accounting
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large
      Company
      Traditional Accounting
      • Balance Sheet
      • Cash Flow Statement
      • Income Statement
    • Metrics Versus Accounting
      The Search for the Business Model
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large
      Company
      Startup Metrics
      • Customer Acquisition Cost
      • Viral coefficient
      • Customer Lifetime Value
      • Average Selling Price/Order Size
      • Monthly burn rate
      • etc.
      Traditional Accounting
      • Balance Sheet
      • Cash Flow Statement
      • Income Statement
    • Risk Versus Safety
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      • Lots to Lose
      • Reduce risk
      • Optimize certainty
      • Protect profits
    • Risk Versus Safety
      The Search for the Business Model
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      • Nothing to lose
      • No profits to risk
      • Searching equals risk
      • Pains in the butt
      • Always looking at something different
      • Doesn’t get with the program
    • Learning Versus Failure
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      • Failure impedes execution
      • Affects revenue/profit
      • Reflects on individual/organization
      • Covered up
    • Learning Versus Failure
      The Search for the Business Model
      The Execution of the Business Model
      Scalable
      Startup
      Transition
      Large Company
      • Failure = learning
      • Normal part of startups
      • Not a crisis
      • Shared, lessons learned
      • Iterations and Pivots
      • Pains in the butt
      • Always looking at something different
      • Doesn’t get with the program
    • Story 9:Plan versus Model
    • Business Plan
      A document your investors make you write that they don’t read
      A useful place for you to collect your guesses about your business
      • Size of Opportunity
      • Customers
      • Channel
      • Demand Creation
      • Revenue/Expenses/Profit
      The template to look like everyone else when you present to VC’s/Management
    • No Business Plan survives first contact with customers
    • So Search for a Business Model
    • What Is a Business Model?
      Diagram of flows between company and customers
      Scorecard of hypotheses testing
      Rapid change with each iteration and pivot
      Founder-driven
      * Alex Osterwalder
    • 9 building blocks of a business model:
    • CUSTOMER SEGMENTS
      which customers and users are you serving?
      which jobs do they really want to get done?
    • VALUE PROPOSITIONS
      what are you offering them? what is that
      getting done for them? do they care?
    • CHANNELS
      how does each customer segment want to be reached? through which interaction points?
    • CUSTOMER RELATIONSHIPS
      what relationships are you establishing with each segment? personal? automated? acquisitive? retentive?
    • REVENUE STREAMS
      what are customers really willing to pay for? how?
      are you generating transactional or recurring revenues?
    • KEY RESOURCES
      which resources underpin your business model? which assets are essential?
    • KEY ACTIVITIES
      which activities do you need to perform well in your business model? what is crucial?
      74
    • KEY PARTNERS
      which partners and suppliers leverage your model?
      who do you need to rely on?
    • COST STRUCTURE
      what is the resulting cost structure?
      which key elements drive your costs?
    • value proposition
      customer relationships
      key activities
      customer segments
      key partners
      cost structure
      revenue streams
      key
      resources
      channels
      77
      images by JAM
    • sketch out your business model
    • building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
      building
      block
    • But,Realize They’re Hypotheses
    • 9 Guesses
      Guess
      Guess
      Guess
      Guess
      Guess
      Guess
      Guess
      Guess
      Guess
    • How Do Startups Search For A Business Model?
      • The Search is called Customer Development
      • The Implementation is called Agile Development
    • Customer Development
      Solving For Customer Risk
    • Story 10:Why Startups Fail
    • Traditional Product Introduction Model:Two Implicit Assumptions
      Customer Problem: known
      Concept
      Product Dev.
      Alpha/Beta Test
      Launch/
      1st Ship
      Product Features: known
    • More startups fail from a lack of customers than from a failure of product development
    • Story 11:Customer Development
      The founders
      ^
      Get Out of the Building
    • Product Development
      Concept/Bus. Plan
      Product Dev.
      Alpha/Beta Test
      Launch/1st Ship
      CustomerDevelopment
      Company
      Building
      CustomerDiscovery
      CustomerValidation
      Customer Creation
      Customer Development
      Pivot
    • Customer Discovery
      CustomerDiscovery
      CustomerValidation
      Company
      Building
      CustomerCreation
      Stop selling, start listening
      Test your hypotheses
      Continuous Discovery
      Done by founders
    • Test Hypotheses:
      • Product
      • Market Type
      • Competition
      Turning Hypotheses to Facts
    • Test Hypotheses:
      • Problem
      • Customer
      • User
      • Payer
    • Test Hypotheses:
      • Channel
    • Test Hypotheses:
      • Demand Creation
      Test Hypotheses:
      • Problem
      • Customer
      • User
      • Payer
      Test Hypotheses:
      • Product
      • Market Type
      • Competitive
      Test Hypotheses:
      • Channel
      • (Customer)
      • (Problem)
      Test Hypotheses:
      • Channel
      Test Hypotheses:
      • Pricing Model / Pricing
      Test Hypotheses:
      • Size of Opportunity/Market
      • Validate Business Model
    • Test Hypotheses:
      • Demand Creation
      Test Hypotheses:
      • Problem
      • Customer
      • User
      • Payer
      Agile Development
      Test Hypotheses:
      • Product
      • Market Type
      • Competitive
      Test Hypotheses:
      • Channel
      • (Customer)
      • (Problem)
      Customer Development Team
      Test Hypotheses:
      • Channel
      Test Hypotheses:
      • Pricing Model / Pricing
      Test Hypotheses:
      • Size of Opportunity/Market
      • Validate Business Model
    • Test Hypotheses:
      • Demand Creation
      Test Hypotheses:
      • Problem
      • Customer
      • User
      • Payer
      Agile Development
      Test Hypotheses:
      • Product
      • Market Type
      • Competitive
      Test Hypotheses:
      • Channel
      • (Customer)
      • (Problem)
      Customer Development Team
      Test Hypotheses:
      • Channel
      Test Hypotheses:
      • Pricing Model / Pricing
      Test Hypotheses:
      • Size of Opportunity/Market
      • Validate Business Model
    • The Pivot
      • The heart of Customer Development
      • Iteration without crisis
      • Fast, agile and opportunistic
    • Entrepreneurs
      Angel / VentureFinance
      Crisis
      Profit
      Motivation
      Customer
      Development
      Mgmt Tools
      Agile
      Development
      Business ModelDesign
      Design Thinking
      Entrepreneurship as A Mgmt ScienceSilicon Valley’s 3rd Wave
      Risk Taking
      Culture
      Entrepreneurial
      Outward-Facing
      Tech Universities
      Free flow of
      People/Info
      Infrastructure
      24/7 Utilities
      Predictable
      Economic System
      Stable
      Legal System
      Research
      Universities
    • Story 12:Entrepreneurship as a Management Science
      E-School instead of B-School
    • Business School Versus Entrepreneurship School
      Business School
      Scalable
      Startup
      Transition
      Large Company
      • Execution
      • Strategy
      • Accounting
      • Products
      • Engineering
      • Management
      • Administration
    • Business School Versus Entrepreneurship School
      Entrepreneurship School
      Business School
      Scalable
      Startup
      Transition
      Large Company
      • Hypothesis testing
      • Business Model testing
      • Customer Development
      • Agile Development
      • Metrics
      • Venture Finance
      • Design Thinking
      • Execution
      • Accounting
      • Products
      • Engineering
      • Management
      • Administrative
    • Business School Courses Versus Entrepreneurship Courses
      Business School
      Scalable
      Startup
      Transition
      Large Company
      Courses
      • Managerial Finance/Accounting
      • Managing Groups and Teams
      • Financial Accounting
      • Operations
      • Modeling for Optimization
      • Global Value Chain Strategies
    • Business School Versus Entrepreneurship Courses
      Business School
      Entrepreneurship School
      Scalable
      Startup
      Transition
      Large Company
      Courses
      • Lean Launchpad
      • Customer/Agile Development
      • Business Model Design
      • Entrepreneurial Management
      • Creativity and Innovation
      • Entrepreneurial Finance
      Courses
      • Managerial Finance/Accounting
      • Managing Groups and Teams
      • Financial Accounting
      • Operations
      • Modeling for Optimization
      • Global Value Chain Strategies
    • E-School Will Emerge
      • Entrepreneurial Education will change radically
      • E-School Students are not B-School Students
      • Entrepreneurship as its own management science
    • Story 13:Why Accountants Don’t Run Startups
    • Inventor of the Modern Corporation
      Scalable
      Startup
      Transition
      Large Company
    • Inventor of the Modern Corporation
      Scalable
      Startup
      Transition
      Large Company
      Alfred P. Sloan
    • Alfred P. Sloan
      Scalable
      Startup
      Transition
      Large Company
      General Motors, President/Chairman
      • Cost Accounting
      • MIT Sloan School
      • Sloan Foundation
      • etc.
    • Founder of General Motors
      Scalable
      Startup
      Transition
      Large Company
    • Founder of General Motors
      Scalable
      Startup
      Transition
      Large Company
      Billy Durant
    • Billy Durant
      Scalable
      Startup
      Transition
      Large Company
      • Leader in horse-drawn buggy’s
      • Fired by board, starts Chevrolet
      • Regains control of GM
      • Fired by board, GM ~$3.6 billion*
      * GM Net sales in 1921 $304.5M = $3.6 Billion today
    • Durant Versus Sloan
      Scalable
      Startup
      Transition
      Large Company
    • Durant Versus Sloan
      • Dies, rich, honored and famous
    • Durant Versus Sloan
      • Dies managing a bowling alley
      • Dies, rich, honored and famous
    • Durant Versus Sloan
      Accountant
      • Dies managing a bowling alley
      • Dies, rich, honored and famous
    • You are here
      Scalable
      Startup
      Transition
      Large Company
    • Entrepreneurs
      Angel / VentureFinance
      Crisis
      Profit
      Motivation
      Customer
      Development
      Mgmt Tools
      Agile
      Development
      Business ModelDesign
      Design Thinking
      Where is Chile?
      Risk Taking
      Culture
      Entrepreneurial
      Outward-Facing
      Tech Universities
      Free flow of
      People/Info
      Infrastructure
      24/7 Utilities
      Predictable
      Economic System
      Stable
      Legal System
      Research
      Universities
    • Lessons Learned
      Culture needs to support and encourage risk
      Failure is integral to the startup process
      Technology hubs must be magnets for engineers
      But they cluster around industry specialties
      In what area will Chile build a world-class hub?
      E-School reduces early stage startup risk
      Healthy Venture Capital industry = large profits
      Chilean market not large enough
      Teach startups how to go global early
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