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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