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Entrepreneurship in Southeast Asia

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Entrepreneurship: What It Is, How We Do It and Why It Matters in Southeast Asia. Presentation for French Universities Alumni in Singapore 6 October 2016 by Hugh Mason

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Entrepreneurship in Southeast Asia

  1. 1. Entrepreneurship What It Is How We Do It Why It Matters in Southeast Asia Presentation for French Universities Alumni in Singapore 6 October 2016
  2. 2. 1 What Entrepreneurship Is
  3. 3. “Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.” - Howard Stevenson
  4. 4. What do Entrepreneurs Look Like?
  5. 5. What do Entrepreneurs Look Like? ● Median age of company founders starting a company = 40. ● 95.1% bachelor’s degrees, 47% more advanced degrees. ● Less than 1 percent came from extremely rich / poor backgrounds ● 15.2% of founders had a sibling that previously started a business. ● 69.9 percent were married when they launched their first business. ● 59.7 percent had at least one child when they launched their first business. ● Majority are serial entrepreneurs with average 2.3 businesses launched. ● 75.4 percent had worked as employees at other companies for >6 years. Source: Kauffman Foundation, Anatomy of an Entrepreneur
  6. 6. “Running a start-up is like eating glass. You just start to like the taste of your own blood” - Sean Parker
  7. 7. “As a startup CEO I slept like a baby. I woke up every 2 hours and cried” - Ben Horowitz
  8. 8. “Entrepreneurship will always be difficult. It doesn’t have to be lonely” - Meng Wong
  9. 9. (Snowden & Boone)
  10. 10. McDONALDS
  11. 11. MBA LAW ENGINEERING
  12. 12. MARRIAGE POLITICS ENTREPRENEURS
  13. 13. ART WAR PARENTING
  14. 14. 2 How JFDI Practises Entrepreneurship
  15. 15. 2009 2016201520142010 2011 2012 2013 Gathering a Tribe of Doers ● Intellectual capital ● Financial capital ● But no social capital … so Hackerspace.sg Will an Accelerator Work in Asia? ● Mentoring: our MVP ● Engage community and local heroes ● Start raising capital to invest Sourcing & Selecting Talent ● 6x Startup Weekend events around ASEAN ● Close capital raising ● OPEX sponsorship from MDA/SingTel Adapting the Accelerator Model for Southeast Asia ● Set up systems ● Hundreds of ecosystem events ● Thousands of pre-accelerator teams supported ● $3m invested into 70 startups accelerated ● 50% of accepted teams raise seed funding v. 5% of rejects Corporate Venturing ● Collaborative Innovation ● New Legal Frameworks ● Joint Ventures JFDI’s Journey in Singapore
  16. 16. De-risking New Venture Development Over the last decade, insights and tools like Lean Startup Methods, Human Centred Design and Effectuation have codified the patterns that successful entrepreneurs employ. This makes it possible to teach entrepreneurship and to offer a structured innovation framework which systematically turns unknown risks into known and mitigated risks. IDEATION INVESTIGATION ACCELERATION UNKNOWN ● Problem/solution fit ● Business Model ● New Technology KNOWN & MITIGATED ● Regulation Barriers ● Fraud ● Third-party Liability RISKS UNKNOWN KNOWN & MITIGATED RISKS UNKNOWN ● SARS ● Sudden Regulatory Changes ● Global Economic Crisis KNOWN & MITIGATED ● Financial Analysis ● Customer Analysis ● Operations Analysis ● Commercialization Analysis RISKS Growth Business Form Startup Raw Idea
  17. 17. Technology Readiness versus Investment Readiness JFDI charts startup progress on a map defined by an innovation’s Technology- and Investment-Readiness. This notion was first suggested by Steve Blank. Technology Readiness can be associated with ‘feasibility’ in Human Centred Design while ‘Investment Readiness’ relates to ‘viability’ and ‘desirability’ Investment Readiness Level (Blank 2013)Technology Readiness Level (NASA / DoD)
  18. 18. IRL 9. Validate Metrics That Matter IRL 8. Validate Left Side of Canvas IRL 7. Prototype High Fidelity MVP IRL 6. Validate Right Side of the Canvas IRL 5. Validate Product/Market Fit IRL 4. Prototype Low Fidelity MVP IRL 3. Problem/Solution Validation IRL 2. Mkt Size / Competitive Analysis IRL 1. Complete First-Pass Canvas TRL 1. Basic principles observed and reported TRL 2. Technology concept and/or application formulated TRL 3. Analytical and experimental critical function and/or characteristic proof-of-concept TRL 4. Component and/or breadboard functional verification in laboratory environment TRL 5. Component and/or breadboard critical function verification in relevant environment TRL 6. Model demonstrating the critical functions of the element in a relevant environment TRL 7. Model demonstrating the element performance for the operational environment TRL 8. Actual system completed and accepted for flight ("flight qualified") TRL 9. Actual system "flight proven" through successful mission operations < Low TRL - Technology Readiness Level High > <LowIRL-InvestmentReadinessLevelHigh> Scale-up Business Startups Aim to Answer Two Big Unresolved Questions ShouldItBeDone? Could It Be Done?
  19. 19. IRL 9. Validate Metrics That Matter IRL 8. Validate Left Side of Canvas IRL 7. Prototype High Fidelity MVP IRL 6. Validate Right Side of the Canvas IRL 5. Validate Product/Market Fit IRL 4. Prototype Low Fidelity MVP IRL 3. Problem/Solution Validation IRL 2. Mkt Size / Competitive Analysis IRL 1. Complete First-Pass Canvas TRL 1. Basic principles observed and reported TRL 2. Technology concept and/or application formulated TRL 3. Analytical and experimental critical function and/or characteristic proof-of-concept TRL 4. Component and/or breadboard functional verification in laboratory environment TRL 5. Component and/or breadboard critical function verification in relevant environment TRL 6. Model demonstrating the critical functions of the element in a relevant environment TRL 7. Model demonstrating the element performance for the operational environment TRL 8. Actual system completed and accepted for flight ("flight qualified") TRL 9. Actual system "flight proven" through successful mission operations Startup Mission: Discover a Repeatable, Scalable Model Ideation, ‘Quick Looks’ & Discovery Post-Seed Acceleration <LowIRL-InvestmentReadinessLevelHigh> < Low TRL - Technology Readiness Level High > Investigation Pre-Seed Acceleration Form Startup Raw Idea Scale-up Business
  20. 20. IRL 9. Validate Metrics That Matter IRL 8. Validate Left Side of Canvas IRL 7. Prototype High Fidelity MVP IRL 6. Validate Right Side of the Canvas IRL 5. Validate Product/Market Fit IRL 4. Prototype Low Fidelity MVP IRL 3. Problem/Solution Validation IRL 2. Mkt Size / Competitive Analysis IRL 1. Complete First-Pass Canvas TRL 1. Basic principles observed and reported TRL 2. Technology concept and/or application formulated TRL 3. Analytical and experimental critical function and/or characteristic proof-of-concept TRL 4. Component and/or breadboard functional verification in laboratory environment TRL 5. Component and/or breadboard critical function verification in relevant environment TRL 6. Model demonstrating the critical functions of the element in a relevant environment TRL 7. Model demonstrating the element performance for the operational environment TRL 8. Actual system completed and accepted for flight ("flight qualified") TRL 9. Actual system "flight proven" through successful mission operations Investigation Pre-Seed Acceleration Ideation, ‘Quick Looks’ & Discovery First Investment Milestones on Startup’s Journey Post-Seed Acceleration <LowIRL-InvestmentReadinessLevelHigh> < Low TRL - Technology Readiness Level High > Series A Investment Seed Stage Investment Pre-Seed Investment Proof of Value Proof of Concept
  21. 21. IRL 9. Validate Metrics That Matter IRL 8. Validate Left Side of Canvas IRL 7. Prototype High Fidelity MVP IRL 6. Validate Right Side of the Canvas IRL 5. Validate Product/Market Fit IRL 4. Prototype Low Fidelity MVP IRL 3. Problem/Solution Validation IRL 2. Mkt Size / Competitive Analysis IRL 1. Complete First-Pass Canvas TRL 1. Basic principles observed and reported TRL 2. Technology concept and/or application formulated TRL 3. Analytical and experimental critical function and/or characteristic proof-of-concept TRL 4. Component and/or breadboard functional verification in laboratory environment TRL 5. Component and/or breadboard critical function verification in relevant environment TRL 6. Model demonstrating the critical functions of the element in a relevant environment TRL 7. Model demonstrating the element performance for the operational environment TRL 8. Actual system completed and accepted for flight ("flight qualified") TRL 9. Actual system "flight proven" through successful mission operations Ideation, ‘Quick Looks’ & Discovery Investigation Pre-Seed Acceleration Startup Prototype and Product Milestones Post-Seed Acceleration <LowIRL-InvestmentReadinessLevelHigh> < Low TRL - Technology Readiness Level High > MVP 2.0 MVP 1.0 Scalable Product Ugly Visualisation Whiteboard
  22. 22. IRL 9. Validate Metrics That Matter IRL 8. Validate Left Side of Canvas IRL 7. Prototype High Fidelity MVP IRL 6. Validate Right Side of the Canvas IRL 5. Validate Product/Market Fit IRL 4. Prototype Low Fidelity MVP IRL 3. Problem/Solution Validation IRL 2. Mkt Size / Competitive Analysis IRL 1. Complete First-Pass Canvas TRL 1. Basic principles observed and reported TRL 2. Technology concept and/or application formulated TRL 3. Analytical and experimental critical function and/or characteristic proof-of-concept TRL 4. Component and/or breadboard functional verification in laboratory environment TRL 5. Component and/or breadboard critical function verification in relevant environment TRL 6. Model demonstrating the critical functions of the element in a relevant environment TRL 7. Model demonstrating the element performance for the operational environment TRL 8. Actual system completed and accepted for flight ("flight qualified") TRL 9. Actual system "flight proven" through successful mission operations Some Different Tools for Different Stages<LowIRL-InvestmentReadinessLevelHigh> < Low TRL - Technology Readiness Level High > Lean Startup OKR User Testing Design-for -Manufacture Ideation, ‘Quick Looks’ & Discovery Primary Research Desk Research Social Media Testing Laboratory and User Testing Stakeholder Mapping
  23. 23. 3 Why Everyone Must Understand Entrepreneurship
  24. 24. How The Mighty Have Fallen ...
  25. 25. … and Big Company Lifespan is Crashing
  26. 26. Unbundling ... More Here
  27. 27. The New Reality: Agility Beats Assets
  28. 28. Service-Dominant Logic Process of Serving 1 Creation of Goods Intangible 2 Tangible DynamicResources 3 Static Resources Symmetric Information 4 Asymmetric Information Conversatio ns 5 Propaganda Value Proposition 6 Value Added Relational 7 Transaction al Financial Feedback 8 Profit Maximizati on More Here
  29. 29. Southeast Asia is Packed With Opportunities … Asean Economic Community (AEC) Combined GDP of US$2.6 trillion (2014) 4th Largest single market after EU, USA and China (projected 2030) 5% Annual Growth (EU 2%) Foreign Revenue by top 1000 companies in ASEAN $149.9 billion in 2011 to $223.9 billion last year (EU 2%) Young population Half below 28.8 years of age China: 40.8 EU: 42.1 27 % of Singapore’s Direct Investment
  30. 30. … and Challenges of Diversity GDP per Capita of richest member is 76 times larger than the poorest's Population of largest country is 600 times the smallest Uncertainties and Inconsistencies ● Political ● Economic ● Legal Protectionist sentiment in some member countries Equity Limitations
  31. 31. Rising Middle Class ties it all Together (OECD)
  32. 32. Founded: 1916 Market Cap Today: $83.92B Culture: Minimise Risk Innovation Style: Incremental Founded: 2003 Market Cap Today: $30.66B Culture: Maximise Opportunity Innovation Style: Disruptive Take One of Two Pills to See the Future
  33. 33. "You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in wonderland, and I show you how deep the rabbit hole goes."
  34. 34. Collaborative Innovation Offers a Way Forward Linking non-competing enterprises with entrepreneurs: the best of start-up and scale-up
  35. 35. 2016- Co-Venturers, Clients and Partners Theme Selection Session Discovering Problem Statements Ideation Workshop with Partners AccelerationInvestigation 1 day 1 month 2 months2 days 6 months JFDI’s Collaborative Innovation Framework
  36. 36. ● Corporate Venture Building & Consulting ● 4-day Technopreneurship Course ● Innovation Leadership Course Hugh Mason Cofounder and CEO, JFDI Asia about.me/hughmason hugh@jfdi.asia @hughmason For More ...

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