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When Startups Become an
Attitude to Life:
DNA of Startup Cities
Hugh Mason
CEO, JFDI.Asia
A/Prof National University of Singapore
@hughmason hugh@jfdi.asia
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
JFDI.Asia Co-founder Hugh MASON
2
● Born in UK, Singapore Resident
● BSc (Hons) Physics
MA Leading Innovation and Change
● BBC, Discovery Channel TV Producer
25 Years Entrepreneur, Investor, Mentor
● Invested $3m in 70 startups, 48% IRR
● Adjunct Associate Professor, NUS
Skolvovo Business School (Moscow)
Astana Hub, Kazakhstan
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Building the Startup Ecosystem in Singapore
3
2009 2017201620142010 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
2015
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Fostering Collaboration: Investors, Clients and Partners
4
1
So What is Startup DNA?2
RO Comments RBAS/P, 5 min
3 How Innovation Ecosystems Work
Picturing Cities as Platforms
Aligning Cities for Innovation5
1 The Rush to Clone Silicon Valley
4
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
The Cost of Launching a Tech Startup has Crashed in 20y
6
Source: Suster
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Why the ‘Startup Lifestyle’ Seems So Attractive
7
“In the Old Days …
● You'd have to have an idea
● Then you'd write a proposal
● Then you'd raise the money
● You'd plan the thing
● You would hire the people and build it ...
Today ...
● You build the thing
● You raise the money and
● Then you figure out the plan
● Then you figure out the business model …
… it's completely the opposite. You don't have to ask permission to innovate anymore”
Source: Joi Ito, Director, MIT Media Lab
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
So who are These ‘Startup Entrepreneurs’?
8
“Entrepreneurship is the pursuit of
opportunity without regard to resources
currently controlled.”
Source: Professor Howard Stevenson Harvard Business School, 1965
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Today’s Entrepreneurs Look Different to old Stereotypes
9
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Today’s Entrepreneurs Are Different to old Stereotypes
10
● 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
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
What Startup Founders Have in Common: One Theory
11Time and Prosperity
AppealofEntrepreneurship
Source: Wong
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Today’s Focus on ‘Startups’ Mirrors the ‘Creative Class’
12
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
2002: The Creative Class, Cappuccino and Condominiums
13
“Knowledge Workers” now redefined
as a Creative Class Employed in:
● Science & Engineering
● Architecture and Design
● Arts, Music and Entertainment
● Law, Business and Finance
● Health Care
● Managers, Professionals
Now includes:
● Interior Decorators
● Information Finders, Brokers
● Hairdressers?
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
2002 2008 2008 2010
14
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
… But Just Being Creative Doesn’t Seem to be the
Answer
15
Source: Creative Class Struggle
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Coworking Cloning Silicon Valley: the new Cargo Cults?
16
1
So What is Startup DNA?2
RO Comments RBAS/P, 5 min
3 How Innovation Ecosystems Work
Picturing Cities as Platforms
Aligning Cities for Innovation5
1 The Rush to Clone Silicon Valley
4
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Innovation Driven Enterprises are the key to Prosperity
18
“Innovation-Driven Enterprise pursue global opportunities based on
bringing to customers innovations that have a clear competitive
advantage and high growth potential.”- Aulet and Murray Martin
“Small and medium enterprises serve local markets with traditional,
well-understood business ideas and limited competitive advantage.” -
Aulet and Murray Martin
SME
IDE
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Innovation Across Three Time Horizons
19
Source: After Baghai et al
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Innovation Across Three Time Horizons
20
SME
IDE
Lack Resources, Risk Averse, Lifestyle Businesses
Find Resources, Innovate Entrepreneurially,Mitigate Risk
Recognise that standing still is the biggest risk of all
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
This is “Startup DNA”. Even if you’re an Enterprise
21
IDEFind Resources, Innovate Entrepreneurially,Mitigate Risk
Recognise that standing still is the biggest risk of all
“A Startup is a
Temporary
Organization
designed to
search for a
repeatable and
scalable business
model
Source: Blank
1
So What is Startup DNA?2
RO Comments RBAS/P, 5 min
3 How Innovation Ecosystems Work
Picturing Cities as Platforms
Aligning Cities for Innovation5
1 The Rush to Clone Silicon Valley
4
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
The Search Phase is About Speed, Not Size
23
The Innovation
Sweet Spot
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Working Entrepreneurially is Often About Co-Creation
24
Source: Professor Saras Sarasvathy
Hugh Mason 26 SEP 2018 hugh@jfdi.asia 25
Co-Creation: From MedTech to FinTech
PRoF is an international think tank[4]
of interdisciplinary
professionals (care, medical, companies, universities, etc.)
envisioning the evolution of care systems.
R3 is a blockchain technology company[5]
. It leads a
consortium of more than 70 of the world biggest
financial institutions in research and development of
blockchain usage in the financial system.
Hugh Mason 26 SEP 2018 hugh@jfdi.asia 26
Collaborative Innovation with BOSCH in Singapore
High density of Singapore’s
ecosystem
favourable for collaboration
Hugh Mason 26 SEP 2018 hugh@jfdi.asia 27
Opportunities in Ageing Population, Urban Mobility
Hugh Mason 26 SEP 2018 hugh@jfdi.asia 28
Innovation Ecosystems Work on Multiple Levels
Innovation
Ecosystem
Real Estate
Community
MedTech
Community
Fintech
Community
Mobility
Community
Source: Vanhaverbeke
Hugh Mason 26 SEP 2018 hugh@jfdi.asia 29
Attracting, Connecting and Orchestrating Great People
Results
Activation
Acquisition
Referral
Retention
Source: McClure Source: Luni
1
So What is Startup DNA?2
RO Comments RBAS/P, 5 min
3 How Innovation Ecosystems Work
Picturing Cities as Platforms
Aligning Cities for Innovation5
1 The Rush to Clone Silicon Valley
4
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
‘National Innovation System’ Models: No People,
Startups
31
Source: OECD
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
From ‘Plan and Perfect’ to ‘Launch and Learn’
32
Traditional Enteprise
Vision-driven innovation:
‘Plan & Perfect’
Startup-style
Search-driven innovation:
‘Launch & Learn’
Source: After Goffin et al
Source: After Ries
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
From Pipelines to “Platform Thinking”
33
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Cities as Human-Centred Platforms for Innovation
34
Source: Bawany and Shamsi
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Infrastructure Still Matters
35
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Empower Experimentation
36
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Make the City a Living Laboratory … with Safeguards
37
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Encourage and Enjoy Co-Creation with Citizens
38
1
So What is Startup DNA?2
RO Comments RBAS/P, 5 min
3 How Innovation Ecosystems Work
Picturing Cities as Platforms
Aligning Cities for Innovation5
1 The Rush to Clone Silicon Valley
4
40
Catalysts are Required
Source: ACE
41
But Startup Cities are not Machines
Source: Zarelenga
42
Wealth Creation is Driven by Individuals
43
And Startups Are Only One Part of It
Source: Udin
44
Perhaps not Even the Heart of it
Source: Enterprise Ireland
Hugh Mason 26 SEP 2018 hugh@jfdi.asia
Three Legs of an Ecosystem Can Lift Each Other Up
45
Capital
Reputation Experience
Capital
Experience
Reputation
46
What Defines the Silicon Valley Today?
CapitalExperience
Reputation
47
Singapore’s Ecosystem in 2006
CapitalExperience
Reputation
48
Singapore’s Ecosystem Today
CapitalExperience
Reputation
49
City Real Estate Needs to Change to fit Real People
Questions for the panel:
● How could Collaborative
Innovation help Harbor cities to
transform, reinventing logistics
for goods and people and
leveraging heavy industry?
● How to attract talent and
experts from around the world?

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When Startups Become an Attitude to Life: The DNA of Startup Cities

  • 1. When Startups Become an Attitude to Life: DNA of Startup Cities Hugh Mason CEO, JFDI.Asia A/Prof National University of Singapore @hughmason hugh@jfdi.asia
  • 2. Hugh Mason 26 SEP 2018 hugh@jfdi.asia JFDI.Asia Co-founder Hugh MASON 2 ● Born in UK, Singapore Resident ● BSc (Hons) Physics MA Leading Innovation and Change ● BBC, Discovery Channel TV Producer 25 Years Entrepreneur, Investor, Mentor ● Invested $3m in 70 startups, 48% IRR ● Adjunct Associate Professor, NUS Skolvovo Business School (Moscow) Astana Hub, Kazakhstan
  • 3. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Building the Startup Ecosystem in Singapore 3 2009 2017201620142010 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 2015
  • 4. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Fostering Collaboration: Investors, Clients and Partners 4
  • 5. 1 So What is Startup DNA?2 RO Comments RBAS/P, 5 min 3 How Innovation Ecosystems Work Picturing Cities as Platforms Aligning Cities for Innovation5 1 The Rush to Clone Silicon Valley 4
  • 6. Hugh Mason 26 SEP 2018 hugh@jfdi.asia The Cost of Launching a Tech Startup has Crashed in 20y 6 Source: Suster
  • 7. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Why the ‘Startup Lifestyle’ Seems So Attractive 7 “In the Old Days … ● You'd have to have an idea ● Then you'd write a proposal ● Then you'd raise the money ● You'd plan the thing ● You would hire the people and build it ... Today ... ● You build the thing ● You raise the money and ● Then you figure out the plan ● Then you figure out the business model … … it's completely the opposite. You don't have to ask permission to innovate anymore” Source: Joi Ito, Director, MIT Media Lab
  • 8. Hugh Mason 26 SEP 2018 hugh@jfdi.asia So who are These ‘Startup Entrepreneurs’? 8 “Entrepreneurship is the pursuit of opportunity without regard to resources currently controlled.” Source: Professor Howard Stevenson Harvard Business School, 1965
  • 9. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Today’s Entrepreneurs Look Different to old Stereotypes 9
  • 10. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Today’s Entrepreneurs Are Different to old Stereotypes 10 ● 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
  • 11. Hugh Mason 26 SEP 2018 hugh@jfdi.asia What Startup Founders Have in Common: One Theory 11Time and Prosperity AppealofEntrepreneurship Source: Wong
  • 12. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Today’s Focus on ‘Startups’ Mirrors the ‘Creative Class’ 12
  • 13. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 2002: The Creative Class, Cappuccino and Condominiums 13 “Knowledge Workers” now redefined as a Creative Class Employed in: ● Science & Engineering ● Architecture and Design ● Arts, Music and Entertainment ● Law, Business and Finance ● Health Care ● Managers, Professionals Now includes: ● Interior Decorators ● Information Finders, Brokers ● Hairdressers?
  • 14. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 2002 2008 2008 2010 14
  • 15. Hugh Mason 26 SEP 2018 hugh@jfdi.asia … But Just Being Creative Doesn’t Seem to be the Answer 15 Source: Creative Class Struggle
  • 16. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Coworking Cloning Silicon Valley: the new Cargo Cults? 16
  • 17. 1 So What is Startup DNA?2 RO Comments RBAS/P, 5 min 3 How Innovation Ecosystems Work Picturing Cities as Platforms Aligning Cities for Innovation5 1 The Rush to Clone Silicon Valley 4
  • 18. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Innovation Driven Enterprises are the key to Prosperity 18 “Innovation-Driven Enterprise pursue global opportunities based on bringing to customers innovations that have a clear competitive advantage and high growth potential.”- Aulet and Murray Martin “Small and medium enterprises serve local markets with traditional, well-understood business ideas and limited competitive advantage.” - Aulet and Murray Martin SME IDE
  • 19. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Innovation Across Three Time Horizons 19 Source: After Baghai et al
  • 20. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Innovation Across Three Time Horizons 20 SME IDE Lack Resources, Risk Averse, Lifestyle Businesses Find Resources, Innovate Entrepreneurially,Mitigate Risk Recognise that standing still is the biggest risk of all
  • 21. Hugh Mason 26 SEP 2018 hugh@jfdi.asia This is “Startup DNA”. Even if you’re an Enterprise 21 IDEFind Resources, Innovate Entrepreneurially,Mitigate Risk Recognise that standing still is the biggest risk of all “A Startup is a Temporary Organization designed to search for a repeatable and scalable business model Source: Blank
  • 22. 1 So What is Startup DNA?2 RO Comments RBAS/P, 5 min 3 How Innovation Ecosystems Work Picturing Cities as Platforms Aligning Cities for Innovation5 1 The Rush to Clone Silicon Valley 4
  • 23. Hugh Mason 26 SEP 2018 hugh@jfdi.asia The Search Phase is About Speed, Not Size 23 The Innovation Sweet Spot
  • 24. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Working Entrepreneurially is Often About Co-Creation 24 Source: Professor Saras Sarasvathy
  • 25. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 25 Co-Creation: From MedTech to FinTech PRoF is an international think tank[4] of interdisciplinary professionals (care, medical, companies, universities, etc.) envisioning the evolution of care systems. R3 is a blockchain technology company[5] . It leads a consortium of more than 70 of the world biggest financial institutions in research and development of blockchain usage in the financial system.
  • 26. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 26 Collaborative Innovation with BOSCH in Singapore High density of Singapore’s ecosystem favourable for collaboration
  • 27. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 27 Opportunities in Ageing Population, Urban Mobility
  • 28. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 28 Innovation Ecosystems Work on Multiple Levels Innovation Ecosystem Real Estate Community MedTech Community Fintech Community Mobility Community Source: Vanhaverbeke
  • 29. Hugh Mason 26 SEP 2018 hugh@jfdi.asia 29 Attracting, Connecting and Orchestrating Great People Results Activation Acquisition Referral Retention Source: McClure Source: Luni
  • 30. 1 So What is Startup DNA?2 RO Comments RBAS/P, 5 min 3 How Innovation Ecosystems Work Picturing Cities as Platforms Aligning Cities for Innovation5 1 The Rush to Clone Silicon Valley 4
  • 31. Hugh Mason 26 SEP 2018 hugh@jfdi.asia ‘National Innovation System’ Models: No People, Startups 31 Source: OECD
  • 32. Hugh Mason 26 SEP 2018 hugh@jfdi.asia From ‘Plan and Perfect’ to ‘Launch and Learn’ 32 Traditional Enteprise Vision-driven innovation: ‘Plan & Perfect’ Startup-style Search-driven innovation: ‘Launch & Learn’ Source: After Goffin et al Source: After Ries
  • 33. Hugh Mason 26 SEP 2018 hugh@jfdi.asia From Pipelines to “Platform Thinking” 33
  • 34. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Cities as Human-Centred Platforms for Innovation 34 Source: Bawany and Shamsi
  • 35. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Infrastructure Still Matters 35
  • 36. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Empower Experimentation 36
  • 37. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Make the City a Living Laboratory … with Safeguards 37
  • 38. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Encourage and Enjoy Co-Creation with Citizens 38
  • 39. 1 So What is Startup DNA?2 RO Comments RBAS/P, 5 min 3 How Innovation Ecosystems Work Picturing Cities as Platforms Aligning Cities for Innovation5 1 The Rush to Clone Silicon Valley 4
  • 41. 41 But Startup Cities are not Machines Source: Zarelenga
  • 42. 42 Wealth Creation is Driven by Individuals
  • 43. 43 And Startups Are Only One Part of It Source: Udin
  • 44. 44 Perhaps not Even the Heart of it Source: Enterprise Ireland
  • 45. Hugh Mason 26 SEP 2018 hugh@jfdi.asia Three Legs of an Ecosystem Can Lift Each Other Up 45 Capital Reputation Experience Capital Experience Reputation
  • 46. 46 What Defines the Silicon Valley Today? CapitalExperience Reputation
  • 47. 47 Singapore’s Ecosystem in 2006 CapitalExperience Reputation
  • 49. 49 City Real Estate Needs to Change to fit Real People Questions for the panel: ● How could Collaborative Innovation help Harbor cities to transform, reinventing logistics for goods and people and leveraging heavy industry? ● How to attract talent and experts from around the world?