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![How the Ecosystem can Help
Duke Center Entrepreneurial Process
• Idea Generation
• Opportunity Evaluation
• Planning
• Resource Acquisition
• Launch
• Growth
Ecosystem Resources
• Ideators (Hackathons, Startup Weekends,
Coworking, University Challenges)
• Validators (Startup Studios, 1M Cups)
• Incubators
• [gap] (Angels, FFF, community)
• Accelerators
• Masterminds (EconDev)](https://image.slidesharecdn.com/uwtrepsummitv2-190425170124/75/University-Of-Wyoming-Entrepreneurship-Summit-2019-24-2048.jpg)
Uploaded byRich Kopcho
University Of Wyoming - Entrepreneurship Summit 2019
The document discusses the development of startup communities and entrepreneurial ecosystems, emphasizing the importance of leadership and long-term commitment from various stakeholders. It outlines the processes of idea generation, opportunity evaluation, and resource acquisition necessary for startup success. Key elements include collaborative environments, the creative curve, and the execution of ideas as essential for entrepreneurship.
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University Of Wyoming - Entrepreneurship Summit 2019
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- 4. .47% 85.6% 4.72 www.kauffman.org/indicators2017 data released 2/19 Kauffman Indicators of Entrepreneurship Wyoming 2017 .30% 84.7% 4.71Mean:
- 5. ORIGIN OF ENTREPRENEUR 1875–80; <French: literally, one who undertakes (some task)
- 6. of organisms withtheir environment. Ecosystem A system, or a group of interconnected elements, formed by the interaction of the community 900+90+7
- 7. Startup Communities areKey to Creating Opportunities • Entrepreneurs must lead • Need long-term commitment • Inclusive of any participant • Continual activities • engaging entire entrepreneurial stack “Startup Communities, Building an Entrepreneurial Ecosystem in Your City”, Brad Feld
- 8. Startup Community Essentials LEADERS •Entrepreneurs FEEDERS • Government • University • Non-profits • Big companies • VCs • Angel investors Tech Hubs Clusters Economic Dev zones “Startup Communities, Building an Entrepreneurial Ecosystem in Your City”, Brad Feld
- 9. Feeders need someoneto feed!Need a critical mass of entrepreneurs or startup community won’t ever develop into anything meaningful. “Startup Communities, Building an Entrepreneurial Ecosystem in Your City”, Brad Feld
- 10. 3 + 997= 1000 Victor Hwang, Kauffman Foundation
- 11. Kinds of EntrepreneurialEndeavors Startup • Regional • National • International customer base Local Business • SME • Lifestyle • Very local customer base “Startup Opportunities”, Sean Wise & Brad Feld
- 12. What qualifies as aStartup? “A startup is a temporary organization formed to search for a repeatable and scalable business model.” – Steve Blank
- 13.
- 14. NOW anyone canhave great ideas! Four Laws of the “Creative Curve” • Consumption • Imitation • Creative communities • finding collaborators or mentors • Iterations “The Creative Curve: How to Develop the Right Idea at the Right Time”, Allen Gannett
- 15. What is thecreative curve? – the point of optimal tension between the novel and the familiar.
- 16. 5 step Methodfor producing Ideas 1) Gather raw materials Related to immediate problem Tap store of general knowledge 2) Working it over in your mind 3) Incubation stage or synthesis (subconscious) 4) Eureka, light bulb, Aha moment 5) Shaping into practical usefulness.
- 17. Voracious Consumption ClickFunnels $100MM sales 65,000SaaS Customers Market Cap $360MM Brunson Net Worth $37MM Since 2014
- 18.
- 19. Opportunities need Evaluating Opportunity Evaluation Hardat idea stage because: • Market is unknown • The technology non- existent • Or idea is so radical compared to currently available solutions
- 20. 4 Criteria forEvaluating an Opportunity The Idea is: TimelyDurable Attractive Adds Value Rewards > CostsMarket is ReadyNot a Fad/Monetizable To end user as product/service
- 21. “Trust me, youridea is worthless.” – Tim Ferriss
- 22. “Ideas are adime a dozen, people who implement them are priceless.” — Mary Kay Ash
- 23.
- 24. How the Ecosystemcan Help Duke Center Entrepreneurial Process • Idea Generation • Opportunity Evaluation • Planning • Resource Acquisition • Launch • Growth Ecosystem Resources • Ideators (Hackathons, Startup Weekends, Coworking, University Challenges) • Validators (Startup Studios, 1M Cups) • Incubators • [gap] (Angels, FFF, community) • Accelerators • Masterminds (EconDev)
- 25. TOKEN SUBSCRIPTION Austin Griffithand team won WyoHackathon 2018 12 developers are now on the FOSS project Austin landed a full time job with a ConsenSys funded company
- 26. $50MM ARR 200 Employees 3MM+Customers $1.3MM raised (20%) Startup:Wyoming Grant page Born at Startup Weekend
- 27. Actions You CanTake Creating + Opportunity Entrepreneurs (3) • Start finding other committed entrepreneurial leaders • Focus on knowing each other • Work together and be inclusive • Hold lots of activities, meetups, social interactions, co-working • Exchange ideas and encourage each other; you’re the key! Ecosystem (997) • View entrepreneurs as your customers • Figure out what they need • Solve their biggest problems • Use the ideation tools and business and policy canvas • Support entrepreneurs and Create Opportunities
- 28. “You are theleaders you’ve been waiting for. The only solution is that we’ve got to grow our own.” – Victor Hwang VP of Entrepreneurship Kauffman Foundation
Editor's Notes
- #2 Feel welcome to join me on Twitter and LinkedIn! Let’s discuss Creating Opportunity! Speaking of creating opportunity, the legislators took the bull by the horns with recent blockchain bills Gov.Gordon signed, with that very goal in mind. We will unpack both: The process of Creating – beginning at the IDEA stage thru Execution And how to identify and evaluate Opportunities. Along the way, we will discuss some examples.
- #3 Slide 2 – 997 I want you to take note of this number, what could it possibly have to do with Creating Opportunity? Pay close attention and I’ll point out clues throughout the presentation. Since this is about Wyoming, let’s start with an overview of what’s been happening here.
- #4 Slide 3 –Wyoming Slide Overwhelmingly Agriculture, Energy and Nature Tourism have driven the Wyoming economy as you know much better than I. Agriculture comprises Livestock (beef), Hay, Sugar Beets, Grain (wheat & barley) & wool. Energy and Mineral Extraction includes Coal, Natural Gas, Coalbed Methane, Crude Oil, Uranium & Trona Tourism is the ~6MM visitors to Yellowstone, Tetons, Flaming Gorge, Hot Springs and many other beautiful sites in the state. That is 12x the Wyoming population! It’s a state to be proud to live in, home to ~586K people. But how can we expand beyond these core industries? And how can we create startups that serve those industries?
- #5 Slide 4 – Kauffman Stats for Wyoming Your first clue was 997. The second is on this slide. I want to draw your attention to the first column. Please note that Wyoming’s .47% become entrepreneurs monthly verse the US mean of .30%. This is a good indication Wyoming has the entrepreneurial spirit. 85% start businesses for the Opportunity, not out of necessity, this is also a strong indicator of entrepreneurial spirit. But… What does it take to exploit opportunities like blockchain technology and create new kinds of businesses like the recent legislation hopes for? Or how do you find new opportunities in the mainstay industries of Ag, Energy and tourism? Two things for sure: Entrepreneurs and Ecosystem, let’s flesh out these terms to be clear.
- #6 Slide 5 What is an entrepreneur? Someone who Undertakes a venture under risk. Note that ACTION is a core requirement.
- #7 Slide 6 What is an Ecosystem? The parts are autonomous yet cooperative. The Ecosystem is those parts coming together in support of the desired outcome and it’s formed by interACTION. Note again, that ACTION is required here as well. In our case the desired environment is a vibrant “startup community” bustling with entrepreneurs leading it and the ecosystem feeding it.
- #8 Slide 7 Proven Models for Opportunity Development There is intrapreneurship in the mainstays, but Spinouts – rare “Startup Communities, Building an Entrepreneurial Ecosystem in Your City”, Brad Feld 1. Entrepreneurs must lead the startup community. 2. The leaders must have a long-term commitment (20yrs). 3. The startup community must be inclusive of anyone who wants to participate in it. 4. The startup community must have continual activities that engage the entire entrepreneurial stack.
- #9 Slide 8 LEADERS: Must be led by entrepreneurs (Network effect) Startup Communities can’t be led by Clusters, tech hubs, or Economic Development Zones. FEEDERS: Government, university, non-profits, big companies, VCs, angel investors;
- #10 Slide 9 Feeders have an important role, but in the absence of a critical mass of entrepreneurs, the startup community won’t ever develop into anything meaningful.
- #11 Slide 10 – 3 + 997 = 1000 Three out of every 1000 starts a business each month in the US. This means, this group representing the Ecosystem is the 997. How can you demonstrate your leadership as FEEDERS of the startup community? From a recent speech by Victor Hwang, VP Entrepreneurship, Kauffman Foundation
- #12 Slide 11 Entrepreneurial Endeavors What are Entrepreneurial Endeavors? 1. Local Business (SME, lifestyle) very local customer base; Welding outfit for rigs, main street 2. Startup – regional, national, international customer base The difference is the customer base.
- #13 Slide 12 What is a startup? Steve Blank definition: “A startup is a temporary organization formed to search for a repeatable and scalable business model.” a temporary organization: A startup does not last as a startup. It either goes out of business or succeeds in finding a solution that customers are willing to pay for. to search: The goal of a startup is to explore, test, and validate an unmet need. This definition recognizes that the startup lifecycle is finite. repeatable and scalable business model: Initially, all startups are based on assumptions, with the goal of iterating until the assumptions have been validated. Once the business model has been proven and the startup is self-sustainable, it is no longer a startup.
- #14 Slide 13 Startups Start with Ideas, and many entrepreneurs have more ideas than they can pursue.
- #15 Slide 14 Four Laws of the Creative Curve a) Consumption (familiarizing oneself with a chosen field) b) Imitation (learning from successful predecessors) c) Creative communities (finding collaborators or mentors) d) Iterations (progressively elaborating ideas) Creative iterations are important when making any product. An idea should go through a funnel: i. conceptualization, ii. reduction, iii. curation, and iv. feedback.
- #16 Slide 15 “The Creative Curve”, Allen Gannett Defining the curve sweet spot a. Familiarity b. Novelty
- #17 Slide 16 Similar to the 80 year old teachings of 1939: “A Technique for Producing Ideas”, James Webb Young 5 step Method for producing Ideas 1. Gather raw materials a. Related to immediate problem b. Tap store of general knowledge 2. Working it over in your mind 3. Incubation stage or synthesis (subconscious) 4. Eureka, light bulb, Aha moment. 5. Shaping into practical usefulness Does this really work? Let’s see if anyone has had success with it.
- #18 Slide 17 Example Brunson Clickfunnels Russell is Advertising for his podcast about how he has had Aha moments – immersion!
- #19 Slide 18 Innovation is combining existing things in new ways. The familiar with some novel approach. You get these ideas, from immersion or consumption in field of interest to you. When you are hit with an AHA moment, you can see an opportunity.
- #20 Slide 19 Opportunity Evaluation Hindsight is easy, evaluation at idea stage is hard. It is rarely obvious that the opportunity will be a significant one as the market is unknown, technology may not exist, and radical nature compared to status quo. Entrepreneurs have to choose which opportunity to pursue. Employees need to decide which companies to join. Investors have to choose which opportunities to fund. Customers decide which products to buy. Governments and NGOs need to decide which opportunities are worthy of public resources. Wise/Feld “Startup Opportunities”
- #21 Slide 20 Once you have discovered an idea, it needs to meet: Four Criteria for an Opportunity The idea is durable: It is not a fad and will last long enough to allow for monetization. The idea is timely: The market is ready to buy the solution. The idea is attractive: The potential rewards and returns on investment far exceed the foreseeable costs and resources to create the product. The idea adds value: It must lead to a product or service that creates or adds value for its buyer or end user. Wise/Feld “Startup Opportunities”
- #25 Slide 24 The Ecosystem (Feeders) Education: in concepts, processes and frameworks to help opportunity evaluation (University) Stage-gate: (Barringer and Gresock 2008) Feedback loop-based: Eric Ries - Lean Startup, Osterwalder - Business Model Canvas (2010); Bill Aulet - Disciplined Entrepreneurship Modern Scientific Method Systematic observation, experimentation, formulation, testing, and modification of hypotheses. Duke Center Entrepreneurial Process Idea Generation Opportunity Evaluation Planning Resource Acquisition Launch Growth These Ecosystem Resources mirror above process Ideators (Hackathons, Startup Weekends, social sphere brainstorming) Validators (startup studios) Incubators ]Gap] Accelerators Masterminds Do these things really work? Are hackathons and Startup Weekends helping entrepreneurs?
- #26 Slide 25 Token Subscription Yes, These things work! At the 2018 WyoHackathon, Austin and team won with his idea, that they executed over the weekend. With his cash resources was able to flesh it out, and landed a job with a Startup Funded by ConsenSys. It is now an Ethereum Standard with 12 developers supporting it.
- #27 Slide 26 Zapier This background photo caught my eye on the Wyoming Business Council website in the Startup Grants page. It’s an entrepreneur architecting a SaaS product that interfaces with other software. Note the cloud Zapier. What is Zapier? It connects different software to each other using API calls and webhooks. Zapier was born at a startup weekend in 2011.
- #28 Slide 27 Conclusion: Creating Opportunity occurs with a vibrate Startup Community. Everyone has a part they can play, either as entrepreneurs or as Ecosystem participants. A clear Wyoming Opportunity is that new technology, like Blockchain and Crypto Leadership should be leveraged Entrepreneurs need to start finding the other entrepreneurial leaders who are committed to being in your city over the next 20 years. Then, as a group, get very focused on knowing each other, working together, being inclusive of anyone else who wants to engage, doing things that help recruit people to that geography, and doing selfish stuff for your company that also drives your startup community. Hold lots of activities, meetups, social interactions, co-working to exchange ideas, support one another, and encourage each other. Ecosystem needs to view the entrepreneur as a customer, figure out what they need, and solve their biggest problems, just like entrepreneurs need to do for their customers.
- #29 Slide 28 Quote The End