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Smb 22052014 corina kuiper health venture check

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Smb 22052014 corina kuiper health venture check

  1. 1. The Effectual Catalyst Masterclass Venture Health Check Spiegeltje, spiegeltje aan de wand... Corina Kuiper 22 May 2014 © The Effectual Catalyst
  2. 2. The Effectual Catalyst May 22nd, 2014 © The Effectual Catalyst 2
  3. 3. The Effectual Catalyst Mirror, Mirror, on the wall……. May 22nd, 2014 © The Effectual Catalyst 3
  4. 4. The Effectual Catalyst Mirror, Mirror, on the wall……. May 22nd, 2014 © The Effectual Catalyst 4
  5. 5. The Effectual Catalyst …how to keep yourself honest May 22nd, 2014 © The Effectual Catalyst 5
  6. 6. The Effectual Catalyst …but how do other people look at you compared to others May 22nd, 2014 © The Effectual Catalyst 6
  7. 7. The Effectual Catalyst The illusion that we make our own decisions 68 32 16 0 84 May 22nd, 2014 © The Effectual Catalyst 7 Source: Dan Ariely
  8. 8. The Effectual Catalyst PREDICTABLY May 22nd, 2014 © The Effectual Catalyst 8
  9. 9. The Effectual Catalyst How your environment impacts your behavior Source: Dan Ariely May 22nd, 2014 © The Effectual Catalyst 9
  10. 10. The Effectual Catalyst …so if you are an apple, you don’t want to be compared with an orange May 22nd, 2014 © The Effectual Catalyst 10
  11. 11. The Effectual Catalyst You need a common language! May 22nd, 2014 © The Effectual Catalyst 11
  12. 12. The Effectual Catalyst Venture Framework • Innovation type – which changes are needed? • Age – what should be your deliverables? • Entrepreneurial behavior – how should you behave? May 22nd, 2014 © The Effectual Catalyst 12
  13. 13. The Effectual Catalyst Each types of innovation requires its on approach Granularity of Innovation is courtesy of Fred van Ommen (Bizz Innovation Group) Corina Kuiper (The Effectual Catalyst) May 22nd, 2014 © The Effectual Catalyst 13
  14. 14. The Effectual Catalyst emerging growth mature decline Disruptiveness (proposition is…) Marketlifecycle(Segment/geo) Defend market share & margin, outsourcing improved product new in category new adjacent category new to world New CategoryExisting category Granularity of Innovation Granularity of Innovation is courtesy of Fred van Ommen (Bizz Innovation Group) Corina Kuiper (The Effectual Catalyst) See presentation SMB April 2013 May 22nd, 2014 © The Effectual Catalyst 14
  15. 15. The Effectual Catalyst HOW OLD ARE YOU ?May 22nd, 2014 © The Effectual Catalyst 15
  16. 16. The Effectual Catalyst A Staged Process for Successful Venture Development Each phase has its own specific characteristics and therefore requires a different way of working, organization set-up, culture/mindset and performance indicators Time 5. Market Calibration 4. Beta3. Alpha2. Seed 1. Pre - seed Expanding5. Market Calibration 4. Beta3. Alpha2. Seed1. Pre-Seed Steady State DeclineIdeation Venture phase Business Creation Research phase Established business Business Management/Operations Maturitylevel May 22nd, 2014 © The Effectual Catalyst 16
  17. 17. The Effectual Catalyst Stages and Gates • Length of each stage and the funding needs will be radically different depending e.g. on the sector the venture is operating in • Gate reviews are important milestones and should have qualified (external) assessors • The greater the degree of disruption ( innovation, market, channel), the longer the period of market development • New ventures live and die on results, not process • Venturing is Darwinian, survival of the fittest Expand/ Capture the Value 5. Market Calibration 4. Beta3. Alpha2. SeedIdeation Gates 1. Pre-Seed May 22nd, 2014 © The Effectual Catalyst 17
  18. 18. The Effectual Catalyst How do I know my age Expand/ Capture the Value 5. Market Calibration 4. Beta3. Alpha2. SeedIdeation Gates 1. Pre-Seed • Use a venture framework that:  Uses “best practice” research in internal and external venture development  Describes clearly what is needed at the end of each stage • Don’t perform the healthy check by yourself but ask experienced people who are able to do ‘pattern recognition’ May 22nd, 2014 © The Effectual Catalyst 18
  19. 19. The Effectual Catalyst Dimensions of Venture Development Venture Framework is courtesy of Fred van Ommen (Bizz Innovation Group) Corina Kuiper (The Effectual Catalyst) If you want to know more about the Venture Framework, please contact Corina Kuiper May 22nd, 2014 © The Effectual Catalyst 19
  20. 20. The Effectual Catalyst In different flavours available May 22nd, 2014 © The Effectual Catalyst 20
  21. 21. The Effectual Catalyst In different flavours available Publiek Private Samenwerkingen (Centre of Expertise, Centra voor Innovatief Vakmanschap) Start-ups Corporate Venturing Venture as well as portfolio Executive Master of Business Innovation in Health May 22nd, 2014 © The Effectual Catalyst 21
  22. 22. The Effectual Catalyst SMALL EXERCISE Matching stages Expand/ Capture the Value 5. Market Calibration 4. Beta3. Alpha2. SeedIdeation Gates 1. Pre-Seed May 22nd, 2014 © The Effectual Catalyst 22
  23. 23. The Effectual Catalyst jjk The Effectual Catalyst Ventures act as grown-ups May 22nd, 2014 © The Effectual Catalyst 23
  24. 24. The Effectual Catalyst Think as an entrepreneur May 22nd, 2014 © The Effectual Catalyst 24
  25. 25. The Effectual Catalyst Entrepreneurs constantly make decisions and take action How do they do that? Are there any universal methods or principles they use? To answer these questions, Dr. Saras Saravathy, a cognitive scientist, conducted a study * of expert entrepreneurs The results? EFFECTUATION May 22nd, 2014 © The Effectual Catalyst 25
  26. 26. The Effectual Catalyst Managerial Thinking (Causal) Given Goal M1 M2 M3 M4 M5 Select between given means to achieve a pre-determined goal Given means May 22nd, 2014 © The Effectual Catalyst 26
  27. 27. The Effectual Catalyst Entrepreneurial Thinking (Effectual) Imagined ends Imagining a possible new end using a given set of means Given means M1 M2 M3 M4 M5 May 22nd, 2014 © The Effectual Catalyst 27
  28. 28. The Effectual Catalyst Elements of Entrepreneurial Thinking & Action Effectuation consists 4 principles and of a unique world view Assess your Assets Limited your losses Pick your Partners Leverage surprises May 22nd, 2014 © The Effectual Catalyst 28
  29. 29. The Effectual Catalyst 1. Bird in hand principles When expert entrepreneurs set out to build a new venture, they start with their means: who I am, what I know, and whom I know. Then, the entrepreneurs imagine possibilities that originate from their means. May 22nd, 2014 © The Effectual Catalyst 29
  30. 30. The Effectual Catalyst 1. Starting point for the venture Goal oriented: Goals define the resources required for a particular venture Means oriented Own means / resources / contacts define potential goals May 22nd, 2014 © The Effectual Catalyst 30
  31. 31. The Effectual Catalyst 2. Affordable loss principle Expert entrepreneurs limit risk by understanding what they can afford to lose at each step, instead of seeking large all-or-nothing opportunities. They choose goals and actions where there is upside even if the downside ends up happening. May 22nd, 2014 © The Effectual Catalyst 31
  32. 32. The Effectual Catalyst 2. Risk perception Focus on expected returns Venture should maximize risk adjusted return Focus on Affordable loss Venture should not risk more resources than can be afforded to be lost May 22nd, 2014 © The Effectual Catalyst 32
  33. 33. The Effectual Catalyst 3. Lemonade principle Expert entrepreneurs invite the surprise factor. Instead of making “what-if” scenarios to deal with worst-case scenarios, experts interpret “bad” news and surprises as potential clues to create new markets. May 22nd, 2014 © The Effectual Catalyst 33
  34. 34. The Effectual Catalyst 3. Attitude towards contingency Avoidance Planning and focusing on goals help to avoid contingencies Leverage Contingencies provides opportunities that can be used to own advantage May 22nd, 2014 © The Effectual Catalyst 34
  35. 35. The Effectual Catalyst 4. Crazy quilt principle Expert entrepreneurs build partnerships with self-selecting stakeholders. By obtaining pre-commitments from these key partners early on in the venture, experts reduce uncertainty and co-create the new market with its interested participants. EARLY YES’s May 22nd, 2014 © The Effectual Catalyst 35
  36. 36. The Effectual Catalyst 4. Attitude towards outsides Potential competitors Protection of ideas is important, as one needs to position oneself in competitive environment Potential partners Partnerships emerge as stakeholders commit resources to the common venture while influencing its development May 22nd, 2014 © The Effectual Catalyst 36
  37. 37. The Effectual Catalyst 5. Pilot-in-the-plan principle By focusing on activities within their control, expert entrepreneurs know their actions will result in the desired outcomes. An effectual worldview is rooted in the belief that the future is neither found nor predicted, but rather made. May 22nd, 2014 © The Effectual Catalyst 37
  38. 38. The Effectual Catalyst 5. View of the future Forecast Environment is externally given, forecast help to adapt to it Co-create Prediction is not possible, since future environment depends on own actions May 22nd, 2014 © The Effectual Catalyst 38
  39. 39. The Effectual Catalyst To the extent I can predict the future, I can control it. To the extent I can co-create the future, I don’t need to predict it. May 22nd, 2014 © The Effectual Catalyst 39
  40. 40. The Effectual Catalyst Mirror yourself! May 22nd, 2014 © The Effectual Catalyst 40
  41. 41. The Effectual Catalyst The next time you look it the mirror May 22nd, 2014 © The Effectual Catalyst 41
  42. 42. The Effectual Catalyst May 22nd, 2014 © The Effectual Catalyst 42

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