P3 VenturesP3 Ventures S.A. (People – Profit - Planet), is a company thatsupports the development of entrepreneurial ecosystems, thecreation and acceleration of high growth new businesses, and thedevelopment of corporate entrepreneurship initiatives in LatinAmerica.It was founded by a team with 18 years of internationalexperience providing support in the improvement of theconditions for competitiveness in the continent.
Results• We have review over 10 thousand new businesses.• We supported over 1.000 new business ideas.• Over 500 business ideas have built new companies.• The 25 biggest early stage initiatives supported by us account forover 100 million USD in sales.• These companies have also attracted over 20 million USD in salesand venture capital.• We set and launched the first corporate entrepreneurship platformin Latin America.• Development and strengthening of entrepreneurial ecosystems inover 10 countries.• Support in the design and launch of various early stage fundinginstruments in several countries in the region.
Some of ourclients andpartners…Government Agencies and programs Founda7ons, NGOs and think tanks Venture Capital Chambers of Commerce Banks Interna7onal Coopera7on Business Incubators and technology parks
How to contact us?Email: mreyes@p3-‐ventures.biz Twi(er: @P3Ventures Facebook: h6p://www.facebook.com/p3ventures
Where can you find moreinformation?http://www.facebook.com/p3ventures
Objectives• Explore the identity, attributes, strengths andentrepreneurial effectual skills of participants.• Understand that entrepreneurship is a creativeprocess, not a planning one.• Communicate the value of networking infinding complementary capabilities in formingteams and the progress of the initiatives.
Today´s Agenda• What is entrepreneurship? Definition.• Entrepreneurial Behavior: Effectuation.• Uncertainty: non predictive control.• Self-efficacy and growth mindset.• The Talent and the Outliers.• Importance of Contact Networks.• Innovators DNA and Design Thinkers.
What is entrepreneurship?“Entrepreneurship is the pursuit - andcapture- of opportunities without having allthe resources controlled”(Howard Stevenson, Harvard Business School professor, “BreakthroughEntrepreneurship”)
5 Principles of EffectualEntrepreneurship• Principle of "bird inhand”: when starting aventure, entrepreneurs doit with what they have(who I am, what do Iknow, who do I know).Then, they imaginepossibilities that mayarise from these means.
• Principle of "affordableloss" entrepreneursunderstand how muchyou are willing to lose ineach step, instead ofl o o k i n g f o r g r e a topportunities "all ornothing".5 Principles of EffectualEntrepreneurship
• Principle of Co-creation:entrepreneurs formpartnerships withstakeholders who are self-selected. Co-create marketswith interested participants.5 Principles of EffectualEntrepreneurship
• Principle of "lemons tolemonade" or leveragecontingencies: entrepreneursinterpret bad news andsurprises as clues to newmarkets.5 Principles of EffectualEntrepreneurship
• Principle of "pilot in theplane" or world view: byfocusing on activities that arein your control, entrepreneursknow that their actions willhave consequences. Theybelieve that the future is notpredicted or found, but it iscreated.5 Principles of EffectualEntrepreneurship
• Pilates, of German origin, was imprisoned in asmall space, where he created the tension andbending method that would become so popular ...• He later emigrated to the U.S. - NY, and was in thatcity that his methodology found fertile groundamong artists and entertainers who had tomaintain the form, fitness and flexibility ...• …Pilates solved better than otherofferings that need …
Activity 1:Unexpectedevents Individually:• I d e n t i f y f i v eunexpected events thathad a positive impacton your lives.• I d e n t i f y f i v eunexpected eventswhich have impactednegatively your lives.
Band of Brothers (scene)hDps://www.youtube.com/watch?v=Qj3X7HfezzE
In both cases, there was the challenge ofaddressing a problem where others hadfailed.
Activity 2:UnexpectedEvents(Thinking out ofthe box)Individually:• Draw the 9 dots pattern on asheet.• Then join the 9 dots, but do notdraw more than 4 straightlines.• Do not lift your pencil from thepaper.• Lines can be drawn from anyangle.• When finished, there should bea line passing through each ofthe dots.
Fixed Mindset vs. GrowthPsychologist Carol Dwecksuggests that those with a"growth mindset" whoassume they can developtheir skills and that theseare not fixed, can getbetter results.
Activity 3:Who am I to playthis game?Group:- Form groups of 3 people.- Read the adjectives on theworksheet.- Identify 12 adjectives orwords that describe yourpersonal qualities.- Explain in one sentence whyeach of these words define you.¿How do others see you?,Successive presentations andfeedback.15 minutes
Effectuation• Entrepreneurs do not operate likeMBAs as they operate in a context ofgreat uncertainty.• To begin with an entrepreneur onlyneeds to answer three questions: Whoam I? What do I know? Who Do IKnow?
An “Outlier” is an exceptionaltalent as a result of more than10,000 hours of intense work inany field.
Motivated by human relationships("human” social networks), that promoteinteractions, relationships, growth andpersonal and professional developmentC O N N E C T I N G T H E W O R L DENTREPRENEURS TO MAKE THEM MOREPRODUCTIVE AND SUCCESSFULSociologist, mentor, entrepreneur, investor
Activity 4:My BusinessModelIndividually:• Build your personal businessmodel canvas staff box bybox, as shown in the nextsheet.• Form groups of 3 people.• Present them, give and receivefeedback25 minutesGroup:
Independent bouAque clothing designers who have their own shops Web Programmers and printers Building brand / idenAty. Increased sales and customer reach. Transmit Company Values Wep pages,catalogs andadvertisementin magazinesContacts and my web page Payment for hours worked, business alliances and referral to other customers SoKware licenses, travel costs, computer items and travel costs. Directly with the customer, outsourcing graphic design services. Family with years in the apparel business. Graphic Designer Title Example of Personal Business Model Canvas 12 3456789
Mary Gates o Dear Mary• Before Microsoft was known, Bill Gates had an unusualdistinction in his network, his mother Mary Gates waspart of the board of directors of United Way with JohnAkers senior executive at IBM.• At that time, Akers among others led IBMs entrydesktop computers.• And Mary spoke to him about the new generation ofsmall businesses in the industry that wereunderestimated as competitors of the largest firmswith which IBM traditionally associated.• Maybe she changed Akers vision about to turn to thenew operating system of the IBM PC, or maybe hercomments confirmed what he thought …
Roles in creating NetworksMalcom Gladwell“The Tipping Point”CONNECTORSPeople working to unite worlds. They know many people who believe in them. Theyknow influential people from different groups. They have a lot of imagination. Theyare very sociable..MAVENSThey are information specialists. We use them when we have problems in the areasin which they stand out. They read a lot, love to give advice, they are motivated tohelp.SALESMANThey impress everyone. People find them funny and listen to them. They arecharming and charismatic. Passionate, know how to harness the power ofpersuasion.
Activity 5:Roles inNetworksIndividually:• On a white sheet, answer thefollowing questions:– What is the role that I perform inmy network?.– Which of these roles are presenton my entrepreneur team orenterprise?– Which of these are missing?.• Present and give feedback ingroups.(15 minutes)
Activity 6:My contactNetworkIndividually:• Reflect on your network.• Identify the 10 mostimportant contacts youhave, indicating whointroduced you to eachcontact (use the matrix inthe next slide).• Identify when and underwhat circumstances meteach contact.• Present and give feedback ingroups.(15 minutes)
Network Matrix(activity 6)Contact Name Who introduced me tothem?To whom I havepresented this contact?Me…Me…PeterJohnDiego
SocialstructingPeople, artists, musicians,creative class are the balm ofrelationships that create valueoutside the formal boundaries ...... ... based on building socialrelations, NO money, but toshare talents, interests:Entrepreneurship Community!The Reality of What Makes Silicon Valley Tick by Marina Gorbis ExecuAve Director of The InsAtute for the Future
Innovation and EntrepreneurialCommunity (Brad Feld)• Brad Feld is the leader of the accelerator anddiscovery fund Techstars Boulder.• Leadership should emerge betweenentrepreneurs.• The community is a source of resources(mentorships, money, equipment, partners, team,first sales, etc.).• Las otras entidades (gobierno, universidades,fondos de inversión, grandes empresas), debenasumir el rol de “alimentadoras”, pero no restarprotagonismo a los emprendedores ni asumir elcontrol de la comunidad.
Innovators DNA• Associative Thinking• Constant questioning• Acute Observation• Generation of new links (large andheterogeneous networks)• Willingness to experimentFuente: “The Innovator`s DNA: Mastering the Five Skills of DisruptiveInnovators”, Clayton Christensen et al, 2011
Design ThinkingUnderstand Observe Deﬁne Invent Prototype Test
Profile of a Design Thinker• He or she is empathetic.• Use integrative thinking.• Optimistic (solutions are possible).• Experimentalist (tests and iteratesvarious alternative solutions).• Collaborator (works in groups andfor the customer).• Innovation has many faces(interdisciplinary approach).Understand Observe Synthesize Prototype Iterate Implement
Artists and Innovators for buildingexceptional products
Activity 7:MyEntrepreneurialTeamIndividually:• Identify the top 5 skills,abilities and / or talents thatrequires your enterprise.• Indicate which are thestrongest and the weakest.• Present and feedback ingroups.(15 minutes)