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Presentation Purdue Springer Lecture on Economics & Innovation March 2016

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Presentation Purdue Springer Lecture on Economics & Innovation March 2016

  1. 1. March 24, 2016 1
  2. 2. Agenda 1. Jim Locker 2. Innovation and Economics 3. Entrepreneurial Observations 4. Boundaries 5. Projects and Funding 6. Economics/Management 7. The Value Proposition 8. People 2
  3. 3. Innovation & Economics 3
  4. 4. WINNING! Pluses  Mentors  Metrics  Value Proposition  Savvy  Acceptance/Relevance Pitfalls  Weak cash flows  Underestimate time  Unclear business model  Overinvestment  Lack of team capabilities 4
  5. 5. Observations from Two Entrepreneurs  3 Year view  92% of Startups failed  74% failed due to premature scaling  Tech highest rate  5 Year view  90% of new businesses fail  9% - “Walking Wounded”  Failure - not idea, money or competition - management 5
  6. 6. Innovation Landscape  iPhone 3 >> 4, 5, 6, 6S; Samsung  Apple Watch >>?  Camera >> Digital – LCD, LED  PayPal >> Apple/Samsung Pay  Honest Dollar (Fintech) >>?  IsoPlexis (pharma) >>?  Yogurt, craft beer  Toothpaste  Detergent  Delivery of home cooked meals  Breakfast all day  Auxiliary lens for smart phone  Catalyst for metal processing 6
  7. 7. Current Ventures 1. Point-of-care diagnostic test 2. Substrate technology 3. Image data 4. Patronize local bars 5. On-demand transportation 6. Over the counter health supplement 7. Subscription service for home related products 8. Personal finance management tool 9. Specialty beverages 10. Promote STEAM careers 7 University BUniversity A
  8. 8. Venture Action Activity 8
  9. 9. Economics  Investment  People  Opportunity cost/alternatives  Tradeoffs and alternatives  Careful spending – “progress payments”  Spend on what really matters 9
  10. 10. Managing the Venture  No guarantee – even for “best” idea  Reflect in “lean terms”  Waste Quality Delivery Cost  Utilize a Team-based process  Metrics Timing Teamwork  Spend management 10
  11. 11. Value Proposition Solve a problem  What is the problem?  How much commitment?  What does success look like? Reality and environment  Current options  Competitors  Alternatives  Delivery 11
  12. 12. Theory and Practice  Home cooking delivered to your door  Steam Iron  Electrochemical processing  IsoPlexis (pharma)  Auxiliary lens for Smart Phone 12
  13. 13. People Dimension Team leadership  Definition of roles  Focus on the problem, not the person  Don’t shut out the lower power individuals  Mentors  Pace of progress  Informal oversight  The two entrepreneurs 13
  14. 14. Importance of People 1. Hands-on role 2. Athletes 3. Team and culture 4. Weekly meetings 5. Feedback 6. Metrics 7. Questions 8. Divide and conquer 9. Collective atmosphere 10. Your company’s mission 11.Spend time with every employee 14
  15. 15. Summary  Hone venture’s Value Prop  Adopt team-based development process  Venture is dynamic – reconfirm Value Prop along the way  Don’t default the process  Accept feedback  Mentor and advisory board perspectives  Watch cash flow  HAVE FUN 15
  16. 16. March 24, 2016 16

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