How do I craft my reflective portfolioYou will use the portfoli

How do I craft my reflective portfolio?
You will use the portfolio to curate a collection of your work,
your learning and your personal development. The portfolio
should showcase reflections on what you have learned and how
you have developed over time (awareness of) innovation and
entrepreneurship skills, behaviours and thinking. The focus of a
portfolio assignment is on the process of your learning and
development, it is less so on the output or the final presentation
of your portfolio.
Your portfolio must be informed by
(1) theory, concepts, activities, guest lectures presented
in the unit and
(2) your own personal experiences inside and outside
the course.
Your reflections are supported by
references from at least:
· Three readings from the Reading List provided in the course
· One guest lecture from the guest lecturers who presented in
the course.
· Two activities from the activities we engaged with during the
course.
You must provide
in-text references and a
reference list. The reference list can be submitted as a
separate document, and it is excluded from the word count.
What type of content should I include in my portfolio?
What might be part of the portfolio?
Please review the marking criteria and the assessment
description, and make sure that your portfolio refers to the

learning you have undertaken in this unit. Content you may
want to include. Note you
do not have to cover all of these.
·
A personal statement on innovation and
entrepreneurship and how it developed that is informed by the
course content and by the experience had in the course.
For example. your statement could include:
· Your definition of innovation and entrepreneurship: what
entrepreneurship and innovation means to you? o What are in
your opinion the key qualities/skills/attributes for innovation
and entrepreneurship?
· Reflection on whether the process of defining
entrepreneurship has helped you to understand why (or why not)
you may participate in innovation and entrepreneurship.
·
Who am I? Reflection on your personal attributes,
goals, and values and how your goals and values will influence
your choices to move (or not to move) in the direction of
entrepreneurship and innovation in your career.
For example, your reflections could include:
· Choices your attributes, goals and values could influence may
be the type of entrepreneurial opportunities you may pursues in
the future; the decision to start (or not to start) a venture; the
decision to engage (or not engage) in entrepreneurial behaviour
within an established organization; the decision to work (or not
to work) in the field of innovation.
· Your legacy statement as an entrepreneur.

·
What do I know? Reflections on your potential and
capacity for innovation and entrepreneurship (including future
growth) demonstrated with concrete examples and/or
demonstrated with from people that know you well.
For example, your reflections could include:
· Your strengths and weaknesses
· Your existing expertise (e.g., skills, attributes, technical
knowledge) in the field of innovation and entrepreneurship.
· Action plan to develop new expertise (e.g., skills, attributes,
technical knowledge) in the field of innovation and
entrepreneurship.
· Experiences and challenges during this unit and how you dealt
with it o Record of your accomplishments, awards, recognitions,
etc.
·
Whom do I know? Reflections on your network and how
you could leverage your network, for example for exploring an
idea and starting a new venture or developing a project.
·
Entrepreneurial ideas/opportunities/new venture
creation/projects For example, you could include:
· What ideas or opportunities you have identified during this
course?
o What ideas or opportunities you may want to pursue
in the future?
o How could your ideas/opportunities/entrepreneurial
venture contribute to society?
· What process would you engage in if you were to start a new

venture?
·
Sources of inspiration: e.g., A famous quote that
illustrates your potential and capacity for innovation and
entrepreneurship; innovative and entrepreneurial people that
inspired you and why; Books; Etc.
·
Others - be creative!
Reading list:
Title:
The innovator's DNA
Author:
Dyer, Jeffrey H ; Gregersen, Hal B ; Christensen, Clayton M
Title:
Article: “Why the Lean Startup Changes Everything” by Steve
Blank (Article featured in HBR's 10 Must Reads on
Entrepreneurship and Startups)
Author:
Review, Harvard Business ; Blank, Steve ; Andreessen, Marc ;
Hoffman, Reid ; Sahlman, William A
Title:
Match your innovation strategy to your innovation ecosystem
Author:
Adner, Ron

Title:
Strategy for start-ups
Author:
Gans, Joshua ; Scott, Erin L ; Stern, Scott
9/7/22
1
Page 2The University of Sydney
MMGT6018 Entrepreneurship and Innovation
Week 5 Morning - Pitching
Dr Corinna Galliano
2
9:30 – 9:40 Welcome to Week 5
9:40 – 10:00 Receiving and Giving Feedback
10:00 – 13:20 GROUP PITCHES J (& Coffee Break)
13:20 – 14:10 Lunch break J
14:10 – 14:30 Lecture: Networks
14:30 - 15:00 Guest Lecture : Corporate I&E versus I&E in a
new venture
15:00 – 15:50 Deep Ending: stepping beyond linear thinking

and knowing complexity
15:50 – 16:00 Coffee Break J
16:00 – 16:30 Leaving Well
16:30 – 16:45 Review of Content & Your Portfolio (Assessment
4)
16:45 – 17:00 Closing circle
Agenda
3
Self
Allow yourself a moment to assess if you are really, OK.
https://www.sydney.edu.au/students/health-wellbeing.html
Other
Every day is the day to ask, ‘are you OK?’
Start a meaningful conversation whenever you spot the signs
that
someone you care about might be struggling with life.
https://www.ruok.org.au/
R U OK? Day – Thursday 8th September
4
CHECK-IN: R U OK?
Symbolical start: everyone briefly speaks about a feeling, a
reflection from

private life/previous day
Listening circle: a round of speaking without replies
Host: person calling a question, inviting the first person to
speak
Benefits
- Intentionality: becoming present and being heard.
- Respect: Listening actively and speaking own truth in the
midst of others.
- Aligning shared purpose: Is everybody here for the right
reasons?
- Practice vulnerability, empathy and care: Understand the vibe
of each person
- Overcoming prejudices: Witness others more kindly and
become more patient
with your own shortcomings
5
https://www.sydney.edu.au/students/health-wellbeing.html
https://www.ruok.org.au/
9/7/22
2
Are the deadlines, ok?
– Assessment 3 - Saturday 11 September 11:59 pm
– Assessment 4 - Sunday 18 September 11:59 pm
Remaining assessment deadlines

6
New assessments deadlines:
– Assessment 3 - Saturday 11 September 11:59 pm
– Assessment 3 – Friday 16th September 11:59 pm
– Assessment 4 – Sunday 18 September 11:59 pm
– Assessment 4 – Friday 23rd September 11:59 pm
Announcements
7
Giving and receiving feedback
8
– If I were to ask you to list your top 20 skills right now, do
you think giving
feedback would be on the list? What about receiving feedback?
– While it isn’t common for us to perceive giving and receiving
feedback as
skills they absolutely are.
– Especially receiving feedback, it takes skill:
o to alter out your feedbackers biases
o to distract your ego to hear challenging feedback
o to ignore feedback that may be true but isn’t useful right now.

– Practice, practice, practice! The more you practice and the
more consciously
you practice, the better you will get.
Feedback is a skill, it takes practice
9
9/7/22
3
Giving feedback approach: ASK
1. Actionable (can implement for
results)
2. Specific (focus on what they did,
not just “feel goods”)
3. Kind (Not just nice, but generous,
and not a sh!t sandwich)
Always begin by ASKing. Seek consent,
this is going to help you become an
even better negotiator!
– Is it ok/are you open to some
feedback?
This Photo by Unknown Author is licensed under CC BY

10
Hearing is passive, while listening is active and requires skills
Receiving Feedback Approach: Active Listening
11
PRACTICAL TIPS
How to become a better listener?
1. Make empathy your mission
2. Assume positive intent
3. Ask open questions: Why did it make you feel like this?
4. Resist your urge to talk
How to create a safe space
- Explain your intention: Often we don't understand why people
are doing what they are doing
- If you are a leader reveal more: Share what you are struggling
with; ask for help
- Come from a place of care: advice instead of feedback,
- Ask specific questions instead of “how are you doing?”
What is the one thing ...? Time boxing: What in the last month
could have been better? Ask questions around
moments of tension and energy: When have you been
motivated/excited/proud/frustrated/bored in the
past e.g., week, month?
12

The University of Sydney
Feedback is pretty special
It is information about blind spots - people want something
different to happen
Why people don't speak up: fear (truth to power, money) but
futility is a factor
that is twice as important
Examples of blind spots:
• Project that is about to ship but has major flaws
• Important team member that is about to leave and you have no
idea
• Personal behaviour - micromanaging or overbearing
13
https://esheninger.blogspot.com/2016/01/feedback-vs-
criticism.html
https://creativecommons.org/licenses/by/3.0/
9/7/22
4
It assumes that there is objectivity
→ Everyone has an incomplete picture
→ “This is how I perceive, made me feel, this is the impact on
me”, sharing not judging
– Am I going to accept someone else’s evaluation or am I

developing my own muscle?
– There are biases involved in other people’s feedback.
– Who should I become?
Problems with Feedback
14
1. Solicit feedback from those you know well and trust (also
consider how they know you, e.g.
colleague versus friend)
2. Solicit feedback in areas that are important either personally
or to the success of your
venture
3. Ask for more details if the feedback is unclear
4. Obtaining feedback in writing gives you the time to think
about the issues and pull together
feedback from various sources
5. When you receive feedback avoid becoming defensive and
taking negative comments
personally
6. Listen to the feedback and avoid answering and debating
7. Assess whether you have considered all important
information and be realistic in your
inferences and conclusions
8. Feedback could support you in identification of common
threads and patterns, implications

of self-assessment data, weaknesses and strengths, relevant
information that are missing
9. Additional feedback from other should be sought to verify
feedback and supplement data
10. Reaching final conclusions or decisions should left until
later
Getting constructive feedback
15
Group Pitches
16
8/30/22
1
MMGT6018 Entrepreneurship and Innovation
Week 4 Developing Resources
Dr Corinna Galliano
1

9:30 – 9:40 Welcome
9:40 – 11:00 Lecture: Liability of newness & Activity 1
11:00 – 12:00 I&E and Sustainability with Lisa Marina
12:00 – 1:00 On the Bubble Case Study
1:00 – 1:45 Lunch break J
1:45 – 2:45 Legitimacy, RBV, KBV
3:00 – 4:00 Fundraising with Justin Diddams
4:15 – 4:45 Group Pitch Tests Cards Presentations
4:30 – 5:00 Q&A on Assesments, Wrap-up and Retro
Agenda
2
Defining a unique strategy
The importance of analysis and strategic choices
3
Where is it the innovation in
your Business Model?
• Customer Value proposition
• Profit formula
• Key Resources

• Key Processes
Week 3
Business Model Innovation
(Johnson, Christensen, & Kagermann 2008)
Value
Proposition
Customer Cluster
Revenue
Model
Internal Processes and
Resources (behind the value
creation)
4
8/30/22
2
– Macro: PESTEL
– Industry: 5 Forces, Industry Value Chain
– Some industries are more attractive than others for new firms
à Today we are looking at Developing Resources: the Internal
Environment of the organization

Week 3 Analysis of the External Environment
5
Liability of newness and smallness
6
Week 3: Effectuation
7
– The liabilities of newness and size refers to the disposition of
young or new firms, and small firms, to have higher failure
rates
compared to established organizations
– How emerging organizations differ from established
organizations:
1. Scarcity of resources
2. Lack of stable structures and processes
3. Centrality of the founder
4. Equivocality
Liability of newness and size
à Concerns for survival and saliency of paradoxical tensions
8

8/30/22
3
The newly created firm often lacks critical internal resources
and capabilities to
ensure the successful survival of the firm (Baum, 1996; Gartner
and Brush,
1999; Stinchcombe 1965; Aldrich and Auster, 1986a):
– Raising capital is more difficult for small firms
– Governmental regulations have greater impact
– Disadvantaged in the recruitment market since they offer less
stable
employment opportunities
9
– Effectuation and bricolage are approaches uses to manage
resource
scarcity: effectuation, bricolage (ref. Week 3 lecture)
– The emergent firm is dependent upon its external network to
provide
resources and capabilities on exchange terms other than
traditional market
transactions

– The three research acquisition challenges that create an
important catalyst
for network evolution are
1. Availability: search costs and difficulties
2. Access: ability to acquire needed resources
3. Multidimensional uncertainty: task, demand and
technological
10
– Actors need to rely on improvisation in the everyday activity
of a new firm
rather than on formalisation (Ever O’Gorman 2011): planning
versus acting
paradoxical tensions
– The new firm needs to constantly adapt to the external
environment and to
the gradual increase in availability of resources (Baker and
Nelson, 2005,
Sarasvathy, 2001): stability and change paradoxical tensions
– The new firm needs to constantly redefine what the firm does
and is (Gartner
et al., 1992): stability and change paradoxical tensions
àEntrepreneurship as organizing (ref. Week 1) Interplay of
enactment,
selection and retention of activities
2. Lack of stable structures and processes

11
The preorganization, the organization in
vitro, prelaunch, launch, gestation, inception,
and start-up
Survival and stability, growth and direction,
survival and success, survival, founding, and
expansion
(Gartner and Brush 2016)
Few activities are retained long enough to
form stable structures and processes
Entrepreneurship as organizing
12
8/30/22
4
– Founders are central to the process of organizing in the
emerging
organization: they are the leader, the decisionmaker and the
determinant of

the management style of the newly created organization
(Greiner 1972,
Gartner and Brush, 2007)
– Individuals are not be able to count on well-established rules
and processes to
guide behaviour: they rely on the founders for the
organizational vision and
forming of organizational norms (Gartner and Brush, 2007)
13
The founder’s intention to
create and grow a new venture
sustains the temporal tension
between
– Future visions of what the
company is and does and
– Current state of of the firm
(ref. week 3)
14
FUTURE
1

PRESENT
Current state
of the firm
Entrepreneur’s
intention
Entrepreneurial action
Acting as-if
FUTURE
2
FUTURE
…
FUTURE
n
FUTURE
Vision of the firm
Future-present paradoxical tensions: acting as-if
PRESENT-FUTURE
Temporal tension
15
– Emerging organizations are “equivocal realities (Weick, 1979)
that tend
towards non-equivocality through entrepreneurial action”
(Gartner et al.,
1992).

– Emergence is characterized by high degrees of equivocality or
uncertainty
regarding resources, routines, products, and the environment as
the emerging
firm attempts to do something it has never done before (Gartner
et al., 1992)
4. Equivocality
16
8/30/22
5
To manage the scarcity of resources, lack of stable structures
and
processes, centrality of the founder and equivocality, it
important for the
emerging firm to design a mission and vision statement
Mission and vision statements
• To Keep the founder focused
• To give a sense of direction and stability amid constant
change to key
stakeholders, including the new venture team
• To inform all relevant stakeholders of what the organization is
and does,

for example investors do not like to work with partners who do
not have
clarity of purpose
17
The mission is the “what” and the
“how”
The vision is the “why”
To help the firm to reach its desired
future state, a mission and vision
statements should be clearly tied up
to conditions in the firm external
environment and internal
organization “Who, Where & When”
Unite everyone involved
Enduring over time
Can change with new environmental conditions
18
Tesla
Mission Statement
To create the most compelling car company

of the 21st century by driving the world’s
transition to electric vehicles
Vision Statement
To accelerate the world’s transition to
sustainable energy
19
Nike
Mission statement
Create groundbreaking sports innovations,
make our products sustainably, build a
creative and diverse global team, and make
a positive impact in communities where we
live and work.
Vision Statement
Bring inspiration and innovation to every
athlete* in the world.
*If you have a body, you are an athlete.
This Photo by Unknown Author is licensed under CC BY-NC-
ND
20
https://biz.libretexts.org/Courses/Lumen_Learning/Book%3A_I
ntroduction_to_Business_(Lumen)/13%3A_Module_9%3A_Man
agement/13.18%3A_Discussion%3A_How_Great_Leaders_Inspi
re_Action

https://diggita.com/story.php?title=Chi_e_davvero_il_pittoresco
_patron_di_Tesla_Elon_Musk_genio_o_ciarlatano
https://wheresthesausage.typepad.com/my_weblog/2015/09/miss
ion-statements-inspirational-or-a-load-of-nonsense.html
https://creativecommons.org/licenses/by-nc-nd/3.0/
8/30/22
6
Patagonia
Mission and Vision Statement
Build the best product, cause no
unnecessary harm, use business to inspire
and implement solutions to the
environmental crisis.
This Photo by Unknown Author is licensed under CC BY-SA-
NC
21
The Vision Statement reflects the new firm’s values and
aspirations
It is also very important to define the new firms’ values are
– Values are basic guiding principles about the way we treat
each other and

our customers.
– They are the beliefs that guide the conduct, activities and
goals of your
startup
Values
22
Define the mission, vision and values for the new venture you
would like to launch
to exploit your Group Pitch opportunity.
– Keep it short - Make sure the statements can fit on a coffee
mug
– Keep it simple – Ensure that every relevant stakeholder can
understand what
the statements mean and why
– Make it applicable - The statements should be able to guide
every relevant
stakeholders
– Be specific - Be so clear that the statements tell everyone
exactly what the
business does and is, and by definition what it does not and it is
not
Activity: Group Pitch Mission, Vision and Values
23

Week 3: Effectuation
24
https://www.eoi.es/blogs/mastercepsa/2018/10/21/hagas-lo-que-
hagas-no-leas-esta-entrada/
https://creativecommons.org/licenses/by-nc-sa/3.0/
8/30/22
7
– Are your personal values aligned with the new venture value?
– What conflicts do you anticipate between your aims and
values
and the demands of launching and developing the Group Pitch
venture?
– What attribute of this business would
oGive you energy? Why?
o Take your energy away? Why?
Self-Reflection Time
25
Sustainability in practice

With Lisa Marini, Head of ESG* at SkyJed
*Environmental, social, and corporate governance
26
The University of Sydney Page 27
Sustainability
• Sustainable Entrepreneur ship
• Sustainability as a key opportunity and threat
27
– Adapting to a changing climate
– Leaner, cleaner and greener
– The escalating health imperative
– Unlocking the human dimension
– Diving into digital
– Increasingly autonomous
– Geopolitical shifts
Levers of reimagination: 9 Global Megatrends CSIRO
Global mega trend CSIRO
https://www.csiro.au/en/research/technology-space/data/Our-
Future-World)
28
8/30/22

8
Why Sustainability?
https://www.youtube.com/watch?v=tmBWq30fWt4
29
“Anthropogenic climate change is
real, present and lasting: it is now
unequivocal that human influence
has warmed the atmosphere,
ocean and land to an
unprecedented degree, with
effects almost certain to worsen
through the coming decades”
https://www.theguardian.com/commentisfree/2021
/aug/09/ipcc-report-transforming-society-avert-
catastrophe-net-zero
30
Forms of Sustainable Entrepreneurship
1–31
Environmental
entrepreneurship with

entrepreneurial actions
contributing to preserving
the natural environment,
including the Earth,
biodiversity, and
ecosystems.
Activities and processes
undertaken to discover,
define, and exploit
opportunities in order to
enhance social wealth by
creating new ventures or
managing existing
organizations in an
innovative manner
Actions that appear to
further some social good,
beyond the interests of the
firm and that which is
required by law and often
denotes societal
engagement of
organizations
Eco Entrepreneurship Social Entrepreneurship
Corporate Social
Entrepreneurship

© 2017 Cengage Learning. All Rights Reserved. May not be
copied, scanned, or duplicated, in whole or in part, except for
use as permitted in a
license distributed with a certain product or service or otherwise
on a password-protected website for classroom use.
31
Performing Tensions
– How do organizations and leaders define success across
divergent goals, particularly as the same event can
simultaneously be a success in one domain and failure in the
other?
– How can organization sustain support for both social and
financial metrics?
Organizing Tensions
– Who should organizations hire, and how they socialize
employees?
– How much should organizations differentiate vs. integrate the
social mission and the business venture
– What legal designation should organizations adopt?
Belonging Tensions
– How can organizations manage divergent identity expectations
among subgroup of employees?
– How can organization manage divergent identity expectations
among stakeholders' groups?
– How can organizations present their hybrid social-business
identity to external audiences?
Learning Tensions
– How can organizations attend to both the short and the long
term?
– How can organizations manage increased short-term costs to

achieve long-term social expansion?
The social-business paradox tensions of social enterprises
Smith, W. K., Gonin, M., & Besharov, M. L. (2013). Managing
social-business tensions: A review and research agenda for
social
enterprise. Business Ethics Quarterly, 23(3), 407-442.
32
https://www.youtube.com/watch?v=tmBWq30fWt4
8/30/22
9
Social-Business Performing Tensions within social enterprises
social
33
Social-Business Organizing Tensions within social enterprises
social

34
Social-Business Belonging Tensions within social enterprises
social
35
Social-Business Learning Tensions within social enterprises
social
36
8/30/22
10
Sustainability as a Competitive Advantage

Cost savings
ü Companies obtain significant cost savings by reducing
pollution and hazardous waste,
recycling materials, and operating with greater energy
efficiency.
Brand differentiation
ü Companies that develop a reputation for environmental
excellence distinguish their brand
and attract like-minded customers
Technological innovation
ü Technological innovation can lead to imaginative new
methods for reducing pollution and
increasing efficiency.
Reduction of regulatory risk
ü Companies that are proactive with respect to their
environmental impacts are often better
positioned than their competitors to respond to new government
mandates.
Strategic planning
ü Companies that cultivate a vision of sustainability must adopt
sophisticated strategic planning
techniques.
37
Competitive environmental strategies
Source: Orsato, R. (2006) Competitive Environmental
Strategies: When Does It Pay to be Green? California

Management Review, Vol. 48 No. 2, Winter, p. 131
When does it pay to be green (Orsato 2006)?
38
Activity: Group Pitch & Sustainability
– What implications does sustainability have for your new
venture? Identify
key risks and opportunities and how the new venture will seize
opportunities
and minimise risks.
– How could your new venture contribute to solve societal
issues? Choose at
least one SDG and explain – you can also look at the SGDs’
target for
more specific contributions
39
40
https://www.frontiersin.org/articles/10.3389/fenrg.2020.00198/f
ull
8/30/22

11
On the Bubble
Startup Bootstrapping
41
Financial resources
51
Bootstrapping: Stay scrappy and maintain control
Smith. (2016). Why every startup should bootstrap. Harvard
Business Revie. https://hbr.org/2016/03/why-every-startup-
should-bootstrap
Get good fast – get creative with your strategy and produce
solutions
Fosters improvisation
Attracts people who are willing to bet on themselves and the
founder’s vision
Creates a culture able to solve problems with fewer resources
Maintain the control of the company, while finding the right
partner to scale

Fosters a long-term approach rather than a short-term focus or
pressure to realize an early exit
52
Venture capital tradeoffs
https://techcrunch.com/2016/09/16/venture-capital-is-a-hell-of-
a-drug/
Outside capital has costs
• It takes time when a
company can least afford
it.
• It decreases the drive for
profit and increases
impulse to spend.
• It can decrease the
company’s flexibility and
hamper creativity.
• Emphasis on short-term
can be at the expense of
long-term success.
Reduces exits flexibility
• They surrender their most
likely exit options
for a low-probability shot
at building a superstar

startup
• Founders sell future value
that does not materialise
while surrendering
present value that could
have been navigated to
greater success
Increases burn rate:
• “Capital has not insights”
• It is a great investment to
fuel a model that is
working, and it is not a
good investment to search
for a model that works as
the company will not
sustain the burn
• The rule of thumb is that
startups should be able to
triple their post-money
valuation in two years
53
8/30/22
12

This Photo by Unknown Author is licensed
under CC BY-NC
under CC BY
This Photo by Unknown Author is
licensed under CC BY-SA
This Photo by Unknown Author is licensed under
CC BY
This Photo by Unknown Author is licensed under CC BY-SA
under CC BY
– Bootstrap financing involves using
any possible method for obtaining
and conserving cash
– Can involve delayed supplier
payments; volume, promotional, or
customer discounts; “obsolescence
money,” and bulk packaging.
– The only possible limitation of
bootstrap financing is the
imagination of the entrepreneur.
Many of these companies took very little venture capital until
after

they proved out product/market fit
54
– Evaluate financing from perspective of debt versus equity,
and then
whether to use internal or external funds.
– Debt financing involves an interest-bearing loan, with
payment indirectly related to
sales and profits – requires collateral.
• Short-term financing provides working capital and long-term
debt may be used to
purchase an asset, using the asset as collateral.
• Called leveraging the firm – more leverage equals more risk.
– Equity financing requires no collateral and offers investors
some form of ownership
– the investor shares in the profits.
– Key factors in choosing include availability of funds, assets
of the venture, and
interest rates.
– Usually, a combination of financing is used.
Debt or Equity Financing
55

– Family and friends
– Asset based loans (accounts receivables, inventory,
equipment,
real estate)
– Cash flow financing (conventional bank loans)
– Government grants
– Business Angels (BA)
– Venture Capitalists (VC)
– Corporate Venture Capital (CVC)
Financing
56
Funding
timeline
57
https://www.flickr.com/photos/[email protected]/20043095978/
https://isoc.hk/wids2016/
https://creativecommons.org/licenses/by-nc/3.0/
https://stileex.xyz/survey-monkey/
https://en.wikipedia.org/wiki/POF_(dating_website)
https://creativecommons.org/licenses/by-sa/3.0/
https://gclibrary.commons.gc.cuny.edu/2014/04/23/learn-new-
technology-skills-nypls-lynda-com/
https://diggita.com/story.php?title=Assistenza_Shopify_Italia_c
onsulenza_e_formazione

https://ar.wikipedia.org/wiki/%D8%A3%D8%AA%D9%84%D8
%A7%D8%B3%D9%8A%D8%A7%D9%86
https://www.blacklistednews.com/article/73360/is-the-cdc-
foundation-directing-mailchimps-vaccine.html
8/30/22
13
Internally generated funds are the most frequently used.
– In the startup years, profits are plowed back into the venture.
– Assets, whenever possible, should be rented, not owned.
– Extended payments from suppliers is one short-term source of
funds.
– Another is collecting accounts receivable quicker.
Evaluate external fund sources by:
– The length of time the funds are available.
– Costs involved.
– The terms of the contract.
Internal or External Funds
58
– Few new ventures begin without personal funds.
– Least expensive in terms of cost and control.
– They are essential in attracting outside funding.
– Often referred to as blood equity, sources include savings, life

insurance, or
mortgage on a house or car.
– Outside investors want financial commitment.
– The percentage of available total assets committed to the
venture
demonstrates commitment level.
– Outside investors want all available assets committed.
Self (Personal funds)
59
What do these companies all have in common?
60
They use customer cash to fund their venture.
– Matchmaker model (e.g., AirBnB)
– Deposit model (e.g., architects)
– Subscription model (e.g., Netflix)
– Standardize-and-resell model (e.g., Microsoft)
– Scarcity model (e.g., Zara)
Advance customer cash helps finance growth
61

8/30/22
14
What do these companies all have in common?
Matchmaker model
Scarcity model
Matchmaker model
Standardize and resell model
Subscription model
They use negative working capital to fund their growth
62
Page 63The University of SydneyThe University of Sydney
THANKS!
63
8/24/22
1

MMGT6018 Innovation and Entrepreneurship
Week 2 – Morning - Business Startup and Growth
Dr Corinna Galliano
2
9:30 – 9:45 Welcome & Week 2 Review
9:45 – 11:00 Evaluating Opportunities: The Macro Environment
& Industry analysis
(Lecture & Group Pitch Analysis)
11:00 – 11:15BREAK
11:15 – 12:30Build Air Case Study
12:30 – 1:00 Lecture: Business Mode Innovation
1:00 – 1:45 Lunch Break
1:45 – 2:00 Group 1 & 5 Present Group Pitch BMC
2:00 – 2:50 Lecture: Entrepreneurial action & Effectuation &
Bricolage
3:00 – 4:00 Guest Lecture: The power of niching
4:00 – 4:10 Short Break
4:10 – 4:35 Group 2 & 3 & 4 Present Group Pitch BMC
4:35 – 4:50 Ask me anything
4:50 – 5:00 Retros & End of Class
Week 3 Agenda
3
Announcements

– Reminder: Assessment 1 is due on Monday 29th at 23:59
o Submit on time to not incur in late penalty
– Ask me anything Q&A session this afternoon – add questions
to this Padlet if
any:
https://sydney.padlet.org/corinnagalliano/sltjv6qwjojpii8t
(The direct link to the padlet is in the 3.2 Afternoon Lecture
Canvas Page)
– Optional drop-in Q&A session on Friday 26th August 11:30
am (Zoom link
available link on Canvas)
4
Week 2 Review
5
https://sydney.padlet.org/corinnagalliano/sltjv6qwjojpii8t
8/24/22
2
Lean startup Business Model Validation
The easiest, cheapest and fastest way to validate with real
people:

1. Identify idea for a new business model à Group Pitch BMC
2. Identify the assumptions in the new business model à No
more than 3, pick the
assumptions you are most unsure about
3. Develop tests/experiments to validate/invalidate riskiest
assumptions à
Interviews/surveys
4. Define metrics for the success (PERSIST and FURTHER
DEVELOPMENT) and fail
criteria (PIVOT or PERISH) for each experiment
• Minimum amount of validation that you need to invest more
resources into the
business model:
» e.g. % uptake: # people that respond in a particular way
5. “Get out of the Building” and Validate
6. Outcome: Persevere, Perish or Pivot à Gain knowledge to
guide pivots and
further development
These are the 6 steps to run
tests/experiment to include you Group
Pitch
6
Testing
7
PERSIST

Define metrics for the success and fail criteria
PIVOT
FURTHER DEVELOPMENT
8
– Who are you going to interview/survey?
– How are you going to reach them?
“Get out of the Building” and Validate
Outcome: Persevere, Perish or
Pivot
What knowledge did you get
to guide pivots and further
development?
The tests/experiments conducted
will be reflected in the description of
the current state of your Group Pitch
& the Outcome will be reflected in
the description of future steps and
tests/experiments
9
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3
Evaluating new opportunities
The locus of change of new opportunities
Analysis of the macro environment
18
Entrepreneurship is the discovery, evaluation and exploitation
of future goods
and services Venkataraman (1997)
The individual-opportunity nexus.
Entrepreneurship as the nexus of two phenomena
19
Existence of opportunities: locus of change Social and
demographic changes
• Perceptual changes
• Alter demand for product and services
• Make it possible to generate solutions to customer needs that
are more productive than those currently available
Technological change
• Makes it possible for people to do things in new and more

productive ways
• Larger technological change are a great source of
opportunity
Political/regulatory change
Often stimulate entrepreneurship indirectly, by allowing
entrepreneurs to respond to political/regulatory changes
• Deregulation
• Regulation that support particular types of business activities
• Regulation that increase demand for particular activities or
subsidize firms to undertake them
Economic Trends
• Higher disposable incomes, dual wage-earner families,
performance pressures
This Photo by Unknown Author is licensed under CC BY-SA-
NC
20
Mapping opportunities on the value chain
The relationship between types of Schumpeterian opportunities
and the value chain. Source: Adapted from Porter, M. 1986.
Competitive Advantage:
Creating and Sustaining Superior Performance. New York: Free
Press. Acs and Audretsch (2009, p. 55) Handbook of

Entrepreneurship research.
Entrepreneurial opportunities can occur as a result of changes in
a variety of parts of
the value chain. Schumpteter (1934) suggested five different
loci of these changes:
21
https://wikiagile.cesi.fr/index.php?title=Fichier:VUCA_Volatilit
y_en.png
https://creativecommons.org/licenses/by-nc-sa/3.0/
8/24/22
4
Possible futures from innovation
FUTURE SOCIETAL,
INDIVIDUAL AND
ECONOMIC NEEDS
Grand challenges inform the future
societal, individual and economic needs
and give and indication of where
innovation focus, effort and resources is
being directed
Economic, Demographic, Political,
Environmental, Societal macrotrend

EMERGING POTENTIAL
INNOVATIONS
Emerging Technology
Emerging Business Models
Emerging Social Models
12 Technological Innovation
5 Business Model Shifts
8 Social Innovations
Adapted from: WBCSD. (2020). Innovations that could shape
and transform 2020 – 2030. Vision 2050 Issue Brief. WBCSD.
Innovation will shape the decade ahead. The World Business
Council for
Sustainable Development worked with the Zürich-based think
tank W.I.R.E. to
compile a list of innovations that could shape the next decade
22
Group Pitch: Analyse the macro environment with PESTEL
PESTEL framework: Political, Economic, Socio-cultural,
Technological,
Environmental, Legal
– Not only about identifying environmental factors
o Must understand how and how much these factors would
impact the new firm/new

opportunity
o Identify key issues (key opportunities and key threats),
whittle down your long lists: 3 is a
good number!
– Focus also on the future
o What are the key issues that the sector confronts or/and will
confront in the coming years?
o What impacts will these have on the nature and size of
demand?
o How will this affect the company’s current business model?
– Adapt the tool to your own practice
23
Evaluating new opportunities
The importance of analyzing the industry characteristics
24
– You have an opportunity: How would you evaluate it at the
end?
– Which one would you pick?
– Based on which criteria?
Feasibility Analysis
o Product/ service feasibility
o Market feasibility
o Competitor analysis
o Organizational feasibility

o Financial feasibility
Modes of evaluation
25
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5
Industry characteristics
Some industries are favorable to new firms than others:
1. Knowledge conditions
2. Demand conditions
3. Industry life cycle
4. Industry structure
Industries characteristics analysis:
– Porter’s Five Forces
– Industry value chain
26
– Complexity of the production process, e.g,. aerospace industry
à less
favourable
– Great reliance on amount of new knowledge creation required
to

generate the industry’s product and services, e.g.,
pharmaceuticals à
less favourable
– Codification of knowledge (more favourable) makes
knowledge more
easily available to entrepreneurs than tacit knowledge (less
favourable)
– Where innovation that makes new products/services is
developed,
within the industry itself - less favourable - or in an extra-value
chain
organization, e.g., universities or public research institutions -
more
favourable
1. Knowledge conditions
27
New firms do better in:
– Larger markets
– Rapidly growing markets
– More heavily segmented markets
2. Demand Conditions
29
3. Industry life cycle

New firms do better
– When industries are young
– Before a dominant design emerges
Introduction Growth Maturity Decline
Buyers Rich, curious Widening Mass market Sophisticated
Products Poor quality Good quality
differentiated
Superior quality Little
differentiation
Competitors Few Many new
entrants
Price competition; shake off weak
competitors
Fewer
competitors
Margins High Fair Falling Low
Profits Low High High but falling Can be ok
30
8/24/22
6

New firms perform more poorly in
– Capital-intensive industries
– Advertising-intensive industries
– Concentrated industries (versus fragmented industries)
– Industries composed of mostly large firms
4. Industry structure
31
Industry Characteristic analysis:
Porter’s five forces model
Rivalry
among
established
firms
Risk of
threat of
new
entrants
Bargaining
power of
buyers
Threat of
substitute
products

Bargaining
power of
suppliers
Adapted from ME Porter, ‘How competitive forces shape
strategy’, Harvard Business Review, March–April 1979.
Adapted and reprinted by
permission of Harvard Business Review. © 1979 by the
Harvard Business School Publishing Corporation; all rights
reserved.
Consider the dynamics of the
industry and the opportunities
available
Strength of forces
Which of the 5 are the critical forces? Is
there intensity increasing or decreasing?
Is the industry more rivalrous ?
Future: Which of the 5 forces will be
important in the future? What is the
likely level of rivalry in the future?
32
The Bargaining power of suppliers
A supplier group is powerful if
– There are few suppliers as opposed to buyers
– Satisfactory substitute products are not available
– When industry firms are not a significant customer for
supplier
groups
– Supplier’s goods are critical to buyers’ marketplace success

– When differentiation makes it costly for buyers to switch
suppliers
– they can’t pay one supplier off against another.
– The supplier group poses a credible threat of forward
integration
The Bargaining Power of Buyers
A buyer group is powerful if
– They purchase a large portion of the industry’s output
– The sales of the product being purchased account for a
significant portion of the seller’s annual revenues.
– They could switch to another product at little, if any,
cost.
– The industry’s products are undifferentiated or
standardized
– Buyers can integrate backwards
Threat of New Entrants
Barriers to Entry
– Economies of Scale
– Product Differentiation
– Capital requirements
– Switching costs
– Access to distribution channels
– Cost disadvantages independent of scale
– Government Regulation
Threat of substitute products
Goods or services outside a given industry performing similar
functions at a
competitive price

– They limit an industry’s profit potential by putting a ceiling
on the price you
can charge
– The threat of substitute products increases when: substitute
product’s price is
lower, Few switching costs, Substitute product’s quality and
performance
equal to or greater than the existing product
– Most products have a range of substitutes
– Level of similarity determines connected price movement
33
Rivalry among established companies
Fragmented
• Many firms
• No dominant firm
Consolidated
• One firm or one
dominant firm
• Monopoly
Few firms, shared
dominance
Oligopoly
Competitors
Who have been the most successful competitors in the industry?

What strategies are they pursuing? On what
basis are they competing? Which of the 5 are the critical forces?
Is there intensity increasing or decreasing? Is
the industry more rivalrous ? Any aggressive competitor?
Future: Who are the important competitors in the future? On
what basis are they likely to compete? Who won’t
survive?
Industry Structure
Has the structure of the
industry competitors been
changing? Concentrating or
fragmenting?
Future: Will there be fewer
or more competitors in the
future? What is the likely
structure of the industry?
34
8/24/22
7
– Look for the generators and drivers
of costs
– Look for the sources and drivers of
differentiation
– Link the value chain activities

– Link the company’s value chain with
value chains of suppliers and
clients/buyers (value system)
Value chain analysis
Porter 1985
35
Simple Industry Value Chain
Consider the value creating activities in the path from raw
materials to final
consumer.
– Where are the strengths (and therefore profits) in the chain?
Future:
– Is there any structural change occurring in the chain?
– Do participants compete in more than one link?
– What will the industry value chain look like in 3 to 5 years?
And beyond?
– Is the chain fragmenting or consolidating?
36
Analyse your Group Pitch industry using Porter’s 5 forces.
Discuss what are the
key issues (risks and opportunities) are.
Is your Group Pitch new business opportunity Attractive? For
Whom?

Group Pitch: Analyze the Industry
37
Opportunity Check List
Available on Canvas
38
8/24/22
8
BuildAir
45
BuildAir Business model in 2007
What do you think of BuildAir’s Business Model in the event
industry?
Draw the BuildAir BMC in the following sequence:
1. Customer Segment
2. Value Proposition
3. Channel
4. Customer Relationship
5. Key Activities

6. Key Resources
7. Key Partners
8. Revenue Streams
9. Cost Structure
46
Viability of BuildAir’s business in the event industry
1. Was the Business Model good enough to make the business
viable?
– Ref. Exhibit 5 of the case
2. Do you think there was a way to make BuildAir’s business in
the event sector
viable?
Increasing Profit
– Increasing Revenues
– Reducing Cost
48
Reduce Customer Acquisition Costs
– It is important for startup to measure their Customer
Acquisition Cost
(CAC) and compare it to the Customer Lifetime Value (LTV)
for deciding
the best go to market strategy
– CAC > LTV à more money is spent to acquire customers than

the number of
customers return to the company à NON-VIABLE company
Reduce Direct Costs
– Internalize direct costs: unless there is enough activity to
cover all the fixed
cost involved, internalizing direct costs does not result in cost
reduction
Reduce Indirect or Structural Costs
– Overhead expenses (e.g., rent and utilities) and general and
administrative
expenses: usually little room for improvement here for emerging
companies
because they start with small indirect costs
50
8/24/22
9
Entrepreneurial and organizational knowledge provide
opportunities for new
entry.
Different combinations and different levels of these types of
knowledge create
different growth strategies
Increase Revenues: Growth strategies

51
Increase Revenue: The Ansoff matrix
Options for Growth Model, Igor Ansoff, 1965, Corporate
Strategy,
McGraw-Hill New York, p.109
• Penetration. Sell more of existing
products to existing
markets/customers (Economies of
scale, fierce rivalry)
• Product development. Develop
new or modified products or services
for existing markets/customers
(differentiation)
• Market development. Develop
new users or new geographical
areas.
• Diversification. Sell new products
or services into new markets
(related/unrelated)
52
– A penetration strategy focuses on the firm’s existing product
in its existing
market.

– This strategy relies on taking market share from competitors
and/or
expanding the existing market.
– Marketing can be effective in encouraging more frequent
repeat purchases.
Penetration Strategy
53
Product development strategies involve developing and selling
new
products/services to current customers (differentiation)
– Experience with a particular customer group is an important
resource in coming up
with a new product.
– Advantages of this strategy include capitalizing on existing
distribution systems and
corporate reputation.
Product Development Strategies
55
8/24/22
10

Several innovation definitions and
classifications are available! Important
dimensions:
What is new?
– Products, processes, transactions
How new is it and for whom?
– Incremental versus radical innovation
– Macro (i.e. new to world/industry)
– Micro (e.g. new to the firm)
Differentiation - Innovation
56
Diversification strategies sell a new product to a new
market
– Both backward and forward integration strategies
provide growth opportunities and advantages (related
diversification)
o Backward integration is when a firm becomes its own supplier
o Forward integration is when a firm becomes its own buyer.
– Horizontal integration diversifies into related products
(related diversification)
o If the products are complementary, the firm will have some
competences and may increase sales in an existing product.

– Unrelated diversification is almost always a mistake.
Diversification
58
Diversification
60
Market development strategies involve selling a firm’s existing
products to new
groups of customers
– New groups of customers can be categorized by:
• A new geographical market.
• A new demographic market.
• New product use.
2. Market development strategies
Customers may use a product in an unexpected way
allowing the producer to capitalize on existing knowledge
and modify their product to better meet customer
satisfaction.
61

8/24/22
11
Increase Profit
Increase
Revenues
Existing Markets New Markets
New Products
Existing
Products
New Products
Existing
Products
No clear path for BuildAir to develop a
profitable business in the event industry
but there could be a way to build a
profitable business if they were to find a
new customer segment with a great need
for large or unique inflatable structures
that require proprietary software,
engineers and architects
63

Lean Startup Outcomes: Pivot, Perish or Persist
Customer
Discovery
Customer
Validation
Customer
CreationPIVOT
65
Once BuildAir had a very well
identified and profitable business,
how could it evolve?
Could the Ansoff Matrix helps us to
answer the above question?
67
https://edition.cnn.com/travel/article
/buildair-inflatable-aircraft-hangar-
cmd/index.html
68
8/24/22

12
– The business model you start with, does not be the right one
– To build an impactful and/or high growth potential company,
innovation is
needed à innovation brings uncertainty with it
– The uncertainty is in the customer segment and/or in product
features, that is
in the business model à You need to look for the appropriate
business model
to take advantage of the opportunity you have found
o Customer development process is well suited for finding out
the
appropriate business model but … it may take time to become
profitable
(BuildAir took 10 years!)
o The Lean Startup Model speeds up the time to find a viable
business and
increases the odds to find a viable business before running out
of money
Key Take Away
69
– Customer development framework (Steve Blank) to
understand
the evolution of the opportunity into a viable business

– Business Model Canvas to understand the Business Model
– Value Chain to analyze the lack of profitability
– Ansoff Matrix to analyze possible growth alternatives
– Radical Innovation (building and selling inflatable structures
to
aeronautical industry) and incremental innovation (increasing
efficiency and making the value proposition evolve to better
satisfy the customer discovered)
Approaches and tools used
70
Business model Innovation
72
Invention versus innovation
Invention Innovation
(Novelty + Value)
– Incremental
– Radical/Breakthrough
– Disruptive
– Continuous
Product/Service
Technology
Production/Process
Markets/Channels

Business Models
Innovation: The process of creating value from ideas.
The word ‘innovation’ comes from the Latin, innovare, and is
all about change.
73
8/24/22
13
Four Types of innovation
– Discontinuous innovation. Breakthrough/disruptive/radical
innovation
(e.g., cellular telephone, microwave oven)
– Dynamically continuous innovation. A dramatic improvement
over the existing state-
of-the-art solutions
(e.g., electric toothbrush, laptop computer)
– Continuous innovation. Incremental or step-at-a-time
innovation.
(e.g., adding a safety feature to a machine tool, making a light
bulb burn for an extra 100 hours)
– Imitation. Copying, adapting, or mimicking the innovation of
other firms.

74
Dimensions of change: what can we change?
Dimension Type of change
PRODUCT Changes in the things (products/services) which an
organization
offers
PROCESS Changes in the ways in which these offerings are
created and
delivered
POSITION Changes in the context into which the
products/services are
introduced
PARADIGM Changes in the underlying mental models which
frame what the
organization does
75
The University of Sydney Page 76The University of Sydney
“The real measure of success is the number of experiments that
can be crowded
into twenty-four hours”
Thomas Alva Edison
76

Thomas Edison’s Innovation “Recipe”
– First industrial R&D complex
(1878)
– System designed for rapid
experimentation, prototyping
and innovation
– Electric bulb involved > 1000
experiments with materials,
regulators and vacuum
technologies
– Organized for rapid and
iterative experimentation
Source: R. Friedel and P. Israel, Edison’s Electric Light,
Rutgers University Press, 1987, page 30
Edison’s Innovation Factory: A platform for
Experimentation
77
8/24/22
14
The fallacy of the perfect business plan

– Business plans rarely survive first contact with customers
(Blank 2013)
– None (but Venture Capitalists) requires five-year plans to
forecast complete
unknowns (Mintzberg 1994, Blank 2013)
– Startups are not smaller versions of large companies (Gartner,
Bird and
Starr 1992, Blank 2013)
82
“Plans are worthless, but planning is everything”
Dwight D. Eisenhower US President 1948 – 1953
83
– What we plan in entrepreneurship is the search for a
successful Business
model
– Once we found the business model, then we start executing on
it
What is a business model?
Plan the search for your business model
84

A good business model must pass two tests (Margaretta 2002)
1. A narrative test: A logical story explaining who the
customers are, what
they value, and how you make money providing them the value
(Johnson et
al., 2008)
2. The numbers test: Tie assumption about customers to sound
economics
E.g. The revenue model is a framework for generating revenues.
It
identifies which revenue source to pursue, what value to offer,
how to
price the value, and who pays for the value (Afuah 2004)
A business model
85
8/24/22
15
86

– Innovation in business: technological progresses versus
innovations?
– Business innovation does not necessarily need technological
innovation
(e.g. think Zipcar at their introduction time)
– Technological innovation does not necessarily produce
successful
business think Rio (1998) and Cabo 64 (2000) vs iPod
– If these two are different, then:
– What is innovation in “business”?
– What are we innovating in?
Business innovation
87
Business Model: Simplest Conceptualization
Value
Proposition Revenue
Model
Customer
Clusters
What value do
you provide?
Who is the audience of
your proposed value?

How are you paid off
for created value?
Source: Magretta, J. Why Business Models Matter, Harvard
Business Review, 2002
Magretta Model
88
Business Model
(Johnson, Christensen, & Kagermann 2008)
Value
Proposition
Customer
Cluster
Revenue
Model
Internal Processes and
Resources (behind the
value creation)
Business model ‘innovation’ is
about creating new models or
changing existing ones to
maximize the value created and
return it to the organization
which created it

89
8/24/22
16
2008 IBM survey
• More than two-third of executives believed their business
model requires extensive change
• Few companies understand their current business models well
enough and understand natural
interdependencies
Four interlocking elements: There is interdependency and
interaction between these!
• Customer value proposition (Value proposition & customer
cluster)
• Profit Formula (including revenue model and cost structure)
• Key resources
• Key processes
innovation can start from anywhere
90
Business Model Innovations Examples

• Amazon and eBay
Challenged services offered by bookstores and newspapers by
creating new online retail
platforms in both the C2B and the B2B markets. The service
process was modified radically by a
complete departure from the norm. Channel innovation.
• Ryanair, EasyJet and other low-cost airlines
Recognized that airlines operating in a quasi-monopolistic
environment had accumulated
substantial overheads. These low-cost airlines created a new
competitive position through radical
renewal of cost and pricing structures that were diametrically
opposite to those of incumbent firm.
Revenue model innovation.
• Spotify
Disruption in revenue model.
• Tinder
Disruption of existing the dating websites by innovating the
design. Value proposition
innovation.
91
Think about the four most common barriers keeping people
from getting particular jobs
done:
Insufficient
– Wealth
• Tata’s Nano
– Time

• Doctor’s appointment for minor issues?
• Visit Nurse practitioners (walk-in)
– Skill
• Intuit simplified accounting software for small businesses
– Access
• Electricity issues in African/Indian villages: people que to us e
car batteries for re-charging
• Micromax’s phone: over-sized battery, small screen, &
tweaked electronics runs for 5 days
Where do new value propositions come from?
92
• Volume or margin?
• Durables or consumables?
• Repeat or new customer?
Innovation in Revenue Model
93
8/24/22
17
• What is a razor-blade model?

• Razor is almost free. Sometimes it is cheaper to buy the blade
AND razor in one
pack, than to buy equal number of blades in another pack (you
are being PAID to
pick a razor).
• Why? Where does Gillette make money
Gillette: razor-blade model
Four fusion blades: 24$ (6$ each)
Fusion razor & six blades: 30$ (free
razor assumed: 5$ each)
94
95
King of Camera industry!
• A new technology came, and they disappeared, why?
• Kodak had the best digital Camera before any competitor!
• But their money was coming from film-processing (razor-
blades), these blades no
longer exist in digital photography
• Kodak failed to realize that razors (cameras themselves) can
be the main source of
revenue
Innovation in Revenue Model: Kodak

96
Making money out of “razor”
– Apple
• gives out the blade (music download) to sell the razor at
higher price
• Hilti:
• Manufacturer of high-end tools for construction industry
• Contractors make money out of using tools not owing them
• Sell tools use rather than tools themselves
Innovation in Revenue Model Examples
97
8/24/22
18
98
Where is the innovation?
• Value proposition not by breaking one of the
four barriers, but by innovation in underlying

processes
• Over 60% of transactions: peer-to-peer
• Algorithm to match transactions with their match
Wise.com
99
The University of Sydney Page 100The University of Sydney
THANK YOU!
100
© Group Lark 2021 | 1
Making what’s next
Innovating & Entrepreneuring
@kiwilark andylark [email protected]
© Group Lark
False positives & popular delusions
“one who organizes, manages, and assumes

the risks of a business or enterprise.”
Merriam-Webster:
“a person who organises and manages any
enterprise, especially a business, usually with
considerable initiative and risk.”
Dictionary.com
So what’s an entrepreneur?
entrepreneur
Why be one?
making
freedom worth
variety
© Group Lark 5
Target behaviour. Change behaviour.
© Group Lark

© Group Lark
Human
Capital
Financial
Capital DifferenceSystems
Capital
Potential
The Formula
Strategy
Values
Capacity & Capability
Ca
pi
ta
l (
tim
e,
c
as

h)
What zone are you in?
Capacity & Capability
Ca
pi
ta
l (
tim
e,
c
as
h)
What zone are you in?
Focus Zone
(self funded, OPM)
Ideation Zone
Danger Zone Scale Zone
Hard/Hard
Hard/Easy

Easy/Easy
Easy/Easy Hard/Easy Hard/Hard
© Group Lark 2021 Do Not Distribute
Expectation vs. Reality
10
© Group Lark 2019
Category Creator Category Disrupter
Where 2/3 of value creation happens Category Enabler
Value
CAC
• Creates the market & wave
• Innovator / Leader Orientation
• Thought Leadership & Content
• Heavy-weight sales cycle
• Capital intensity
• Product/tech/innovation imperative
• STP Orientation
• Rides the wave
• Targets legacy competitors
• Pain / Gain Orientation
• Brand fast

• Light-weight sales cycle
• Less capital intensity
• Customer success imperative
• TAM Orientation
• Attaches to momentum
• Enablement Orientation
• Imbed and attach brand
• Partnered sales cycle
• Human capital intensity
• Outcome imperative
• Momentum Orientation
Context is everything
© Group Lark
Ride the shifts
© Group Lark
We don’t see the shifts until it is too late
Mainframe Mini-computing PC/Server
Search
Network
PC
Social
Stream

Wireless
Mobile
1950s 1990s 2010s
Internet Mobile / Cloud
Networked Centralized
Shift lifecycles
Early adopters
Innovators
Early majority Late majority
Laggards
Early adopters eat the late
Bose
Sonos

Logitech
JBL
Jawbone
Sony
2014 share of speaker market
Bose
Sonos
Logitech
JBL
Jawbone
Sony
2015 share of speaker market
© Group Lark 2021 | 18Jan 2013
Others
% of dating site sessions

% of dating site sessions
Nov 2014Jan 2013
Others Tinder
© Group Lark
AI
Sensors
Robots
Metaverse
Blockchains
deFi
2020s
Distributed
Decentralized
computing PC/Server
Search
Network
PC
Social
Subscribe
Mobile

1990s 2010s
Internet Cloud
Networked Centralized
Andy Lark
Web 3.0
The next shift is happening
What’s next?
Web 3.0
Web 3 is a distinct and separate Web
paradigm to today’s Web 2, based on
centralised platform monopolies and
highly regulated fiat financial systems, to
one that is increasingly decentralised
and based on the sovereignty of data
and wealth.
The convergence of

three rising trends
© Group Lark
$630 million
revenue in 2020
37bn transactions to May
1 2022
Video games bigger than
movies + music combined
… with rapidly accelerating cultural impact
1.3 Trillion Dollar Asset Class
$30bn already this year
300,000 active users
Do Not Distribute© Group Lark 2021 | 28
Where’s your Nth floor?

It’s not just digital
Global resale market a
$30bn asset class by 2030
$13,331
© Group Lark
Fashion and luxury brands will
generate more than $50bn in
incremental revenue by 2030
from Web 3.0
McKinsey
© Group Lark 32
© Group Lark
Creators and makers unleashed

Former major league baseball
player Michah Johnson created
the Aku: The Moon God NFT, sold
for millions of dollars.
© Group Lark
Web 3.0 paid out
$174,000 per creator vs. Meta at .10 cents.
Spotify $636 and YouTube $2.47 per channel
Web 3.0 is tiny but mighty
© Group Lark
3.9bn - 4x
what Meta earmarked for creators in 2022
Royalties paid to creators from secondary
sales on OpenSea yielded

© Group Lark | Confidential: Do not distribute or duplicate
myth #1
… the “hacks” work
… we’re going fast
© Group Lark
Innovate!
© Group Lark
subscribers
>1m
50,000
4 years
50,000
months
Leaders take a
long view
© Group Lark
subscribers
>1m

50,000
4 years
50,000
months
myth #2
… I’ve got a side hustle
… I’ve got an idea
© Group Lark
Our minds are like Web Browsers…
20 tabs open
4 are frozen
& I have no idea where the music is coming from
© Group Lark
where your attention goes…
… your energy flows
© Group Lark 48

Narrow your focus
“The essence of strategy is
choosing what not to do”
Michael E. Porter
© Group Lark 2019 Do Not Distribute49
© Group Lark
The GDFs work!
… outcome based meetings
... weekly 1:1s
… action tracking - keep your promises
… closing, closing, closing
… unrelenting disciples of the follow-up!
© Group Lark
Your Calendar

myth #3
.. We are “uberfying”
© Group Lark
1st Rule of everything
you are not the customer
© Group Lark
Segment
Target
Position
© Group Lark 2019
What they do today isn’t what
they will do in the future
Life-stage effects vs. Cohort
Effects
Average age of a car buyer in
the UK?
Who is leading the charge in
solo woman travelers?

Do Millennials represent the future?
The Henrys
• income between $100k and $250k
• hold the space above the bottom 75th percentile but below the
top 95th percentile,
where luxury brand’s traditional ultra-affluent customers are
found
• better educated, more informed and set the trends that their
lower-earning peers will
emulate
• new ideas about what luxury is, what it means to them and
how they want to
participate in it
• place a higher value on experiences than tangible luxury goods
• choosing access to luxury over ownership of it
• 50% of U.S. millennials prefer to spend money on experiences
over things
• start checking off the boxes on their bucket list by age 40, not
wait till their 70
• most empowered generation ever and thanks to technology
56
© Group Lark

MODs matter
They are the category entry points
Dissatisfaction
58
Moments of Doubt,
Dissatisfaction &
Desire
59
Learn from employee experience
60
Feature Function
Fame

Informed by
experiences
encountered elsewhere
Required to create
simple and easy
Informed by customer
insights
Required to create use
case and drive utility
Informed by MOD
Drives desire and
ongoing use
61
© Group Lark
Impossible is
nothing when
you believe you
can do anything
Kia Ora!
(thanks)

Andy Lark
Chair, Group Lark
[email protected] | +61.428.240.352
@kiwilark andylark
8/15/22
1
MMGT6018 Innovation and Entrepreneurship
Week 2 Morning – Transforming ideas into reality
Dr Corinna Galliano
1
We acknowledge the tradition of
custodianship and law of the Country on
which the University of Sydney campuses
stand. We pay our respects to those who
have cared and continue to care for Country.
2

– 9:00 – 9:45 Welcome to Week 2 and announcements
– 9:45 – 9:55 Week 1 Review: How do we work together and
Groups Check-ins
– 9:55 – 10:20 Week 1 Review: Who is an entrepreneur
– 10:20 – 11:00 Activity 1: Profile of successful entrepreneur:
The VEJA founders
– 11:00 – 11:15 BREAK
– 11:15 – 12:00 Lecture: Creativity
– 12:00 – 13:00 Group Project: Brainstorming Activity
– 13:00 – 14:00 Lunch Break
– 14:00 – 15:00 Lean Startup Method & Design Thinking
– 15:00 – 16:00 Guest Lecture
– 16:00 – 16:30 Feedback on your group Pitch
– 16:30 – 16:45 Group Retros & Feedback
– 16:45 – 17:00 End of Class
Week 2 Agenda
3
Announcement:
Assessment 3 & Assessment 4
Detailed instructions now available on Canvas
4
8/15/22
2

– The link to your Group Pitch Miro Board available on Canva
under the module “My Group Pitch”
– The link to the Miro Board for creating your Idea Generation
Notebook (Activity 3 in Week 2 Introduction and Prework) is
available on Canvas under the Module “My Entrepreneurship
Reflections” along
Miro Boards
5
Week 1 Review: How do we work together?
Building better and
deeper
relationships
Paying attention of
how we interact
Tapping into the
Co-creative
Potential
Practice
Our Class norm
Psychological Safety

Practices
Check-In & RetrosPractice
All that we share
6
Thanks for your feedback!
7
8
8/15/22
3
Activity 1 - CHECK-IN
Symbolical start: everyone briefly speaks about a feeling, a
reflection from
private life/previous day or an attitude they bring into the room
Listening circle: a round of speaking without replies
Host: person calling a question, inviting the first person to
speak
Benefits
- Intentionality: becoming present and being heard.

- Respect: Listening actively and speaking own truth in the
midst of others.
- Aligning shared purpose: Is everybody here for the right
reasons?
- Practice vulnerability, empathy and care: Understand the vibe
of each person
- Overcoming prejudices: Witness others more kindly and
become more patient
with your own shortcomings:
9
Week 1 Review: Innovation and Entrepreneurship as …
These are a useful
frameworks to analyze
the journey of your
entrepreneur
(Assessment 1)!
ü Multidimensional: different level of analysis
ü A directional process
ü Paradox, paradoxical tensions
ü Practice – everyday actions taken by entrepreneurs
ü The individual-nexus opportunity
11
Guest Lecture: Andy Lark

12
– Several personality characteristics have been attributed to
entrepreneurs by
the Trait approach to entrepreneurship (trait approach)
– This has been challenged: the entrepreneur profile from trait
approach is an
everyman!
Key take away: there is no single personality profile that
describes successful
entrepreneur, but certain qualities are important when starting
and leading a
venture
o The Big Five traits may be helpful in predicting
entrepreneurial success
o The entrepreneur background (education, age, work
experience) plays an
important role on what opportunities the entrepreneur will
pursue
o Access to role models and support system (moral support
network and
professional support network) can have an important influence
on the
decision to pursue an opportunity
Week 1 Review: Who is an Entrepreneur - Key Take Away
13

8/15/22
4
Our brain is neuroplastic so through repeated practice and
experience we can develop the characteristics needed to be
successful entrepreneurs.
Action becomes key!
14
Key take away: Entrepreneurship is a function of the actions
undertaken by the
entrepreneur
– Entrepreneurs create organizations and Act As-If
(Organizational Approach)
– Behaviour is key: entrepreneurs identifies and exploits
opportunities
opportunities (Behavioural Approach, Research on the
individual-opportunity
nexus)
Key take away: To understand successful entrepreneurship, it is
fundamental to
understand the processes and practices used by successful
entrepreneurs

– Process Approach to Entrepreneurship
– Entrepreneurship-as-practice
Week 1 Review: Who is an Entrepreneur – Key Take Away
15
Profile of successful entrepreneurs: The VEJA Founders
Activity 2
16
– GROUP 1: Salvatore Malatesta www.stali.com.au
– GROUP 2: Catherine Oliver https://leukbook.com.au/
– GROUP 3: Alfonso Firmo www.netnada.com.au
– GROUP 4: Leigh Sherry www.em-u.com
– GROUP 5 – Shaun Malligan www.kooeesnack.com.au
o Interview Scheduled for Friday 19 August
Assessment 1 – Updates
17
http://www.stali.com.au/
https://leukbook.com.au/
http://www.netnada.com.au/
http://www.em-u.com/

http://www.kooeesnack.com.au/
8/15/22
5
The idea-finding process
CREATIVITY, LEAN STARTUP, DESIGN THINKING
18
I would really like to be an entrepreneur … if only I had a great
idea!
19
Paradoxical tension salient in entrepreneurship:
Making effective decision quickly & amidst lots of uncertainty
“Intuition has long been viewed as a less effective approach to
critical reasoning when compared to the merits of analytical
thinking. Yet as a society and businesses place a great emphasis
on
the speed and effectiveness of decision making, the intuitive
approach has been identified as an increasingly important tool”

Intuitive (gut) and analytical thinking
Erik Dane, Kevin W. Rockmann, Michael G. Pratt. When should
I trust my gut? Linking domain expertise to intuitive decision-
making effectiveness. Organizational Behavior and Human
Decision Processes, 2012; 119 (2): 187 Quoted in ScienceDaily
https://www.sciencedaily.com/releases/2012/12/121220144155.
htm, accessed 8/8/2021
20
Who is creative?
21
https://www.sciencedaily.com/releases/2012/12/121220144155.
htm
8/15/22
6
Do you have to be a genius like Einstein or Leonardo da Vinci
to
be creative?
Discussion question
22

In a world of change and motion, creativity is claimed to help
us achieve our
goals as individuals, as organizations, as societies. Glaveanu
(2010) identifies
three paradigms in creativity theory and research in psychology.
Creativity paradigms
23
Elitist and essentialist account of creativity.
The image of the genius emphasizes two main features:
exclusivity
and disconnection. Only few are chosen for it (initially by God,
later by their biology).
In this paradigm the only things worthy of being called creative
are those that introduce novelties, that generate new schools of
thought, and constitute landmarks in the history of a domain.
The He-paradigm: the lone genius
24
The I-paradigm replaced the genius with the ‘‘normal’’ person,
everyone is
capable of being creative. This paradigm can be referred to as a
‘‘democratization’’ of creativity.
Psychologists following the I-paradigm started looking

intensively for the
personal attributes of individuals (personality, intelligence,
etc.) and their link to
creativity. Creativity is considered as something from within the
psychology of
the person.
Among the most common traits encountered were tolerance for
ambiguity,
preference for complexity, strong desire to create, originality,
verbal fluency,
and a good imagination.
The I-paradigm: the creative person
25
8/15/22
7
“Get over yourself. The best creativity is the result of habit and
hard work. And luck, of course.”
Twyla Tharp
Dance Choreographer
Individual creativity – talent or learning?
26

Anybody can be creative given the right opportunities and
context
The I-paradigm: the creative personality
One of the most damaging myths to creativity is that there is a
specific “creative personality”
In decades of creativity research no such trait has ever been
identified
27
Imaginative thinking – NASA Test
Creativity test study of 1600 children enrolled
in a Head Start Program – Office of Economic
Opportunity (1968)
The creativity test was the same devised for
NASA to help select innovative engineers and
scientists
The test was to look at a problem and produce
new, different, innovative ideas
Measure: % of children that score creativity at
“genius level”
28

The We-paradigm ambitiously aims to ‘‘put the social back’’
into the theory of
creativity and starts from the assumption that:
‘‘creativity takes place within, is constituted and influenced by,
and has
consequences for, a social context’’.
This means that creativity is explicitly considered as embedded
within a social
and historical milieu and that every act of creation must start
from and build
upon the existing knowledge within a ‘‘domain’’.
The We-paradigm: a social psychology of creativity
30
8/15/22
8
(1) Creativity exists in the everyday, not only in great historical
works
(2) Every creator is a product of his/her time and environment
Creators use culturally constructed symbols and tools to
produce new cultural
artifacts.
Winnicott (1971) claimed that creativity and cultural experience
are twinborn in
the potential or transitional space through creative playing in

early childhood.
Creativity is primarily a process described as ‘‘creative living’’,
a healthy way of
living that leaves room for personal expression and spontaneity.
A cultural approach to creativity
31
Cultural framework of creativity
32
Many innovations are the result of recognizing creative
opportunities and acting on them.
Serendipity can be managed by providing opportunities for
chance interactions, then encouraging those interactions when
they
take place.
Serendipity
33
The complexity of the creative process in groups is reflected in
a number of
paradoxes which must be managed:

– While groups need deep dwells of knowledge (expertise), they
also need
pairs of naïve eyes (beginner’s mind)
– Creative abrasion springs from difference, which however
leads to
interpersonal conflict - leaders must promote both creative
abrasion and
cohesiveness
– Groups need freedom and autonomy for creativity, while
organizational
structures need to be met
– Creativity is serious work – but must be balanced by play
Paradoxes
34
8/15/22
9
What is creativity?
35
Creativity is something we have evolved over a long period of
time - it was a

matter of survival!
Today creativity is a matter of creating value.
– Creativity requires both originality and usefulness (Stein
1953)
– Creativity is about patterns and our ability to see patterns;
creativity is “the forming
of associative elements into new combinations which either
meet specified requirements
or are in some way useful. The more mutually remote the
elements of the new
combination, the more creative the process or solution”
(Mednick, 1962, p. 221)
– Creativity can be radical (breakthrough ideas) or incremental
(long period of
incremental improvements around those breakthrough ideas)
What is Creativity?
Mednick, S. A. (1962). The associative basis of the creative
process Psychol. Rev. 69, 220–232. doi: 10.1037/h0048850
Stein, M. I. (1953). Creativity and culture. J. Psychol. 36, 31–
322
36
Patter recognition: Lipstick and the Pritt Stick success
Wolfgang Dierichs by looking at a woman
applying lipstick, saw the potential of the
lipstick tube as a new way to deliver glue
Henkel company launched “Pritt Stick” in

1969:
– within two years it was available in 38
countries in the world
– Today Pritt Sticks are sold each year in
120 countries
– 2.5 billions units sold since its invention
37
How do we mobilize and deploy creativity?
38
https://commons.wikimedia.org/wiki/File:Image_of_Pritt_Stick.
jpg
8/15/22
10
The five skills that innovative entrepreneur use to identify the
ideas for a new
venture:
• Associating. Connecting seemingly unrelated questions,
problems, or ideas.
• Questioning. Asking questions that challenge conventional

wisdom and the status quo
• Observing. Scrutinizing common phenomena, particularly the
behaviour of customers
(ref. Design Thinking)
• Experimenting. Reducing uncertainty by designing focused
experiments to test
assumptions and “learn by doing” (ref. the lean start-up method)
• Networking. Cultivating a network with diverse perspective,
expertise, and
experiences.
The most powerful driver of innovation was associating.
Five skills to culture our creativity
Christensen, C., J. Dyer and H. Gregerson (2011) The
Innovator’s DNA, Boston: Harvard Business School Press.
39
The brain is made up of two connected hemisphere
– The “Left brain” is particularly associated with logical
processing; e.g.
activities like language and calculation
– The “right brain” is involved in associations, patterns and
emotional links;
ability to think in metaphors and to visualise images in a novel
way

Both hemisphere are involved and play different roles in
creativity:
we need to find ways to enable the interconnection between the
two
Left and right brain thinking
40
Meditate, Meditate, Meditate
Meditation improves brain
coherence
Research showed that the brain wave
coherence found with Transcendental
Meditation correlated with a
surprising number of positive changes
including creativity and intelligence.
This Photo by Unknown Author is licensed under CC BY-NC-
ND
41
Apply the right process: Divergent and convergent thinking
Convergent Thinking where you judge ideas, criticise them,
refine them, combine them and improve them, all of which
happens in your conscious thought
Divergent Thinking where you imagine new ideas, original ones

which are different from what has come before but which may
be rough to start with, and which often happens subconsciously
If we try and use both kinds of thinking at the same time,
competing
neurons will be fighting each other.
42
https://www.meditationlifeskills.com/the-quiet-mind-what-
makes-meditation-universally-appealing/
https://creativecommons.org/licenses/by-nc-nd/3.0/
8/15/22
11
Creative Process model: the Double Diamond
Design Council (2005). A Study of the Design Process-The
Double Diamond.
https://www.designcouncil.org.uk/sites/default/files/asset/docu
ment/ElevenLessons_Design_Council%20(2).pdf Retrived 8
Aug 2021
43
Humans are patter seeking, story-telling animals trying to make
sense of our world (Michael Shermer, historian and humanist)
– This wiring is how we have managed to avoid being eaten by
lions, tigers, an

hyenas for millennia
– This wiring tends to provoke anxiety about anything that is
new and unfamiliar
To manage creativity, we need to bridge the old system and the
new emerging one
Everyone is afraid of the unfamiliar
44
Galileo Galilei
Galileo Galilei proposed a different
view for the way the sun and the
planets operated (heliocentrism)
He was imprisoned and threatened
with death by the Inquisition.
45
Blocks to
creativity
46
https://www.designcouncil.org.uk/sites/default/files/asset/docu
ment/ElevenLessons_Design_Council%20(2).pdf
https://commons.wikimedia.org/wiki/File:Galileo_Galilei,_1564

-1642_RMG_BHC2701.tiff
8/15/22
12
“The greatest difficulty in the
world is not for people to
accept new ideas, but to make
them forget about old ideas.”
– John Maynard Keynes,
Economist
48
One way of exploring the nature of creativity is to ask people
about it, about how they do creativity:
You will identify practices, skills, process used by the person:
– Producing ideas
– Thinking differently
– Integrating differences
– Analyzing problems
– Collaboration with other people
– Having expertise/know-how
Creativity in practice
This is something you may explore

in your interview with the
entrepreneur.
What are the skills, practices,
processes used by the entrepreneur
to get into the creative flow?
49
Creativity as a
process
Sternberg, R. (1999) Handbook of Creativity, Cambridge:
Cambridge University Press.
Recognition/preparation
Incubation
Insight
Validation/refinement
50
Cycles of divergence
and convergence in
creativity

Incubation
Insight
Validation/refinement
Diverging
Converging
Diverging
Converging
Diverging
Converging
Diverging
Converging
Our creative process is a
series of cycles of divergence
and convergence gradually
closing in on a useful solution
which we can apply.
51
8/15/22
13

Collective intelligence:
– Fluency: the ability to produce ideas
– Flexibility: the ability to produce different types of ideas
When working as a group people:
– are usually much more fluent and flexible than any single
individual.
– spark each other off, jump on and develop each other’s idea.
Group creativity: collective intelligence
53
– Developing skills to culture our capacity to be creative
– Bringing awareness to societal and personal blocks to
creativity
– Enabling the connection with right and left brain with the
right
process (divergent and convergent thinking) and through
meditation practices which are increasing the coherence in the
brain
– Tapping into collective creativity
Conclusion: How do we mobilize and deploy creativity?
54

Let’s practice Group Creativity
Activity 3. Brainstorming
56
Enhance SUN…
– Support
– Understand
– Nurture
Avoid RAIN….
– React
– Assume
– Insist
– Negative
Climate for creativity
Encourage humour and laughter and
particularity highlight wild or crazy ideas
Encourage people to build on each other’s
ideas, perhaps by adding ‘yes, and …’
statements to their interventions rather than
the judgmental ‘yes, but…’ which implies
evaluation
57
8/15/22

14
We’ve never tried that before...
We’ve always done it this way...
The boss won’t like it...
We don’t have the time for that...
It’s too expensive...
You can’t do that here...
We’re not that kind of organization...
That’s a brave suggestion...
Etc.,etc.
Killer phrases
58
Keep a relaxed atmosphere. A disciplined but informal session
Choose a problem owner: Their role is to facilitate the
definition of the problem; generally,
the problem owner is the person with greater knowledge on the
problem.
Choose a process leader. Their role is to manage the idea
generation process and to
check that everyone understands what is going on and why.
o Watch that people don’t jump into making judgments but
rather listen and build on
ideas – the key to successful brainstorming is to separate out
idea generation form
idea evaluation.

How to brainstorm (1): Assign roles
59
Define the problem. Before starting the brainstorming session,
you need to clearly have
identified the problem that the brainstorming session will try to
find solution for with the
generation of ideas.
o If there is an expert on the problem, they can become the
problem owner that
facilitate this part of the process
How to brainstorm (2): Define the problem
Diverging
Converging
• Research
• Multiple definitions of the
problem
• Select one definition of the
problem
60

– The Goal is to generate as many idea as possible
– Freewheeling free flowing suggestion is the target, but
everyone needs to have equal
opportunity to contribute
o Listen to to everyone’s ideas rather than all shout at once
o Part of the process leader role is to ensure this happens, by
inviting or encouraging
or even ‘turning down’ the volume on some of the more
enthusiastic contributors!
– Write down EVERY idea” Capture the ideas as fast as
possible on a virtual/physical
whiteboard without making any stops to judge, discuss or
evaluate simply to surface
the ideas however odd or crazy they might sound.
How to brainstorm (3): Generate ideas
Diverging
61
8/15/22
15
– One of the important features of brainstorming is the idea of
‘incubation’ –
sometimes people come up with ideas after letting them turn
over in their mind for a

while. There may be periods of silence followed by an upsurge
of new ideas – let
that process happen rather than stopping the session as soon as
everyone appears to
have dried up.
– Similarly, people may feel that they have ‘run dry’ of ideas –
but by indicating that
the session is about to close it is often possible to trigger
another last surge – as if
reaching for the doorknob prompts people to contribute one
final rush of new thinking
before the door closes.
– Encourage humour and laughter and particularity highlight
wild or crazy ideas
– Encourage people to build on each other’s ideas, perhaps by
adding ‘yes, and …’
statements to their interventions rather than the judgmental
‘yes, but…’ which implies
evaluation
Tips to the generation of ideas process
62
– Make sure that all the ideas produced in the brainstorming
session are listed on the board
used.
– When all the ideas are listed, review them for clarification,
making sure everyone
understands each item.

– Eliminate duplications and remove ideas the group feels are
no longer appropriate.
– Select the most valuable ideas amongst the ideas produced
using as criteria
o Feasibility of the idea
o Novelty and intuitiveness of the idea
How to brainstorm (4): Select the ideas
Converging
63
Brainstorming in action
https://www.youtube.com/watch?v=VvdJzeO9yN8
64
Present Results
Activity 3. Brainstorming
65
8/15/22
16

Tool for Personal Reflection on Creativity
Canvas Module: How Creative are you?
66
Key take away
– Idea generation. We may find easier critiquing and rejecting
ideas than we are at generating ideas
– Creative thinking may be difficult because we are trained to
find a single right answer and we have blocks to creativity
– Creativity can be cultured by (1) using the right process –
Diverging and Converging – and (2) by developing skills like
associating, questioning, observing, experimenting and
networking
67
THANK YOU!
68
8/10/22

1
MMGT6018 Innovation and entrepreneurship
Week 1 – Morning
Dr Corinna Galliano
1
We acknowledge the tradition of
custodianship and law of the Country on
which the University of Sydney campuses
stand. We pay our respects to those who
have cared and continue to care for Country.
2
9:30 – 10:45 am Lecture
– Introduction
– Overview of Assessment
– How do we work together
– What is entrepreneurship
– Who is an entrepreneur
10:45 – 11:00 am Coffee Break
11:00 – 1:00/1:15 pm Lecture &
Workshop

1:00/1:15 – 2:00 pm Lunch Break
Overview of the day
2:00 – 2:45 pm Group Formation
2:45 – 3:00 pm Break
3:00 – 4:00 pm Guest Lecture: Andy Lark
4:00 – 4:15 pm Reflection time
4:15 – 4:20 pm Short Break
4:20 – 4:50 pm Assessment 1 review and
discussion
4:50 – 5:00 Retro & Feedback
5
My journey in Academia
1998-2004
2008
2012-2014
2015 - Now
6
8/10/22

2
Some organizations I have worked with …
Entrepreneurial Ventures Large and established organizations
Cleantech
Engineering
Fintech
7
My venture: Teaching meditation to foster innovation
Bio Non-Bio
I am standing on the stage. The director wants my character
to be violently angry. I keep delivering the line but it is not
angry enough, not authentic enough. After several failed
attempts, he tells me to lift and hold the table up in the air
while I am speaking. My heart pumps harder, my arms start
shaking, my face reddens and I feel the heat rising from
deep inside my body. Anger finally floods my whole being
and a furious voice bursts out of my chest. Immediately
afterwards I break into tears. I become aware of a tiny void
at my centre. It is pure stillness undisturbed by what is
happening. It is observing the knower in the process of
knowing a new emotional state repressed for a lifetime. It is
a quantum leap: feeling the fear of making my voice being
heard and doing it anyway. The actor is the play. The play is
the actor. Whatever is happening in the theatre of life, we

can be wide awake inside.
8
Teaching Experiences
Innovation and entrepreneurship
Leading in a post-crisis world
Leading collaborative solutions
Business Restructuring and Renewal
Organizational change and development
Organizational Sustainability
Strategic Management
Management and Organizations
Global Business
International Business Alliances
9
“Tell me and I will forget, show me and I may
remember; involve me and I will understand”
Confucius
10
8/10/22
3

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