Technology Entrepreneurship:What do we know about success factors?
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In this presentation we introduce some aspects that are relevant for technology entrepreneurship. The focus is on explaining why it matters how entrepreneurs make decisions, i.e. how important it is to reduce biases. We also discuss the importance of being aware of the commercialization choices, and how the presence of incumbents or established industrial players has to be taken into account when making these choices. Finally, we discuss how a market or industry view helps to frame decisions that take into account the implications for the emergence of an industry that can contribute in the further development of the new tech-based company. Examples are used to illustrate these choices, with a specific focus on the renewable energy and the drone industry.
![MADS CLAUSEN INSTITUTE
11 May 2017
2
By AWeith [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Technology Entrepreneurship:What do we know about success factors?
- 1. Technology Entrepreneurship: What do we know about success factors? July 2018 – iSEnEC 2018 – Nürnberg, Germany MADS CLAUSEN INSTITUTE Ferran Giones – fgiones@mci.sdu.dk
- 2. MADS CLAUSEN INSTITUTE 11 May 2017 2 By AWeith [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons
- 3. Technology Entrepreneurship: What do we know about success factors? Entrepreneur + Team Technology: product or a feature Think in markets not products
- 4. MADS CLAUSEN INSTITUTE Entrepreneur + team 4 Hmieleski, Keith M., and Daniel A. Lerner. "The dark triad and nascent entrepreneurship: An examination of unproductive versus productive entrepreneurial motives." Journal of Small Business Management 54 (2016): 7-32 Do, Ben-Roy, and Alaleh Dadvari. "The influence of the dark triad on the relationship between entrepreneurial attitude orientation and entrepreneurial intention: A study among students in Taiwan University." Asia Pacific Management Review 22.4 (2017): 185-191. New venture “success”
- 5. MADS CLAUSEN INSTITUTE Entrepreneur + team 5 http://www.bbc.com/capital/story/20171102-do-psychopaths-really-make-better-leaders https://nordic.businessinsider.com/ceos-often-have-psychopathic-traits-2017-7?r=UK&IR=T https://bigthink.com/ideafeed/why-visionary-leaders-often-have-regrettable-personalities
- 6. MADS CLAUSEN INSTITUTE Entrepreneur + team But all of them built great teams (at least for some time) • Diversity in young teams helps to sustain creativity, “out of the box” thinking. • Balance technology and market knowledge, allowing for disruptive ideas. • Bring in social capital, the most valuable in earl- stages. 6
- 7. MADS CLAUSEN INSTITUTE Technology product or feature? 7 https://hbr.org/2018/05/do-entrepreneurs-need-a-strategy Whatever it is, you need a strategy! Gans, Joshua S., and Scott Stern. "The product market and the market for “ideas”: commercialization strategies for technology entrepreneurs." Research policy 32.2 (2003): 333-350.
- 9. 11 May 2017 MADS CLAUSEN INSTITUTE https://global.handelsblatt.com/companies/how-to-kill-an-industry-479057 https://energytransition.org/2018/01/german-energy-consumption-2017/ The energy industry offers multiple opportunities to partner and compete with established players, but still we need a strategy!
- 10. MADS CLAUSEN INSTITUTE Technology product or feature? 10 https://hbr.org/2018/05/do-entrepreneurs-need-a-strategy Gans, Joshua, Erin L. Scott, and Scott Stern. "Strategy for Start-ups." Harvard Business Review 96.3 (2018): 44-51.
- 11. MADS CLAUSEN INSTITUTE Think in markets not products • Example from the drone industry: • From military beginnings… • To civilian: toys and much more… 11 l 1900s l 1970s l 2000s l 1950s – 1960s l 1980s l 1990s Target Drones developed MilitaryCivilian Drones used for reconnaissance missions Drones used as decoy Drones with real-time surveillance & radar Drones for combat, surveillance and carry armament l 2010s Drones for logistics – first packet delivery l 2015 Drones for combat, attack targets withmissiles Drones for mapping, aerial photography Drones for recreational use Drones for industrial inspections & security, precision agriculture Drones for filming & broadcasting Giones, F. and Brem, A. (2017) ‘From toys to tools: The co-evolution of technological and entrepreneurial developments in the drone industry’, Business Horizons, 60(6), pp. 875–884. doi: 10.1016/j.bushor.2017.08.001
- 12. Military Drone Technology base: Avionics, GPS, Control Units Concept Validation Product Growth Market Growth Technology meaning change Industryemergence High Performance Cameras New Sensors New Processors Technology emergence Giones, F. and Brem, A. (2017) ‘From toys to tools: The co-evolution of technological and entrepreneurial developments in the drone industry’, Business Horizons, 60(6), pp. 875–884. doi: 10.1016/j.bushor.2017.08.001
- 13. Military Drone Technology base: Avionics, GPS, Control Units Concept Validation Product Growth Market Growth Technology meaning change Industryemergence Drones as toys High Performance Cameras New Sensors New Processors Technology emergence Giones, F. and Brem, A. (2017) ‘From toys to tools: The co-evolution of technological and entrepreneurial developments in the drone industry’, Business Horizons, 60(6), pp. 875–884. doi: 10.1016/j.bushor.2017.08.001
- 14. Military Drone Technology base: Avionics, GPS, Control Units Concept Validation Product Growth Market Growth Technology meaning change Industryemergence Drones as toys Drones as a professional tool High Performance Cameras New Sensors New Processors Technology emergence Giones, F. and Brem, A. (2017) ‘From toys to tools: The co-evolution of technological and entrepreneurial developments in the drone industry’, Business Horizons, 60(6), pp. 875–884. doi: 10.1016/j.bushor.2017.08.001
- 15. Military Drone Technology base: Avionics, GPS, Control Units Concept Validation Product Growth Market Growth Technology meaning change Industryemergence Drones as toys Drones as a professional tool High Performance Cameras New Sensors New Processors Technology emergence Market is structured, with one or multiple segments: • Start-ups as new entrants explore new applications. • Established firms as new entrants interested in protecting existing market. The product/s category/ies emergence: • Start-ups as new entrants emerge as product leaders. • Established firms entrants offer advanced components and complementary elements. First products are launched • Start-up entrants benefit from knowledge spillover. • Limited activity by existing firms that miss the first steps of the industry. Giones, F. and Brem, A. (2017) ‘From toys to tools: The co-evolution of technological and entrepreneurial developments in the drone industry’, Business Horizons, 60(6), pp. 875–884. doi: 10.1016/j.bushor.2017.08.001
- 16. Concept Validation Product Growth Market Growth Technology meaning change Industryemergence Drones as toys Drones as a professional tool • Recreational use • Inspection services: industry, agriculture, farming • Surveillance & Security • Large cargo logistics • Small Package deliveries Technology emergence • Photography • Filming • Mapping New Sensors New Batteries New Cameras New Processors New Engines Think in markets not products Giones, F. and Brem, A. (2017)
- 17. 11 May 2017 MADS CLAUSEN INSTITUTE https://venturescannerinsights.wordpress.com/2016/03/09/introducing-the-energy-technology-startup-ecosystem/
- 18. Technology Entrepreneurship: What do we know about success factors? Entrepreneur + Team Technology: product or a feature Think in markets not products
- 19. MADS CLAUSEN INSTITUTE 11 May 2017 19 By AWeith [CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0)], from Wikimedia Commons
- 20. Technology Entrepreneurship: What do we know about success factors? July 2018 – iSEnEC 2018 – Nürnberg, Germany MADS CLAUSEN INSTITUTE Ferran Giones – fgiones@mci.sdu.dk
Editor's Notes
- This nice picture of an Iceberg is to set the context of the session: We see only a part of all what goes on… the tip of the iceberg, but there is much more below. We tend to focus to much on what worked for the ones that are now visible, but they will melt too Our story today is about what do we know that makes the process work.
- Explain the case of dropbox – product or a feature in a larger system. Need to understand two things: Can we protect / defend our tech – innovation? Do we need other established players to reach our final customers? And this is not as common sense as it seems!
- When college professor and part-time inventor Robert Kearns (Greg Kinnear) develops an intermittent windshield wiper, he believes he, his wife (Lauren Graham) and their children will be set for life. Though the invention is a big hit with automakers in 1960s Detroit, Kearns finds himself forced out
- Pick one and deliver – learn fast on it.
- There is not only one way to make it work in tech entrep, different options to partner or compete with existing solutions. Finding the right way for your project might not be easy, but at least we have seen a few things that can help you to make what can be probably better decisions
- This nice picture of an Iceberg is to set the context of the session: We see only a part of all what goes on… the tip of the iceberg, but there is much more below. But the composition of both up and down is the same. We tend to focus to much on what worked for the ones that are now visible, but they will melt too Our story today is about what do we know that makes the process work.