Lecture people entrepreneurship & innovation

People, Entrepreneurship & innovation

By Jeanne Le Roux, April 2015

Master of entrepreneurship & Innovation

Will this team survive?

Will a lot of people buy this ?

Is there an MVP?

• Purpose: Understand the people innovation

• Objectives: – Understand the past vs the present vs the future

– Understand the different generation needs

– Innovative people process which are being implemented • Culture & values

• Recruitment

• Pay & Reward

• Ways of working (flexible working, work space etc…)

• Structure: theory and case study with a Q&A sessions

Top-Down hierarchies

Silo/Function based work

Organisation centric

Command & control

30 years in one career

Hierarchy

Work 9 to 5

Work in corporate office

Use company equipment

Millennial (Generation Y). Born between 1978-1987. • tech-savvy, enthusiastic, self-centred,

confident, good networker and achievement-oriented

• want manager to empowers them • Need leisure time for my private life • driven more by their values than by

money • do not expect to “pay their dues.” • expect their opinions to be heard and

considered are driven less by money and more by accomplishment.

• express their creativity and be able to complete tasks on their own - using their own methods

• working in teams with shared reward • Clearly define expectations • Questions authority Kim Kardashian, Jessica Simpson, Jake Gyllenhaal, Macaulay Culkin, Beyonce Knowles, Britney Spears, Justin Tmberlake, Alicia Keys

Baby Boomers: Born between 1946-1964.

• driven more by their values than by

money • working your way up the ladder • recognise hierarchy, • paying your dues • Manual task • money and perks are the reward for

hard work, long hours and commitment

• face time in the office • they are defined by their work Steve Jobs, Bill Gates, Sylvester Stallone, Bill Clinton, Donald Trump

Generation X. Born between 1965 – 1977 • independent, self reliant individuals. • more comfortable with technology,

diversity and global awareness • value freedom and responsibility • put into a box they will start looking

for a way to get out • want to use their entrepreneurial spirit • ambitious and eager to learn new skill • fun and meaningful work • Flexible work schedules and work-

from-home options • hands-off attitude • skeptics and cynics and value

authenticity • frequent, rapid, specific feedback. Charlie Sheen, Ben Stiller, Sarah Jessica Parker, Adam Sandler, David Cameron, Gordon Ramsay, Jennifer Lopez, Jay

• Business values are the words that translate the core principles at the roots of what the companies are about

• People values need to be the same as business values as you have one message to communicate internally and externally

• Culture is the practice of the values, it will derive from people actioning them.

be generous This means giving honest feedback to one another, taking time to say thank you, and where we can, donating our resources or money to those who need it more than us. It's that simple.

be natural Not just our products, but being natural in how we treat each other and how we speak to the most important people - our drinkers

be entrepreneurial innocent began as a small, entrepreneurial company, and nothing much has changed. We aren't afraid to do things differently, and we've never given up on a good opportunity.

be responsible We keep our promises, are mindful of our impact on our community and our environment, and always try to leave things a little bit better than we found them.

be commercial We wouldn't be here if we didn't keep our eyes on the numbers at all times. Ultimately we want to deliver growth for us and our customers too.

https://youtu.be/CUljSzjnho0

• Usage of social media: LinkedIn/Facebook/Twitter

• Usage of other media to attract talents: Video/Give away

• Change in mindset: not just can you do the job, can you also fit the business

• Change in process: incorporation of video interview/ flexibility

• No great innovation steps so far.

• https://www.youtube.com/watch?v=E8yO2bhXC7w

• https://youtu.be/fNdS81egBAw

• Attention grabbing method

• Core value Friendship

• You MUST have a pay/reward that is aligned with your values and culture.

• What kind of rewards do you know?

• Have you heard about Gravity Payment’s last announcement?

Money Pay/Bonus

Products Free

product/Share

Experiences Free

events/Gym membership

• Crowd Emotion pay and reward models: – Fixed Basics: £3,600/month base

– EMI Options on 2 vesting schedules for early employees: • 50% upon v.1 of product and £2M in recurring revenue

• 50% vesting over 4 years

• Everyone gets paid the same

• Founders get paid last (if at all)

• Open book policy

• Importance of allowing flexible working, the UK law changed on 4th April 2015

• The workspace has changed from:

To

• What is for you the definition of collaborative working?

• Is it just within a business or is it also outside of that business?

My definition of collaborative working: Any work done by multiple individuals or entities to achieve a defined business goal

• Open communication

• Use of technology:

– WhatsApp

– Trello

– Google drive

• Collaboration with other businesses e.g. JLR people solutions

• Culture was intrinsic to the business but it was never communicated externally, now it is an open innovation

• HR used to be seen as a department to be kept behind closed door. It is more and more open to other businesses and department.

• The best current innovation tool is Glassdoor. Who knows about Glassdoor?