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1Entrepreneurship and tehnological management
Course 2
Entrepreneurship, innovation and technology
25.02.2011
2Entrepreneurship and tehnological management
Me, myself & I
Web: www.bogdaniordache.net
Twitter: @bogdaniordache
Email: [email protected]
3Entrepreneurship and tehnological management
Summary
Entrepreneurship & entrepreneurs
Innovation
Blue Ocean Strategy
Business model vs. business plan
The development cycle of a startup
Waterfall vs. Lean
Financing models for startups
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Entrepreneur?
Wikipedia definition:
An entrepreneur is a person who has possession of a new enterprise, venture or idea and is accountable for the
inherent risks and the outcome.
5Entrepreneurship and tehnological management
Entrepreneur?
My (simplified) definition:
Somebody working on its own projects.
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What is innovation?
Wikipedia definition:
Innovation renews something that exists and not, as iscommonly assumed, the introduction of something new.
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What is innovation?
My (simplified) definition:
Some new stuff based on older stuff.
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Types of innovation
Discontinuous
A new way of solving things
Evolutionary
Innovation in an existing market
Disruptive
Creating new markets by applying different set of values
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Types of innovation in business
Technological innovation
Process innovation
Distribution channel innovation
Sales process innovation
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Common mistakes and myths
We have to be original
My idea is totally new (so it's good)
My idea is the best / the most valuable
Good ideas are easy to implement
I cannot tell you my idea
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Truth is ...
Most start-ups are not new ideas
Ideas are less important than execution
Behind any valuable company lies tons of work
One in ten start-ups goes longer then 5 years
Overnight success usually takes 15 years
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Vision without execution is hallucination
Thomas Edison
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Sources of innovation
Clients ?
Other clients ?
More clients ?
New technologies
Existing markets or products
R&D
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How can you foster innovation?
Brainstorming
Focus groups
Big dream approach
Checklist method
Blue ocean strategy
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Blue ocean strategy
W. Chan Kim & Renée Mauborgne
Harvard Business Press, 2005
http://www.blueoceanstrategy.com/
Romanian version: Strategia oceanului albastru
Polirom, 2007
How to create and analyze disruptive innovation
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The Strategy Canvas
Very important
Important
Medium
Less important
Unimportant
Atribut 1 Atribut 2 Atribut 3 Atribut 4 Atribut 5
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Blackberry
Usability Platform Keyboard Security Price
Very important
Important
Medium
Less important
Unimportant
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Blackberry vs. iPhone
Usability Platform Keyboard Security Price
Very important
Important
Medium
Less important
Unimportant
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How can we go from innovation to real business?
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Business model
A repetable and scalable process that generates value
Core-base value of an entreprise
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Business model – overview
Online web service (press monitoring service)
Website ClientSome marketing
& sales
Profit
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Client
Business model – key indicators
Website visitor cost
Conversion rate (%)
Medium contract period & value
Profit margin (%)
WebsiteSome
marketing & salesstrategy
Profit
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Business model – valid model
Expenses / client = Website visitor cost * Conversion rate
Profit / client = Medium contract period * Medium contract value * Profit margin
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Business plan
A business plan relies on a business model and scales it
Added information:
Market analysis
Marketing & sales processes
Distribution channels & deals
Future developments etc.
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Business model vs. business plan
A startup is searching for business model
A company is executing a business model (according to a business plan)
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For a startup, a business plan is irrelevant if the business model is not validated!
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Stages of development
Scaling based on business planBusiness model development
Startup Company
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Stages of development
Scaling based on business planBusiness model development
Startup Company
Technicallypossible
Profitability Scalability
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Waterfall
A startup = the small scale copy of a company
Research
Market analysis
Build product / factory
Hire sales & marketing teams
Start selling!
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Iridium's epic failure
Total cost: 5.2 billion dollars
Started at Motorola as an internal project
An individual company is created
Launched 72 satellites
First call via own network
Bankruptcy
1987
1990
1990-1997
1998
1999
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Conclusion?
Rapid changing markets require continuous business model iteration
Steve Blank
Stanford entrepreneurship professor
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Customer development
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Customer development
Have a prototype, present it to the client, get feedback, iterate
Focus only on the next step of development
Don't do business plans when you're a startup !
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The “customer development” guy
Steve Blank
Entrepreneurship professor at Stanford, Berkeley,Columbia
Serial entrepreneur
www.steveblank.com
The Four Steps To The Epiphany
(no Romanian version, thank God for Amazon)
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Customer development method.
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The Lean Startup approach
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Financing your startup
How much is it worth it ?
Based on potential, future market
Follow the smart money
Investment is not always needed!
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Financing a .ro business
Scaling based on business planBusiness model development
Startup Company
Technicallypossible
Profitability Scalability
Seed investment Angel investment
Higher risk Lower risk
VC funding ?
39Entrepreneurship and tehnological management
Financing a .com business
Scaling based on business planBusiness model development
Startup Company
Technicallypossible
Profitability Scalability
Seed investment Round A Round B Round C
Higher risk Lower risk
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Bootstraping
Scaling based on business planBusiness model development
Startup Company
Technicallypossible
Profitability Scalability
Seed investment Round B ? Round C ?
Higher risk Lower risk
41Entrepreneurship and tehnological management
Questions?
Web: www.bogdaniordache.net
Twitter: @bogdaniordache
Email: [email protected]
42Entrepreneurship and tehnological management
Next Course
Invited Speaker:
Andrei Pitis
Course name:
Introduction to management
Main topics:
Define management
Maslow hierarchy of needs
Herzberg’s motivation theory
