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Experimental Entrepreneurship
Piero Formica
Senior Research Fellow, Innovation Value Institute – National University of
Ireland
www.ivi.ieOpen Innovation 2.0: Sustainable Economy & Society – Stability. Jobs. Prosperity. Dublin Castle, May 20 - 21 2013
Incubator
ISOLATED TEAMS
EXECUTION
PRESCRIBED MILESTONES
RISKS ARE PROBABILISTICALLY
MEASUREABLE
RATIONAL EXPECTATIONS
EXPERTS, CONSULTANTS
BUSINESS ANGELS, FORMAL INVESTORS
COLLABORATIVE TEAMS – SHARING x MULTIPLYING
ABILITY TO CHANGE DIRECTION – CHANGING TO AN ADJACENT DIRECTION
RISKS ARE NOT PROBABILISTICALLY
MEASUREABLE UNCERTAIN EXPECTATIONS
EXPERIMENTERS, CROWDFUNDING
INCUBATION EXPERIMENTATION
E = MC3
Experimental labs are about experiments in entrepreneurial energy
ENTREPRENEURIAL FORMULA
E = MC3
E stands for Ken-EnergyKEN (verb) : to have understandingKEN (noun) : a range of vision
Experimental labs are about experiments in entrepreneurial energy
ENTREPRENEURIAL FORMULA
E = MC3
M stands for entrepreneurial mass made up of attributes and motivations
ENTREPRENEURIAL FORMULA
Experimental labs are about experiments in entrepreneurial energy
E = MC3Akio Morita’s (Sony’s founder) Cs:• Creativity in technology (creation)• Creativity in process (conversion)• Creativity in marketing (commercialization)
CT x CP x CM
ENTREPRENEURIAL FORMULA
What difference does it make how fantastic and innovative your technology is if you do not have the ability to design a useful, attractive, user-friendly product ? (Akio Morita)
CT x CP x CM Interactive conversation
Markets are conversation Watson and Crick vs Linus PaulingWatson and Crick vs Linus Pauling
Links in human networks: affinity groups - small pieces loosely joined
Lunar Society: “The best preceptor is the conversation Lunar Society: “The best preceptor is the conversation of eminent men”of eminent men”
ENTREPRENEURIAL FORMULA
Conversation = cum versare: To turn or to dance together
In labs, participants learn the language of the “extremes”, of the “extraordinary”Large deviations make the difference. Events supposed not happening, happen
“normal” is the focus
“extremes” are the focus
“extremes” are the focus
Feedback loopsCumulative, snowballs, arbitraryand unpredictable effects
You don’t tame uncertaintylooking at extraordinary events
We rewardacts of preventionrather than treatment
Productive analogies between different specialized fields
Community of Innovators: PeopleResolve.com
Power relations: creative power that emerges when different disciplines collide.
Interactionist identity (“innovation is a body contact sport”): – search for adjacent ideas (“one door leading to another door”), – which ignites a process of accretion (“accretive development”).
• “I-shaped” individual – his/her experience is profound,
one mile deep, but his range of vision is one centimetre width.
• “T-shaped” individual who adds to a deep expertise a wide range of knowledge and interests.
Pre
se
nta
tion
/ Dis
cu
ss
an
ts
Alertness Coaches Mentors
Project
Project
Project
ProjectOD
OD
OD
OD
Jury
Seniors
Jury
Juniors(startup
founders)
Awards
OPPORTUNITY DEVELOPMENT PROCESS
Teams of OS
Opportunity presentation
OPPORTUNITYDISCOVER
Facilitate, question, listen, challenge, build, inspire
Instruct, direct, engage with transformation
EX
PER
IMEN
TA
LLA
B
A vibrant community: Opportunity Seekers (OS) and Opportunity Developers (OD)
Alertness
Teams of OS
Opportunity presentation
OPPORTUNITYDISCOVER
CONTEXT• Establishment of a micro-ecosystem of aspiring entrepreneur in a spirit of open innovation.• “Experiencing Experiments” – How the Experimental Lab works: a step-wise process of
creatingprobing, testing and scrutinising business idea opportunities and
thinking.• Relevance, practicability and profitability of the business idea under experimental investigation.
TRENDS• Technology and Business Trends in top geo-economic areas of innovation.
EX
PER
IMEN
TA
LLA
B
A vibrant community: Opportunity Seekers (OS) and Opportunity Developers (OD)
Alertness
Teams of OS
Opportunity presentation
OPPORTUNITYDISCOVER
BUSINESS OPPORTUNITIES
• Making and deriving meanings about relevance, practicability and profitability of the business idea under experimental investigation.
CHOICE OF THE BUSINESS IDEA AND GROUPING
• Learning weather and how the same idea could be used in different fields.
• Take advantage from the multiplier effect of sharing – “I am going to use my idea in my field of use, and you are welcome to use it in your own field”.
EX
PER
IMEN
TA
LLA
B
A vibrant community: Opportunity Seekers (OS) and Opportunity Developers (OD)
Pre
se
nta
tion
/ Dis
cu
ss
an
ts
A vibrant community: Opportunity Seekers (OS) and Opportunity Developers (OD)
Project
Project
Project
ProjectOD
OD
OD
OD
JurySenior
(non national)
JuryJunior
(startup founders)
Awards
OPPORTUNITY DEVELOPMENT PROCESS
OPPORTUNITYDISCOVER
Facilitate, question, listen, challenge, build, inspire
Instruct, direct, engage with transformation
1.Concept Description 2. Value Proposition
To Customer To Company
3.Commercial Potential:Estimated Market Size & Revenues
4.Competitive Advantage 5. Feasibility
6. Governance Coaches Mentors
Creative Spaces The Idea Market open space, where experimenters (aspiring entrepreneurs and their mentors and coaches) can meet, communicate, share and exchange business ideas.
A web meeting place between Research and Entrepreneurship, filled with cutting-edge proposals and new ideas, and enriched with a collection of curiosity-driven websites.
The Gym for Creative Experiments, a room withthe shape of a round square (“agora”), which is the space where aspiring entrepreneurs and their coaches & mentors make experiments and exercise their ability to process business ideas.
Creative Spaces The Technology Showcase, a space for demonstration projects in IT, Life Sciences, et cetera.
The Amphitheatre, a formal learning space for lectures, conferences, seminars, workshops.
There is no such thing as a failed experiment, only experiments with unexpected outcomesRichard Buckminster US engineer and architect, 1895-1983
It doesn’t matter how beautiful your theory is, it doesn’t matter how smart you are. If doesn’t agree with experiment, it’s wrongRichard FeynmanAmerican theoretical physicist, 1918-1988
Finale