Mais conteúdo relacionado Semelhante a Mysteries of innovation (20) Mais de European Innovation Academy (20) Mysteries of innovation1. 1
Prof. Dr. Sc. math. Dr. h.c.
Mark Harris
CEO and Founder
Adjunct Professor for Technology Entrepreneurship & Innovation
“mysteries of innovation”
European Innovation Academy
Tallinn, 9 July 2013
™
2. 2
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Lecture Series
1. mysteries turn science?
2. Innovation and Entrepreneurship
3. The Professional Entrepreneur, The Entrepreneurial Venture
4. Venture & Growth Capital
5. The Innovator’s Dilemma
9. 9
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What is Science ?
Science (from Latin scientia, meaning "knowledge”)
is a systematic enterprise that builds and organizes
knowledge in the form of testable explanations and
predictions about the universe.
In an older and closely related meaning, "science"
also refers to a body of knowledge itself, of the type
that can be rationally explained and reliably
applied. A practitioner of science is known as a
scientist. (Source: Wikipedia)
10. 10
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Math:
2 + 2 = 4
2 + 2 = 4
….
All the time….
Testable, explainable, predictable, reliable 100% of the time.
11. 11
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Physics:
Testable
Explainable
Predictable
reliable
100% of the time ?
In Physics most experiments work 95% of the time. 200 years
ago, it was maybe 60% of the time. Enough not to be random,
but still too complex to understand and control all of the
complexities.
Even recently CERN had to do more than 1 trillion collisions to
be able to prove the Higgs boson subatomic particle.
12. 12
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Entrepreneurship:
One must recognize that the field of start-ups and
entrepreneurship is not yet a «pure» science.
Outcomes cannot yet be guaranteed.
Entrepreneurship is more like Physics 200 years
ago. There is enough knowledge and expertise to
be able to get satisfactory results, but still not
enough to be as predictive as Mathematics.
Most expertise has been acquired through years of
“experimenting” and “evaluating”.
14. 14
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What is innovation ?
Innovation is an invention, paired with a process
and a market
invention marketprocess
Entrepreneurship
17. 17
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Technology Entrepreneurship
The New Way Forwards EUR
Observations:
• EU 2020 declaration highly
focussed (#1 issue) on
innovation and
entrepreneurship.
• Invention (ideas,patents )
is good, but
commercialization is not.
• Very low VC activity in EU
(1/5th US), huge equity
GAP
• Attitude of
entrepreneurship and
failure not being an option
a big hindering factor.
• Need to catch-up on some
20+ years of
entrepreneurship education
• Need to broaden where and
how entrepreneurship is
taught
• Need to get EU success
rates (20%) close to US
(30%).
Criteria US Europe Comparison Comment
GDP (2010) 14.66 T$ 14.82 T$
Economies in same
Ballpark
Domestic Patents
(2009)
82000 135000
Europe invents
+65% more (actually
much more because no
SW patents in Europe,
CII)
VC activity (H1’2010) 12.4 B$ 2.6 B$
Europe only ~ 1/5th
the VC
% of population that
consider
entrepreneurship
67% 45%
US is 50% higher
% of Population that
become
entrepreneurs
13% 4.5%
US is 289% higher
% of population that
accept possible
failure in a startup
75% 54%
US 40% higher
Entrepreneurship
Education since
1980’s Early 2000’s
Trying to catch up 20-
25years of Education
and attitude
Breadth (# types) 8 1-2
Programs in HE and
now starting in K12
18. 18
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To increase/accelerate innovation:
invention marketprocess
Entrepreneurship
Increase
#inventions
= research
Address diverse
markets
Learn this and
get this right
20. 20
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How to Peel a Banana ?
What did we learn?
1. There are always many solutions to a problem
2. Some solutions are “better” than others
3. Usually the “better” solutions come from experience
4. Sometimes we choose based on prejudices
22. 22
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Entrepreneurship is:
A process
Not a person
About BIG companies that happen to be small
Not about small business
Important to BIG business
23. 23
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What is Entrepreneurship ?
„The pursuit of
opportunity beyond
the resources one
currently has under
control“. *
* Source: Professor Howard Stevenson
25. 25
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What is Technology Entrepreneurship ?
Cash
Flow
II III IVI
t
The technical
invention
The
company
The business
innovation
Needed: Technology Entrepreneurship Skills Management Skills (MBA etc)
So Technology Entrepreneurship is not only „What“, but also „When“ !!
Derived: Prof. Jerry Engel UC Berkeley
Enhanced: Prof. Dr. Mark Harris
27. 27
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The Entrepreneurial Process
Identify
• Need
• Solution
• ‘Unfair Advantage’
Acquire
• Technology rights
• People
• Money
Resources
Opportunity
29. 29
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Who is the Professional Entrepreneur?
Personal Entrepreneurship Styles
Entrepreneurship is a team sport
• Many can play – even if they are not ‘born’ entrepreneurs
Three modes
• Lead
• Follow
• Execute
Three functions
• Create
• Manage
• Innovate
Which role is right for you?
30. 30
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Personal Entrepreneurship Styles: Modes: Lead or
Follow
Lead
Follow
Execute
High Performance
entrepreneurial teams are :
• Self organizing
• Flexible
• Self disciplined
• Common goal
• Common priorities
• Common values
• Enabled by shared
ownership
Same people may play
different roles on different
teams within the same
company
31. 31
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Personal Entrepreneurship Styles Functions: Create
or Manage
Innovation requires a
combination of creativity
and management – brought
by a team
• Creation requires the
greatest technical
competency
• Management requires
technical affinity
• Different functions are best
suited for different people.
• Functions rarely are
exchanged
• All collaborate in BOTH
dimensionsManage
Create Innovate
32. 32
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Entrepreneurship is a Team Sport Results are What
Count
Innovation
Execution
Entrepreneurship
High performance technology
entrepreneurship
• Is a BLEND of Innovation and
Execution
• Requires collaboration and
discipline
• It is best performed by a team
• Alignment of incentives
directly and dramatically
related to the outcome
33. 33
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Who is the Entrepreneur?
Manager,
administrator
Entre-
preneurInventor
Promoter
Creativity
and
innovation
General management skills,
business know-how, and networks
High
High
Low
Low
Source: J. Timmons, New Venture Creation, p. 25.
36. 36
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The Professional Entrepreneur
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills (MBA etc)
Visioning the Future into the Present
37. 37
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The Professional Entrepreneur
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills (MBA etc)
Zone of Collaboration
Zone of Competition
39. 39
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The Entrepreneurial Venture
FOUR PERIODS of DEVELOPMENT
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills (MBA etc)
40. 40
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The Entrepreneurial Venture
Attributes that characterize each Phase
Period I: Pure
Entrepreneurship
Period II:
Strategic Focus
Period III:
System Building
Period IV:
Coporate
Management
Defining the concept
of the business
What business aren’t
we in?
Finacial Controls Hiring „outsider“
Gathering Financial
Resources
IMPLEMENTING the
business we are in!
Stable division of labor Going Public
Assembling the
startup Team
Knowing better than
ANYONE else:
Reporting relationship
and authorities
Making acquistitions
Identifying
customers
What will people pay Developing systems of
internal control
Adding the follow-on
Products(s)
Analyzing the
competition
How many will they buy Formalizing the terms
of a sale
Shedding those who
can‘t keep up
Building the
prototype
How to distribute Operational systems Formalizing the culture
Getting your first
customer
How to service the
customer
Production, Outsourcing Rationalizing the
strategy
Distribution, Sales
Service, Warranties *Source: Professor John Freeman
Professor Jerry Engel
UC Berkeley
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills
(MBA etc)
41. 41
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The Entrepreneurial Venture
Attributes that characterize each Phase
Period I: Pure
Entrepreneurship
Period II:
Strategic Focus
Period III:
System Building
Period IV:
Coporate
Management
Defining the concept of
the business
What business aren’t
we in?
Finacial Controls Hiring „outsider“
Gathering Finacial
Resources
IMPLEMENTING the
business we are in!
Stable division of labor Going Public
Assembling the startup
Team
Knowing better than
ANYONE else:
Reporting relationship
and authorities
Making acquistitions
Identifying customers What will people pay Developing systems of
internal control
Adding the follow-on
Products(s)
Analyzing the
competition
How many will they
buy
Formalizing the terms
of a sale
Shedding those who
can‘t keep up
Building the prototype How to distribute Operational systems Formalizing the culture
Getting your first
customer
How to service the
customer
Production, Outsourcing Rationalizing the
strategy
Distribution, Sales
Service, Warranties *Source: Professor John Freeman
Professor Jerry Engel
UC Berkeley
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills
(MBA etc)
42. 42
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The Entrepreneurial Venture
Attributes that characterize each Phase
Period I: Pure
Entrepreneurship
Period II:
Strategic Focus
Period III:
System Building
Period IV:
Coporate
Management
Defining the concept of
the business
What business aren’t
we in?
Finacial Controls Hiring „outsider“
Gathering Finacial
Resources
IMPLEMENTING the
business we are in!
Stable division of
labor
Going Public
Assembling the startup
Team
Knowing better than
ANYONE else:
Reporting
relationship and
authorities
Making acquistitions
Identifying customers What will people pay Developing systems
of internal control
Adding the follow-on
Products(s)
Analyzing the
competition
How many will they buy Formalizing the
terms of a sale
Shedding those who
can‘t keep up
Building the prototype How to distribute Operational systems Formalizing the culture
Getting your first
customer
How to service the
customer
Production,
Outsourcing
Rationalizing the
strategy
Distribution, Sales
Service, Warranties
*Source: Professor John Freeman
Professor Jerry Engel
UC Berkeley
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills
(MBA etc)
43. 43
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The Entrepreneurial Venture
Attributes that characterize each Phase
Period I: Pure
Entrepreneurship
Period II:
Strategic Focus
Period III:
System Building
Period IV:
Coporate
Management
Defining the concept of
the business
What business aren’t
we in?
Finacial Controls Hiring „outsider“
Gathering Finacial
Resources
IMPLEMENTING the
business we are in!
Stable division of labor Going Public
Assembling the startup
Team
Knowing better than
ANYONE else:
Reporting relationship
and authorities
Making acquistitions
Identifying customers What will people pay Developing systems of
internal control
Adding the follow-on
Products(s)
Analyzing the
competition
How many will they buy Formalizing the terms
of a sale
Shedding those who
can‘t keep up
Building the prototype How to distribute Operational systems Formalizing the
culture
Getting your first
customer
How to service the
customer
Production, Outsourcing Rationalizing the
strategy
Distribution, Sales
Service, Warranties *Source: Professor John Freeman
Professor Jerry Engel
UC Berkeley
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills
(MBA etc)
44. 44
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The Professional Entrepreneur
Cash
Flow
II III IVI
t
The technical
innovation
The
company
The business
innovation
Needed: Technology Entrepreneurship
Skills
Entrepreneurship Skills (MBA etc)
Visioning the Future into the Present
47. 47
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Structuring the Financing
The “Why” of multiple rounds
Management
Technology/Product
Marketing
Time
Value is a Step Function:
Value
48. 48
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Adding Technology Value
Value
Time
Concept
Feasibility or Prototype
Patent Application
Working Prototype
Manufacturing Prototype
Regulatory Approvals
Market Introduction
49. 49
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Adding Market Value
Value
Time
Market Analysis - Published Data
Qualitative Research (Focus Groups)
Surveys/Concept Testing
Technical Reports Published
Market Launch
Satisfied Customers
Backlog
Beta Test
50. 50
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Adding Management Value
Value
Time
Chief Technologist
President
Marketing Vice President
Controller
Manufacturing Vice President
Chief Financial Officer
Human Resources Mgr
Sales Manager
52. 52
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Valuation in Steps
II III IVI
Time
Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
53. 53
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Staged Financing
Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “n”
IPO
54. 54
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Venture Capital
Investment Capital for Entrepreneurial
Ventures tends to clump
• By Region
• By Industry
It is important to encourage local investment in
Entrepreneurial Ventures
55. 55
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,0
1000,0
2000,0
3000,0
4000,0
5000,0
6000,0
Q1
04
Q2
04
Q3
04
Q4
04
Q1
05
Q2
05
Q3
05
Q4
05
Q1
06
Q2
06
Q3
06
Q4
06
Q1
07
Q2
07
Q3
07
Q4
07
Q1
08
Q2
08
Q3
08
Q4
08
Q1
09
Q2
09
Q3
09
Q4
09
Q1
10
Investment($millions)
Quarter
Venture Investment, US & Europe
Europe
North America
Perspective on European Market
Overall Investment
Source: BLN Business Leaders Network
US Venture
investment comes
back strong.
Europe’s lowest for
5 years (632M$).
59. 59
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Company Formation
Founders A, B and C each purchase 1M shares of Common Stock at a
purchase price of $.001 per share.
Person Shares % Total Value
Founder A 1,000,000 33.3% $1,000
Founder B 1,000,000 33.3% $1,000
Founder C 1,000,000 33.3% $1,000
totals 3,000,000 100%
Post-Money Valuation $3,000
60. 60
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Person Shares % Total Value
Founder A 1,000,000 20.0% $10,000
Founder B 1,000,000 20.0% $10,000
Founder C 1,000,000 20.0% $10,000
President 1,000,000 20.0% $10,000
Option Plan 1,000,000 20.0% $10,000
totals 5,000,000 100%
Post-Money Valuation $50,000
Hiring a President/CEO
Creation of an Option Plan
The company hires a chief executive officer who purchases 1M shares of
Common Stock at a purchase price of $.01 per share. Additionally, in
order to attract additional key employees, the Company establishes an
employee stock option plan and reserves 1M shares of Common Stock
for issuance under this plan. The pre-financing valuation is $30,000.
61. 61
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Initial Venture Capital Round
$5,000,000 venture capital financing at a purchase price of $1 per share,
representing a pre-financing valuation of $5,000,000 (5M shares with a
value of $1 per share). The new shares are typical venture capital Series A
Preferred Stock, with each share of Series A Preferred Stock being
convertible into one share of Common Stock.
Person Shares % Total Value
Founder A 1,000,000 10.0% $1,000,000
Founder B 1,000,000 10.0% $1,000,000
Founder C 1,000,000 10.0% $1,000,000
President 1,000,000 10.0% $1,000,000
Option Plan 1,000,000 10.0% $1,000,000
Series A Inv 5,000,000 50.0% $5,000,000
totals 10,000,000 100%
Post-Money Valuation $10,000,000
62. 62
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Series B Preferred Financing
$10,000,000 Series B Preferred Stock financing at a purchase price of
$2 per share, representing a pre-financing valuation of $20,000,000 (10M
shares with a value of $2 per share). Like the Series A Preferred Stock, each
share of Series B Preferred Stock is convertible into one share of Common
Stock.
Person Shares % Total Value
Founder A 1,000,000 6.7% $2,000,000
Founder B 1,000,000 6.7% $2,000,000
Founder C 1,000,000 6.7% $2,000,000
President 1,000,000 6.7% $2,000,000
Option Plan 1,000,000 6.7% $2,000,000
Series A Inv 5,000,000 33.3% $10,000,000
Series B Inv 5,000,000 33.3% $10,000,000
totals 15,000,000 100%
Post-Money Valuation $30,000,000
Person
Founder A
Founder B
Founder C
President
Option Plan
Series A Inv
Series B Inv
Post
Financing
Valuation
63. 63
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Initial Public Offering (IPO)
A total of 5M shares to be sold in the offering, including 3M shares sold by the
Company and 1M shares sold by each of the Series A and Series B investors.
Shares will be sold at a price of $10 per share, representing a pre-financing
valuation of $150,000,000 (15M shares with a value of $10 per share.)
Series A and Series B Preferred Stock automatically converted into
Common Stock. All shares sold in offering will be Common Stock.
Note that the interest of each founder has decreased from 33.33%
at the Company’s formation to 5.55% following the IPO. However,
the value of the interest of each founder has increased from
$1,000 to $10,000,000.
Person Shares % Total Value
Founder A 1,000,000 5.6% $10,000,000
Founder B 1,000,000 5.6% $10,000,000
Founder C 1,000,000 5.6% $10,000,000
President 1,000,000 5.6% $10,000,000
Option Plan 1,000,000 5.6% $10,000,000
Series A Inv 4,000,000 22.2% $40,000,000
Series B Inv 4,000,000 22.2% $40,000,000
Public IPO 5,000,000 27.8% $50,000,000
totals 18,000,000 100%
Post-Money Valuation $180,000,000
64. 64
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Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “N”
IPO
Growing the Equity Pie
Person Shares % Total Value
Founder A 1,000,000 33.3% $1,000
Founder B 1,000,000 33.3% $1,000
Founder C 1,000,000 33.3% $1,000
totals 3,000,000 100%
Post-Money Valuation $3,000
65. 65
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Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “N”
IPO
Growing the Equity Pie
Person Shares % Total Value
Founder A 1,000,000 20.0% $10,000
Founder B 1,000,000 20.0% $10,000
Founder C 1,000,000 20.0% $10,000
President 1,000,000 20.0% $10,000
Option Plan 1,000,000 20.0% $10,000
totals 5,000,000 100%
Post-Money Valuation $50,000
66. 66
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Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “N”
IPO
Growing the Equity Pie
Person Shares % Total Value
Founder A 1,000,000 10.0% $1,000,000
Founder B 1,000,000 10.0% $1,000,000
Founder C 1,000,000 10.0% $1,000,000
President 1,000,000 10.0% $1,000,000
Option Plan 1,000,000 10.0% $1,000,000
Series A Inv 5,000,000 50.0% $5,000,000
totals 10,000,000 100%
Post-Money Valuation $10,000,000
67. 67
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Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “N”
IPO
Growing the Equity Pie
Person Shares % Total Value
Founder A 1,000,000 6.7% $2,000,000
Founder B 1,000,000 6.7% $2,000,000
Founder C 1,000,000 6.7% $2,000,000
President 1,000,000 6.7% $2,000,000
Option Plan 1,000,000 6.7% $2,000,000
Series A Inv 5,000,000 33.3% $10,000,000
Series B Inv 5,000,000 33.3% $10,000,000
totals 15,000,000 100%
Post-Money Valuation $30,000,000
Pe
Fo
Fo
Fo
Pre
Op
Se
Se
F
68. 68
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Concept
Defined
Early
Validation
Market
Traction
Scale
Validated
Predictable
Scale
II III IVI
Time
Seed
Series A
Series B
Series “N”
IPO
Growing the Equity Pie
Person Shares % Total Value
Founder A 1,000,000 5.6% $10,000,000
Founder B 1,000,000 5.6% $10,000,000
Founder C 1,000,000 5.6% $10,000,000
President 1,000,000 5.6% $10,000,000
Option Plan 1,000,000 5.6% $10,000,000
Series A Inv 4,000,000 22.2% $40,000,000
Series B Inv 4,000,000 22.2% $40,000,000
Public IPO 5,000,000 27.8% $50,000,000
totals 18,000,000 100%
Post-Money Valuation $180,000,000
69. 69
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5. The Innovator’s Dilemma
Recommended Literature:
Open Innovation
Henry Chesbrough
ISBN 1-57851-837-7
70. 70
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The Innovators Dilemma (Intro)
Source: The Innovator‘s Dilemma
Clayton M. Christensen
The Impact of Sustaining and Disruptive Technological Change
t
ProductPerformance
P
Performance
Demanded At the high
end of the market
Performance
Demanded At the low
end of the marketDisruptive
Technological
innovation
Revolutionary
Innovation
71. 71
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ProductPerformance
Time or Engineering Effort
“Sustaining” Technological Innovation
Big Companies Need
A Continuous Process
First Technology
Second Technology
Third Technology
Strategy: Using Small Markets as “Beach Heads”
Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations
Management 1, no. 4 (Fall 1992): 340. Reprinted by permission.
72. 72
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Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations
Management 1, no. 4 (Fall 1992): 361. Reprinted by permission.
PerformanceasDefinedinApplication“A”
Time or Engineering Effort
PerformanceasDefinedinApplication“B”
Application (Market) “A” Application (Market) “B”
Disruptive Technology
takes over the larger established
market!
Older BIG
company playing
catch-up
New
entrant
dominates
Technology 2
Technology 1
Disruptive Technology
• new market niche
• small markets
• small companies
Strategy: Using Small Markets as “Beach Heads”
73. 73
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Literature:
Accompanying Literature:
Timmons/Spinelli New Venture Creation ISBN 978-007-125438-0
Steven Gary Blank The Four Steps to the Epiphany ISBN 0-9764707-0-5
Geoffrey A. Moore Crossing the Chasm ISBN 0-88730-717-5
Clayton M. Christensen The Innovator’s Dilemma ISBN 0-87584-585-1
Henry Chesbrough Open Innovation ISBN 1-57851-837-7
Recommended Literature:
David J. Teece Managing Intellectual Capital ISBN 0-19-829-542-1
Annalee Saxenian Regional Advantage ISBN 0-674-75340-2
> www.innovaventures.com >NEWS>Blog>24 October American University in Bulgaria 3 Youtube Videos about 5 hours total.
76. 76
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™76
Slide:
Question: What is the shortest distance between points A and B ?
Sure, a straight line: A B
as long as we are in two dimensional space....
in three dimensional space, for example on a globe it is the
GREAT Circle (ARC)
A short excursion in Math:
77. 77
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™
Slide:
The Path (Trail) to New Ventures
Start(up)
Gazelle
loop
forever
So what is the shortest path for a new venture ?
78. 78
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™
Phase 4
Angel Funding
infrastructure
Phase 3
1st real BizPlans
Summer schools
Bootcamps
Seed Funding
Phase 2
Coaching
Consulting
Mentoring
Experimental labs
Industry connections
Phase 1
entrepreneurship
education,
Educational BizPlan
Competitions
Phase 5
VC / further scale
Educational
Process
Real-life
practice
Real
companie
s
helps you to bridge the GAP !!™
Entrepreneurship Education
Seed Funding
Services
79. 79
© innoVaventures
All rights reserved
™
Phase 4
Angel Funding
infrastructure
Phase 3
1st real BizPlans
Summer schools
Bootcamps
Seed Funding
Phase 2
Coaching
Consulting
Mentoring
Experimental labs
Industry connections
Phase 1
entrepreneurship
education,
Educational BizPlan
Competitions
Phase 5
VC / further scale
Educational
Process
Real-life
practice
Real
companie
s
helps you to bridge the GAP !!™
Entrepreneurship Education
Seed Funding
Services