Are startup founders geniuses with a perfect plan? Do they profit from their work? This talk at IGNITE Paris will try and debunk some long-standing myths around innovation and entrepreneurship.
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The Myths of Innovation - Asian Remix
1. The Myths of Innovation
Benjamin Joffe | Plus Eight Star | IGNITE, Paris | 2009.09
2. The Myths
1. Entrepreneurs have original ideas
2. It’s all about trying enough
3. The vision is clear from day 1
4. Entrepreneurs make millions
5. Innovation is always good
9. Winner Bias
They talk but don’t race
We don’t keep track of how many start
10. DNA Bias
“You don’t change horses mid-race”
He changed his ride!
(This one has no rider)
Nobody knows the track’s shape
11. Examples from Asia
#1 SNS in Korea #2 SNS in China #1 SNS in Japan
US$100M in 2008 Raised US$500M US$120M in 2008
12. Changing riders
#1 SNS in Korea #2 SNS in China #1 SNS in Japan
Yong Hyoung Wang Xing Batara Eto
Founder Founder CTO
Cyworld Xiaonei Mixi
Gave most
Sold for Started Mixi
shares to
US$2mln as an intern!
keep going
13. Changing diet
#1 Mobile SNS in Japan
US$250M in 2008
IPO: US$1.2bln
Initial business model? Ads CPA Virtual goods
14. Changing media + biz model!
#2 Mobile SNS in Japan
US$60M in 2008
IPO: US$1.4bln
15. Sticking to it
Tencent
#1 SNS in China
US$1 bln in 2008
90% From Virtual Goods
(40% Net Margin) Market cap
US$30 bln
(more than eBay)
IM was not making money and
our competitors moved to other
ventures. I did not have other
Pony Ma
ideas so I stuck to it. Founder & CEO
Tencent (QQ)
18. “The owls are not what they seem”
IGNITE Boise Talk
Brian Bothwell
July 16, 2009
19. It’s Iron Man!
Timing
Infrastructure
Finance
+
Adaptability
20. Merci !
Learn more about “Innovation Arbitrage”
www.plus8star.com
benjamin@plus8star.com
+81 | Japan
benjamin0123 +82 | Korea
+86 | China
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www.linkedin.com/in/benjaminjoffe + Added Value
* High quality
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