1 Entrepreneurship and tehnological management Course 2 Entrepreneurship, innovation and technology 25.02.2011
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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
4Entrepreneurship and tehnological management
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
18Entrepreneurship and tehnological management
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!
30Entrepreneurship and tehnological management
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 !
34Entrepreneurship and tehnological management
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
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