Erkko Autio 200 Influences on Entrepreneurship – Influences of Entrepreneurship Congress on Enterprise Creation, Innovative Culture, and Change in the University UPC Barcelona, March 13-14 2003 Erkko Autio, Professor Institute of Strategy and International Business Helsinki University of Technology
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Erkko Autio 2003
Influences on Entrepreneurship – Influences of Entrepreneurship
Congress on Enterprise Creation, Innovative Culture, and Change in the University
UPC Barcelona, March 13-14 2003
Erkko Autio, ProfessorInstitute of Strategy and International Business
Helsinki University of Technology
Erkko Autio 2003
Take-Home Messages
It is not entrepreneurship per se that is at issue – it is entrepreneurial growth
Growth-oriented entrepreneurship responds to policy measures
Entrepreneurial decision is not based on perception of skills – it is based on inspiration
High-potential entrepreneurs react to opportunities, life-style entrepreneurs do it anyways
WCY 2002 Business Efficiency 0.40* -0.20 -0.45** 0.03
GCR 2001 Overall Competitiveness
0.37* -0.35* -0.58** -0.10
GCR 2001 Technology Index 0.29+ -0.36* -0.61** -0.12
GCR 2001 Public Institutions Index
0.43** -0.37* -0.60** -0.11
GCR 2001 ICT Index 0.38* -0.47** -0.63** -0.26
Erkko Autio 2003
Explaining High-Potential E...
Indicators from GEM 2002 National Expert Interviews TEA02HG
Finance: Availability of equity funding 0,04Government regulations favor entrepreneurship 0,31+Primary and secondary education support for entrepreneurship
0,32+
R&D and technology transfer index 0,20Market openness for entrepreneurial firms 0,50**Physical infrastructure index 0,24Population entrepreneurial capacity index 0,35*Population entrepreneurial motivation index 0,07IPR protection index 0,41*Support for women entrepreneurship 0,33+
Erkko Autio 2003
Explaining High-Potential E...
Indicators from GEM 2002 Adult Population Survey TEA02HG
GEM Business Angel Prevalence Index 2002 0,56**
Respondent’s Job Involves Start-Up Activity 0,39*
Respondent Personally Knows an Entrepreneur 0,50**
Respondent Thinks Possesses Skills for Start-Up 0,36*
Respondent Thinks There Will be Good Opportunities for New Start-Up in Next 6 Months
logic, social norm)“entrepreneurship as a cool option”“I start a firm because I will be respected”
Erkko Autio 2003
Motivation Approach to E Support
Focus on teaching business skills & theoriesBusiness planningOpportunity recognitionNew venture financeNew venture strategyNew venture growthEmphasis on lectures and cases
Invest in support facilitiesScience parksSoft loans, subsidiesVenture capital
Erkko Autio 2003
Cognition Approach to E Support
Focus on teaching social norms and cultureEmphasis on team assignmentsEmphasis on company assignments and
participative, ‘shadowing’ projectsEmphasis on realistic and relevant role modelsEmphasis on ‘non-teaching’ activities
– New venture clubs– Business plan competitions
Invest in support softwareNetwork buildingSocial activities
Erkko Autio 2003
Optimal Mix Balances Cognition and Motivation
CognitionProvision of role models, E cultureEnhances individual’s willingness to see and
create opportunityEnhances individual’s willingness to jump at
opportunityCreates entrepreneurial environment
MotivationProvision of skills and competenciesEnhances individual’s ability to evaluate
opportunityEnhances individual’s ability to capitalize on
opportunityIs important for growth
Erkko Autio 2003
Our Philosophy
NO: formal planning
emphasis project-based goals small business
management understanding small
business focus on product,
technology ”small is beautiful”
YES: enacting the future time-paced planning velocity-based metrics venture management
”living the rhythm” of the business
focus on market, value potential
“small is ugly”:Growth is Good
Erkko Autio 2003
Firms to Which HUT ISIB Has Actively Contributed
HUT ISIB helps organize the VentureCup Finland with McKinsey & Company, Helsinki School of Econ-omics, and the Swedish School of Economics in Helsinki
Firms started by HUT ISIB students or graduatesValue Created:Value Created: €€0,1Bn0,1Bn + €0,1Bn+ €0,1Bn =€0,2Bn=€0,2Bn
Throughput model of the Otaniemi Cluster
FIRM BIRTH FIRM STABILISATION FIRM EXPANSION
RESEARCH INSTITUTES
HELSINKI UNIVERSITY OF TECHNOLOGY (HUT), RESEARCH CENTRE OF FINLAND (VTT) ETC.