Fostering Innovation at the University Level - AmCham Chile Presentations... · Brazil IBQP - Instituto Brasileiro da Qualidade e Produtividade no Paraná SEBRAE- Serviço Brasileiro

Greene & Hacker. © 2004

Fostering Innovation at the University LevelFostering Innovation at the University LevelBusiness Future of the Americas, 2007Business Future of the Americas, 2007

Patricia G. Greene, PhD, MBAProvost [email protected]

Driving QuestionsWho are the entrepreneurs?

• Potential• Aspiring• Growing

What is an entrepreneurial environment?

What do entrepreneurs need to succeed?From the UniversityFrom the Chamber of Commerce

Connect the First Dots

CreativityImagination

InnovationInvention

EntrepreneurshipCreation of Value

Entrepreneurship at Babson

Entrepreneurial MindsetOpportunity Identification

Resource OrganizationLeadership Overall

Resulting in the Creation of Value

Framework for Entrepreneurship Development

Propensity to become Entrepreneurs?

Knowledge & skills for entrepreneurship?

Succeeding as Entrepreneurs?

Yes

Yes

Yes

Entrepreneurial Economy

Policies/Programs on cultural or behavioral issues (e.g. K-12 education)

NO

Policies/Programs providing preparation to be Entrepreneurs

(e.g. adult training)

Policies/Programs supporting Business Growth

(e.g. financing, marketing)

NO

NO

Source: Adapted fromJ. Kayne, 2000

Connecting Resources

Human Capital

Social Capital

Physical Capital

Technological Capital

Organizational Capital

FinancialCapital

Pretend All the Dots Are

Connected!

Human Capital

• Traditional approach: Education and Experience• Plus...

• Entrepreneurial Mindset– Propensity towards risk– Financial knowledge and business savvy– Growth orientation

Social Capital

• Social networks connect to other resources• Ventures with less diverse networks grow more slowly• Gendered differences are in network membership & use

Organizational Capital

• Systems, processes and culture• Routinization of innovation• Tolerance for failure

Financial Capital

• Full array of funding options– Formal– Informal

• Full awareness and understanding of funding options– By Entrepreneurs– By Service Providers

• Full acceptance that not all money is good money

Research from the University: GEM

• GEM– The national level of entrepreneurial activity has a statistically

significant association with the national level of economic growth

Country Location Financial SponsorArgentina Center for Entrepreneurship

IAE Management and Business SchoolUniversidad Austral

IAE Management and Business SchoolHSBC Private Equity Latin AmericaBanco Galicia

Brazil IBQP - Instituto Brasileiro da Qualidade e Produtividade no Paraná

SEBRAE- Serviço Brasileiro de Apoio às Micro e Pequenas EmpresasInstituto Euvaldo Lodi no Parana - IEL/PR

Chile Universidad del Desarrollo Universidad Adolfo Ibanez- UAI

Grupo Santander Chile Universidad del Desarollo

Colombia Universidad del NorteUniversidad de los AndesUniversidad ICESIPontificia Universidad Javeriana Cali

Ecuador Escuela Superior Politécnica del Litoral – Escuela de Postgrado en Administración de Empresas (ESPAE)

Escuela Superior Politécnica del Litoral (ESPOL University)Petróleos del Pacífico (PACIFPETROL S.A.)Cámara de Comercio de GuayaquilMARKET ECUAVISA

Peru Centro de Desarrollo Emprendedor, Escuela de Administración de Negocios para Graduados (ESAN)

Escuela de Administración de Negocios para Graduados (ESAN)Deltron Computer Wholesalers S.A.

Uruguay Universidad de Montevideo

GEM Findings 2006

Nascent Entrepreneurial Activity(%)

New Business Owners(%)

Early Stage Entrepreneurial Activity (TEA) (%)

Established Business Owners (%)

# of Respondents (18-64)

Argentina 6.4 4.1 10.2 7.0 1,755Brazil 3.5 8.6 11.7 12.1 1,971Chile 5.7 3.9 9.2 6.8 2,007Colombia 10.9 12.6 22.5 10.4 2,000Peru 30.0 15.1 40.2 12.4 1,845Uruguay 8.4 4.6 12.6 6.9 1,618

Source: Global Entrepreneurship Monitor. 2006. Babson College and London Business School.

Research from the University: Diana Project

• To investigate supply of & demand for equity capital from women business owners

• To learn about growth models in female-led ventures

• International Findings– Important drivers of growth (Minnitti et al., 2005)– Spotty documentation of women’s participation (often aggregated)– Variation in motivation

Diana: The Implications…..for All

• Wealth Creation- Lack of equity for women-led ventures diminishes the opportunity for women to grow their businesses and create wealth

• Competitiveness- Lack of equity for women-led ventures may limit growth and diffusion of innovations, job creation and economic contributions to the US economy

• Investment Opportunities- Lack of investment in women-led ventures may mean the venture community is missing out the chance to fund and receive returns from good investments

Source: Clearing the Hurdles: Women Building High Growth Businesses.

Innovation from the Chamber

1. Policy work goes both ways

2. Chambers act as glue

3. Messaging and celebrating

4. Sharing best practices

5. Assess, assess, assess the entrepreneurial environment

Greene & Hacker. © 2004

Why Creativity, Imagination, Innovation,…and Entrepreneurship?

“…innovation has always been the way people solved the great challenges facing society.”

Source: National Innovation Initiative Final Report. Council on Competitiveness. Dec. 2004