This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
1. Begin a productive, and hopefully stimulating, dialogue about what it takes to create a vibrant, dynamic climate for entrepreneurship in the Kingdom.
2. Discuss ICT’s key role as a driver of innovation, entrepreneurship, and high growth tech startups.
3. Discuss the key relationships and roles to be played by governments, established businesses, and high tech startups in creating a culture of entrepreneurship and steadily improving productivity. Example – be a lead customer.
"The ideas that drive the economy and improve our quality of life are increasingly emerging from inventive, interdisciplinary collaborations - across different fields and with other institutions in the public and private sectors.This spirit of openness, invention and teamwork are hallmarks of MIT and, I believe, are the keys to our future. MIT's intense creativity, passion, intensity and playfulness drive everything here--the entrepreneurial ideas, the innovations, the discoveries.”
Examples of what CAN be taught (2) Business Basics: CFIMITYM
Profit vs. cash flow Risk is higher when you’re growing fast
Failure is Acceptable in North America No such thing as winners and losers More like: winners and learnersThis positive attitude is a U.S. national asset; other
The MIT EDPMIT Entrepreneurship Development Program
29 January – 2 February 2007
Participants learn from: “Live case studies” of successful MIT entrepreneurs; Our faculty and the MIT entrepreneurial spirit; and Route 128 venture capitalists, lawyers, and institutional investors.
In 1999, 25 participants came from Taiwan, Ireland, Cambridge (UK), Germany, Thailand, France, & US.
In 2000, 65+ persons came from 10+ countries. In 2001, 95+ persons came from 16+ countries. In 2002, 70 persons from 13 countries. In 2003, 93 persons from 9 countries. In 2004, 140 persons from 16 countries In 2005, 109 persons from 19 countries + storm of the decade In 2006, 137 persons from 20 countries
A one-week program tailored to the needs of future entrepreneurs, economic development professionals, and university entrepreneurship faculty and staff.
Some Critical Success Factors in Entrepreneurship and Intrapreneurship
1. Believe that New Ventures can Succeed: Parent(s) who are entrepreneurs. Early contact with successful entrepreneurs. Exposure to success stories and case studies.
2. Gain practical, real world experience before, during and after university studies.
3. Be willing to be Unusual/Unconventional.
4. Agree to Embrace Risk, and possibly failure.
5. Want to leave a large Company.
6. Live in a society that sees the above as normal, not a strange exception.
7. Focus on speed, execution, and results. Be willing to “break the harmony.”
Seek True Value Added – “Blue” Money Operating Experience Rolodex/Network Awesome Portfolio (in your space) Cool Limiteds (in your space) Deep pockets / courage to stay the course
Keep Realistic Expectations Time to Market Revenue growth Valuations
Share Knowledge. Identify Best Practices. Build Institutional Processes. Attract Best People. Create Training Courses. Communicate Consistent and Coherent
5. In some cases, major firms have “outsourced” a significant portion of their new product development function to local startups and the venture industry:
* more leading-edge technology * faster development cycles* more aggressive people, with….* more intense customer focus.
6. New Organizational Models are being adopted:* “Star”: actualize, empower* “Engineering”: loyal to project and team
(not necessarily to the company)* “Commitment”: flat, long life, paternalistic* “Bureaucracy”: meritocracy, systems* “Autocracy”: do it my way
Discussion and Next Steps Sustained improvement in national productivity depends on
many factors.
Embracing and deploying new technologies is key.
Startup companies consistently embrace the latest technologies and innovations more rapidly.
Startups are usually necessary and most effective at driving productivity improvements in their clients’ businesses.
Through corporate venturing activities, large established firms can work more closely with startups. If they move faster, and begin to behave more like startups they will achieve great leaps in productivity for themselves, and their customers.