The Myths of Innovation Benjamin Joffe | Plus Eight Star | IGNITE, Paris | 2009.09
May 13, 2015
The Myths of Innovation
Benjamin Joffe | Plus Eight Star | IGNITE, Paris | 2009.09
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
When was it invented?
EuropeGutemberg | ~1450
KoreaMetal | ~1230
ChinaWooden | ~1040
Book by Scott Berkun(Same title)
Published: 2007
Even at Ignite!
• In 2003!• Location-based• Avatars• Virtual itemsOther user’s
avatar / distance / nickname
Mobile SNS in Japan
I heard that before!
Definitions
Idea(e.g. Chocolate + Hemp)
Inventor(Prototype)
Entrepreneur(Business)
Winner Bias
They talk but don’t race
We don’t keep track of how many start
DNA Bias“You don’t change horses mid-race”
He changed his ride!
(This one has no rider)
Nobody knows the track’s shape
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
Changing riders
#2 SNS in China #1 SNS in Japan
Gave most shares to
keep going
Sold for US$2mln
Started Mixias an intern!
Yong Hyoung
Founder
Cyworld
Wang Xing
Founder
Xiaonei
Batara Eto
CTO
Mixi
#1 SNS in Korea
Changing diet
Ads CPA Virtual goodsInitial business model?
#1 Mobile SNS in Japan
US$250M in 2008IPO: US$1.2bln
Changing media + biz model!
#2 Mobile SNS in Japan
US$60M in 2008IPO: US$1.4bln
Sticking to it
IM was not making money and
our competitors moved to other
ventures. I did not have other
ideas so I stuck to it. Pony Ma
Founder & CEO
Tencent (QQ)
Tencent
#1 SNS in China
US$1 bln in 200890% From Virtual Goods
(40% Net Margin) Market capUS$30 bln
(more than eBay)
Too innovative?
“The owls are not what they seem”
IGNITE Boise Talk
Brian Bothwell
July 16, 2009
“The owls are not what they seem”
It’s Iron Man!
Timing
Infrastructure
Finance
+
Adaptability
Learn more about “Innovation Arbitrage”
Merci !
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