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    innovation, entreprenurship and
        smart business models




                          Prof. Dr. Sc. math. Dr. h.c.

                              Mark Harris
                               CEO and Founder
1
          Adjunct Professor for Technology Entrepreneurship & Innovation
What is innovation ?

 Innovation is an invention, paired with a process
 and a market



             Entrepreneurship




 invention        process                  market

                     © innoVaventures                ™
 2                   All rights reserved
Entrepreneurship is:

A process
Not a person


About BIG companies that happen to be small
Not about small business


Important to BIG business


                  © innoVaventures            ™
3                 All rights reserved
What is Entrepreneurship ?

      „The pursuit of
    opportunity beyond
     the resources one
    currently has under
         control“. *

                                  * Source: Professor Howard Stevenson




            © innoVaventures                                             ™
4           All rights reserved
Entrepreneurship Bridges the Gap




Technology/
              Entrepreneurship         Value
Opportunity




                 © innoVaventures              ™
5                All rights reserved
The Entrepreneurial Process

    Identify
    •   Need                                      Opportunity
    •   Solution
    •   „Unfair Advantage‟


    Acquire
    •   Technology rights
                                                  Resources
    •   People
    •   Money




                            © innoVaventures                    ™
6                           All rights reserved
Technology Entrepreneurship
                                                          The New Way Forwards EUR
Observations:                       Criteria              US          Europe        Comparison      Comment

• EU 2020 declaration highly                                                                     Economies in same
  focussed (#1 issue) on      GDP (2010)                14.66 T$      14.82 T$                   Ballpark

  innovation and                                                                                 Europe invents
  entrepreneurship.           Domestic Patents                                                   +65% more (actually
                                                          82000        135000
• Invention (ideas,patents ) (2009)
                                                                                                 much more because no
                                                                                                 SW patents in Europe,

  is good, but
                                                                                                 CII)

                                                                                                 Europe only ~ 1/5th
  commercialization is not.                                                                      the VC
• Very low VC activity in EU VC activity (H1’2010)       12.4 B$       2.6 B$
  (1/5th US), huge equity
  GAP                         % of population that                                               US is 50% higher
• Attitude of                 consider                     67%          45%
  entrepreneurship and        entrepreneurship

  failure not being an option % of Population that                                               US is 289% higher
                                                           13%          4.5%
  a big hindering factor.     become
                              entrepreneurs
• Need to catch-up on some                                                                       US 40% higher
                              % of population that
  20+ years of                accept possible              75%          54%
  entrepreneurship education failure in a startup
• Need to broaden where and                                                                      Trying to catch up 20-
                              Entrepreneurship
  how entrepreneurship is
                                                                                                 25years of Education
                                                          1980’s     Early 2000’s                and attitude
                              Education since
  taught
• Need to get EU success                                                                         Programs in HE and

                                                                                                                 ™
                                                                                                 now starting in K12
  rates (20%) close to US     Breadth (# types) innoVaventures
                                                ©           8            1-2
  (30%).
       7                                       All rights reserved
What is Technology Entrepreneurship ?
      Cash
      Flow

                          I                        II                         III             IV

The technical     The
                                   Business                                      Business
  invention     company
                                   Creation                                    Administration
                                                                                                                              t
                                    The business
                                     innovation




                                                                                             Derived: Prof. Jerry Engel UC Berkeley
                                                                                             Enhanced: Prof. Dr. Mark Harris




                  Needed: Technology Entrepreneurship Skills                    Management Skills (MBA etc)


     So Technology Entrepreneurship is not only „What“, but also „When“ !!

                                                        © innoVaventures                                                              ™
           8                                            All rights reserved
The Professional Entrepreneur
      Cash
      Flow

                           I                       II                         III             IV

The technical     The
                                Business                Business
  invention     company
                                Creation              Administration
                          Visioning the Future into the Present                                                               t
                                    The business
                                     innovation




                                                                                             Derived: Prof. Jerry Engel UC Berkeley
                                                                                             Enhanced: Prof. Dr. Mark Harris




                  Needed: Technology Entrepreneurship Skills                    Management Skills (MBA etc)


     So Technology Entrepreneurship is not only „What“, but also „When“ !!

                                                        © innoVaventures                                                              ™
           9                                            All rights reserved
The Professional Entrepreneur
      Cash
      Flow

                          I                        II                           III             IV

The technical     The
                                   Business                                        Business
  invention     company
                                   Creation                                      Administration
                              Zone of Collaboration                                                                             t
                                    The business
                                     innovation



                                                                              Zone of Competition
                                                                                               Derived: Prof. Jerry Engel UC Berkeley
                                                                                               Enhanced: Prof. Dr. Mark Harris




                  Needed: Technology Entrepreneurship Skills                      Management Skills (MBA etc)


     So Technology Entrepreneurship is not only „What“, but also „When“ !!

                                                        © innoVaventures                                                                ™
         10                                             All rights reserved
The Importance of Teamwork
             Entrepreneurship is a team sport




                        © innoVaventures        ™
11                      All rights reserved
The Market
The Technology Lifecycle Adoptation Curve
 %




                   Crossing
                  The Chasm
      The Early
       Market                 The Mainstream        Source: The Four Steps to the Epiphany

                                  Market                      Steven Gary Blank


                     The
                    Chasm
                                                                       t


                              © innoVaventures                                      ™
12                            All rights reserved
The Innovators Dilemma (Intro)
The Impact of Sustaining and Disruptive Technological Change
                       P
 Product Performance




                               Performance
                           Demanded At the high
                             end of the market




                                                                                    Performance
                                                                                Demanded At the low
                                           Disruptive                             end of the market
                                          Technological
                                           innovation




                                                                                                             t
                                                                                    Source: The Innovator„s Dilemma
                                                                                         Clayton M. Christensen




 13
                                                          © innoVaventures                                       ™
       13                                                 All rights reserved
Strategy: Using Small Markets as “Beach Heads”


                           “Sustaining” Technological Innovation
     Product Performance




                           Big Companies Need                                                  Third Technology
                           A Continuous Process


                                                                  Second Technology




                                     First Technology

                                                 Time or Engineering Effort

     Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations
     Management 1, no. 4 (Fall 1992): 340. Reprinted by permission.


14
                                                             © innoVaventures                                                                      ™
 14                                                          All rights reserved
Strategy: Using Small Markets as “Beach Heads”
                                                            Application (Market) “A”                                                                            Application (Market) “B”




                                                                                                                    Performance as Defined in Application “B”
Performance as Defined in Application “A”



                                                      Disruptive Technology
                                                      takes over the larger established
                                                      market!
                                                                                              New
                                                                                              entrant                                                                           Technology 2
                                                                                              dominates

                                                                           Older BIG
                                                                           company playing
                                                                                                                                                                        Disruptive Technology
                                                                           catch-up
                                                                                                                                                                        • new market niche
                                                                                                                                                                        • small markets
                                                                   Technology 1                                                                                         • small companies




                                                                                            Time or Engineering Effort
                                                 Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations
                                                 Management 1, no. 4 (Fall 1992): 361. Reprinted by permission.


                                            15
                                                                                                        © innoVaventures                                                                        ™
                                             15                                                         All rights reserved
New Venture Funding Stream

        $                                                 Sales
                                            $80




                                            IPO
                              $40
                                                           Cash
                                                           Flow
                        $20

                 $8
            $1
                                                                  time

                 Venture Capital Rounds




                                    © innoVaventures                     ™
16                                  All rights reserved
Structuring the Financing
The “Why” of multiple rounds




                                    Value is a Step Function:

     Value                              Technology/Product

                                        Marketing
                                        Management

                        Time
                            © innoVaventures                    ™
17                          All rights reserved
Adding Technology Value




                                                   Market Introduction
                                           Regulatory Approvals
     Value                           Manufacturing Prototype
                              Working Prototype
                       Patent Application
                 Feasibility or Prototype
             Concept
                         Time
                             © innoVaventures                            ™
18                           All rights reserved
Adding Market Value



                                                       Backlog
                                                Satisfied Customers
                                        Market Launch
                                    Beta Test
     Value
                         Technical Reports Published
                     Surveys/Concept Testing
                Qualitative Research (Focus Groups)
             Market Analysis - Published Data
                         Time

                          © innoVaventures                            ™
19                        All rights reserved
Adding Management Value



                                                    Human Resources Mgr

                                                Chief Financial Officer

 Value                              Sales Manager
                             Manufacturing Vice President
                        Controller
                  Marketing Vice President
              President
         Chief Technologist

                       Time
                          © innoVaventures                                ™
20                        All rights reserved
Smart business models ?

• How to become the next Facebook, Google, etc. ???

• If this was a pure science and any of us new the exact
  formula, we wouldn‟t be here…

• Much of that is a function also of the right product at the
  right time and (besides greatness) tons of luck….

• Larry and Sergey first failed with their strategy to offer a new
  search algorithm to Yahoo…. (I wonder if that Yahoo
  employee who turned it down is still there ??)

• Or look at the Intel founders Robert Noyce and Gordon
  Moore, they left Fairchild to follow their passion !!

                           © innoVaventures                          ™
21                         All rights reserved
Intel (1968)

                       • 1 page
                  • 3 paragraphs
                   • 9 sentences
So the              • 165 words
discipline of       • - 3 errors -
business plans
has changed
somewhat
over the years
too 

                 Today ~50+B$ revenue
                     ~65% pre-tax profits
                 © innoVaventures           ™
 22              All rights reserved
Smart business models ?

• Follow your passion !! Being passionate about your
  new business will help you survive 
• Create your new venture as “global born”.
  Focussing initially on a local market is fine, but
  don‟t loose sight of the global opportunity
• Know and understand your customers !!!
• Know and understand your market !!!
• Focus on YEAR ONE !! Get that right.
• Have several exit strategies already when you
  start.
• Work with global enablers like                     ™



                      © innoVaventures                   ™
23                    All rights reserved
A short excursion in Math:
          Question: What is the shortest distance between points A and B ?


          Sure, a straight line: A                      B
          as long as we are in two dimensional space....


          in three dimensional space, for example on a globe it is the
          GREAT Circle (ARC)




              24
                                      © innoVaventures                       ™
Slide:
         24                           All rights reserved
So what is the shortest path for a new venture ?
              The Path (Trail) to New Ventures
         Start(up)




                                       loop
                                     forever




                                                                  Gazelle



                                  © innoVaventures                    ™
Slide:
         25                       All rights reserved
™enables you to cross the Chasm !!




                                new ventures left on their own
                                      to bridge this gap


          Phase 1
      entrepreneurship
         education,                                                Phase 5
                                                                 VC / further scale
     Educational BizPlan
        Competitions




        Educational                                                Real
         Process                                                 companies
                                © innoVaventures                                      ™
26                              All rights reserved
™
                                     helps you to bridge the GAP !!




                Phase 1                  Phase 2
            entrepreneurship              Coaching             Phase 3           Phase 4
                                          Consulting
               education,                 Mentoring
                                                             1st real BizPlans   Angel Funding      Phase 5
                                                             Summer schools      infrastructure   VC / further scale
                                       Experimental labs
           Educational BizPlan       Industry connections
                                                                 Bootcamps
                                                               Seed Funding
              Competitions


                                              Seed Funding

                            Entrepreneurship Education

              Educational                                     Real-life                             Real

Services
               Process                                        practice                            companies
                                                  © innoVaventures                                                     ™
  27                                              All rights reserved
InnoVaventures Global Network of Experts




                © innoVaventures           ™
28              All rights reserved
InnoVaventures Network of




                                        -in negotiation (Phase I)
                                        -planned (Phase II)
                                        -planned (Phase III)




                  © innoVaventures                             ™
29                All rights reserved
Network of Global Clusters of Innovation




                  © innoVaventures         ™
30                All rights reserved
™




     © innoVaventures      ™
31   All rights reserved

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Innovation and Entrepreneurship

  • 1. innovation, entreprenurship and smart business models Prof. Dr. Sc. math. Dr. h.c. Mark Harris CEO and Founder 1 Adjunct Professor for Technology Entrepreneurship & Innovation
  • 2. What is innovation ? Innovation is an invention, paired with a process and a market Entrepreneurship invention process market © innoVaventures ™ 2 All rights reserved
  • 3. Entrepreneurship is: A process Not a person About BIG companies that happen to be small Not about small business Important to BIG business © innoVaventures ™ 3 All rights reserved
  • 4. What is Entrepreneurship ? „The pursuit of opportunity beyond the resources one currently has under control“. * * Source: Professor Howard Stevenson © innoVaventures ™ 4 All rights reserved
  • 5. Entrepreneurship Bridges the Gap Technology/ Entrepreneurship Value Opportunity © innoVaventures ™ 5 All rights reserved
  • 6. The Entrepreneurial Process Identify • Need Opportunity • Solution • „Unfair Advantage‟ Acquire • Technology rights Resources • People • Money © innoVaventures ™ 6 All rights reserved
  • 7. Technology Entrepreneurship The New Way Forwards EUR Observations: Criteria US Europe Comparison Comment • EU 2020 declaration highly Economies in same focussed (#1 issue) on GDP (2010) 14.66 T$ 14.82 T$ Ballpark innovation and Europe invents entrepreneurship. Domestic Patents +65% more (actually 82000 135000 • Invention (ideas,patents ) (2009) much more because no SW patents in Europe, is good, but CII) Europe only ~ 1/5th commercialization is not. the VC • Very low VC activity in EU VC activity (H1’2010) 12.4 B$ 2.6 B$ (1/5th US), huge equity GAP % of population that US is 50% higher • Attitude of consider 67% 45% entrepreneurship and entrepreneurship failure not being an option % of Population that US is 289% higher 13% 4.5% a big hindering factor. become entrepreneurs • Need to catch-up on some US 40% higher % of population that 20+ years of accept possible 75% 54% entrepreneurship education failure in a startup • Need to broaden where and Trying to catch up 20- Entrepreneurship how entrepreneurship is 25years of Education 1980’s Early 2000’s and attitude Education since taught • Need to get EU success Programs in HE and ™ now starting in K12 rates (20%) close to US Breadth (# types) innoVaventures © 8 1-2 (30%). 7 All rights reserved
  • 8. What is Technology Entrepreneurship ? Cash Flow I II III IV The technical The Business Business invention company Creation Administration t The business innovation Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 8 All rights reserved
  • 9. The Professional Entrepreneur Cash Flow I II III IV The technical The Business Business invention company Creation Administration Visioning the Future into the Present t The business innovation Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 9 All rights reserved
  • 10. The Professional Entrepreneur Cash Flow I II III IV The technical The Business Business invention company Creation Administration Zone of Collaboration t The business innovation Zone of Competition Derived: Prof. Jerry Engel UC Berkeley Enhanced: Prof. Dr. Mark Harris Needed: Technology Entrepreneurship Skills Management Skills (MBA etc) So Technology Entrepreneurship is not only „What“, but also „When“ !! © innoVaventures ™ 10 All rights reserved
  • 11. The Importance of Teamwork Entrepreneurship is a team sport © innoVaventures ™ 11 All rights reserved
  • 12. The Market The Technology Lifecycle Adoptation Curve % Crossing The Chasm The Early Market The Mainstream Source: The Four Steps to the Epiphany Market Steven Gary Blank The Chasm t © innoVaventures ™ 12 All rights reserved
  • 13. The Innovators Dilemma (Intro) The Impact of Sustaining and Disruptive Technological Change P Product Performance Performance Demanded At the high end of the market Performance Demanded At the low Disruptive end of the market Technological innovation t Source: The Innovator„s Dilemma Clayton M. Christensen 13 © innoVaventures ™ 13 All rights reserved
  • 14. Strategy: Using Small Markets as “Beach Heads” “Sustaining” Technological Innovation Product Performance Big Companies Need Third Technology A Continuous Process Second Technology First Technology Time or Engineering Effort Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations Management 1, no. 4 (Fall 1992): 340. Reprinted by permission. 14 © innoVaventures ™ 14 All rights reserved
  • 15. Strategy: Using Small Markets as “Beach Heads” Application (Market) “A” Application (Market) “B” Performance as Defined in Application “B” Performance as Defined in Application “A” Disruptive Technology takes over the larger established market! New entrant Technology 2 dominates Older BIG company playing Disruptive Technology catch-up • new market niche • small markets Technology 1 • small companies Time or Engineering Effort Source: Clayton M. Christensen, “Exploring the Limits of the Technology S-Curve. Part I: Component Technologies,” Production and Operations Management 1, no. 4 (Fall 1992): 361. Reprinted by permission. 15 © innoVaventures ™ 15 All rights reserved
  • 16. New Venture Funding Stream $ Sales $80 IPO $40 Cash Flow $20 $8 $1 time Venture Capital Rounds © innoVaventures ™ 16 All rights reserved
  • 17. Structuring the Financing The “Why” of multiple rounds Value is a Step Function: Value Technology/Product Marketing Management Time © innoVaventures ™ 17 All rights reserved
  • 18. Adding Technology Value Market Introduction Regulatory Approvals Value Manufacturing Prototype Working Prototype Patent Application Feasibility or Prototype Concept Time © innoVaventures ™ 18 All rights reserved
  • 19. Adding Market Value Backlog Satisfied Customers Market Launch Beta Test Value Technical Reports Published Surveys/Concept Testing Qualitative Research (Focus Groups) Market Analysis - Published Data Time © innoVaventures ™ 19 All rights reserved
  • 20. Adding Management Value Human Resources Mgr Chief Financial Officer Value Sales Manager Manufacturing Vice President Controller Marketing Vice President President Chief Technologist Time © innoVaventures ™ 20 All rights reserved
  • 21. Smart business models ? • How to become the next Facebook, Google, etc. ??? • If this was a pure science and any of us new the exact formula, we wouldn‟t be here… • Much of that is a function also of the right product at the right time and (besides greatness) tons of luck…. • Larry and Sergey first failed with their strategy to offer a new search algorithm to Yahoo…. (I wonder if that Yahoo employee who turned it down is still there ??) • Or look at the Intel founders Robert Noyce and Gordon Moore, they left Fairchild to follow their passion !! © innoVaventures ™ 21 All rights reserved
  • 22. Intel (1968) • 1 page • 3 paragraphs • 9 sentences So the • 165 words discipline of • - 3 errors - business plans has changed somewhat over the years too  Today ~50+B$ revenue ~65% pre-tax profits © innoVaventures ™ 22 All rights reserved
  • 23. Smart business models ? • Follow your passion !! Being passionate about your new business will help you survive  • Create your new venture as “global born”. Focussing initially on a local market is fine, but don‟t loose sight of the global opportunity • Know and understand your customers !!! • Know and understand your market !!! • Focus on YEAR ONE !! Get that right. • Have several exit strategies already when you start. • Work with global enablers like ™ © innoVaventures ™ 23 All rights reserved
  • 24. A short excursion in Math: Question: What is the shortest distance between points A and B ? Sure, a straight line: A B as long as we are in two dimensional space.... in three dimensional space, for example on a globe it is the GREAT Circle (ARC) 24 © innoVaventures ™ Slide: 24 All rights reserved
  • 25. So what is the shortest path for a new venture ? The Path (Trail) to New Ventures Start(up) loop forever Gazelle © innoVaventures ™ Slide: 25 All rights reserved
  • 26. ™enables you to cross the Chasm !! new ventures left on their own to bridge this gap Phase 1 entrepreneurship education, Phase 5 VC / further scale Educational BizPlan Competitions Educational Real Process companies © innoVaventures ™ 26 All rights reserved
  • 27. helps you to bridge the GAP !! Phase 1 Phase 2 entrepreneurship Coaching Phase 3 Phase 4 Consulting education, Mentoring 1st real BizPlans Angel Funding Phase 5 Summer schools infrastructure VC / further scale Experimental labs Educational BizPlan Industry connections Bootcamps Seed Funding Competitions Seed Funding Entrepreneurship Education Educational Real-life Real Services Process practice companies © innoVaventures ™ 27 All rights reserved
  • 28. InnoVaventures Global Network of Experts © innoVaventures ™ 28 All rights reserved
  • 29. InnoVaventures Network of -in negotiation (Phase I) -planned (Phase II) -planned (Phase III) © innoVaventures ™ 29 All rights reserved
  • 30. Network of Global Clusters of Innovation © innoVaventures ™ 30 All rights reserved
  • 31. © innoVaventures ™ 31 All rights reserved