What is entrepreneurship? From Idea to Opportunity to Venture Dr Shailendra Vyakarnam
Some basic debates
Born or made? It cannot be taught.. It is only a matter of luck.. You do this because you cannot find a job It is not for smart people It is only for the money‌ What are the Brazilian views?
Create a brand for an entrepreneur
Happy
Typical values
Good at…
Motto “one line – brand value”
Process of entrepreneurship New venture New project New Division Spin off Acquisition
Family business – diversification Social need Personal experience Spotted a gap
Research groups Individual academics Industry research
Due diligence Market research Business plans
New venture Licence Joint venture with industry
Shane and Venketaraman, 2000
Complexity of technology commercialisation Lack of know how and know who.. Business model Choices Many ideas
Sell IP Opportunities Licence JV New venture
Readiness – combines instinct/market information/customers
Ideas – many possibilities – common validation process...
Ideas – IP from Unicamp
Entrepreneurial Learning - Journey INSPIRATION
INTENTION
INFORMATION
IMPLEMENTATION
Postgraduate Diploma in Entrepreneurship
Technology/Knowledge based opportunities
Using experience to filter ideas • Social networks • Access to experience • Access to tacit knowledge – covering the knowledge gap • Access to the right kinds of advice • Sources of creative suggestions
RealVNC Virtual Network Merged with Andy Hopper Level5Network Computing Globespan Andy Hopper Steve Pope Ubisense Andy Hopper Peter Warton Cambridge Andy Hopper Andy Hopper Broadband Andy Ward IPV (Telemedia Hermann Hauser Acquired by American Pete Acquired by AT &T Systems) Andy Hopper Microwave Virata(ATML) Steggles Adaptive
Simon Elliott David Cleevely VBN online Splashpower
Acquired by Western Multiplex Hermann Hauser Corp
Broadband
TerraPrise
Amadeus Capital Partners Hermann Hauser Tensails nCipher Mike Muller Richard Green Alex van Someren Andy Hopper Acquired by Tudor Brown Acquired by Nicko van Someren Broadcom ARM Jamie Urquhart Lily Chang GE ANT Icera Element 14 Acquired by Richard Green Small Alex van Someren James Hay Olivetti Stan Boland Stan Boland Authur Chance World Nicko van Someren Simon Knowles Simon Knowles Dick Newell Cambridge Interactive Systems Part of DAKO DakoCytomation John Snyder Dick Newell, Tom Sancha Diagnostics Merged with Webtop Acorn Charles Lang Hermann Hauser, Chris Keightley Cytomation Inc Hermann IQ Bio Shape Data Peter Duffett-Smith Smartlogik CAD Hauser Netchannel Acquired by CPS Hermann Hauser Acquired by Dialog Hermann Hauser NTL Top Jack Lang Cambridge Jack Lang Electronic Share Jack Lang express University Information Olivetti Research Lab
Muscat John Snyder Martin Porter
Enterprise Accelerator John Snyder Cambridge Adam Twiss Zeus Semiconductor David Reeves Technology Gehan Amaratunga Pilgrim Beart Florin Udrea ActiveRF
Laser-Scan Analysys R. O. Frisch David Cleevely
Saviso Group Adam Twiss Bryan Amesbury
Pilgrim Beart
Richard Friend Plastic Logic
1986-1990
Daniel Hall Antenova
Richard Friend
Until 1985
ART
David Cleevely Cambridge Hermann Hauser Network Alec Broers
1991-1995 Collin Ager Garraint Davies Innovia
Polight Technologies
Stephen Elliott Pavel Krecmer
1996-2000
Acquired by E* Trade
CDT
Cambridge 3G David Cleevely
M-Spatial 2001-2002 Adrian Cuthbert Jon Billing
Acorn alumni
To say Yes/No – sometimes instinct – sometimes evidence
Opportunity Recognition
Phineas Gage (1848) Tamping Iron....
Damasio et al. 1994
What if 3M says No at each stage? Micro-channel cooling
Structured Surface Filter
Fluid Transport
ISO porous
High flow Filter
MATERIALS
Structured Surface Sensor
ELECTRONICS
Electrical Connectors Stem Web Tape Prism Reflectivity
Cube corner Diamond Grade Sheeting
Reclosable Fasteners
Glare-free Overhead Projector Lens
1964
Total Internal Reflection
Griplets Shaped Particles
Brightness Enhancement Film Day lighting
1980
X-ray Scan
Internally Lit Signs
DG3
REFLECTIVE MATERIALS
Light Pole
ILLUMINATION
LED Light Mixing
LCD Film
FLG Light Control
FILM
Large-Diameter Optical Fiber Low-profile Overhead Projector
Multi focal Interocular Lens
ABRASIVES
Trizact Abrasives
Lighted Lane Marker
Notched Fiber
ADHESIVES
Micro Comply
Fluorescent DGS Conspicuity
Programmed Optics for Signs
Lighted Guidance Tube
Optical Lighting Film
Radial Solar Concentrator
1970
Structured Surface Abrasives
Scotchlite DGS
Linear Solar Concentrator
Overhead Projector Lens
Smart Adhesives
Lane Markers Wide Angle DGS Lens Film
Traffic Signal
Control TAC
1990
Technology-Driven Business Building
Micro lenses
2000
LENSES
One of the best known No No No • Monoclonal antibodies... • BTG – Stalled development • Genentech • CAT – Humira • And the rest is history
Most painful errors in entrepreneurship – Type II and Type III decisions Yes I
III
II
IV
No Success
Failure
How can we avoid Type II decision errors? • Say Yes – Opportunity is a success = Hero! • Say Yes – Opportunity fails = Crucified • Say No – Opportunity is a success = Philosopher! • Say No – Opportunity fails = Heroic philosopher!!
Consequence – No is the most frequently heard expression faced by entrepreneurs! And it comes in many forms!
Technology dependent opportunity F U N D A M E N T A L S
Technical attributes
Technical advantage
Faster Smaller Cheaper New effects
C O M P A R I S O N
10x 2X 1X
Filter Comparison With rival technologies
Applications commercial advantages
Applications B R A I N S T O R M
Create and Understand Potential Applications segmentation
M A R K E T R E A L I T I E S
Viable applications
Significant wins
M A R K E T S
Market dynamics Routes to market Commercialisation
Market size Return on investment Business models Team competence Vision
Market Driven Opportunities
Attributes
Aspirin Vitamin
Advantage
USP Competition Tapping into trends Supply advantage Brand leverage Disruptive or Incremental
Markets
Segments Growth Sizes Gap in the market Positioning Location
Commercial advantages
Price points Margins Cash flow Strategic directions for the future Barriers to entry Long term sustainability
Biggest markets
Significant wins
Investments ROI Risks Window of Opportunity Speed of execution Business model Impact on family
Ambition: Lifestyle Growth