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Entrepreneurship, Technology Commercialization and Industrial Development Montevideo, Uruguay August, 2003 Richard M. St PowerPoint Presentation
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Entrepreneurship, Technology Commercialization and Industrial Development Montevideo, Uruguay August, 2003 Richard M. Stein KLIOS, Inc. K nowledge L ogic I nformation O pportunity S trategy Entrepreneurship Entrepreneurial Mindset Small Business

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Entrepreneurship,Technology Commercializationand Industrial DevelopmentMontevideo, UruguayAugust, 2003Richard M. SteinKLIOS, Inc.

Knowledge

Logic

Information

Opportunity

Strategy

agenda
Entrepreneurship

Entrepreneurial Mindset

Small Business

Business Life Cycle: Births, Deaths, Survival

Business Life Cycle: Firm Stages & Dynamics

Networks and Connectivity

Technology Commercialization

Industrial Development

“Co-opetition” (Definition)

Conclusions

Useful Websites

Q & A

Agenda

Knowledge

Logic

Information

Opportunity

Strategy

entrepreneurship
Entrepreneurship

Identifying a market opportunity

AND

Exploiting it!!!

entrepreneurial mindset
Passionate

Initiative

High energy

Minimal needs

Energized by chaos, ambiguity and challenge

Persistent

Responsible

Problem solvers

Persuasive

Self-disciplined, organized

Financially prudent

Self-confident

Natural leaders

Market savvy

Entrepreneurial Mindset
entrepreneurial mindset5
Entrepreneurial Mindset

Passionate

  • Burn with desire
  • Must try
  • Must succeed
entrepreneurial mindset6
Entrepreneurial Mindset

Initiative

  • Aggressive
  • “Just do it”
entrepreneurial mindset7
Entrepreneurial Mindset

High energy

  • “If you want something done, give it to a busy person.”
  • 24/7
entrepreneurial mindset8
Entrepreneurial Mindset

Minimal needs

  • Low support requirements
  • Able to “go it alone”
  • “Independent”
entrepreneurial mindset9
Entrepreneurial Mindset

Energized by chaos, ambiguity and change

  • Not frightened by lack of structure
  • Welcome uncertainty
  • Expect the unexpected
entrepreneurial mindset10
Entrepreneurial Mindset

Persistent

  • “When the going gets tough, the tough get going.”
  • Won’t accept “no”
entrepreneurial mindset11
Entrepreneurial Mindset

Responsible

  • …for success or failure
  • Not afraid of risk
entrepreneurial mindset12
Entrepreneurial Mindset

Problem solvers

  • Adaptive
  • Enjoy / “welcome” uncertainty
entrepreneurial mindset13
Entrepreneurial Mindset

Persuasive

  • Salespeople
  • Skilled negotiators
entrepreneurial mindset14
Entrepreneurial Mindset

Self-disciplined, organized

  • 24/7 operations
  • Able to delegate
entrepreneurial mindset15
Entrepreneurial Mindset

Financially prudent

  • Must understand the “value” of money
entrepreneurial mindset16
Entrepreneurial Mindset

Self-confident

  • Willing to stand alone
  • Not paralyzed by fear
entrepreneurial mindset17
Entrepreneurial Mindset

Natural leaders

  • Able to build teams and convince followers
  • Not ruled by hubris
entrepreneurial mindset18
Entrepreneurial Mindset

Market savvy

  • Able to identify opportunities
  • Perceptive to subtle signals
entrepreneurs are not
Lazy

Greedy

Dishonest

Paranoid

Impatient

Disorganized

Ignorant

Unlucky

Entrepreneurs are not…
entrepreneurship begins as small business
Small business in the US…

= 1-499 employees

> 99% of US employers

> 50% US private sector employment

> 44% US private sector payroll

60-80% of annual new job creation

> 50% of nonfarm private GDP

13-14 times more patents/employee

39% of high-tech workers

97% of exporters

29% of exports ($)

…Small business is big!

Entrepreneurship…begins as small business
business life cycle births deaths survival
In the US…

Births : Deaths = 1:1

Start-ups year0-2 = 100% of net new jobs

Survival: 67% @ 2 years

Survival: 50% @ 4 years

Open or close (SMEs)?

Access to capital

Workforce/labor

Educational achievement

Lifestyle decisions

Successful firms do close!

Business Life Cycle: Births, Deaths, Survival
business life cycle firm stages dynamics
Business Life Cycle: Firm Stages & Dynamics

Attributes for firm survival/ success

  • Intellectual Capital
    • Research, ideas, patents, intellectual property
  • Human Capital
    • Workforce, skills
  • Financial Capital
  • Proximity and connectivity
    • Concentration, critical mass, partnerships
  • Social Capital
    • Regional mindset, collaborationSource: New Economy Strategies
business life cycle firm stages dynamics23
Stage 1: Conception/ startup/ birth

Stage 4: Maturity

Stage 2: Fledgling/ Formation

Stage 3: Adolescence/ Growth

Business Life Cycle: Firm Stages & Dynamics
business life cycle firm stages dynamics24
Business Life Cycle: Firm Stages & Dynamics

Stage 1: Conception/ startup/ birth

  • Intellectual Capital
    • Ideas, research, technology transfer, proof-of-concept, market information
  • Human Capital
  • Financial Capital
  • Proximity and connectivity
    • Small firm-large firm relationships
    • Public-private-academic partnerships
  • Social capital
    • Entrepreneurial mindset, peer groups, mentors, networks
business life cycle firm stages dynamics25
Business Life Cycle: Firm Stages & Dynamics

Stage 2: Fledgling/ Formation

  • Intellectual Capital
    • Ongoing research and development
  • Human Capital
    • Managerial, financial, legal talent
  • Financial Capital
    • Investment, credit
  • Proximity and connectivity
    • Small firm-large firm, public-private-academic relationships
  • Social capital
    • Entrepreneurial support services, networks
business life cycle firm stages dynamics26
Business Life Cycle: Firm Stages & Dynamics

Stage 3: Adolescence/ Growth

  • Intellectual Capital
  • Human Capital
    • Managerial, financial, legal and operations talent
    • Expanded personnel requirements
  • Financial Capital
    • Investment, credit
  • Proximity and connectivity
    • Small firm-large firm, public-private-academic relationships
    • Expanded market access
  • Social capital
business life cycle firm stages dynamics27
Business Life Cycle: Firm Stages & Dynamics

Stage 4: Maturity

  • Intellectual Capital
    • Research and innovation, productivity enhancements
  • Human Capital
  • Financial Capital
    • Investment, credit
  • Proximity and connectivity
    • Small firm-large firm, public-private-academic relationships
    • Extended supply chain
    • Expanded market access
  • Social capital
networks and connectivity
Proximity and connectivity

Concentration

Critical mass

Industrial clusters

Small firm-large firm

Public-private-academic

Social capital

Entrepreneurial mindset

Peer groups

Mentors

Entrepreneurial support services - infrastructure

Informal networks

Networks and Connectivity
technology commercialization
Technology Commercialization
  • New or improved products and services are vital ingredients for industrial cluster growth
  • Formal mechanisms for technology commercialization assist entrepreneurs
    • Technology transfer
    • In-licensing = jobs
    • Out-licensing = royalties
    • Spin-outs
industrial development
Industrial Development

Industrial clusters

  • Policy objective: Grow industry sectors by leveraging competitive advantage(s)
  • Result of horizontal and vertical concentrations of firms that achieve critical mass
  • Sustainable if:
    • A mix of firms (by size & type) who work together
    • A mix of public-private-academic relationships
industrial development31
Industrial Development

Social capital

  • Policy objective: Strengthen entrepreneurial mindset
  • Entrepreneurial support services—i.e., infrastructure—can accelerate social capital growth
    • Peer networks
    • Mentor relationships
  • Informal networks become organic
industrial development32
Industrial Development
  • Without critical mass, industrial clusters will not grow
    • Remain small or decline
    • Lose or never gain competitive advantage(s)
    • Unsustainable
  • Building relationships is a valid policy objective
    • Attract, retain, grow…
    • …Talent/ workforce, jobs, companies
industrial development33
Industrial Development
  • Identify industries with appropriate mix of attributes in order to strengthen and leverage competitive advantage(s)
    • Requires extensive data analysis and market research
  • Establish/ improve mechanisms for technology commercialization
  • Focus on relationships
    • Create infrastructure
  • Attract, retain, grow…
  • …Talent/ workforce, jobs, companies
industrial development34
Industrial Development
  • Identify industries with appropriate mix of attributes in order to strengthen and leverage competitive advantage(s)
    • Macroeconomic analysis
    • Microeconomic analysis
    • Market research
    • Forecasting and scenario planning
    • Interview and survey research
industrial development35
Industrial Development
  • Establish/ improve mechanisms for technology commercialization
    • Public-private-academic
    • Formally engage key decision makers and technical experts
    • Develop review mechanisms
    • Scan for new developments
    • Push technology—i.e., don’t let it sit unused
    • Partner/ combine technologies
    • Meet regularly
industrial development36
Industrial Development
  • Focus on relationships
    • Public-private-academic
    • Formally engage key individuals and organizations
    • Meet regularly
    • Network formally as well as informally
    • Connect!
industrial development37
Industrial Development
  • Attract, retain and grow:
    • Talent/ skilled workforce;
    • Jobs;
    • Companies
definition co opetition
Definition: “Co-opetition”
  • Cooperation
  • Competition

Knowledge

Logic

Information

Opportunity

Strategy

conclusions
Conclusions
  • Despite current economic conditions, opportunities are big and growing
  • Uruguay has a unique mix of advantages
    • Based on location, socioeconomic and demographic mix, infrastructure, policies,...
    • Technologic opportunities
    • Location opportunities

Knowledge

Logic

Information

Opportunity

Strategy

useful websites
Useful Websites
  • http://www.entreworld.org/ —resources for entrepreneurs (Kauffman Foundation)
  • http://www.kauffman.org/ —Ewing Marion Kauffman Foundation (GEMS: Global Entrepreneurship Monitor)
  • http://www.celcee.edu/ —Kauffman Center for Entrepreneurial Leadership Clearinghouse on Entrepreneurship Education
  • http://www3.babson.edu/eship/ —Arthur M. Blank Center for Entrepreneurship (Babson College)
  • http://edwardlowe.org/index.shtml —Edward L. Lowe Foundation; advice for entrepreneurs
  • http://www.lowe.org —”Peerspectives” (Lowe Foundation); advice for entrepreneurs
  • http://www.developmentgateway.org/ —Portal for information on international and sustainable development
  • http://knowledge.wharton.upenn.edu/ —Knowledge@Wharton (see “The Importance of Being Latin America”)
thank you

Knowledge

Logic

Information

Opportunity

Strategy

Thank you!

www.KLIOS.net

slide42

Q & A

Knowledge

Logic

Information

Opportunity

Strategy

www.KLIOS.net