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Summary Technological Entrepreneurship Marc Goldstein 2021/2022
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Technological Entrepreneurship Marc Goldstein 2021/2022
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Technologisch Ondernemerschap Prof. Marc GoldchsteinProf. Thomas Crispeels
Contents
Module 01 : Introduction .................................................................................................................................................. 8
Innovation and Entrepreneurship ................................................................................................................................. 8
The entrepreneur .......................................................................................................................................................... 9
Types of entrepreneurs............................................................................................................................................. 9
The logic of an entrepreneur .................................................................................................................................... 9
Technology entrepreneurship....................................................................................................................................... 9
Perspectives on innovation ..................................................................................................................................... 10
Why bother ? .............................................................................................................................................................. 10
The origin of wealth ................................................................................................................................................ 10
Creative Destruction ............................................................................................................................................... 10
Change the entrepreneurial attitude ...................................................................................................................... 12
Educational offer......................................................................................................................................................... 13
Bridge Project Technology Entretreneurship 2007-2010 ....................................................................................... 13
In curriculum handelsingenieur .............................................................................................................................. 13
In curriculum IR & WE ............................................................................................................................................. 14
Course content ........................................................................................................................................................ 14
Module 02 : Business ecosystems .................................................................................................................................. 14
Why should we learn this? .......................................................................................................................................... 14
Sectors, industries & markets ..................................................................................................................................... 15
Classification ........................................................................................................................................................... 15
Supply chains & value chains ...................................................................................................................................... 18
About Supply chains ................................................................................................................................................ 18
About Value Chains ................................................................................................................................................. 19
The Whole product ................................................................................................................................................. 20
Supply & Value Chain dimensions........................................................................................................................... 20
Create value & capture value.................................................................................................................................. 20
Standards .................................................................................................................................................................... 22
About Standards ..................................................................................................................................................... 22
Why Standards? ...................................................................................................................................................... 22
Standard Types........................................................................................................................................................ 22
Who sets Standards? .............................................................................................................................................. 22
Control vs Information ............................................................................................................................................ 23
Uniqueness vs Costs ................................................................................................................................................ 23
Standards vs Modularity ......................................................................................................................................... 23
Standard fora .......................................................................................................................................................... 23
Standards in industries............................................................................................................................................ 24
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, Standard Battles ...................................................................................................................................................... 24
Network effects & economies of scale ....................................................................................................................... 24
Direct Netwerk Effects ............................................................................................................................................ 24
Indirect Network Effects ......................................................................................................................................... 25
Two-sided network effects ..................................................................................................................................... 25
Treshold Network Effects ........................................................................................................................................ 26
Lock-in & Switching Costs ....................................................................................................................................... 26
(Dis)economies of scale .............................................................................................................................................. 26
Economies of Scale.................................................................................................................................................. 26
The learning curve................................................................................................................................................... 27
Diseconomies of scale ............................................................................................................................................. 27
Economies of scope ................................................................................................................................................ 27
Business ecosystem actors.......................................................................................................................................... 27
Overview of Actors.................................................................................................................................................. 28
Your place in the ecosystem ................................................................................................................................... 29
Regional clusters ......................................................................................................................................................... 29
About Regional Clusters .......................................................................................................................................... 29
Characteristics ......................................................................................................................................................... 29
Biotech Clusters ...................................................................................................................................................... 30
Module 03 : Innovation dynamics .................................................................................................................................. 30
Creative Destruction ................................................................................................................................................... 30
The essence of free market economics .................................................................................................................. 30
The OOPS… .............................................................................................................................................................. 30
Innovation Typologies ................................................................................................................................................. 30
Innovation and Invention ........................................................................................................................................ 30
What can change ? .................................................................................................................................................. 31
Changing The Offering ............................................................................................................................................ 33
Impact of Change .................................................................................................................................................... 33
Assessment of Impact ................................................................................................................................................. 35
Why incumbents miss the boat? ................................................................................................................................ 35
Who drives Innovations? ............................................................................................................................................ 35
Life Cycles dynamics in business ecosystems ............................................................................................................. 36
Different Perspectives ............................................................................................................................................. 36
Market / Industry .................................................................................................................................................... 41
Our “Business Ecosystem” Life Cycle (Meso-Economie perspective) ..................................................................... 48
Module 04 : Entrepreneurial Strategie ........................................................................................................................... 52
Workflow................................................................................................................................................................. 52
Key Dimensions of Entrepreneurial Strategy .......................................................................................................... 52
Core Assets .................................................................................................................................................................. 53
Examples: ................................................................................................................................................................ 53
What are core assets? ............................................................................................................................................. 53
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, Classification ........................................................................................................................................................... 54
Core Assets Exclusivity ............................................................................................................................................ 54
Core Asset Strategies .............................................................................................................................................. 55
How Market-ready are your core assets? ............................................................................................................... 55
Technology Readiness Levels (TRL) ......................................................................................................................... 56
Freedom to operate ................................................................................................................................................ 56
Problem/Solution fit ................................................................................................................................................... 56
Key Dimensions ....................................................................................................................................................... 56
Who is your customer? ........................................................................................................................................... 57
Performance Criteria............................................................................................................................................... 57
Product/Market fit ...................................................................................................................................................... 59
Defining a product for a market.............................................................................................................................. 59
Your Place in the Ecosystem ....................................................................................................................................... 59
What’s your place? ................................................................................................................................................. 59
For Component Suppliers ....................................................................................................................................... 60
Scaleability : Services vs. IT and Manufacturing ..................................................................................................... 60
Ecosystem Animator ............................................................................................................................................... 60
The role of Industrial Partners ................................................................................................................................ 61
Outsourcing ............................................................................................................................................................. 61
Mapping the Business Ecosystem ........................................................................................................................... 61
The three Ecosystem Map Dimensions ................................................................................................................... 62
Complementary Assets ........................................................................................................................................... 62
Business Model ....................................................................................................................................................... 64
Market Attractivity .................................................................................................................................................. 79
Perspectives on Entrepreneurial Strategy .................................................................................................................. 81
Project Complexity .................................................................................................................................................. 81
Project Validation.................................................................................................................................................... 82
Strategies for uncertain markets ............................................................................................................................ 82
Iteration .................................................................................................................................................................. 82
Streams ................................................................................................................................................................... 83
Module 05 : Technology Transfer and IP ........................................................................................................................ 83
Intellectual Property ................................................................................................................................................... 83
Introduction ............................................................................................................................................................ 83
Intellectual property (rights) ................................................................................................................................... 83
Intellectual Property Types ..................................................................................................................................... 84
i-Depot .................................................................................................................................................................... 89
Technology Transfer ................................................................................................................................................... 89
Introduction ............................................................................................................................................................ 89
University mission & technology transfer ............................................................................................................... 89
Knowledge / Technology......................................................................................................................................... 90
Process .................................................................................................................................................................... 92
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, Technology Transfer Modes ................................................................................................................................... 92
Examples ................................................................................................................................................................. 93
Module 06 : Entrepreneurial Finance ............................................................................................................................. 96
1. Setting the scene................................................................................................................................................. 96
The Limited Company ............................................................................................................................................. 96
Funds Needed ......................................................................................................................................................... 97
2. Sources of funding .............................................................................................................................................. 97
Main Financing options ........................................................................................................................................... 97
Sources of funding .................................................................................................................................................. 98
Private equity (PE) funding (Eigen Vermogen) ..................................................................................................... 100
Venture Capital (VC).............................................................................................................................................. 102
3. Venture Capital Dealmaking ............................................................................................................................. 108
How Venture Capitalist Decide ............................................................................................................................. 108
Due Diligence ........................................................................................................................................................ 109
Term Sheets .......................................................................................................................................................... 109
4. Venture Capital Companies .............................................................................................................................. 109
Investment Rounds & Valuation ........................................................................................................................... 110
EXITS ...................................................................................................................................................................... 110
Sources of funding : Crowdfunding........................................................................................................................... 111
Definition............................................................................................................................................................... 111
Forms of crowdfunding ......................................................................................................................................... 111
Top Crowdfunding Platforms ................................................................................................................................ 111
Sources of funding : public support measures.......................................................................................................... 112
Support measures by Flemish Authorities ............................................................................................................ 112
Module 07 : Marketing ................................................................................................................................................. 115
Introduction .............................................................................................................................................................. 115
The many functions inside an organisation .......................................................................................................... 115
The main tasks of Sales & Marketing .................................................................................................................... 115
The place of marketing within the organisation ................................................................................................... 116
Marketing & the organization ............................................................................................................................... 116
The business-to-business market ......................................................................................................................... 116
Your village… ......................................................................................................................................................... 116
Market intelligence ................................................................................................................................................... 117
Market Research ................................................................................................................................................... 117
Markets and Markets ............................................................................................................................................ 117
Industry Associations ............................................................................................................................................ 117
Why members join associations? ......................................................................................................................... 118
Professional Magazines......................................................................................................................................... 118
Gopress ................................................................................................................................................................. 118
The internet Archive ............................................................................................................................................. 118
Google Search ....................................................................................................................................................... 118
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, Internet market search tools : An overview ......................................................................................................... 118
Informal Market Research .................................................................................................................................... 118
Internal Data Gathering ........................................................................................................................................ 119
Business Intelligence (BI) ...................................................................................................................................... 119
Most Common Business Analytics Applications ................................................................................................... 119
Market Research ................................................................................................................................................... 120
Product Management / Marketing ........................................................................................................................... 120
The role of Product Management (PM) ................................................................................................................ 120
Product Management in smaller organisations .................................................................................................... 121
Pricing........................................................................................................................................................................ 121
The strategic Pricing Pyramid................................................................................................................................ 121
Place of pricing in the organisation....................................................................................................................... 121
Some Considerations ............................................................................................................................................ 122
The 3 major pricing Strategies .............................................................................................................................. 122
Pricing Structures & Metrics ................................................................................................................................. 123
Marketing Communications...................................................................................................................................... 123
Positioning your company .................................................................................................................................... 123
Word of mouth ..................................................................................................................................................... 123
(business) customer value propositions ............................................................................................................... 124
Elevator pitch ........................................................................................................................................................ 124
The standard slide deck ........................................................................................................................................ 124
Demo’s and demo centers .................................................................................................................................... 125
Opinion leaders ..................................................................................................................................................... 125
Events, trade fairs…............................................................................................................................................... 125
Social Media Marketing (SMM) ............................................................................................................................ 126
Sales, Channel Management .................................................................................................................................... 127
Channels ................................................................................................................................................................ 127
Business Partners Models ..................................................................................................................................... 127
E-Commerce .......................................................................................................................................................... 127
Integrators............................................................................................................................................................. 128
Sales ...................................................................................................................................................................... 129
Module 08 : New Product development....................................................................................................................... 129
Introduction .............................................................................................................................................................. 129
Difference between Waterfall and Agile method of solution............................................................................... 130
Waterfall model : A lineair, sequential model .......................................................................................................... 130
A structured Process ............................................................................................................................................. 130
Simplified Four-Stage Model................................................................................................................................. 131
Concept Generation .................................................................................................................................................. 131
Agile model => Model with continuous iteration of development and testing ....................................................... 136
Different frame-works .......................................................................................................................................... 136
Waterfall vs Agile ...................................................................................................................................................... 137
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, advantages / disadvantages of each methode ? .................................................................................................. 137
Challenges for the entrepreneur .............................................................................................................................. 138
Manufacturing....................................................................................................................................................... 138
Product/Market Risk ............................................................................................................................................. 138
Complementary innovations................................................................................................................................. 138
Process Innovation ................................................................................................................................................ 139
Multiple Markets................................................................................................................................................... 139
Latent Liability risk ................................................................................................................................................ 139
Business Upstream ................................................................................................................................................ 139
Overcoming the challenges................................................................................................................................... 140
Challenges in the supply chain .................................................................................................................................. 140
Codes & Standards ................................................................................................................................................ 140
Qualifications ........................................................................................................................................................ 140
Product Acceptance .............................................................................................................................................. 140
Maintenance ......................................................................................................................................................... 140
Disposal / Recycling............................................................................................................................................... 140
Service Innovation..................................................................................................................................................... 141
Goods versus Services ........................................................................................................................................... 141
About Service Innovation ...................................................................................................................................... 141
Next up..Before a concept, there is an idea… ........................................................................................................... 141
Module 09 : Business plan& Pitching............................................................................................................................ 150
Importance of Business Plans ................................................................................................................................... 150
Business Model Canvas ............................................................................................................................................. 150
WHY ? .................................................................................................................................................................... 150
WHAT ? ................................................................................................................................................................. 151
BUSINESS PLAN : What do Investors Expect? ........................................................................................................... 151
TAM SAM SOM...................................................................................................................................................... 152
PRICING ................................................................................................................................................................. 153
What matters ........................................................................................................................................................ 154
What doesn’t Matter ............................................................................................................................................ 155
The 10 Slides of Guy Kawazaki .............................................................................................................................. 155
Why write a business plan? ...................................................................................................................................... 156
Key Attributes of a business plan .............................................................................................................................. 156
Business Plan : The actual Writing ............................................................................................................................ 156
Business Plan : Acceptance or Rejection by Investors .............................................................................................. 159
Remember : The financial logic of a VC ................................................................................................................ 159
How investors read a plan .................................................................................................................................... 159
Why plans fail the first cut .................................................................................................................................... 159
Module 10 : The Entrepreneurial team ........................................................................................................................ 160
What influences the fact that you become successful? ........................................................................................... 160
The 10.000 Hours Rule .............................................................................................................................................. 160
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