mike leatherbee presentation
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Un-breaking Entrepreneurship:
Releasing the Silicon Valley in You.
Michael LeatherbeeChile California Conference, 2012
3 cases
USA BHAG, munificence, talent attraction, culture.
Japan Lowering barriers to failure.
China Lowering barriers to growth.
Frederick Terman
•Formed in electrical engineering at MIT under Vannevar Bush.
•Returned to a cash-constrained Stanford in 1925.
•USA engages in WWII.
•Chosen to head the Harvard Radio Research Lab in 1940.
•Returns to Stanford in 1946 with 11 of the top scientists... and powerful government connections.
WWII Office of Scientific R&D Funding
MM$117 MIT
MM$83 CalTech
MM$30 Harvard & Columbia
MM$0.05 Stanford
“When we set out to create a community of technical scholars in Silicon Valley, there wasn’t much here and the rest of the world looked awfully big...
—F. Terman
...now, a lot of the rest of the world is here.”
Clues for sustainable growth:
•Industrial systems...
•Where experimentation and learning is not confined to individual firms.
•That reward value creation vs. bloodline.
– AnnaLee Saxenian
Barriers to failure:
• 2003: Reduction of bankruptcy costs.
• Natural experiment in Japan.
• Significant changes in:
• Founding rates
• Types of new ventures
• Types of entrepreneurs
- Eberhart, Eesley & Eisenhardt, 2012
Public policies that lower the barriers to failure encourage more and better entrepreneurs to found ventures.
(Eberhart, Eesley & Eisenhardt, 2012)
Barriers to failure:
Barriers to growth:
• 1988: Policy reducing barriers to entry.
• 1999: Chinese constitution amendment reducing barriers to growth.
• Natural experiment in China.
- Eesley, 2009
When barriers to growth of entrepreneurial firms are reduced, individuals with higher human capital become entrepreneurs.
(Eesley, 2009)
Barriers to growth:
3 cases
USA BHAG, munificence, talent attraction, culture.
Japan Lowering barriers to failure.
China Lowering barriers to growth.
Idea-networkingExperimentingObserving/alertnessChallenging the status quoExpert improvisationBricolageSerendipity & pseudo-serendipity
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