can a nation create entrepreneurs part 2
DESCRIPTION
How a Nation Learns to be Enterprising is an enterprise journey started by Iain Scott as a Fellow-led RSA project in partnership with EDAS. This event is the first of four planned sessions. Part 2 of the presentatons given at the eventTRANSCRIPT
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CAN A NATION CREATE ENTREPRENEURS? - AN ENTREPRENEUR’S JOURNEY
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Innovation, Expansion & Scotland a happy mix?
Growing a business in Scotland today
15 minutes romp through years of work in Innovation
and Economic Development
Joe Pacitti- Powerwall Space Frame Systems
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What is happening in Business?
The accelerating pace of global change & emerging global markets is a reality
A demand for increasingly sophisticated, integrated & connected products
Short-termism & Shareholder pressures
The reality of OEM “Global Downsizing” & greater focus on “core products & services”
The “realisation-gap” between Ideas and real market opportunities either remains constant or is widening ?
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To Survive in the New Age………
Shorter product life cycles- mean more product development/improvement
Achieve shorter & shorter “Time to Market” development timelines
The need to understand & handle convergent technologies (increased demands for sophistication)
......Innovation is the key
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Innovation Drivers
Problem Solving
Convergence /Cross-technology Applications
Accidents/Opportunities
Collaboration
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Innovation through Collaboration
You can influence Connections
Generate and engineer introductions
Opportunities Accidents
Collaborations
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Collaboration, Innovation & Business Growth- one method !
SMEs
Corporate MNCs
MarketProduct
Product Qualification
Expert TeamConsultants / Academics
IPProduct
capacity to develop 10 to 15%
30% of useto partnering
Stays with MNC
IP within SMEavailable to partner
Academia
Pro
duct
IP
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SMEs MNCs
Academia
Intermediaries
Finance, Advisors
Simple Concept !
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SMEsMNCs
Academia
Collaboration Projects
Get the organisations together
We have a Simple Concept !
Find common areas to work on …
We act as the glue ?
Intermediaries
Finance, Advisors
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Wider Company base
Opportunity Formation Process
Develop opportunitiesEvents/Workshops
Refinement of opportunity and
shortlist
Validation Launch
Concept
NewProducts
Briefing in more Detail to all interested Companies
Check propensity to collaborateOf companies
Final collaborative group
Refinement
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Is there a Structure to this..?
However you don’t want to kiss ugly frogs do you? So it might be a good idea to have the skills to separate out the good-looking from the ugly! or you will need to do a bit of cosmetic surgery
Frog Kissing
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Key Words: experts
collaboration communication trading zones mental models expertise knowledge capabilitiesconvergent commercialiseinnovativelatent or orphan IPasset sweating
Key Words: personal
energy creativepeople orientateddetermination……………………….
accidents
serendipity
risk-taking
Frog Dating Agency
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Types of Innovation
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Types of InnovationSteady State
Often exhibited by well organised global companies Over time can get predictable, competition can catch up Lower Risk Lower returns
Disruptive Smaller more innovative companies (SMEs & Start ups) External funders looking for good bets Higher Risk Higher Return
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Combine the 2 types through collaboration
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“Technologies such as connections between the brain and machines, wearable health monitors, smart houses made of environment-sensitive materials are not science fiction anymore, but are scientifically feasible.
It is very likely that these technologies will emerge in the next 20 years. However some convergent technologies are already hitting the marketplace, among these are optical micro-electromechanical systems (MEMS).
Convergence promises to transform existing technologies into lucrative commercial endeavors, and many companies are investing heavily in research and development (R&D).
Business and industry are already beginning to restructure themselves, as network-based organizations follow fundamentally new management principles”
Technical Insights - a unit of Frost & Sullivan
Convergent Technologies
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“Converging technologies will require collaboration across disciplines. A good metaphor for such collaborations is the kind of trading zone that emerges whenever human beings from different cultures interact. We must avoid trading zones that are dominated by one discipline or set of interests, and instead encourage multiple stakeholders to form a shared mental model of what needs to be accomplished.”
MICHAEL E. GORMAN Division of Technology Culture & Communications
School of Engineering and Applied Science, University of Virginia , USA
Convergence & Collaboration
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"Most high-tech VCs concentrate on one of three areas: information technology (IT), life science or materials. What we're seeing most interesting at Alameda Capital are those products based on a convergence of two or all three of these disciplines, say materials for use within IT.
Convergence technologies promise to be extremely powerful, especially given the advances in nano- and micro-scale technologies. Companies are creating and investing in new materials with different structural and functional properties from anything previously known. The ultimate goal of this approach is deliberate and intelligent manipulation of atoms and molecules so that the resulting structure has desired properties and functions at the macro level."
Because these convergence technologies are so multidisciplinary, it is difficult for competitors to "get the formula right" and duplicate any development. This means intellectual property can be more easily protected ,that's very important to us."
M. Norman Wu, managing director of Alameda Capital, a $100 million early-stage fund focused on convergence technologies
Convergence & FUNDING
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Examples
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Burton Snowboards and Apple®
created a wearable electronic jacket
with an integrated iPod™ control
system
The Burton Amp jacket uses
SOFTswitch™ technology, allowing
the iPod to be controlled via a control
pad on the sleeve
It is made with GORE-TEX three-layer
fabric, and is waterproof, seam-taped
and machine washable
Priced at $499
Burton and Apple
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Adidas says it has
created the world's first
"smart shoe“, called “1”,
by mating it with a
computer chip that
adapts its cushioning
level to a runner's size
and stride
Adidas
• "This is the first intelligent shoe ever," said Erich
Stamminger, global marketing director for Adidas. "It
senses, understands and adapts.“
• Priced at $250
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The chip is implanted in the arch
of the sole and is capable of
making 5 million calculations per
second to adjust the heel
cushioning depending on the
runner's size and stride
Adidas
• The microprocessor is located in the arch of the shoe,
and drives a tiny screw and cable system that adjusts
the heel cushion depending on the signals sent back by
an electric sensor coupled to a magnet
• It is powered by a battery that conserves power by
adjusting the shoe while it is in the air during a runner's
stride, avoiding resistance from the ground
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Powerwall Story
Results/Offering• Greener – 60% less energy in construction, reduced waste – heating bill £70/year• Faster - 40% to 50% time reduction in build• Better Quality – 10 to 15% improvement over current standards• Cost benefit – 10% to 15% over site construction
Driver - to find a better and improved construction process
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The Powerwall Volumetric Process
DesignFrame
ManufactureFrame Fit
Out
Erect & Finish
TransportInternal Fit
Out
Construction for the 21st Century
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Questions
& Discussion
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CAN A NATION CREATE ENTREPRENEURS? - AN ENTREPRENEUR’S JOURNEY
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Sandy FinlaysonMBM Commercial LLP
Raising Money
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In America between 1980 and 2005net new employment from companiesmore than 5 years old:
ZERONet new employment from companies less than 5 years old:
40,000,000
The Policy IssueWhy Bother?
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• Pre crisis - £40/£45 Billion
• Post crisis - £35/£40 Billion (PWC)
• Scottish Loan Fund - £90 Million
Corporate Debt in Scotland
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In 2009:-• VC Investment in Europe = 20% of America (Ernst & Young)• Scotland gets 2% of UK VC Investment• Scottish Equity Risk Capital Report 2008• £100 Million invested in Scotland• c/f $2.1 Billion in Israel• £789 Billion under management
Equity Investment
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• Scottish Co-Investment widely recognised as a model of best practice
• Syndicated investment by Business Angels leads the UK
• Archangels are one of the biggest Business Angel Syndicates in the World
• Informatics Ventures• Technology Enterprise Centre• Bio Quarter
But it’s not all bad news!
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• Cash from Customers – Clever Contracts• Asset Finance• Cash-flow Finance• Crowd Funding• Peer-to-Peer Lending
Alternative Sources of Finance
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• Savings and Credit Cards• Family, Friends and Fools• Business Angels• You need
– Commitment and Determination– Clear Customer Focus– Prospects of Cash Generation– A really Good Plan– A Good Chairman– Contacts and Networks
Tactics and Strategy
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CAN A NATION CREATE ENTREPRENEURS? - AN ENTREPRENEUR’S JOURNEY
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Social before everything was social (but with a traditional kick-start!)
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“I think Entrepreneurs are good enough and strong enough to look after themselves”
Lord KirkhamFounder of DFS
Extract from an interview available on:
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The entrepreneurial revolution started 9 years ago in the North East – led by the great and the good, joined by ordinary people doing extraordinary things.
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It was all about telling stories………..
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Being an entrepreneur can be a lonely experience at times. Thankfully in the North East there’s a well established community. A ‘big society’.
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It was all about telling stories
The people behind the stories ‘started’ the community....
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Extract from an interview available on:
“Entrepreneurship teaches the rest of society a lot of good things about accountability, self-belief, working in teams, trust and leadership”
Julie MeyerAriadne CapitalOnline Dragon
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It offers the opportunity to take advantage of a huge wealth of knowledge within the community – there’s always someone who has been where you want to go.
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It was all about telling stories
The people behind the stories ‘started’ the community....
Those people knew how to do stuff.......and did it.....
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And just by doing what they do, everyone can inspire those who aspire to follow in the footsteps of those who have been there, done that and got the t-shirt.
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It was all about telling stories
The people behind the stories ‘started’ the community....
Those people knew how to do stuff.......and did it.....
Lots more people wanted to tell their stories.....
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“Talk to people who have been through the experience, they can often just point you in the direction of others but itwill fast track your progression.’”
Graeme LowdonNomad DigitalEF Board Member
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It offers the chance to talk to people who have been through the experience - even if they just point people in the direction of others it will fast track their progress.
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It was all about telling stories
The people behind the stories ‘started’ the community....
Those people knew how to do stuff.......and did it.....
Lots more people wanted to tell their stories.....
And meet people......they just weren’t always sure who?...
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It inspires those with aspiration at all levels to extend their ambition by exposing them to those who have turned their vision into reality.
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It’s essential to create and build on communities within communities to find common interests and actions. It’s about understanding the value of links and looking beyond boundaries.
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It’s an upward journey and one that everyone takes step by step as far as they can – but it needs to be stimulated and nurtured. It’s about encouraging and developing self-reliance.
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Be inspired.
Get Connected.
Tap into knowledge.
Share your experience.
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