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Entrepreneurship, Technology Commercialization and Industrial Development Montevideo, Uruguay August, 2003 Richard M. St

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 Commercialization and Industrial Development Montevideo, Uruguay August, 2003 Richard M. St

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  1. Entrepreneurship,Technology Commercializationand Industrial DevelopmentMontevideo, UruguayAugust, 2003Richard M. SteinKLIOS, Inc. Knowledge Logic Information Opportunity Strategy

  2. 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

  3. Entrepreneurship Identifying a market opportunity AND Exploiting it!!!

  4. 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

  5. Entrepreneurial Mindset Passionate • Burn with desire • Must try • Must succeed

  6. Entrepreneurial Mindset Initiative • Aggressive • “Just do it”

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

  8. Entrepreneurial Mindset Minimal needs • Low support requirements • Able to “go it alone” • “Independent”

  9. Entrepreneurial Mindset Energized by chaos, ambiguity and change • Not frightened by lack of structure • Welcome uncertainty • Expect the unexpected

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

  11. Entrepreneurial Mindset Responsible • …for success or failure • Not afraid of risk

  12. Entrepreneurial Mindset Problem solvers • Adaptive • Enjoy / “welcome” uncertainty

  13. Entrepreneurial Mindset Persuasive • Salespeople • Skilled negotiators

  14. Entrepreneurial Mindset Self-disciplined, organized • 24/7 operations • Able to delegate

  15. Entrepreneurial Mindset Financially prudent • Must understand the “value” of money

  16. Entrepreneurial Mindset Self-confident • Willing to stand alone • Not paralyzed by fear

  17. Entrepreneurial Mindset Natural leaders • Able to build teams and convince followers • Not ruled by hubris

  18. Entrepreneurial Mindset Market savvy • Able to identify opportunities • Perceptive to subtle signals

  19. Lazy Greedy Dishonest Paranoid Impatient Disorganized Ignorant Unlucky Entrepreneurs are not…

  20. 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

  21. 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

  22. 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

  23. Stage 1: Conception/ startup/ birth Stage 4: Maturity Stage 2: Fledgling/ Formation Stage 3: Adolescence/ Growth Business Life Cycle: Firm Stages & Dynamics

  24. 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

  25. 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

  26. 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

  27. 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

  28. 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

  29. 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

  30. 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

  31. 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

  32. 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

  33. 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

  34. 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

  35. 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

  36. Industrial Development • Focus on relationships • Public-private-academic • Formally engage key individuals and organizations • Meet regularly • Network formally as well as informally • Connect!

  37. Industrial Development • Attract, retain and grow: • Talent/ skilled workforce; • Jobs; • Companies

  38. Definition: “Co-opetition” • Cooperation • Competition Knowledge Logic Information Opportunity Strategy

  39. 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

  40. 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”)

  41. Knowledge Logic Information Opportunity Strategy Thank you! www.KLIOS.net

  42. Q & A Knowledge Logic Information Opportunity Strategy www.KLIOS.net

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