Marco Cantamessa Politecnico di Torino and I3P HIGH-TECH ... · ITALY AS A PLACE FOR STARTUPS? A...
Transcript of Marco Cantamessa Politecnico di Torino and I3P HIGH-TECH ... · ITALY AS A PLACE FOR STARTUPS? A...
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HIGH-TECH ENTREPRENEURSHIP
From theory to practice
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Marco Cantamessa – Politecnico di Torino and I3P
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What’s the most important
thing in a high-tech
enterprise?
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These people (entrepreneurs) have
1. Created and built _<insert noun here>_
2. _____<insert verb here>_____ customers
3. _<insert verb here>_ technology
4. Developed ___<insert noun here>______
5. _<insert verb here>_ finance
6. _____<insert verb here>_____ profits
7. Created many _<insert noun here>_
Companies
ImprovedFound/Understood
Products / servicesRaised
Made/distributed
Jobs
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The role of technology-based entrepreneurship
Startups are key to the economy because of
growth
job creation
5Kane (2000)
sales to other firms
Open Innovation
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The role of technology-based entrepreneurship
Technology transfer
• Licensing
• Consulting
• Hiring
• Startup creation
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So, let’s start from you…
Have you ever thought of
becoming an entrepreneur?
Why should you become an
entrepreneur?
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Can I be an entrepreneur?
Why should I think of launching a tech
startup?
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Can I be an entrepreneur?
9Entrepreneur as a hunter (of what?)
Imprendere comes from
In moving towards
Pre before
Hendere grabbing with the
hand
Let’s look at entrepreneurs as a profession and as an attitude
The term «entrepreneur» comes from French and Latin
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Can I be an entrepreneur?
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From a psychological perspective
• The existence of «entrepreneurial personality traits» is
debatable (good news!)
• There appears to be a distinctive «entrepreneurial
cognition» (Mitchell et al., 2007)…. can you learn it?
• Need for achievement,
• Self-efficacy
• Innovativeness,
• Stress tolerance / resilience,
• Need for autonomy,
• Proactiveness / passion.
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Can I be an entrepreneur?
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Thinking in terms of
• solutions (looking for a problem)
• problems (waiting for a solution)
• opportunities (to be exploited)
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Can I be an entrepreneur?
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Knowing how to leverage others’
competencies
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Can I be an entrepreneur?
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Rational, but capable of using
heuristics…. and sometimes falling
into cognitive biases
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Can I be an entrepreneur?
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Using both casual and effectual
reasoning
Means Effects
Effectual
Causal
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Should I give it a try?
What do I need to do?
Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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What kind of tech startup?
Business Models
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Business models
Ask yourselves 4 key questions
What is myvalue
proposition?
Who is mycustomer?
What must I do and have to do
all this?
How do I reachmy customer?
Revenue
Cost
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Business models
Make your business model canvas
Customer
segments
The groups of
people or
organizations
the firm aims to
reach and
serveChannels
How the firm
communicates with
and reaches its CSs
to deliver a VP
Customer
relationships
The relationships
the firm establishes
with specific CSs
Revenue streams
The cash the firm generates
from each CS
Cost structure
The costs incurred to
operate the business
model
Key partners
The network of
suppliers and
partners that
make the
business model
workKey resources
The assets required
to make the
business model
work
Key activities
The activities that
must be done to
make the business
model workValue proposition
The bundle of
products and
services that create
value for a specific
CS
Infrastructure
management Product
Customer
interface
Financial aspects
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Business models
Three approaches to build a
busines model and a startup
Traditionaltech startup
Founders’ product vision
Developproduct
Findcustomers
Lean startup Founders’ product vision
Build Minimum Value
Products
Iterate and Pivot
Design Thinking
Customerneeds
Build Minimum Value
Products
Iterate and Pivot
In B2B, who is the «customer»?
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Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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Frame the innovation
• Where are we along the s-curve?
• What type of innovation (radical vs. incremental, etc. etc.)?
• Fits the current paradigm or challenges it?
• Standards anywhere?
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Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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Develop a strategy
• Around your potential competitive advantage
Competitive advantage
Drivers
(cost vs. differentiation vs. «blue ocean»)
Power relationships withinyour value system
Intellectual property
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Develop a strategy
Inadvertentdisclosure
(make proper use of NDAs)
Doing everything by yourself
Leaving everythingto the patent
attorney
Patenting whatcould be kept secret
Not studyingFreedom to Operate
carefully
Thinking one patentis enough
• Don’t mess up your Intellectual Property
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Develop a strategy
• Around your competencies
Competencies
(what youknow)
Your offering
(what you do)
Learning
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External events and triggers t30
Develop a strategy
• Define a coherent technology and market roadmap
(derivative) product development and subsequent
sales in different markets
Development of prototypes /
Product platforms
Technology development
Capabilities development
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Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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Assemble the resources
• Build your team
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Assemble the resources
• Raise finance
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Labor-intensive services (consultancy)
Tech transfer entity
Capital-intensive services
IP-based product startup
Fabless product startup
Vertically integrated product startup
Fools, Friends & Family
Bootstrapping
Debt
Equity from Business Angels, Accelerators or Venture Capitalists
Equity or co-development fundingfrom customers
Public R&D&I funding
Try connecting the
boxes
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Assemble the resources
• Raise finance
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Assemble the resources
Type of round
Typicalamount
Typical investor
Seed
rounds50k-500k
Business angels, accelerators,
specialized VCs
«A» rounds 500k-2M Early stage VCs
«B» rounds 5M-30M Late stage VCs
«C» rounds and expansion
capitalWhatever Whatever
Typical
investment rounds
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VC Fund
Startup 1
Venture Capital Firm
(General Partners - GPs)
≈ 5%
Startup 2 Startup n
Assemble the resources
Investors
(Limited Partners – GPs)
≈ 95%
Source: EVCA, 2013
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Assemble the resources
Raising commitments
from LPs
Generating deal flow
Selectingstartups to invest
or coinvest
Calling for funds from LPs
Supporting invested startups
Deciding follow-on rounds
Exiting from investedstartups
• IPOs
• Trade sales
• Sales to founders
• Liquidations
Returning moneyto LPs, deductedcarried interest
The VC
investment cycle
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Assemble the resources
• How do VCs invest?
• VCs invest in high-risk startups (why?)
• VCs invest minority stakes (why?)
• VC investment contracts entail specific clauses w.r.t.
governance, exits, future valuations (why?)
• Some BAs invest in convertible notes (why?)
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Define a business
model
Frame the innovation
Develop a strategy
Assemblethe
resources
Do it!
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Do it
• Choose where!
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Consider
• Money
• People
• Customers & complementors
+ taxes, red tape, etc.
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Do it
• Choose where
Type of entity
Incubator AcceleratorSeed
accelerator
Competitionto get in
Relatively low High Very high
Duration of program
Long (years)Very short (months)
Short
Financing Meetinvestors
Meetinvestors / win grants
Seed financeprovided
Involvementin startup
Tutors and mentors
Mostlymentors
Board and part time management
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Do it
• Choose where
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ITALY AS A PLACE FOR STARTUPS?
A new legislation has been enacted in 2012 and has boosted the
structuring of the startup ecosystem
• Official definition of “innovative startup”
• Less red tape, from incorporation to failure
• Greater flexibility in labor contracts
• Incentives for investment
• Fast-track startup visas
• Limited government money going into a «fund of funds» and
into matching funds
Italy’s startup ecosystem
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ITALY AS A PLACE FOR STARTUPS?
The ecosystem is taking shape
(broad regional base + hubs)
City Startups % of total Cumulated %MILANO 607 13.10% 13.10%ROMA 355 7.66% 20.76%TORINO 207 4.47% 25.22%NAPOLI 101 2.18% 27.40%BOLOGNA 92 1.98% 29.39%FIRENZE 84 1.81% 31.20%MODENA 76 1.64% 32.84%CAGLIARI 69 1.49% 34.33%GENOVA 61 1.32% 35.64%PALERMO 58 1.25% 36.89%Source: Registro imprese, Sep 28th, 2015
Italy’s startup ecosystem
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ITALY AS A PLACE FOR STARTUPS?
High scientific productivity and underutilized graduate talent
Italy’s Startup Ecosystem
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ITALY AS A PLACE FOR STARTUPS?
In technology, bits and
atoms are coming together
Italy has a strong
competitive advantage in
engineering and
manufacturing (factories
are already there!)
… not to mention food,
fashion, furniture
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Italy’s Startup Ecosystem
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ITALY AS A PLACE FOR STARTUPS?
• Lack of Early Stage Venture
Capital (slowly improving…)
• Demand for innovation is
still weak
• The ecosystem is not yet
popular with international
entrepreneurs and investors
Source: EVCA
Italy’s Startup Ecosystem
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Startups in Turin
What’s special about Turin
• High incidence of startups that are
– Associated to universities (45%,
1.8x national average)
– Engaged in «industrial» sectors
(21%, 3x Milan and Rome)
• A «university town» that offers
high-level technical competencies
at reasonable cost
• Low cost / high quality of life
• Very strong manufacturing competencies are available in the region (factories are already there!)
• Two strong university incubators + other actors
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The experience of I3P
Independent company, owned by the
universities and local public authorities
Consultancy and advisory company that works
with Students and researchers
Other entrepreneurs
Existing companies who want to create spinoffs
Government-owned company, with an
innovative business model, driven by results
Numerous prizes won and highly ranked by UBI
Global
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The experience of I3P
Fundraising
Equity fundraising with BAs, VCs,
corporate investors
Debt fundraising with partner banks
Matchmaking between technology
and business competencies
Integration of the founding team
Staff recruitment
Consultancy
Strategic consultancy
Specialist consultancy
through partner firms
Scouting
Within the university (spinoffs) and
outside (Italian and foreign startups,
corporate spinoffs)
Events, competitions, hackatons, ....
and lots of one-to-one meetings
Support to business development
Trade fairs
Tailor-made corporate events
Development of sales networks
Management of corporate
incubation programs
Support to investitors
Advisory, board representation,
part-time management
Facilities
Serviced offices
Coworking spaces
Acces to shared
areas
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The experience of I3P
Out of business
Founded
Surviving(1 IPO)
Currently incubated Acquired
183
97
11
33
42
An annual deal flow made up of 350 applications,
150 business plans / MVPs, 35 new startups, of
which 15 admitted
Balanced across sectors (ICT/digital, cleantech,
medtech, industrial) with strong synergies with
Politecnico di Torino and local industry
Seed-level fundraising amounts to 2.5 M€ per annum
on average
A 3 M€/year seed fund is being set up
More than 1,400 jobs created, each of which has
required a one-off investment of 6 k€ in public funds
Positive P&L, and financially sound
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Twenty years from now you will be more
disappointed by the things that you didn't do than
by the ones you did so.
So throw off the bowlines. Sail away from the safe
harbor. Catch the trade winds in your sails.
Explore. Dream. Discover.
(attributed to Mark Twain)