The Myths of Innovation - Asian Remix
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Transcript of The Myths of Innovation - Asian Remix
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The Myths of Innovation
Benjamin Joffe | Plus Eight Star | IGNITE, Paris | 2009.09
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The Myths
1. Entrepreneurs have original ideas
2. It’s all about trying enough
3. The vision is clear from day 1
4. Entrepreneurs make millions
5. Innovation is always good
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When was it invented?
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EuropeGutemberg | ~1450
KoreaMetal | ~1230
ChinaWooden | ~1040
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Book by Scott Berkun(Same title)
Published: 2007
Even at Ignite!
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• In 2003!• Location-based• Avatars• Virtual itemsOther user’s
avatar / distance / nickname
Mobile SNS in Japan
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I heard that before!
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Definitions
Idea(e.g. Chocolate + Hemp)
Inventor(Prototype)
Entrepreneur(Business)
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Winner Bias
They talk but don’t race
We don’t keep track of how many start
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DNA Bias“You don’t change horses mid-race”
He changed his ride!
(This one has no rider)
Nobody knows the track’s shape
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Examples from Asia
#1 SNS in Korea #2 SNS in China #1 SNS in Japan
US$100M in 2008 Raised US$500M US$120M in 2008
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Changing riders
#2 SNS in China #1 SNS in Japan
Gave most shares to
keep going
Sold for US$2mln
Started Mixias an intern!
Yong Hyoung
Founder
Cyworld
Wang Xing
Founder
Xiaonei
Batara Eto
CTO
Mixi
#1 SNS in Korea
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Changing diet
Ads CPA Virtual goodsInitial business model?
#1 Mobile SNS in Japan
US$250M in 2008IPO: US$1.2bln
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Changing media + biz model!
#2 Mobile SNS in Japan
US$60M in 2008IPO: US$1.4bln
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Sticking to it
IM was not making money and
our competitors moved to other
ventures. I did not have other
ideas so I stuck to it. Pony Ma
Founder & CEO
Tencent (QQ)
Tencent
#1 SNS in China
US$1 bln in 200890% From Virtual Goods
(40% Net Margin) Market capUS$30 bln
(more than eBay)
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Too innovative?
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“The owls are not what they seem”
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IGNITE Boise Talk
Brian Bothwell
July 16, 2009
“The owls are not what they seem”
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It’s Iron Man!
Timing
Infrastructure
Finance
+
Adaptability
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Learn more about “Innovation Arbitrage”
Merci !
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