Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Internal & External Venturing
May 03, 2007
SS07 Discovering Entrepreneurship
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Discovering Entrepreneurship SS 07Datum Dozent22.03. Fahrni29.03. Baschera05.04. von Krogh12.04. Boutellier19.04. Schönsleben26.04. Grote03.05. Fahrni10.05. Frauenfelder17.05.24.05. Fahrni31.05. Hoffmann07.06. Fleisch14.06. Bretschger21.06. FahrniUnternehmenskultur und Ethik
Technologie - und Innovationsmgm.
Vorlesung / ThemaUnternehmensführung
Unternehmensstrategie
Operations& Supply Chain Mgm.
Unternehmen und Volkswirtschaft
Kunden-, Markt- & Marketing Mgm.
Human Resources Management
Auffahrt
Information Technology
Internes und externes VenturingUnternehmen und Geld I intern
Corporate SustainabilityUnternehmen und Geld II extern
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Internal and External Venturing
Objectives
• to understand / guess what it takes to be successfulas a „venture company“
• to understand the potential of innovation in large AND small companies (Venturing & Corp. Venturing)
• to know patterns of how small companies (existingSME) can profit from High Tech developments
• to enhance the entrepreneurial spirit among thestudents
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Link to Innovation Management & Entrepreneurship
2) Venturing & Venture Capital
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
12559e
=
Effectivity
+ Efficiency
+ Innovation
+ Corp. Culture
Entrepreneurship = To Win
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
?
To innovate/grow or to die?
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Costomer needs
identify & develop
Knowledge /Science
Use & apply
Success
Market x Technology = Success
x =
12129a
How do Corporations innovate?
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Easy Glider
12647
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
14624e
CorporateNet
Internet(Netscape, Sun)
Sick PatientHealthy Patient(Health Care)
Sport-Event
Media Event(Olympic Games)
Fashion
Logistics(Benetton)
Toy Store Corner
Dept. Store for Children(Toys´R´us)
Visions: To change the rules = to escape the common believes
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
What IT can do tomorrow
Time
Min
iatu
rizat
ion
and
cost
redu
ctio
n
(2) PCs
(3) Mobiles
(4) Smart Things
(1) Mainframe
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Quelle: Gerd Wolfram - Metro
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Pay per risk
To obtain the data, it may not be necessary to install additional in-vehicle devices, e.g. data from truck toll systems may be used as inputs
Consortium to install truck toll systems on German autobahns e.g. already intends to provide their data as input for route planning or fleet management systems
Progressive Insurance offers usage-based car insurance based on GPS and cellular technology
System was introduced in Texas in 1998
Source: Ident 05/02; http://www.progressive.com/newsroom/2nd_patent.asp
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
14612/13
Time
continuous
Product-/Market-Success
discontinuous
Time
Product-/Market-Success
Dynamics
Car Model 07 09 11
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Market
Knowledge / Technology
Ideas/ConceptsProjects New Products
Filter
0002
The Horn of Innovation
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Maturity
• optimize, rationalize• high efficency• market position• cash • exit in time
Ideas & Dreams:- Space- Science- Thinkers
Effort:- Organization- Managers- Engineers
Harvest:- Persuasion / Marketiers- Optimisation- Wisdom
Organisational and Managerial Requirements
Souce: according to Sommerlatte, T.; Deschaps, J.P., 1986
12122-2b
• set focus• speed• growth and
investment• CRM / think global• logistics / SCM
Growth-phase
• broad, many ideas• ask questions• knowledge networks• market and money aresecondary• results in market and prices are relevant
Development-phase ?
Phases of Innovation: Different Strategies of Success
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
12298e
Customers
Command &Control
under pressure
Customers
GoalsValues & Attitude
Co-owner
wisdom
Entrepreneurship: Different Leadership Styles
searching
Open SpaceOpen Space
Customer
Customer
Customer
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Source: McKinsey & Company, Inc.,
Market Success
Business Idea
CapitalEntrepreneurial Team
12093
Innovation: From an Idea to Success
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Introduction: Link to Innovation Management
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary
2) Venturing & Venture Capital
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
12645-2
Venturing is a Source of Economic Growth
-4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0
Tota
l Ent
repr
eneu
rial A
ctiv
ity(T
EA-In
dex)
GDP-Growth in %Souce: Global Entrepreneurship Monitor 2003
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Venturing
• When and how are new venture companies successful? The View of a Venture Capitalist
• How can larger companies profit from the innovativeness of smaller enterprises?
• How can smaller companies profit?
• Which are the best strategies?
12658
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
The Venture Capitalist‘s View(VC)
Examplesfrom
Emerald Technology Venture Fund
(formerly SAM Private Equity)
External Venturing
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
The Stages
Atte
ntio
nof
In
vest
ors
Fina
ncin
gD
ecis
ions
Development ofan Idea
Rea
lizat
ion
Start-up andExpansion
EstablishedCompany
Source: McKinsey & Company, Inc.,
Business-planning
12095
From an Idea to Success
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Business planning in technology-basedstart-ups
Dirk Voelz
St. Gallen, August 21st, 2003
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
The Sample
KTI-Label Companies:49 Companies with up to 35 Employees and an annualturn-over from O.4 to 5 Mio. CHF
Sectors:Life Sciences 40%Information and Communication Tech. 24%Micro and Nano Technology 19%Other 17%
Founded: 1998 – 2001
Status: 2004
12650
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Challenge: Measure success of young companies
Typical quantitative Measurement not applicablebecause basic data does not exist
1. What is success of a Startup?-> Survival after 5 years
2. What is „performance“ of a Startup?-> Combined self evaluation and expertevaluation
3. How qualified is the team?-> Self assessment?
4. How intensive did we prepare?-> Self evaluation of effort and intensity
12651
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
HighPotential
Performers
1
84 1
LifeSciences
Biotech
Micro &Nanotech.
Inf. & Com.Technology
Others
SVOX
Myocontract
Hocoma
Nanosurf
Bitplane
ESBATech
BridgeCo
CoreThermosys.
Smartec
Sensirion
Mimotech
Aqua+TechSinusPoint
Synova
Therastrat
Onaras
Dualsystems
Dartfish Sensoptic
Medlight
VHF-Tech.
Frimorfo
Junisphere
Medaxis
HTceramix
Glycart
TopField Problems6
2nd tierPerformers
3 3Runners To watch
Performance Evaluation of CTI-Label Companies Status 01.2004
Voelz, D. (2004)
12626
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Successful Companiesvery detailednone
Less Successful Companies
Financial Planning
Market Analysis
Technology Planning
Financial Planning
Market Analysis
Technology Planning
Average degree of intensity
very detailednone
Average degree of intensity
general complete detailed
general complete detailed
Comparison of the planning behaviorof successful and less successful companies
12655
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
sehr detailliertdetailliert
vollständigallgemein
keine
0
1
2
3
4
5
6
7
Comparison of the planning behaviorof successful and less successful companies
successfulcompanies
less successfulcompanies
Intensity in financial planning
Number ofStartups
12656
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Planning is relevant: Look at what you have ignored to date. Develop a holisticview onto your business. Use planning to handle the complexity of yourbusiness. Do not forget to talk about it to colleagues and customers. Analyze and discuss!
The plan itself is less relevant: Do not go on with concepts, that have proven to be incorrect, with assumptions, that no longer hold. Think about your plansregularly. What will happen, if you act like you planned? How will thischange the financial side? Learn and adapt!
Keep some options: To miss some goals is normal during the development of entrepreneurial companies. It will be less of a problem, if you are prepared. Be flexible!
A business plan is marketing: Market yourself towards potential investors. Write, about what they want to read.
Four Success Factors in Business Planning
12657
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Link to Innovation Management & Entrepreneurship
2) Venturing & Venture Capital
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary
3) Corporate Venturing
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Corporate Venturing
• When and how are new venture companies successful?
• How can larger companies profit from the innovativeness of smaller enterprises?
• How can small companies profit?
• Which are the best strategies?
12658
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Corporate Venturing in Car Industry
Quelle: M. Stahl, Diss. 2002
highnoneinternal
external
Plac
ing
of A
ctiv
ities
Amount of Capital
Scouting
InternalInnovation
ExternalVenturing
CorporateVenturing
Technology Transfer
12661
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Corporate Venturing: Options
Options:
– Competitive Financing of Innovation and R&D
– New Structures for new Activities(MBO, Spinoff’s, Out-Licensing, ..)
– New Forms of Cooperation(Coopetition)
– Smart Buy-Back
12662
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Corporate Venturing: Other Examples
– NOVARTIS
– BASF
– SULZER
12662
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Link to Innovation Management & Entrepreneurship
2) Venturing & Venture Capital
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary
4) KMU and High Tech Development
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Venturing
• When and how are new venture companies successful?
• How can larger companies profit from the innovativeness of smaller enterprises?
• How can small companies profit?
• Which are the best strategies?
12658
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• KMU der hochfunktionellen Galvanotechnik
• Anzahl MA: 35
• hochfunktionell hinsichtlich der verschieden-artigen Anwendungen von Beschichtungen für dieApparate- Maschinen-und Automobilindustrie
• technologieorientiert, um zusammen mit demKunden dessen Problemstellung zu lösen
1
Veralit AGZürcherstrasse 81, CH-8952 Schlieren
9. November 2005 TEK.-InfoanlassHans Bollier
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Leistungsbilanz von A wie Automobile bis Z wie Zuführtransportsystme
• Engagement für 700-800 zufriedene Kunden in der Schweiz und im deutschsprachigen Ausland
• Unsere Erfahrung und unsere Dienstleistungen bieten eine hohen wirtschaftlichen Kundennutzen
29. November 2005 TEK.-InfoanlassHans Bollier
Das sind wir ...
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Anodisieren• Hartanodisieren• Hartematalieren• chemisch vernickeln• Veralit-Nislide®• Hartchrom• Veralisieren
NANO-Technologie
39. November 2005 TEK.-InfoanlassHans Bollier
Das tun wir ...
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Tribologisch beanspruchte Schichtsysteme bilden das Zentrum des am Markt gut eingefjührtenLeistungsspektrums von VeralitTribologie (griech.: Reibungslehre) ist ein Teil des Maschinen- und Apparatebaus
• Die Pflege und Ergänzung des Leistungsspektrums ist die Grundlage für Veralit‘s Technologie-Orientierung
• Diese Ergänzung mit der Unterstützung durch die TEK.-Idee anzugehen, war der driver des Bedarfs
59. November 2005 TEK.-InfoanlassHans Bollier
Woher kommt der Bedarf von Veralit gegenüber TEK.?
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
69. November 2005 TEK.-InfoanlassHans Bollier
Tribologie und Formel 1
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Ist es möglich, konventionelle, kommerziellechemisch oder galvanisch erzeugte Schichtsystememit den tribologischen Eigenschaften:
- gute Verschleisseigenschaften oder- gutes Gleitverhalten
durch neuartige Legierungen und/oder Dispersionenvon NANO-Teilchen zu modifizieren in Richtung:
- gute Verschleisseigenschaften und- gutes Gleitverhalten
109. November 2005 TEK.-InfoanlassHans Bollier
Bedarfsformulierung
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
bisher neu
PTFE Grösse 0.3 – 0.5 my 0.15 my = 150 NANO-MeterVolumenanteil 20 – 25 % 25 – 35 %Phosphor 7 – 9 % 10 – 11 %Visuell matt-grau s-glanz anthrazit
Nislide® : chemisch abgeschiedene Nickel-Schicht mit eingelagerten PTFE-Teilchen
Nickel-PTFENickel-PTFE
79. November 2005 TEK.-Infoanlass
Hans Bollier
Veralit‘s am Markt bereits erfolgreich realisierter Schritt in Richtung Anwendung der NANO-Technologie
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
89. November 2005 TEK.-InfoanlassHans Bollier
Tribologie in der Anwendung von Nislide®
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
99. November 2005 TEK.-InfoanlassHans Bollier
Tribologie in der Anwendung von Nislide®
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Herstellung und Markt-Verfügbarkeit der geeignetenNANO-Teilchen : Metalloxide
• Eigenschaften dieser Teilchen (Grösse bis zu 100 NANO-Metern = 1 zehntausendstel Millimeter) in dererforderlichen Anwendung: Herstellung von wässrigen Dispersionen als wichtige Komponente für eine produktionstauglicheGalvano-Chemie
• Herstellung dieser Dispersionen
129. November 2005 TEK.-InfoanlassHans Bollier
Wissen, das von Veralit an der ETHZ abgeholt werden konnte
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
• Wissen, wie unerwünschte Eigenschaften der NANO-Teilchen in der Dispersion, wie z.B. Agglomeration, ggf. durch eine gezielte Modifikationen der Oberfläche reduziert/vermieden werden können
139. November 2005 TEK.-InfoanlassHans Bollier
Wissen, das Veralit an der ETHZ abholen konnte
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Link to Innovation Management & Entrepreneurship
2) Venturing & Venture Capital
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary
5) Points to Watch: Stumbling Stones in Venturing
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Venturing
• When and how are new venture companies successful?
• How can larger companies profit from the innovativeness of smaller enterprises?
• How can small companies profit?
• Which are the best strategies?
12658
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Value for:
Technology only is the instrument
Financers Co-workers
Innovation = Value = Entrepreneur‘s Task
Customers
12119
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Costomer needs
identify & develop
Knowledge /Science
Use it!
Success
Market x Technology = Success
x =
12129a
How do Corporations innovate?
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Development
• (+/-) - plannable
• expected in the Market
• (+/-) bearable
• not plannable
• not expected in the market
• possibly unbearable
„CONTINUOUS“ „DISCONTONUOUS“
12089
Dynamics
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
3) Money without marketmechanism
Competing for Funds and Milestones
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Source: McKinsey & Company, Inc.,
Market Success
Business Idea
CapitalEntrepreneurial Team
12093
From an Idea to Success
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
3) Money without marketmechanism
Competing for Funds and Milestones
4) we have a good basis Focus = what do we DO in future?Develop Key Capabilities
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
What we have
Less: Products,Segments, Facilities Cost
A B C D
What we do
More: Innovation, Speed, Quality, Ability to react A
B C D
Time
14618
Skills
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
14624e
CorporateNet
Internet(Netscape, Sun)
Sick PatientHealthy Patient(Health Care)
Sport-Event
Media Event(Olympic Games)
Fashion
Logistics(Benetton)
Toy Store Corner
Dept. Store for Children(Toys´R´us)
Visions: To change the rules = to escape the common belief
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Key Capability
Experiments
Problem solving
Source: Leonard-Barton
Key Capabilities = Corner Stones of Entrepreneurial Success
Import ofexternal Skills
Integration andApplication of new
Technologies
6455
Key Capabilities
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
3) Money without marketmechanism
Competing for Funds and Milestones
4) we have a good basis Focus = what do we do in future?Develpo Key Capabilities
Dream AND realize5) we produce new ideasevery day
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Innovation
= 1% Inspiration + 99% Perspiration
= Knowledge + Skill + Implementation + Mastering
12104
Innovation Management and Entrepreneurship
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
3) Money without marketmechanism
Competing for Funds and Milestones
4) we have a good basis Focus = what do we do in future?Develop Key CapabilitiesDream AND realize5) we produce new ideas
every day6) Not invented here Creative Curiosity
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
We do not live long enough,
to make all mistakes ourselves.
12123
Not Invented Here
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
negative positive
1) the goal is only technologyor money
Entrepreneurial Value for Customers,Employees and Asset Owners
2) orientation only short-termor only long-term
„Sustainability“
3) Money without marketmechanism
Competing for Funds and Milestones
4) we have a good basis Focus = what do we do in future?Develop Key CapabilitiesDream AND realize5) we produce new ideas
every day6) Not invented here Creative Curiosity
7) Innovation has to bechaotic
Build Vision and Structure
12128
Venturing: 7 ways to stumble
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Goal/Vision
Efficiency EffectivityCustomer
Innovation
Culture
Reduce TimeReduce Time
ReduceCosts
ReduceCosts
Inspirationfrom outsideInspiration
from outside
E-BusinessE-Business
Act GlobalAct GlobalGet to know your
customersGet to know your
customers
Setstandards
Setstandards
Change therules
Change therules
QualityQuality
Act like an EntrepreneurAct like an
Entrepreneur
Use your SkillsUse your Skills
14619-1a
Growth
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Overview
1) Link to Innovation Management & Entrepreneurship
2) Venturing & Corporate Venturing
3) Corporate Venturing
4) KMU and High Tech Development
5) Points to Watch: Stumbling Stones in Venturing
6) Summary6) Summary
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
12133e-3
Leader
vision
intuition
conviction
determination
courage
Do the right things
Manager+
objectives
allocation
knowledge
perseverance
organisation
Do things right
+ Communicator
Make them known
The Entrepreneur
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
12099-2be
innovative
competentunderstandable
on-time
with self-confidence
accountablelearning
SuccessfulEnterprise
Entrepreneurship Business Excellence Values
Prof. PhD. Fritz FahrniTechnology Management and Entrepreneurship
EidgenössischeTechnische HochschuleZürich
Internal and External Venturing
Objectives
• to understand / guess what it takes to be successfulas a „venture company“
• to understand the potential of innovation in large AND small companies (Venturing & Corp. Venturing)
• to know patterns of how small companies (existingSME) can profit from High Tech developments
• to enhance the entrepreneurial spirit among thestudents
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