kyiv open doors forum april 21st 2012_roman kikta
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KYIV CITY OPEN DOORS
Roman Kikta
Mobility Ventures April 21, 2012 Kyiv, Ukraine
The Roles of Entrepreneurship & Innovation
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“Entrepreneurship is about… those who dare to dream the dreams and are foolish enough to try
and make their dreams come true”
- Vinod Khosla
General Partner, Khosla Ventures
Co-Founder Sun Microsystems
“Entrepreneurs are dreamers who do! They have the imagination to create a vision
and gumption to make it happen. They have the drive to overcome fears and
the passion to succeed”
“Confidence is the companion of success.” --Chinese Proverb
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The Past 100 Years: The Golden Age for
Innovation is part of American culture
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Challenging economic times can create incredible opportunities for innovators, and technology is the home of innovation. Disruptive capabilities will emerge — in products and services, as well as business models.
Challenging economic times can create incredible opportunities for innovators
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Challenging economic times can create incredible opportunities for innovators
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Top Innovations in Past 25 Years
13. Air bags 14. ATM 15. Advanced batteries 16. Hybrid car 17. OLEDs 18. Display panels 19. HDTV 20. Space shuttle 21. Nanotechnology 22. Flash memory 23. Voice mail 24. Modern hearing aids 25. Short Range, High Frequency Radio
1. The Internet 2. Cell phone 3. Personal computers 4. Fiber optics 5. E-mail 6. Commercialized GPS 7. Portable computers 8. Memory storage discs 9. Consumer level digital camera 10. Radio frequency ID tags 11. MEMS 12. DNA fingerprinting
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The Road to Funding
“Vision Without Money Is a Hallucination” - Dr. Allan MacDarmid, Ph.D.
Nobel Laureate
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Entrepreneurs With Vision
“Companies are made possible by Entrepreneurs who think everything is possible and strive to make it happen!”
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Entrepreneurs & Opportunities
“Opportunities are about creating value, not just lowering costs…….. The failure of some entrepreneurs who believe they haven’t come in at the right cost is that they have not communicated value”
- Peter Drucker
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What Makes an Entrepreneur?
Timmons ‘94:
- Commitment
- Determination
- Leadership
- Opportunity Obsession
- Tolerance of Risk & Ambiguity
- Creativity
- Self Reliance
- Ability to Adapt
- Motivation to excel
What is the “DNA” of an entrepreneur? A review of academic literature yields a number
of characteristics common to Entrepreneurs:
Schen’94,
Solomon ‘89:
- Innovative
- Action Oriented
- Extremely Self Confident
- Highly Autonomous
Is possession of these characteristics enough to ensure success as an entrepreneur?
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What Makes a Successful Entrepreneur?
SUCCESSSFUL
ENTREPRENEUR
Quality
Opportunity
1) A disruptive technology 2) A large market 3) And manageable levels of: Market risk Technology risk Team risk Financial risk
Execution!
1) Business formation 2) Product development 3) Customer development 4) Financial management
Strong
Business Plan
1)Start-up 2)Technology 3)Customer 4)Financials
You may be born with entrepreneurial characteristics but……
...... EXPERIENCE is what makes a successful entrepreneur
Entrepreneurial
Characteristics
The DNA:
- Commitment / Determination
- Leadership
- Opportunity Obsession
- Tolerance of Risk & Ambiguity
- Creativity & Innovative
- Self Confident, Reliance
- Ability to Adapt
- Self-Motivation to excel
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Ideas
A Good Idea Is Not Enough --Good Ideas Abound
First to Market is a False Comfort
There is Always a Competitor—Usually Several
Must Have a Viable Business Proposition
Execution Intelligence
“A business idea is worthless unless the entrepreneur behind it has the skills,
knowledge and experience to execute it”
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“It’s not enough to build a better mouse trap. You must really want to kill mice.”
– Bill Joos
Cofounder, Garage.com
IDEAS
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A Case Study: Would you invest?
• Addresses Multi $$$ Billion Market
• Global opportunity
• Mobile/ wireless devices
• Patented Solution for Problem
• Most “Innovative Product of The Year
• Enormous ‘WOW’ factor
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A Case Study:
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A Case Study: The Reality
• Limited usability
• Cost – not competitive with alternative solutions
• Lack of support by major OEMs
• Limited market acceptance
• A $$+Million write off
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“The best way to predict the future is to create it” – Peter Drucker
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“You are never too old to set another goal or to dream a new dream.” – C.S. Lewis
“Entrepreneurs can change the world”
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Some Tips:
• Start with a vision of how you want the company to look.
• Don't listen to anyone (unless they agree with you and know what they’re talking about).
• Manage what you can control – Spending
– Growth & earning assumptions
• Focus on Quality
• Lower Risk
• Reduce Debt
• Recruit top people into management.
• NEVER GIVE UP!
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Suggested Reading List
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Thank you
For More Information … Please visit:
www.MobilityVentures.com
or email me at: