Technology Entrepreneurship - Short introductory course

Technology
Entrepreneurship

20.04.-‐24.04.2015

teaching
@

h;p://www.technikum-‐wien.at

Short
introductory
course
(including

Business
Model
Canvas
and
Value

ProposiJon
Design)

MSc, Sergej Lugović, MBA
Polytechnic of Zagreb,
h#ps://twi#er.com/sergejlugovic
h#ps://www.linkedin.com/in/sergejlugovic
h#p://www.slideshare.net/lugovicsergej

h#p://www.treasury.gov/about/educa<on/Pages/in-‐god-‐we-‐trust.aspx

•  “entrepreneurship
is
the
process
by
which

individuals
pursue
opportuniJes
without
regard

to
the
resources
they
currently
control”

•  proposed
by
HBS
professor
Howard
Stevenson

poin<ng
that
such
a
deﬁni<on
bridges
the
gap

between

“independent
entrepreneurship”
and

“entrepreneurship
within
and
exis<ng

organiza<on”.

•  Professor
Stevenson
was
a
entrepreneur
by

himself
in
a
way
as
he
raised
more
then
440
M

US$
for
HBS
in
funding.

INC.
The 500, rujan,
2014
page 59

INC.
The 500,
rujan,
2014
page 78

INC.
The 500,
rujan, 2014
page 78

INC.
The 500,
rujan, 2014
page 45

Preuzeto
sa

h#p://www.industrytap.com/the-‐industrial-‐internet-‐will-‐add-‐15-‐trillion-‐to-‐global-‐gdp-‐by-‐2030/2388

Preuzeto
sa

h#p://www.phibetaiota.net/2010/12/robert-‐garigue-‐the-‐next-‐long-‐wave-‐of-‐innovaon/

Preuzeto
sa

h#p://sloanreview.mit.edu/arcle/the-‐managers-‐guide-‐to-‐it-‐innovaon-‐waves/

h#p://ec.europa.eu/growth/smes/business-‐friendly-‐environment/performance-‐review/ﬁles/annual-‐report/infographics_en.pdf

Eric
Reis
(Lean
start-‐up)

“We
are
living
through
an
unprecedented
worldwide

entrepreneurial
renaissance,
but
this
opportunity
is
laced

with
peril.
Because
we
lack
a
coherent
management

paradigm
for
new
innova7ve
ventures,
we’re
throwing
our

excess
capacity
around
with
wild
abandon.
Despite
this
lack

of
rigor,
we
are
ﬁnding
some
ways
to
make
money,
but
for

every
success
there
are
far
too
many
failures:
products

pulled
from
shelves
mere
weeks
a9er
being
launched,
high-‐
proﬁle
startups
lauded
in
the
press
and
forgo;en
a
few

months
later,
and
new
products
that
wind
up
being
used
by

nobody.
What
makes
these
failures
parDcularly
painful
is
not

just
the
economic
damage
done
to
individual
employees,

companies,
and
investors;
they
are
also
a
colossal
waste
of

our
civiliza7on’s
most
precious
resource:
the
7me,
passion,

and
skill
of
its
people.”

Extracts from
Technology
Entrepreneurship:

Overview,
DeﬁniJon,
and
DisJncJve

Aspects
Tony
BaileW

Technology
InnovaDon
Management
Review

February
2012

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

The
technology
entrepreneurship
literature
is

dominated
by
a
theme
that
focuses
on

iden7fying
the
antecedents
(factors)
of

technology
ﬁrm
forma7on.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Another
theme
addresses
the
consequences
of

technology
entrepreneurship.
It
focuses
on

how,

why,
and

when

technology
entrepreneurship
aﬀects
the
socio-‐

economic
development
of
a
region.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Two
other
themes
address
what
occurs
inside

small
firms
engaged
in
technology

entrepreneurship
and

another
theme
focuses
on
the

interdependence
between
small-‐firm
ini7a7ves

and
the
external
infrastructure
that
contributes

to
science
and
technology
advances.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

The
technology
entrepreneurship
literature
has

focused
more
on
small
technology
firms
than

mid-‐sized
and
large
firms.

Scholarly
work
on
technology
entrepreneurship

has
not
contributed
substanDally
to
other
fields

such
as
economics,
entrepreneurship,
or

management.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Organizaon,
management,
and
risk
bearing
of
a

technology
based
business
(Nicholas
and

Armstrong;
2003;
nyurl.com/7tv9pdq)

****************************************

Soluons
in
search
of
problems
(Venkataraman

and
Sarasvathy,
2000;
nyurl.com/7ufaes4)

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Establishment
of
a
new
technology
venture

(Jones-‐
Evans,
1995;
nyurl.com/7vfgww7)

***************************************

Ways
in
which
entrepreneurs
draw
on
resources

and
structures
to
exploit
emerging
technology

opportunies
(Liu
et
al.,
2005;
nyurl.com/
6mgecu8)

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Joint
efforts
to
interpret
ambiguous
data,
joint

understanding
to
sustain
technology
efforts,
and

persistent,
coordinated
endeavor
to
accomplish

technological
change
(Jelinek,
1996;
nyurl.com/
783jc4n)

***************************************
An
agency
that
is
distributed
across
different
kinds

of
actors,
each
of
which
becomes
involved
with
a

technology
and,
in
the
process,
generates
inputs

that
result
in
the
transformaon
of
an
emerging

technological
path
(Garud
and
Karnøe,
2003;

nyurl.com/6pdm8bn)

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

New
one
proposed
by
Tony
BaileW

Technology
entrepreneurship
is
an
investment
in

a
project
that
assembles
and
deploys
specialized

individuals
and
heterogeneous
assets
that
are

intricately
related
(complex
relaDonship)
to

advances
in
scienDfic
and
technological

knowledge
for
the
purpose
of
creaDng
and

capturing
value
for
a
firm.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Four
elements

of
definion

1.
UlJmate
outcomes.
Value
creaon
and
capture
are
idenfied
as
two

outcomes
of
technology
entrepreneurship
because
the
sources
that
create

value
and
the
sources
that
capture
value
may
not
be
the
same
over
the
long

run.

2.
Target
of
the
ulJmate
outcomes.
The
firm
is
idenfied
as
the
target

organizaon
for
which
value
is
created
and
captured.

3.
Mechanism
used
to
deliver
the
ulJmate
outcomes.
Investment
in
a
project

is
the
mechanism
mobilized
to
create
and
capture
value.
A
project
is
a
stock
of

resources
(i.e.,
specialized
individuals
and
heterogeneous
assets)
commi#ed
to

deliver
the
two
ulmate
outcome
types
for
a
period
of
me.

4.
Interdependence
of
this
mechanism
with
scienJfic
and
technological

advances.
The
individuals
involved
in
a
project
influence
and
are
influenced
by

advances
in
relevant
scienfic
and
technology
knowledge.
The
project
exploits

or
explores
scienfic
and
technology
knowledge.
External
and
internal

individuals
and
organizaons
co-‐produce
the
project’s
outputs.

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

so
definion
proposed
above:
...

Emphasizes
that
technology
entrepreneurship
is

about
creang
and
capturing
value
for
the
firm

through
projects
that
combine
specialists
and

assets
to
produce
and
adopt
technology

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Highlights
the
collaborave
experimentaon

and
producon
of
new
products,
new
assets,

and
their
a#ributes,
which
are
intricately

(complex)
linked
to
scienfic
and
technology

advances
and
the
firm’s
asset
ownership
rights

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Specifies
that
technology
entrepreneurship
may

entail
projects
that
search
for
problems
or

applicaons
for
a
parcular
technology,
launch

new
ventures,
introduce
new
applicaons,
and

exploit
opportunies
that
rely
on
scienfic
and

technical
knowledge
provided
that
their

ulmate
outcome
is
to
create
and
capture
value

for
the
firm

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
definion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Clariﬁes
that
technology
entrepreneurship
is
not

about
the
general
management
pracces
used

to
operate
small
businesses
owned
by
engineers

or
sciensts
or
just
about
small
businesses

BaileW,
T.
(2012).
Technology
entrepreneurship:
overview,
deﬁnion,
and
disncve
aspects.
Technology

InnovaDon
Management
Review,
2(2).

Technology Ventures book

•  Technology
entrepreneurship
is
about
creaon
of
the
venture
that

capitalize
on
technological
changes
and
that
will
have
a
significant

impact.

•  It’s
more
about
radical
or
transforming
innovaon
then
new
regulaon
or

restructuring
of
business
processes.

•  By
being
radical
and
employing
transforming
innovaon
into
real
life,

may
provide
the
entrepreneur
with
an
important
opportunity
to
make
a

producve
and
significant
contribuon
to
the
world,
as
we
know
it.

•  Entrepreneurs
idenfy
and
select
opportunies
that
match
their
skills

and
interests
they
acquire
and
mobilize
financial,
physical
and
human

resources;
and
they
start
and
grow
organizaons,
cognizant
of
their

broader
context.

•  Entrepreneurs
are
multalented
individuals
who
leverage
their

capabilies
and
interests
to
pursue
a
parcular
opportunity,
almost

always
with
the
help
of
a
team.

Spiegel,
M.,

Marxt,
C.
(2011,
December).
Deﬁning
Technology
Entrepreneurship.
In
Industrial
Engineering
and
Engineering

Management
(IEEM),
2011
IEEE
InternaDonal
Conference
on
(pp.
1623-‐1627).
IEEE.

•  Shane
and
Venkataraman
stated
that
the

arDcles
examine
“the
process
by
which

entrepreneurs
assemble
organizaDonal

resources
and
technical
systems,
and
the

strategies
used
by
entrepreneurial
ﬁrms
to

pursue
opportuniDes”

Spiegel,
M.,

Marxt,
C.
(2011,
December).
Deﬁning
Technology
Entrepreneurship.
In
Industrial
Engineering
and
Engineering

Management
(IEEM),
2011
IEEE
InternaDonal
Conference
on
(pp.
1623-‐1627).
IEEE.

Phan
described
in
the
Journal
of
Business
Venturing

(2004)
that
“TE
research
occurs
at
many
levels
of

analyses.
At
the
individual
level,
the
focus
is
on

scienst/entrepreneurs,
venture
capitalists,
and

other
individuals
that
iniate
and
drive
technological

innovaon.
At
the
organizaonal
level,
the
research

is
on
the
technological
teams,
structures,
processes,

and
interorganizaonal
linkages
that
impact
value

creaon.
At
the
systems
level,
it
is
about
the

resources
exchanged
among
diﬀerent
players
in
the

ecology
of
value
creaon,
which
includes
governing

factors
such
as
government
technology
and

compeon
policy,
industry
standards,
and
the

economics
of
geographical
locaons.
The
research
is

thus
necessarily
interdisciplinary
and
mullevel.”

Spiegel,
M.,

Marxt,
C.
(2011,
December).
Deﬁning
Technology
Entrepreneurship.
In
Industrial
Engineering
and
Engineering

Management
(IEEM),
2011
IEEE
InternaDonal
Conference
on
(pp.
1623-‐1627).
IEEE.

Defining
Technology
Entrepreneurship

Spiegel Marxt

•  Technology
Entrepreneurship
invesgates
all

quesons
related
to
the
successful
formaon,

exploitaon
and
renewal
of
products,
services

and
processes
in
technology-‐oriented
firms.
To

do
so
researchers
in
TE
apply
different

perspecves
and
levels
of
granularity
to

invesgate
the
queson,
how
technology-‐
oriented
companies
can
build,
sustain
or
expand

their
compeve
posion
in
an
ever-‐changing

environment.
This
includes
new
technology-‐
based
firms
(NTBF’s)
as
well
as
incumbent

technology-‐based
firms
(ITBF’s).

Spiegel,
M.,

Marxt,
C.
(2011,
December).
Defining
Technology
Entrepreneurship.
In
Industrial
Engineering
and
Engineering

Management
(IEEM),
2011
IEEE
InternaDonal
Conference
on
(pp.
1623-‐1627).
IEEE.

Entrepreneurship
According
To
Drucker:

Your
12
Keys
To
Success
–
Part
1

•  Those
who
perform
love
what
they’re
doing
•  Successful
entrepreneurs
do
not
wait
un7l
“the

Muse
kisses
them”
and
gives
them
a
bright
idea;

they
go
to
work
•  What
is
our
business?
•  Who
is
the
customer?
•  Neither
studies
nor
market
research
nor
computer

modeling
is
a
subs7tute
for
the
test
of
reality
•  Measure
innova7ons
by
what
they
contribute
to

market
and
customer

h#p://www.forbes.com/sites/ericwagner/2013/05/07/entrepreneurship-‐according-‐to-‐drucker-‐your-‐12-‐keys-‐to-‐
success/

02.05.2015

Entrepreneurship
According
To
Drucker:

Your
12
Keys
To
Success
–
Part
2

•  O9en
a
prescrip7on
drug
designed
for
a
specific
ailment

ends
up
being
used
for
some
other
quite
different
ailment

•  Innova7ve
ideas
are
like
frogs’
eggs:
of
a
thousand

hatched,
only
one
or
two
survive
to
maturity

•  All
one
has
to
do
is
learn
to
say
‘no’
if
an
ac7vity

contributes
nothing

•  In
the
Next
Society’s
corpora7on,
top
management
will
be

the
company.
Everything
else
can
be
outsourced
•  Most
of
the
people
who
persist
in
the
wilderness
leave

nothing
behind
but
bleached
bones

•  Finding
and
realizing
the
poten7al
of
a
business
is

psychologically
difficult

h#p://www.forbes.com/sites/ericwagner/2013/05/07/entrepreneurship-‐according-‐to-‐drucker-‐your-‐12-‐keys-‐to-‐
success/

02.05.2015

Rayport,
J.
F.,

Sviokla,
J.
J.
(1995).
ExploiJng
the
virtual
value

chain.
Harvard
business
review,
73(6),
75.

Blank,
S.
(2013).
Why
the
lean
start-‐up
changes
everything.
Harvard
Business
Review,
91(5),
63-‐72.

What
lean

Start-‐ups
Do

Diﬀerently

Blank,
S.
(2013).
Why
the
lean
start-‐
up
changes
everything.
Harvard

Business
Review,
91(5),
63-‐72.

Quick,

Responsive

Development

Blank,
S.
(2013).

Why
the
lean
start-‐up
changes

everything.

Harvard
Business
Review,
91(5),

63-‐72.

Disciplined
Entrepreneurship

•  Formulate
a
Working
Hypothesis

•  Assemble
Resources

•  Design
and
Run
Experiments

the
model
can
help
entrepreneurs
structure
their
thinking

about
managing
the
uncertainty
inherent
in
trying

something
new

Disciplined
Entrepreneurship

Magazine:
Fall
2004
•
Research
Feature
•
October
15,
2004
•
Donald
N.
Sull

A
working
hypothesis
will
contain
implicit
and
explicit
assumpons
about
mulple

variables
—
including
technology,
customer
demand,
compeve
response
and
the

availability
of
resources
—
each
of
which
is
uncertain.
KEEP
IT
FLUID
BE
SURE
YOU
HAVE
THE
RIGHT
TO
AN
OPINION
IDENTIFY
DEAL
KILLERS
AND
BIG
BETS

Lugović,
S.,

Špiranec,
S.
(2013).
Mutaon
of
Capital
in
the
Informaon
Age:
Insights
from
the
Music
Industry.
The
Future
of
InformaDon
Sciences.

IHOP

Idea
–
Hypothesis
–
Opportunity
-‐
Problem

Market
driven
Technology
driven

Create Value
Capture Value

Business Model Canvas

Extracted from h#p://www.businessmodelgeneraon.com/downloads/businessmodelgeneraon_preview.pdf

The
9
Building
Blocks


Diﬀerent
types
of
Customer
Segments

•  Mass
market

•  Niche
market

•  Segmented

•  Diversiﬁed

•  MulJ-‐sided
plajorms
(or
mulJ-‐sided

markets)


Value could be created by:

•  Newness
-‐
sasfy
an
enrely
new
set
of
needs

that
customers
previously
didn’t
perceive

because
there
was
no
similar
oﬀering

•  Performance
-‐
Improving
product
or
service

performance

•  CustomizaJon
-‐
tailoring
products
and

services
to
the
speciﬁc
needs
of
individual

customers
or
customer
segments


Categories
of
Customer
RelaJonship

•  Personal
assistance

•  Dedicated
personal
assistance

•  Self-‐service

•  Automated
services

•  CommuniJes

•  Co-‐creaJon


Types
of
revenue
streams

•  Asset
sale

•  Usage
fee

•  SubscripJon
fees

•  Lending/RenJng/Leasing

•  Licensing

•  Brokerage
fees

•  AdverJsing


Types of Resoures

•  Physical

•  Intellectual

•  Human

•  Financial


Key Categories of Activities

•  ProducJon
- relate
to
designing,
making,
and

delivering
a
product

•  Problem
solving
- coming
up
with
new

soluons
to
individual
customer
problems.

•  Plajorm/network
- relate
to
plaworm

management,
service
provisioning,
and

plaworm
promoon.


MoJvaJons
for
creaJng
partnerships

•  OpJmizaJon
and
economy
of
scale
-‐
formed
to

reduce
costs,
and
oxen
involve
outsourcing
or

sharing
infrastructure.

•  ReducJon
of
risk
and
uncertainty
-‐
can
help

reduce
risk
in
a
compeve
environment

characterized
by
uncertainty
(competors
to

form
a
strategic
alliance
in
one
area
while

compeng
in
another)

•  AcquisiJon
of
parJcular
resources
and
acJviJes

-‐
by
relying
on
other
ﬁrms
to
furnish
parcular

resources
or
perform
certain
acvies


Costs work out

•  Cost
or
Value
Driven

–  Cost-‐driven
business
models
focus
on
minimizing
costs

wherever
possible

–  less
concerned
with
the
cost
implicaons
of
a
parcular

business
model
design,
and
instead
focus
on
value

creaon

•  Cost
Structures

–  Fixed
costs
-‐
remain
the
same
despite
the
volume
of
goods

or
services
produced

–  Variable
costs
-‐
vary
proporonally
with
the
volume
of

goods
or
services
produced

–  Economies
of
scale
–
increase
output

–  Economies
of
scope
–
increase
scope


Apple
iPod/iTunes
Business
Model


Positioning Value Proposition Design

extracted
from
h#ps://strategyzer.com/value-‐proposion-‐design

The
Value
Proposion
Canvas
has
two
sides.

Customer
Proﬁle
- clarify
your
customer
understanding.

Value
Map
- describe
how
you
intend
to
create

value
for
that
customer.

Fit
between
the
two
when
one
meets
the
other.

extracted
from

extracted
from

Customer
Jobs

•  FuncJonal
jobs

-‐
perform
or
complete
a
specific

task
or
solve
a
specific
problem

•  Social
jobs

-‐
describe
how
customers
want
to
be

perceived
by
others

•  Personal/emoJonal
jobs
-‐
specific
emoonal

state

•  SupporJng
jobs
-‐
purchasing
and
consuming

value
(buyer
creator
or
transfer
of
value)

•  Job
context

-‐
depend
on
the
specific
context
in

which
they
are
performed.
The
context

may

impose
certain
constraints
or
limitaons.

extracted
from

Customer
Pains

•  Undesired
outcomes,
problems,

and
characterisJcs
-‐
funcJonal
(e.g.,
a
soluon
doesn’t

work,
doesn’t
work
well,
or
has
negave
side
eﬀects),

social
(“I
look
bad
doing
this”),
emoJonal
(“I
feel
bad

every
me
I
do
this”),
or
ancillary
(supporJng)
(“It’s

annoying
to
go
to
the
store
for
this”).

•  Obstacles

-‐
prevent
customers
from
even
geWng
started

with
a
job
or
that
slow
them
down

•  Risks
(undesired
potenJal
outcomes)
-‐
What
could
go

wrong
and
have
important
negave
consequences

extracted
from

Customer
Gains

•  Required
gains
-‐
gains
without
which
a
soluon

wouldn’t
work

•  Expected
gains
-‐
basic
gains
that
we
expect
from

a
soluon,
even
if
it
could
work
without
them

•  Desired
gains
-‐
gains
that
go
beyond
what
we

expect
from
a
soluon
but
would
love
to
have
if

we
could

•  Unexpected
gains
-‐
gains
that
go
beyond

customer
expectaons
and
desires.

extracted
from

Products
and
Services

•  Physical/tangible
- Goods,
such
as

manufactured
products.

•  Intangible
- Products
such
as
copyrights
or

services
such
as
axer-‐sales
assistance.

•  Digital
-Products
such
as
music
downloads
or

services
such
as
online
recommendaons.

•  Financial
- Products
such
as
investment
funds

and
insurances
or
services
such
as
the

ﬁnancing
of
a
purchase.

extracted
from

Pain
Relievers

•  Pain
relievers
describe
how
exactly
your

products
and
services
alleviate speciﬁc

customer
pains.
They
explicitly
outline
how

you
intend
to
eliminate
or
reduce
some
of
the

things
that
annoy
your
customers
before,

during,
or
axer
they
are
trying
to
complete
a

job
or
that
prevent
them
from
doing
so.

extracted
from

Gain
Creators

•  Gain
Creators
describe
how
your
products
and

services
create
customer
gains.
They
explicitly

outline
how
you
intend
to
produce
outcomes

and
beneﬁts
that
your
customer
expects,

desires,
or
would
be
surprised
by,
including

funconal
ulity,
social
gains,
posive

emoons,
and
cost
savings.

extracted
from

Fit
You
achieve
fit
when
customers
get
excited
about
your
value
proposion,
which
happens

when
you
address
important
jobs,
alleviate
extreme
pains,
and
create
essenal
gains
that

customers
care
about.
As
we
will
explain
throughout
this
book,
Fit
is
hard
to
find
and

maintain.
Striving
for
fit
is
the
essence
of
value
proposion
design.

extracted
from

Gains

Jobs

Pains

Product and
Services

Gain Creators

Pain
Relievers

The
Value
ProposiJon
Canvas

extracted
from

Technology Entrepreneurship - Short introductory course

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