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Technology Ventures: From Idea to EnterpriseChapter 1: Summary There are risks and costs to a program of action. But they are far less than the long- range.

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Presentation on theme: "Technology Ventures: From Idea to EnterpriseChapter 1: Summary There are risks and costs to a program of action. But they are far less than the long- range."— Presentation transcript:

1 Technology Ventures: From Idea to EnterpriseChapter 1: Summary There are risks and costs to a program of action. But they are far less than the long- range risks and costs of comfortable inaction. John F. Kennedy What drives global entrepreneurship? The entrepreneur provides the creative force in order for capitalism (free enterprise) to work. Entrepreneurs strive to make a difference in our world and contribute to its betterment. They are also motivated by achievement, independence, and the accumulation of wealth. Summary Economic Growth & the Technology Entrepreneur 1

2 Chapter 1: concept Entrepreneurs are people who identify and pursue solutions among problems, possibilities among needs, and opportunities among challenges. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

3 Chapter 1: concept For an entrepreneur, a challenge is a call to respond to a difficult task and the commitment to undertake the required enterprise. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

4 Chapter 1: Table 1.5 The Elements of Overcoming a Challenge Able to deal with a series of tough issues Ability to create solutions and work to perfect them Can handle many tasks simultaneously Resiliency in the face of set-backs Willingness to work hard and not expect easy solutions Possess well-developed problem solving skills Able to learn and acquire the necessary skills for the tasks at hand Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

5 Chapter 1: concept An opportunity is a favorable juncture of circumstances with a good chance for success or progress. It is the job of the entrepreneur to locate new ideas and to put them into action. Thus, entrepreneurship may be described as the identification and exploitation of previously unexploited opportunities. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

6 Chapter 1: Figure Finding the Right Opportunity Timely Solvable Important Profitable Favorable Context Like to do the tasks Like the challenge Committed to do what is necessary Skilled at the needed tasks The Sweet Spot An Attractive Opportunity Interests, Passions, Commitment Capabilities & Skills Finding the Right Opportunity Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

7 Chapter 1: Table 1.8 – Example of New Opportunity Evaluation Economic Growth & the Technology Entrepreneur 1 2 Technology Ventures: From Idea to Enterprise

8 Chapter 1: Entrepreneurial Capital Entrepreneurial Capital EC = Ecomp x Ecomm ► Ecomp = Entrepreneurial competence is the ability to: 1) to recognize and envision taking advantage of opportunity and 2) to access and manage the necessary resources to actually take advantage of the opportunity ► Ecomm = Entrepreneurial commitment is a dedication of the time and energy necessary to bring the enterprise to initiation and fruition. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

9 Chapter 1: Economic Value Economic Value = Opportunity x Entrepreneurial Capital After T years the market value is: MV = M x C x EV = M x C x Ecomp x Ecomm where: M = management efficiency and effectiveness C = context Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

10 Chapter 1: concept The intellectual capital of an organization is the talents of its people, the efficacy of its management systems, the effectiveness of its customer and supplier relations, and the technological knowledge employed and shared among its people and processes. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

11 Chapter 1: Figure 1.2 – A Model of the Economy Economy Beneficial Outputs Undesired Waste Outputs Natural Capital Financial Capital Intellectual Capital Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

12 Chapter 1: Figure 1.3 – Transforming available inputs into desired outputs Products & Services The FirmOutputsInputs Raw Materials Components & Modules Financial Capital Physical Assets Technologies Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

13 Chapter 1: Figure 1.4 – Firm’s Intellectual Capital The Firm’s Intellectual Capital Human CapitalOrganizational Capital Social Capital A firm’s theory of its business is how it understands its total activities, resources and relationships. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

14 Chapter 1: Figure 1.5 Waves of innovation throughout history Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

15 Chapter 1: concept Dynamic Capitalism is the process of wealth creation characterized by the dynamics of new, creative firms forming and growing and old, large firms declining and failing. Creative Destruction is the entrepreneurial activity of destroying old models and creating new models of doing business. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

16 Chapter 1: Principle 1 Principle 1 The entrepreneur develops an enterprise with the purpose of creating wealth and prosperity for all participants – investors, customers, suppliers, employees, and themselves – using a combination of intellectual and entrepreneurial capital. Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise

17 Technology Ventures: From Idea to OpportunityChapter 1: Venture Challenge VENTURE CHALLENGE Select a high-potential opportunity that interests you and then use it for the venture challenge exercises at the end of each chapter. For example, you might consider one of these current trends in science and technology: mobile data applications, internet telephony, video podcasting, web services, nano- technology, clean technologies (including fuel cell, battery and solar), pandemic flu and biodefense treatments, and advancements in stem cell research. 1) Describe the opportunity that attracts you and why you think it is a new venture opportunity. 2) Describe the competencies and skills you and your team members possess. 3) What important stakeholders will you need to be successful? 4) Describe the passion and commitment you have for the opportunity. 5) Is this a good opportunity for you? Economic Growth & the Technology Entrepreneur 1

18 Chapter 1: DVD Video DVD Video “Entrepreneurial Skills Learned” Mark Zuckerberg (Facebook) Economic Growth & the Technology Entrepreneur 1 Technology Ventures: From Idea to Enterprise


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