DISCIPLINED ENTREPRENEURSHIP How to translate Invention into Innovation-Driven Entrepreneurship - DISCIPLINED ENTREPRENEURSHIP Bill Aulet Managing Director, Martin Trust Center for MIT Entrepreneurship

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Entrepreneurship 101 Quiz What is the singular necessary and sufficient condition to have a company? 1.

What is innovation and entrepreneurship? How should it be taught? Concrete actions we can take

Being an entrepreneur is the new “cool” thing.

J O B S QUANTITATIVELY – 70 MILLION NEW JOBS QUALITATIVELY – HOPE, PRIDE AND RIGOR

But is there sufficient understanding of the topic? Hmmm….

Innovation Innovation = Invention * Commercialization DOE Confidential (c) Copyright MIT Entrepreneurship Center, 2007

~$2 trillion annual revenues 25K+ Companies 3.3M+ Jobs ~900 New companies/yr ~$2 trillion annual revenues 11th biggest economy in the World

Definition of Entrepreneurship – 2 Types SME (Small Medium Enterprise) Regional Markets Restaurants Dry Cleaners Services IDE (Innovation-Driven Entrepreneurship) Global Markets Products for Export Sustainable Competitive Advantage at Core Δt is short Linear growth Less investment required Δt is long Exponential growth A lot of investment required

Other Questions for Entrepreneurship Education Can Why How

Crisis in entrepreneurial education Demand Storytelling Supply of quality Time

Importance of Spirit Creative Irreverence

Successful Entrepreneurship Spirit + Skills

How How should entrepreneurship be taught? Open (common language & best tools) Systems Approach (integrated & prescriptive) Rigorous but Practical (mens et manus)

How 24 Steps Was Put Together

Benefits of Approach Comprehensive yet Practical Integrated Proven & Tested – To Stand the Test of Time Sequential/Prescriptive Creates Common Language for Knowledge Transfer and Accumulation

Spiraling Innovation

Linkage of Various Steps Is Critical and Underlies the Integration Quantified Value Proposition As Is State ------------------------------------ X Possible State ------------------------------------ Y Value Prop = ∆ of X & Y Measured in dimension of Priority #1 Persona --------- Priorities: Aaaaa Bbbbb Ccccc Ddddd Priority #1 Good Bad Priority #2 YOU Alt #1 Alt #2 Alt #3 Alt #4 Competitive Positioning “Core” Supports Competitive Position Resource Plan Supports Building Core

Product Development Must be a Rapid & Continuous Process © Ash Maurya, “Running Lean”, www.ashmaurya.com

Search for Truth?

“I'm actually as proud of the things we haven't done as the things I have done.” —Steve Jobs

Examples of Disciplined Entrepreneurship

Progress Dashboard www.detoolbox.com More info The book www.disciplinedentrepreneurship.com Progress Dashboard www.detoolbox.com

Free Online course www.bit.ly/e-101

1 Week Intensive Course at MIT By application welcomes you to apply Last week of January at MIT