Dr. Dr. habil. Wolfgang Runge and Prof. Dr. Stefan Bräse Karlsruhe, March 2015 Special Entrepreneurship Why? Institute of Organic Chemistry (IOC) Engineering Chemical Engineering Material Sciences Physics Chemistry Biology Biotechnology Process Engineering Optoelectronics Bioprocess Engineering Biological Chemistry Biophysics Organic Chemistry Organic Semiconductors Medicinal Chemistry Genomics Pharmaceutical Chemistry Metabolic Engineering Genetic Engineering Biochemistry Mechanical Engineering Biophysical Chemistry Physical Chemistry Polymer Chemistry

IOC | November 2014 | W. Runge | Special Entrepreneurship2 Discipline-Oriented Technology Entrepreneurship Technology Entrepreneurship refers also to technology development and management (“ideation”) Emphasis: Generic features of entrepreneurship and the specific ones

IOC | November 2014 | W. Runge | Special Entrepreneurship3 Different Addressees and Education Audience: Entrepreneurship Courses Entrepreneurship: Much interest in courses! Disciplines: focused on economics or business administration, computer science (software, IT); Observation: ca. 10% from natural sciences and engineering (in courses) Levels of audience: Majority of students (Bachelor level and slightly above) Language: (Usually) English But: hardware, process control; research computing, supercomputing, HTS, … cheminformatics, bioinformatics, simulation; business and R&D processes Technology Entrepreneurship

IOC | November 2014 | W. Runge | Special Entrepreneurship4 Different Addressees and Education Audience: Technology → Special Entrepreneurship Technology Entrepreneurship: Disciplines: Natural science (physics, chemistry, biology, biotechnology, …) and engineering (chemical engineering, process engineering, mechanical/electrical engineering …) Levels of audience: graduated students close to diploma; graduates occupied with diploma/master thesis or doctoral thesis; PhD/Dr. post-docs or assistants Language: English or German

IOC | November 2014 | W. Runge | Special Entrepreneurship5 Orientation and Customers Entrepreneurship: Almost only IT-related: essentially software, consumer services, Internet firms, business processes Education (often drop- outs), hobby, obsession; academic education: any Focus: B2C (consumers - t housand(s), millions) Emphasis: Using technology Technology Entrepreneurship: + Intrapreneurship (from industry to startup) Mostly full natural science, engineering education Focus: B2B (industrial, professional customers; very few may generate €1 bil. sales in < 10 years); B2G (“government”) Emphasis: Science, developing technology and related offerings

IOC | November 2014 | W. Runge | Special Entrepreneurship6 The Voice of Technology Entrepreneurs 87% of NTBF * entrepreneurs believe: training for technology entrepreneurs needs to be specialized, to reflect the unique challenges of the discipline (CORDIS – Articles on Innovation. Breeding business success. For NTBFs, an MBA is not a way to gain experience; it is a way to gain perspective! *) NTBF: New Technology-Based Firm

IOC | November 2014 | W. Runge | Special Entrepreneurship7 Key Differentiators of the Fields and Entrepreneurs Technology Entrepreneurship: Closely associated with technology development and management - which influences revealing opportunities (“techno- logy trajectories”) Funding needs often much larger (than “software”); funding more complex Tech. Entrepreneurs Mostly required: broad and deep knowledge of the specific technical subject * (science, engineering) by education and training! Often special aspects for marketing and sales (consumers mostly not customers) *) Favorable: also some knowledge of other disciplines

IOC | November 2014 | W. Runge | Special Entrepreneurship8 Strategy and More – Needs to Know Applicable also to other fields of Technology Entrepreneurship! “A great deal of business success depends on generating new knowledge and on having the capabilities to react quickly and intelligently to this new knowledge. … I believe that strategic thinking is a necessary but overrated element of business success. If you know how to design great motorcycle engines, I can teach you all you need to know about strategy in a few days. If you have a Ph.D. in strategy, years of labor are unlikely to give you the ability to design great new motorcycle engines.” (Richard Rumelt (1996): California Management Review 38, 110)

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