2. Overview of presentation
What is technology entrepreneurship?
Why study technology entrepreneurship?
Biggest challenges for technology entrepreneurs?
Why form a new venture?
What are the critical factors for venture success?
How does this affect your design project?
Where can you find out more?
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3. Andrew Maxwell Ph.D.
P. Eng. (Imperial), MBA (LBS)
Ph.D. in Management of Technology
Chief Innovation Officer, CIC
Ass. Prof. Fox School of Business/College of Eng.
Co-founder 4 technology startups, coached over 100
Taught at U of Toronto/Waterloo
Founded U of Toronto’s technology incubator
Teach technology entrepreneurship online / in class
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4. What is technology
entrepreneurship?
“An act of innovation that involves endowing existing resources
with new wealth producing capacity not restricted to a new
technological innovation that results from research and
development, or to an innovative cost reduction process, but
maybe a new application for existing technologies, a product or
service innovation or a new way or place of doing business”
Peter Drucker
Two types of technology entrepreneurs:
Develop technology to drive a new venture
Utilize technology to serve unmet market need
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5. What makes a successful
Technology Entrepreneurs?
Combine technological ability, business skills and
entrepreneurial traits
Able to manage / anticipate technology development
Anticipate market needs
Strong organizational, leadership and financial skills
Able to find and form partnerships
Passionate, committed and desire to have an impact
Deal with business growth issues: raising external
finance, taking on business development role
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6. Why study technology
entrepreneurship at Temple?
Traditional jobs for engineers not as easy to obtain
Most new technologies launched in startups
Engineers should look to understand technology
entrepreneurship as an option
Taking technology entrepreneurship course helps you:
• Understand link between technology development / market demand
• Appreciate the performance and market risks
• Provide skills and tools that will help you in your career
• Help you work better with entrepreneurial technology companies
• Develop a possible entrepreneurial roadmap
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7. Example from class
Bufferbox class presentation (Uwaterloo)
Complete presentation: https://vimeo.com/31990205
Company web site: www.bufferbox.com
Bufferbox in 2 minutes: http://vimeo.com/59006368
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8. What can you learn in a technology
entrepreneurship class?
Help link design project to a market need
Understand market validation / venture creation process
Build high-performance technology/business teams
Identify the critical factors for venture sucess
Anticipate and overcome challenges of raising money
Entrepreneurship and commercialization of technological
innovation recognized as drivers regional wealth
Enhance your value in the competitive job market AND
help you ascertain if entrepreneurship is in your future 8
9. What are the biggest
challenges for engineers?
Change from science of technology to science of people:
Learn how to become a leader and team builder
Understand how and why customers adopt new product
Be willing to share control with multiple stakeholders
Solve critical problems - develop decision processes
Make decisions without complete information
Build confidence in team, investors and customers
Understand the technology is not the solution, but a mean
to provide customer value 9
10. Lessons from academics
Problems relying on individual experience:
Sample size is small
Tendency to rely only on successes
Problems relying on theory:
Based on what should happen – not what does happen
Ignore complexity – to provide simple prescriptions
Motivated my research:
Venture characteristics that lead to success not failure
Entrepreneur characteristics that lead to success not failure
How investors make investment decisions
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11. Eight critical characteristics for
venture success
Market adoption
Market potential
User acceptance
Route to market
Technology stage
Barrier to entry
Entrepreneur experience
Financial viability
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12. Twelve characteristics of
successful entrepreneurs
Capability:
Competence, critical thinking, new resource skill
Experience:
Prior activities, relevant knowledge, education
Traits:
Confidence, extraversion, openness,
agreeableness, conscientiousness
Relationship building:
Trusting, able, trustworthy, communicative
Highly motivated to have impact – but might have to
choose between maximizing cash or being king
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13. What investors look for
Solutions that create a new value for customers
Have a significant technology advantage
Able to achieve a first mover advantage
Scalable and in a dynamic and growing market
Able to show benefits of new venture creation
Have a management team that is capable
Capable of building long-term relationship between
investor and management team
Andrew’s TEDX UW talk on trust
Full presentation 2 minute presentation
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14. Why form a new venture, rather
than use an existing corporation?
Business opportunity might be too risky
Business might disrupt market & challenge incumbent
Entrepreneur’s commitment essential for success
Existing companies unable to see opportunity, or too
interested in looking after existing business
Alternate partnerships required for success
Corporate culture and processes might be too slow
However, if complementary assets, large dollars, or strong
brand required - existing company might be optimal
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15. How do these insights
influence your design project?
Design project one of highlights of undergrad course
Use it to solve real problem, and understand application
To commercialize –
Understand value proposition
Evaluate competitor alternates
Anticipate how people will make adoption decision
Brainstorm commercialization options
Plan A through existing company (how do you choose)
Plan B through start up (your role and your team)
Build team consensus (who owns/does what)
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16. Potential outcomes
Google acquires Bufferbox - December 2012
BufferBox - Let us handle your package
17. Action items
www.fox.temple.edu/iei
If you are interested in an entrepreneurial career:
Get involved in Entrepreneur Student Association -
meeting every Wednesday 12.00 -1.00 in Alter 503
BYOBB – business plan competition – join a team
Entrepreneur workshops – every Thursday 4.30 –
6.00 in Alter 503
Course: Entrepreneurial engineering
Demo class:
https://secure.vidyard.com/dashboard?direction=desc&order_by=created_at&page=
12&rollup=day
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18. Thanks for your time
Questions?
Andrew Maxwell
Email: Andrew.maxwell@temple.edu
Office: Alter Hall 551
Blog: http://www.DrAndrewMaxwell.com
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