Brought to you by The Globe and Mail Report on Small Business in conjunction with Achilles Media, Small Business Summit is a one-day event, geared to entrepreneurs, to kick-start your small or medium enterprise to the next level.
Spotlight on female small business owners and entrepreneurship.
Future of Trade 2024 - Decoupled and Reconfigured - Snapshot Report
Spotlight on Female Entrepreneurs
1. Small Business Summit
MaRS Discovery District
Tuesday November 8th, 2011
Spotlight on Female Small Business
Owners and Entrepreneurship
2. Spotlight on Female Small Business
Owners and Entrepreneurship
Agenda
Time Topic
1:30-1:40pm Introduction
Facilitated discussion
• What are your innovation priorities?
1:40-2:10pm • What are the risks?
• How do you harness your strengths?
• What are the measurements?
2:10 – 2:15pm Summary and closing
3. The FACT Network
• Established in 2008 to provide an intimate forum for discussion
and collaboration amongst women executives
– Leslie Riley- President, BrandWright Inc.
– Shira Yoskovitch- Principal, Supply Chain (R)Evolution
• Our forums:
– Annual workshop at the Toronto Board of Trade and Calgary
Petroleum Club
– Small Business Summit
– Newsletters
– LinkedIn group- The FACT Network
– Website- www.factnetwork.org
4. Executives in the FACT Network come
from a diverse landscape, including:
• Aim Life Coaching • Interac
• Algorithmics • Kuehne + Nagel
• Athabasca Oil Sands Corporation • Nexjsystems
• BMO • Odgers Interim Canada
• City of Calgary • Princess Margaret Hospital Foundation
• Cognition LLP • RBC
• Concord Well Servicing • Sick Kids Foundation
• Deeley Harley Davidson • SI Systems
• Deloitte & Touche • Stantec Engineering
• Delphi Automotive Products • Sun Life
• Eagle Professional Resources • Superior Energy
• Engineered Plastics Designs Inc • TD Bank
• Gibson Energy • thetravelcompany.ca
• Go Transit • Visa
• Homelife Realty • Yellow House Events
5. Our objectives for today
• Examine the relationship between innovation
and risk.
• Explore perspectives from women entrepreneurs
and innovators.
• Use small group discussion to develop a high
level framework for managing, measuring,
monitoring and reporting on innovation risk.
6. The Creativity-Invention-Innovation cycle
• Creativity: the idea
• Invention: the Innovation Creativity
creativity,
implemented
• Innovation: the
invention, yielding
market benefit Invention
As Canadians, recent research shows that we excel in the
“Creativity” and “Invention” phases, but significantly lag in
turning these to “Innovations”.
7. The Innovation Hierarchy
Each organization-
irrespective of size, sector or
maturity- needs a supportive
structure for innovation that
aligns to its strategic
planning and execution
process / structure
8. An innovation strategy creates transparency &
feedback- critical for keeping stakeholders engaged
The process doesn’t
need to be formal and
time consuming.
Its purpose is to ensure
that everyone’s aligned
on how critical
resources- time and
money- are spent.
9. Open questions
• What are your innovation priorities?
• What are the risks?
• How do you harness your strengths?
• What are your measurements?
10. A ‘basket’ of metrics is key to understanding how
your entrepreneurial efforts are working
Lagging Real Time Leading Learning
Stakeholder Gross NPV of Ideas
Strategies Contribution of Portfolio
New Products
Processes Milestones Take-up Rate
Completed on of New
Time Processes
Resources External
Alliances
being Pursued
Culture and Staff Turnover Innovation Level of
Organization Rate Climate Inquiry
11. Luck happens when preparation meets
opportunity
• Sustainable innovation
depends on a corporate
culture that allows risk
taking.
• Reward innovative
behaviour.
• Empower staff to do the
right thing; then show them
that it matters.
• Managing innovation risk
requires metrics even if
knowing what or how to
measure is difficult.
12. In closing
Thank you for your participation in our Spotlight
discussion on Female Small Business Owners and
Entrepreneurship.
We look forward to welcoming you to future FACT events.
Website: www.factnetwork.org
Email: factnetwork@gmail.com
LinkedIn group: The FACT Network
Notas del editor
Used slide on Defining Risk Management because it was a familiar format; using something that seems familiar may help people accept it.Need to add transparency and feedback to the innovation process – especially to those who submitted the ideas.The feedback loop is important. Funnel all the ideas down into assessment, etc.– increase transparency. Videotaping is increasingly being used to engage audiences with your stories. Facilitate collection of ideas by setting up a template for submitting ideas either privately, publicly. Submitting person then describes benefits, etc.Make sure to celebrate successes or even just progress toward success.Constantly ask how to keep innovation going?
Strategy/Planning requires balance, i.e. planning can stifle innovation if it makes the process too long or too unwieldy.Understand your organization’s risk tolerance; it may be industry dependent.Who is accountable? / who is affected internally/externally?Leadership is keySocial media can bring more risk or perceived risk.The Millennials: special assessment of expectations from youngest in workforce,Their values are different from employees in the past.They are good networkers and they make quick decisions.How do we harness this new generation for innovation and managing risk?How do we instil/develop accountability and ownership among the millennial generation?Who determines innovation priorities?Customers ClientsBottom line Lenders (access to capital)All these?Metrics / MeasurementDefining goals for success Employee surveyCustomer satisfaction ShareholderTriple bottom line
