1. The Future of Innovation
The New Rules
for Entrepreneurs
Digital October
June 30, 2011
Bill Reichert
Managing Director
Garage Technology Ventures

2. Thanks, Digital October!

3. The Pace of Innovation
“The pace of innovation is accelerating
at an exponential rate.”
“The cumulative knowledge of
mankind is doubling every four
years.”
-- Common Wisdom

4. The Pace of Innovation . . .
If this were true …
n My computer wouldn’t freeze
n Cancer would be cured
n Energy would be cheap and clean
n I wouldn’t need to carry roubles.

5. So, What Does the Future Hold?
“The future ain’t what it used to be!”
-- Yogi Berra
. . . Hint: It’s not about new ideas, and
it’s not about new technology

6. The Engine of Innovation
“The reasonable man adapts himself to
the world; the unreasonable one persists
in trying to adapt the world to himself.
Therefore, all progress depends on the
unreasonable man.”
-- George Bernard Shaw

7. Reasonable or Unreasonable?

8. Future of Innovation
Top Ten New Rules
for Innovators

9. 1. Fundamental Objective
Old Rule:
n Create wealth
New Rule:
n Create value

10. 2. Driving Innovation
Old Rule:
n Brilliant leader
New Rule:
n Brilliant team

11. The Brilliant Team . . .
A Parable:
n The Optimist,
the Pessimist,
and the Engineer

12. 3. Sharing the Vision
Old Rule:
n Craft a Mission Statement
New Rule:
n Create a Wow! Statement

13. Mission Statements …
“The mission of {???} is to deliver superior
quality products and services for our customers
and communities through leadership,
innovation, and partnerships.”

14. Wow! Statements . . .
The essence of your value proposition . . .
n Unique offering
n Clear benefit
n Advantage over alternatives

15. Wow! Statements . . .
n Fedex: The only solution if you need to get
it there overnight
n Simply Hired: More job listings than any
other site on the planet
n MiaSole: The world’s most efficient and
most cost effective thin film solar panels

16. Wow! Statements . . .
n What’s your Wow Statement ???

17. 4. Management Style
Old Rule:
n Plan the work, work the plan
New Rule:
n Get going!

18. 5. Foundation of Innovation
Old Rule:
n New ideas and technologies
New Rule:
n “Stolen” ideas and technologies
. . . applied in new ways

19. 6. Business Metrics
Old Rule:
n Measure ROI, . . .
New Rule:
n Measure customer delight, . . .

20. 7. Competitive Advantage
Old Rule:
n First mover advantage
New Rule:
n Fast adaptor advantage . . .
. . . IBM, Microsoft, Oracle,
Google, Facebook, Apple

21. 7. Competitive Advantage . . .
Flatbush
National
Bank

22. 8. Marketing Strategy
Old Rule:
n Build it and they will come
New Rule:
n Everyone sells

23. 9. Pace of Change
Old Rule:
n The pace of change is
accelerating
New Rule:
n Change takes time

24. Pace of Change . . .
Actual progress is slower than we thought:
n Mobile payments
n Batteries
n Software
n Bandwidth
n Medicine
n Transportation
n Television.

25. 10. Source of Innovation
Old Rule:
n Technology drives innovation
New Rule:
n People trump technology

26. Top Ten New Rules for Innovators
1. Focus on value
2. It’s a team sport
3. Craft a Wow! statement
4. Don’t just plan, get going!
5. Steal good ideas
6. Measure customer delight
7. Be a fast adaptor
8. Make everyone customer focused
9. Be realistic about pace of adoption
10. People trump technology

27. New Rules for Innovators
For questions, comments, or slides:
reichert@garage.com
Resources:
§ Garage website: www.garage.com
§ Art of the Start, the classic book

28. The Art of Going Global
How to Increase the Likelihood that
You Will Achieve World Domination

29. The Art of Going Global
1. Learn how to sell
2. Pick the right geography
3. Dedicate your team
4. Find the right partners
5. Make new mistakes

30. The Art of Going Global
n Elena Masolova
n Nick Puntikov
n Aynur Abdulnasyrov
n Marc Burch
n Bill Reichert

31. The Art of Attracting Resources
When Going Global
How to Increase the Likelihood that
You Will Achieve World Domination
Part II

32. The Art of Attracting Resources
1. Understand your funding alternatives
2. Get the right advisors
3. Connect with funding sources early
4. Put the right infrastructure in place
5. Make new mistakes

33. The Art of Attracting Resources
n Andrey Kazakov
n Pavel Bogdanov
n Boris Ryabov
n Marc Burch
n Bill Reichert

34. The Art of Going Global
How to Increase the Likelihood that
You Will Achieve World Domination