Innovation & Entrepreneurship Ecosystems in Croatia - HAMAG-BICRO - Apr 16 2015
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Talk given by Burton Lee at Congress Center Forum Zagreb, April 16 2015, in Zagreb, Croatia. Host: HAMAG-BICRO Agency. Website: www.StanfordEuropreneurs.org Twitter: @burtonlee, @europreneurs
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Innovation & Entrepreneurship Ecosystems in Croatia - HAMAG-BICRO - Apr 16 2015
- 1. Building Innova-on and Entrepreneurship Ecosystems in Croa-a, Europe and Silicon Valley Industry, Universi/es, Startups and Government Dr. Burton H. Lee PhD MBA Lecturer, European Entrepreneurship & Innova4on, Stanford Engineering www.StanfordEuropreneurs.org | @Europreneurs Congress Center Forum Zagreb Host Organiza-on: HAMAG-‐BICRO April 16 2015
- 2. Gree/ngs from Silicon Valley (and the Republic of California)
- 3. Major Themes Today • Europe’s core crisis today is a ‘Crisis of Innova4on’ • This crisis is poorly understood and diagnosed in Europe • It is systemic, structural and ins4tu4onal, and cuts across industry, universi4es and government • Un4l Europe develops a holis4c approach to its innova4on challenges, Europe is unlikely to meet its job crea4on goals, and will con4nue to lose the baNle for global compe44veness • There *are* bright spots in the European innova4on sector, but few are high growth or result in major new job crea4on Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 3
- 4. ABOUT THE SPEAKER DR. BURTON LEE PHD MBA STANFORD SCHOOL OF ENGINEERING | INNOVARIUM VENTURES BURTON.LEE@INNOVARIUM.NET WWW.STANFORDEUROPRENEURS.ORG @EUROPRENEURS
- 5. hNp://www.europeanentrepreneursatstanford.com | hNp://me421.stanford.edu Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 5
- 6. Map of Presen-ng Speaker Na-onali-es European Entrepreneurship & Innova-on @ Stanford Engineering (ME421) Winter 2014 – Year Six Enterprise Estonia Silicon Valley Ghent, Flanders Region Belgium iMinds ICT Research Ins-tute
- 7. February 10 2014 @ Stanford Engineering Jeff Lynn, Seedrs (UK) & Matija Kopic, Farmeron (HR)
- 8. January 27 @ Stanford Engineering Vassil Terziev & Japec Jakopin
- 9. January 13 @ Stanford Engineering Uwe Horstmann & Signe Viimsalu
- 10. Topics Covered Apr 16 2015 Equity Crowdfunding European Entry Strategies for Valley Startups East v West Europe Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 10
- 11. The Story of European Entrepreneurship in Europe Europe vs Silicon Valley Apr 16 2015 Entrepreneurship and Innova-on in Europe Today Europe vs Silicon Valley Europeans in Silicon Valley Arts, Culture, Design, Language & Tradi4ons History & Poli4cs Law & Policy Ins4tu4ons & Personali4es Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 11
- 12. Selected Industry Experience Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 12 Co-‐Founder Member, Advisory Board Co-‐Founder
- 13. Major Global Trends in Technology, Innovation and Entrepreneurship
- 14. Major Global Trends Technology and Innova-on • Technology – Social Networks – Cloud & Mobile – Big Data – Internet-‐of-‐Things – Wearable Compu4ng – EduTech – Robo4cs – Electric Vehicles – Space Systems • Innova4on – Financial Innova4on – Corporate Innova4on Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 14
- 15. How Silicon Valley Works The World’s Most Dynamic Regional Innova/on Ecosystem Where is Silicon Valley Going?
- 16. What is Silicon Valley, Precisely ?? • 2.9 Mn inhabitants • 4 Coun4es, 40 municipali4es • 1.3 Mn jobs • Growth areas: – Soaware – Industrial/Energy – Media & Entertainment – Biotechnology – Medical Devices – Manufacturing • 48%+ of US Venture Capital investment in 2014 Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 16
- 17. Apr 16 2015 17 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley
- 18. What We Do in Silicon Valley • We build and grow (“scale”) companies to a global level faster – and more efficiently – than anywhere else in the world • We create more new jobs and industries – faster – than anywhere globally • We look for and reward disrup-ve ideas, technologies, teams and intellectual property that can be scaled globally • We do world class research and technology development • We design, build and manufacture great technology products and services • Silicon Valley is where the World Learns First new approaches to innova7on – And where Europe, China, Japan, Korea, Singapore and India come to learn Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 18
- 19. Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 19 Source: S. Blank, “The Secret History of Silicon Valley”, 2009 Product Design plays a key role in sustaining incremental innova/on inbetween new waves of disrup/ve innova/on Apr 16 2015
- 20. Seven ‘Engines’ That Drive Silicon Valley Forward • Talent Crea4on Engine • Intellectual Property Genera4on Engine • Startup Crea4on, Growth and Destruc4on Engine • Product Design, Prototyping, Development & Management Engine • Sales and Marke4ng Engine • The Storytelling and Culture Crea4on Engine • New Value, Wealth and Capital Crea4on Engine Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 20
- 21. Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 21
- 22. Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 22
- 23. Android & iPhone “Disrup7ve Innova7on” via New Business Models + Advanced Product Design Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 23 “Company-‐Busters” New Products and Services for Global Markets
- 24. New Companies Start with New Products & Services Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 24 New Products| Services New Companies New Jobs Europe is placing insufficient emphasis on new product design and development in Engineering, Medical & Business Schools – and in Enterprises
- 25. Product Design & Development • ‘Design Thinking’ • Disrup7ve product concepts – Europe excels in incremental product improvements • ‘Needs finding’ in the marketplace – Observing and talking to users and customers – Look at how customers behave (shopping, driving, etc) • Product design + business model design – ‘Product-‐market fit’ • Product Design belongs at the heart of entrepreneurship educa4on • Stanford Design School (d.School) • Not the same as: – “Industrial Design” – Architectural or Ar4s4c Design Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 25
- 26. Great Product Design as a New Generator of Value and Wealth Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 26
- 27. Actual Product Design Process Product-‐Market Fit
- 28. What is Different About ‘Design Thinking’? • Avoids ‘Hard Engineering’ ac4vi4es, expenditures and commitments for as long as Possible • Combines many ‘hard’ & ‘soa’ disciplines: – Sociology Design – Psychology Art & Drawing – Anthropology – Human Factors – HandiCraas & Making Things – Business – Engineering & Architecture • Searches for disrup7ve and new crea4ve approaches to solving societal problems and marketplace gaps • Focuses on finding and ‘asking the right ques4ons’
- 29. Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 29 Product Concepts & Prototypes developed by students in collabora/on with industry partners and sponsors
- 30. Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 30
- 31. Making *Money* vs Making *Things* Which of these is the Source of Value and Social Status for You? (and Croa-an society) ??
- 32. Silicon Valley vs Europe: Major Differences, Strengths and Weaknesses
- 33. Entrepreneurship in Europe vs Silicon Valley Today Silicon Valley Style Entrepreneurship • Highly Scalable – Technology, Product Architecture, Business Model – Business Processes & Back-‐end IT Systems – Equity Structure – Innova4on-‐centric Culture – Very Rapid Execu4on and Growth • “Lean” – Mostly soaware-‐based + some hardware • Serial • Parallel • Build-‐to-‐sell European Style Entrepreneurship • Highly Scalable – Skype, Spo4fy, Soundcloud, Rovio • Tradi4onal SMEs – > 20 Mn firms; 92.2 % with < 10 employees (2012) – Food, agriculture, tourism, construc4on, real estate, services • Family-‐based Entrepreneurship – German MiNelstand, Italy, France • “Black” Entrepreneurship – Black market – Belarus, Greece, Italy, etc • “Sustainable” Entrepreneurship – Corporate entrepreneurship • Export-‐oriented • One-‐4me entrepreneurship Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 33
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- 39. “Sohware Is Not Tradi-onal Danish” Senior Official, Danish Ministry for Science, Technology and Innova-on Copenhagen, DK
- 40. Europe Does Not “Get Sohware” * Consumer Sohware * Enterprise Sohware (vs embedded sohware … which is quite good in Europe as a rule …..) [with a few excep/ons …]
- 41. Europe and Sohware • Widespread confusion about the major categories of soaware, and their rela4ve contribu4ons to economic growth, profits, investment and new job crea4on Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 41 Consumer SW Enterprise SW Embedded SW Major Sohware Categories Ranked by Poli-cal Priority|Status in Europe Consumer SW – Low; Embedded SW -‐ High Consumer SW Enterprise SW Embedded SW Major Sohware Categories Ranked by Market Size, Value & Job Crea-on Impact Consumer SW – High; Embedded SW -‐ Low
- 42. Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 42 Enterprise CIO Role is Expanding
- 43. Money Culture Silicon Valley vs Europe | Russia • Europe | Russia – Lots of capital !! – Mostly built by lending, specula4on – or natural resources extrac4on – Or inherited thru family channels – “Bank Capital” = Old money – Some “new money” built with new companies, but rela4vely liNle – Values: • Conserva4sm, real estate, old 4es, tradi4onal schools, old ideas • Building wealth for one’s self, family & close friends only • ‘Use or Be Used’ mentality • Heavy, in4mida4ng – Black limousines • Closed groups • Ostenta4ous demonstra4ons of wealth in public for status and appearance – Does Not Value: • Giving back to the community (that’s the government’s job, right?) • Sharing wealth genera4on with employees on a large scale • Openness, trust, collabora4on • Technology, science and engineering as generators of wealth, value or prosperity • Contribu4ons of young people • New ideas Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 43
- 44. Money Culture Silicon Valley vs Europe | Russia • Silicon Valley – Lots of capital here !! – Built by building new companies – “Risk Capital” = New money – Values: • Fun, intellectual challenge, teamwork, collabora4on, technology/science/math, technical culture, geek culture, learning and higher educa4on, openness • Sleek, fast, cool – BMW, Tesla, Prius • Social responsibility – environment • Openness, avoidance of eli4sm • Sharing of new wealth created with employees • Giving back to the community, philanthropy, passing it forward, coaching & mentoring the next genera4on – Does Not Value: • Ostenta4ous social demonstra4ons of wealth for status or appearance • Black limousines, gold jewelry, young women fawning over rich millionaires and billionaires ;-‐) Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 44
- 45. Challenges for the European Innovation System: Industrial Performance University Performance and Reform Entrepreneurship Innovation Policy
- 46. Key Issues • Company Performance in Europe vs USA – Major declines in numerous large na4onal enterprises • ICT and consumer sectors – Chronic gap in ICT-‐related produc4vity of enterprises – Brings into ques4on the quality of training curricula at many European business schools • Demand-‐side Problems with new ICT Services – Delayed demand, shallow adop4on by enterprises and consumers – Without strong local demand for new ICT services, Europe will find it difficult to grow new companies, who will have to move closer to early adop4ng customers in the USA • Needed University Reforms are not being Addressed – University reform in Finland as one successful example to study Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 46
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- 52. Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 52 Apr 16 2015
- 53. EU – US Produc4vity Gap Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 53 Source: The Europe 2020 Compe44veness Report: Building a More Compe44ve Europe (2012) Apr 16 2015
- 54. ICT Adop4on & U4liza4on A Key Contributor to EU-‐US Produc4vity Gap Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 54 Source: THE LISBON STRATEGY AND THE EU’S STRUCTURAL PRODUCTIVITY PROBLEM (2004) Apr 16 2015
- 55. Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 55 Source: ICT and produc4vity: a roadmap for empirical research – T Kretschmer, M Cardona, T Strobel Apr 16 2015
- 56. Demand Side v Supply Side Blind Spots in Global Innova4on Policy • Europe Has a Major ‘Demand’ Problem – which is not being addressed today • Europe Cannot Fix Its Innova-on Challenges only by Tackling the ‘Supply Side’ • Europe Must Understand & Directly Address Its ‘Demand’ Gap Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 56 Apr 16 2015
- 57. Viral Growth in ICT Demand: Silicon Valley ‘Hockey S4cks’ Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 57
- 58. University Reform in Europe Problem Statement • Majority of European public universi4es are under-‐performing vs their US equivalents – Excep4ons: Germany, Switzerland, Netherlands, UK and some Nordic countries • Generally under-‐funded • Many are mis-‐aligned and disconnected from na4onal innova4on systems • Generally poor representa4on in global rankings • Jurisdic4on over universi4es resides at na4onal/ regional level, not at EU level Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 58
- 59. University Reform in Europe Problem Statement • Most European universi4es are geared to teaching as primary mission, not research – Important excep4ons in Germany, Switzerland, UK, Netherlands and some Nordic countries • Generate rela4vely liNle intellectual property • Do not work well with industry • Generally poor at commercializa4on of research • Professors have liNle industry experience, and see liNle value in acquiring same • LiNle encouragement of entrepreneurship by students Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 59
- 60. Finland’s University Reform Vision 2020 60
- 61. Other Major Impediments to Entrepreneurship & Innova-on in Europe • Cultural aztudes towards failure and risk • Strong preferences for employment security – Government and big company jobs • Rela4ve lack of student interest today at most public universi4es • Rigid and out-‐of-‐touch public university systems – Do not promote entrepreneurship as a career choice for students – Do not adequately empower students • High cost of star4ng new companies – and 4me delays – Paten4ng, legal fees, etc – Outdated incorpora4on laws and regula4ons • Weak (but improving) angel & venture finance markets • Weak market for purchase of new startups by exis4ng enterprises – Difficult to do “exits” in Europe • Weak intellectual property base and markets – Much research in Europe is not converted into IP, and is not commercialized • Late adop4on of new ICT technologies by enterprises & consumers • Puni4ve bankruptcy laws and regula4ons • A preference for complexity over simplicity Apr 16 2015 61 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley
- 62. Brief Observations on Croatia
- 63. Observa-ons from Croa-a & Europe • 3 days as Mentor in ‘Geek Business Camp’, Brown Forum, Osijek (April 2015) • Seven (7) years working in Europe with tech startups, investors, universi4es, engineering and business professors & schools, governments and the European Commission
- 64. Inexperienced Startup Teams Ohen Miss These Key Ac-vi-es • Develop too few product/service concepts – Have just 1-‐2 ideas • Too few interac4ons with real users/customers – 2-‐3 discussions vs mee4ng/observing 00’s – Don’t make serious effort to go into market, understand customers and the market – Develop liNle sense of market segments: high, middle, low • Build insufficient prototypes – 1 or 2 vs 10 vs 500 • Test prototypes with too few real users • Start with the Wrong Ques4ons About User Needs
- 65. Innova-on & Entrepreneurship Ecosystem Gaps in Europe • Startup Forma4on Rates • Product Design Skills • Sales & Marke4ng • Product Management • IT Systems Architecture • Many European companies and universi4es show substan4al weakness in these areas
- 66. Suggested Focus Areas for Croatia
- 67. Importance of Product Design for Building Successful Companies…
- 68. … and Reducing Failures Thru ‘Premature Scaling’
- 69. Product Design Excellence & Skills Are Essen/al to Growing Successful Companies in Croa/a
- 70. Open Discussion with Attendees Innovation and the Future Business Landscape for Croatia
- 71. Suggested Industry Compe--veness Ini-a-ves in Croa-a • New University Programs – Product Design, Product Management – Direct User/Customer Engagement – ‘Lean LaunchPad’ • Company Training Programs – Sales & Marke4ng – Product Design, Product Management – IT Systems for Compe44ve Advantage: Strategy, U4liza4on, Architecture • Competencies Surveys of Croa4an Companies Are Needed – Product Design skills, experience and success rates – Informa4on Technology (enterprise soaware) skills, u4liza4on & effec4veness • Many Croa4an companies and universi4es need improvement in these areas
- 72. Innova-on Opportuni-es for Croa-a ?? • Strengthen Focus on IT/Soaware Sector • Universi4es and University Reform – Teaching students how to ‘build companies’ vs the ‘theory of entrepreneurship’ – LiNle evidence of focus on product design, development and management • This is *not* the same as ‘engineering design’, which is currently taught in Austrian university engineering facul4es – Low number of new companies generated • Improving Management & Technical Skills Gaps in Industry – New product design, product management, enterprise soaware, sales & marke4ng, ‘growth hacking’ • Silicon Valley Ties and Bridge to Croa4a? Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 72
- 73. 73 Join Our Online Community @Europreneurs Speaker Presentation Slides www.slideshare.net/burtonlee1 Speaker Videos ‘StanfordEuropreneurs’ ‘European Innovation @Stanford’ www.StanfordEuropreneurs.org me421.stanford.edu
- 75. THANK YOU Dr. Burton Lee PhD MBA Stanford School of Engineering Burton.Lee@Innovarium.net WWW.STANFORDEUROPRENEURS.ORG @EUROPRENEURS
- 76. Working in Silicon Valley, Europe, La-n America and Washington DC • Senior financial, technical and strategy advisory services for global technology innova4on organiza4ons • Professional Services – Technology startup and growth companies • Interim CXO and Advisory Board roles • Expert guidance & decision-‐making at the interface between market/customers, technology and finance • Business development – industrial and government • Business plan prepara4on/research/review; Government Grant proposal prepara4on/review • Coaching and mentoring of CEOs and other CXO-‐level managers • Assistance with government regulatory and policy agencies – Angel, venture capital and private equity Investors • Fund strategy, team selec4on and market posi4oning • Due diligence: technical, financial, strategy and business models – Public and non-‐profit R&D laboratories • Technology transfer & partnerships; venturing and spin-‐out of companies; strategy and business development; grant applica4ons – Research universi4es • Innova4on-‐related models, policies and prac4ces • Technology transfer and licensing; industry partnerships and rela4ons; development and strategy; grant applica4ons – Na4onal and regional government agencies • Innova4on policy formula4on, analysis and review; cluster development strategy; economic impact studies • Science & technology policy formula4on, analysis & review: space, avia4on, nanotechnology, soaware/AI/robo4cs, manufacturing • Selected recent clients – US/European technology startup companies – alterna4ve energy, robo4cs/AI, soaware, Internet, nanotech – Venture and private equity funds – aerospace, nanotechnology, ICT, compu4ng, advanced materials, clean tech – Office of the Prime Minister, Ireland; European Commission; Na4onal Science Founda4on; NASA, Na4onal Academies • Dr. Burton Lee PhD MBA, Managing Director – Contact: Burton.Lee@innovarium.net Based in Palo Alto, CA near Stanford University – Bio/References: LinkedIn Profile – Lecturer, European Entrepreneurship & Innova4on, Stanford School of Engineering Apr 16 2015 Copyright 2015 Burton H. Lee and Innovarium Ventures | Silicon Valley 76