The entrepreneurial firm Prof. Vittorio de Pedys

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1 The entrepreneurial firm Prof. Vittorio de Pedys
ENTREPRENEURSHIP SEMINAR Lesson 2 The entrepreneurial firm Prof. Vittorio de Pedys

2 Why we need entrepreneurs: an idiot proof of approach
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3 New products enter the market at higher speed
Roger Best, Market-Based Management, 2nd ed. … beginning of life cycle lasts less; start ups have less time to exploit their advantage 3

4 Technology Adoption Life-Cycle – buying motives
Pragmatists: Stay with the herd! Conservatives Hold on! Visionaries Get ahead of the herd! Skeptics No Way!! Techies: Try it!! THE CHASM Innovators Early Adopters Early Majority Late Majority Laggards

5 THE CHASM Early Majority Late Majority Early Adopters Buy-in Pressure
Business Pragmatics other Pragmatists Market/Med. Strong Contender Some Consultancy Early Majority Safe/Easy Leading Effective/High return Competition from E.M. Competitor Pragmatists Market/Low. Market Leader Few Late Majority Safe/Easy Leading Effective/High return other Visionaries Personal Vision High Potential Innovative High Level Consultancy Lots of Services Early Adopters Innovators Buy-in Pressure Reference Group Price Point Leadership Required Messages Services Content None Low No New! Apprentice-ship Training Partnership Technology Only Viable Option not an issue Market/Low. Monopoly/ Commodity Only choice None Laggards THE CHASM

6 Some firm’s slow growth is written in their dna
D. Birch, A Haggerty e W. Parsons1 classify firms in: elephant: big firms that do not grow mice: small firms that produce income for their promoters and their families gazelle: firms with high growth rate Annual sales bigger than 1 mio€ Roughly 10 employees Sales growth in last 3 year Sales doubled in last 3 years Cumulated profit positive in last 4 years “organic” growth ( internal) 1 Birch, David, Haggerty, Andrew and Parsons, William (1995), “Who’s Creating Jobs?“ Boston: Cognetics 6 6

7 Management team is the key ingredient in successful start ups
The entrepreneur must learn to do different things in different stages of its growth : be creative direct good managers delegate good managers coordinate managers that direct other managers Cooperate with his group of managers CREATIVITY LEADERSHIP DELEGATION COORDINATION COOPERATION Rielaborazioni STEP di: N.C. Churchill, V.L.Lewis – The five stages of small business growth – Harvard Business Review May-June1983 7

8 I settori a più alta intensità di innovazione secondo Eurostat
Eurostat ha individuato una suddivisione delle attività industriali e dei servizi che fa emergere più chiaramente i Settori a più alta intensità di innovazione, sia per il livello di competitività interno al settore che per l’elevato tasso tecnologico intrinseco. FABBRICAZIONE DI PRODOTTI FARMACEUTICI E DI PRODOTTI CHIMICI E BOTANICI PER USI MEDICINALI FABBRICAZIONE DI MACCHINE PER UFFICIO, DI ELABORATORI E SISTEMI INFORMATICI FABBRICAZIONE DI APPARECCHI PER LE COMUNICAZIONI FABBRICAZIONE DI APPARECCHI MEDICALI, DI APPARECCHI DI PRECISIONE HIGH TECHNOLOGY INDUSTRIAL SECTORS POSTE E TELECOMUNICAZIONI INFORMATICA E ATTIVITÀ CONNESSE RICERCA E SVILUPPO HIGH TECHNOLOGY KNOWLEDGE INTENSIVE SERVICES 27/03/2017 8

9 Capitale, tecnologia e management team sono i fondamenti per la creazione d’impresa
le risorse finanziarie presenti vanno rese accessibili in ogni fase dello sviluppo Fondi pubblici: Nazionali (Sviluppo Italia: titolo II) Regionali (Docup: misura D3) Fondi privati (Business Angel, Venture Capital): Italiani e Stranieri Tecnologia: le idee vanno individuate e valorizzate, di solito esistono in abbondanza nelle Università e nelle imprese Presso le Università: sfruttando economicamente i brevetti esistenti, incrementando la brevettazione, spingendo la ricerca verso il mercato Presso le imprese esistenti che operano nei settori a crescita intensiva: promuovendo gli spin-off aziendali Management team: le capacità imprenditoriali sono la risorsa chiave che deve essere assicurata Incrementando le competenze manageriali di chi vuole fare impresa Diffondendo la cultura e il rischio imprenditoriale presso professori, ricercatori, studenti e dipendenti delle imprese 27/03/2017 9 9

10 External financing IPO Internal financing Bank lending Founder Family
Capital is added in stages in the differents phases of the firms’ creation 3F theoretically should exit ... External financing IPO Internal financing Venture Capital Business Angels Bank lending Founder Family Seed Start-up Early Stage Sustained growth 10 10

11 Ancora 3F negli aumenti di capitale
Nel 50% dei casi in cui subentrano Manager Finanziatori o Partner Finanziari nell’aumento di capitale delle SUI benchmark, i soci promotori non hanno più il 51% delle quote. benchmark resto del campione Chi è entrato? 24% 31% Senza 3F all’inizio Domanda a Risposta Multipla: le percentuali sono calcolate sul totale dei rispondenti, 17 benchmark e 65 resto del campione. 27/03/2017 11

12 Sono sufficienti circa 200k € per costituire una SUI
I concetti, in breve Sono sufficienti circa 200k € per costituire una SUI L’imprenditore solo al comando non è necessariamente un bene I finanziamenti pubblici producono degli effetti Le banche finanziano le SUI... E sono brave a capire quali hanno alta % di successo Le 3F sono un buon investitore all’inizio, cattivo dopo Nel 96% dei casi i soci promotori detengono ancora la maggioranza Le SUI benchmark esportano di più 27/03/2017 12 12

13 Innovation…

14 RESOURCES VALUE PROPOSITION PROFIT FORMULA PROCESSES
To define the form of your initiative you must understand and design the Business Model VALUE PROPOSITION RESOURCES People, technology, products, facilities, equipment, brands, cash that are required to deliver this value proposition to the targeted customers. Process automatically followed become Culture. PROFIT FORMULA PROCESSES Product or service that helps customers to do more effectively, conveniently and affordably a job they’ve been trying to do Ways of working together to address recurrent tasks in a consistent way: training , development, manufacturing, budgeting, planning, etc. Assets and cost structure, margins, scale, and velocity required to cover them 14

15 New-Market Disruption
The Third Dimension of the Disruptive Innovation Model Sustaining Strategy Bring a better product into an established market Performance Low-End Disruption Adress overserved customers With a lower-cost business model Different Measure of Performance Time Low end: Ford vs Toyota, Telecoms vs Skype, McKinsey vs BCG Non consumption: Airlines vs Low cost, New-Market Disruption Compete against nonconsumption Time Nonconsumers Or Nonconsuming Occasions 15 15

16 The Role of Business Model Innovation in the Process of Disruption
European School of Management Italia (C) Copyright 2004 The Role of Business Model Innovation in the Process of Disruption Performance Sustaining innovations Different Measure of Performance Time Esempio: Piccolo Pirogassificatore. Auto Giapponesi. Leggi intervista a WOZ. 3. New Value Network Customers Distribution Suppliers 1. Simplifying Technology Non-consumers or Non-consuming occasions 2. Business Model Innovation Time 16 16

17 Business models built around job to be done
Company Job-to-be-Done Integration IKEA I need to furnish this place today Furniture design for take-it-home-yourself packaging; childcare; things to cover floors, hang on walls, outfit kitchen Onstar Whatever happens, I want to be sure that my family and I will be taken care of. I need place of mind Live advisors integrated with local police emrgency systems; Crash & activity sensors througouht vehicle enabling a montly on vehicle wellness; factory-install despite asynchronous qualification cycles of mechanical and electronic products Disney Theme Parks I want a warm and loving escape with my family into a fantasy Animated films that create characters and stories; Disney’s “Wonderful World of Color” weekly TV show to bring fantasy home; Theme parks SAS Institute I need to make the right decision, and the safe decision Data analysis software; decision support tools; data warehousing; virtualization to facilitate access to additional data FedEx I need to get this from here there with perfect and certainty as fast as possible Air transportation; Memphis hub; ground pickup & delivery; real-time tracking Hilti I need to finish this construction job on time and on budget Hilti leases tools as a service, rather than owing them. It maintains the inventory of tools on its customers’ construction sites Microsoft Office I need a persuasive document that clearly communicates and makes me look good Word processing, data analysis &graphics software; web browser; etc. Mayo Clinic I need a precise diagnosis of & recommended therapy for my disease Practiced processes for converging physicians for multiple specialties onto each patient. Mayo is integrated into training its own doctors Other Examples __________________________________________________________________________ ______________________________________________________________________________________ 17

18 Four areas support the good quality of an initiative
European School of Management Italia (C) Copyright 2004 Four areas support the good quality of an initiative Innovation Consumers Innovation is the capacity to do something useful for consumers in a different way. Do in a different way does not (only) mean do in a technologic way. Consumers must have a need to be satisfied in a different way(feel the pain). Consumers must be available (distribution network) and they have the possibility to spend. Current and future competitors fix the structure of the sector. Know How, Demand, Life Cycle and competitors fix the interest of a sector. The current dynamics between Consumers and Competitors and in 5 and 10 years determine the development of the market. The growth rate of the market and the breaking points of the sector represent entrepreneurial opportunities. Competitors Market 18 18

19 JOB (VALUE PROPOSITION)
European School of Management Italia (C) Copyright 2004 Business Model Template JOB (VALUE PROPOSITION) RESOURCES PROFIT FORMULA PROCESSES 19 19

20 JOB (VALUE PROPOSITION)
European School of Management Italia (C) Copyright 2004 R&R Business Model JOB (VALUE PROPOSITION) RESOURCES PROFIT FORMULA Very low fixed capital invested and fixed costs (design fee) 34% Contribution margin. Price: 12.5$, variable cost (Manufacturing/Assembly 3.1, TV Guide Royalty 10%, Designer 5%, Ad Allowance 5%, Heller Factor 1%, Sales Commission 20%) BE reached with the first sales to department stores … PROCESSES Manage a network of skilled and independent sale rep Involve and manage the manufacturer (Swiss Colony) and the factor (Heller) Dealing at the same time with two different resellers Capability to act quickly Reiss industry experience, credibility and contacts Sales force plug and play TV guide brand and ad allowance Spend time together Involve themselves in a game where skills and luck are important Give as a present something the allows the above mentioned 20 20