Innovation Indirect Objectives 7/22/15 2015 Innovation Indirect Robert Farrell Assistant Professor Lehman College, CUNY robert.farrell@lehman.cuny.edu Objectives Arrive at concrete list of projects and potential investors using entrepreneurial approaches to innovation and investment. Develop an action plan for realizing an innovative project using indirect strategies.

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Entrepreneurial Approach 7/22/15 Entrepreneurial Approach Entrepreneurs… risk averse with own money risky with other peopleʼs money seek investors not do-gooders accrue capital opportunistic seek “market anomalies”

Other Peopleʼs “Money” 7/22/15 Other Peopleʼs “Money” CAPITAL Other Peopleʼs “Money” CAPITAL

Other Peopleʼs “Money” 7/22/15 Other Peopleʼs “Money” CAPITAL Other Peopleʼs “Money” CAPITAL

Other Peopleʼs “Money” 7/22/15 Other Peopleʼs “Money” CAPITAL Other Peopleʼs “Money” CAPITAL 10

Othersʼ Capital Will Allow You To… 7/22/15 Othersʼ Capital Will Allow You To… Use your own resources to invest in riskier, self-funded projects Decrease your and your staffʼs stress levels Find time to reflect, assess, and improve Develop services that can be sustained over the long- term Continue services if budgets are cut Engage in general Do-Gooderism! WHERE TO LOOK FOR CAPITAL Target structural anomalies: new or growing disciplines/offices organizations/ community group new or overlooked rules/ policies

WHERE TO LOOK FOR CAPITAL 7/22/15 WHERE TO LOOK FOR CAPITAL Target new initiatives/values

WHERE TO LOOK FOR CAPITAL 7/22/15 WHERE TO LOOK FOR CAPITAL Follow the money or other forms of capital WHERE TO LOOK FOR CAPITAL Follow the ambition

Make Existing Projects Innovative Investment Vehicles 7/22/15 Make Existing Projects Innovative Investment Vehicles Approach 1: Projects or services that are overstretching you that benefit or could be framed as benefiting other community stakeholders Goals / objectives / commitments that might be reframed as potential investment opportunities Problems you face that might be framed as opportunities for others

Conceive New Projects as Potential Investment Vehicles 7/22/15 Conceive New Projects as Potential Investment Vehicles Approach 2: Projects that will attract investors Projects or services that will bring you and your partner a “return on investment” Projects that will solve an investorʼs “unseen” or “hidden” problem Projects that can “fold in” things youʼre already doing or need to do

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Has: Equipment, Skills, People Needs: Social Capital on Campus 7/22/15 Has: Equipment, Skills, People Needs: Social Capital on Campus Has: Access, Secretary, Money, Leads Needs: PromoIonal Materials, Flashy Project

Has: AmbiIon, Grant Winning PotenIal 7/22/15 Has: AmbiIon, Grant Winning PotenIal Needs: To ARract Students to Program Will Have: Money for Science IniIaIves Needs: Can Be Shaped

7/22/15 Donʼt be “That Guy”

7/22/15 Work Group Two Methods for Creating Change 20

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Indirect Approach Indirect Approach 7/22/15 Indirect Approach sophisticated form of “muddling through” next move determined by prior moves Indirect Approach

7/22/15 Be willing to … Investor Psychology

…arenʼt always “reasonable.” 7/22/15 Reasons… …arenʼt always “reasonable.”

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nemawashi STRATEGIES STRATEGIES educate investors/community about need 7/22/15 STRATEGIES educate investors/community about need cultivate powerful advocates cultivate influential catalysts/opinion leaders/ “sparkplugs” STRATEGIES nemawashi

STRATEGIES STRATEGIES generate grassroots support social motivation 7/22/15 STRATEGIES generate grassroots support STRATEGIES social motivation

7/22/15 STRATEGIES transfer ownership Work Group

References 7/22/15 Donʼt worry. Heʼs a vegetarian! Douglas, M. 1986. How Institutions Think. Syracuse: Syracuse University Press. Farrell, R. 2011. “Other peopleʼs money: Adapting entrepreneurial techniques to build capital in challenging economic times.” College & Undergraduate Libraries, 18(2-3): 150-169. Farrell, R. 2013. “Making Change Happen in the Middle.” Journal of the Leadership and Management Section of the New York Library Association, 9(2): 4-18. Kay, J. A. 2010. Obliquity: Why our Goals are Best Achieved Indirectly. London: Profile Books. Villette, M., and C. Vuillermot. 2009. From Predators to Icons: Exposing the Myth of the Business Hero. Ithaca, NY: ILR Press.