TECHNOPRENEURSHIP (EM604) Session 6 20 Principles for Creating Successful Technology Ventures Dr. Winarno

20 Principles for Creating Successful Technology Ventures 1.The entrepreneur develops an enterprise with the purpose of creating wealth and prosperity for all participants (investor, customers, suppliers, employees, and themselves) using combination of intellectual and entrepreneurial capital.

20 Principles for Creating Successful Technology Ventures 2. The capable entrepreneur knows how to identify, select, describe, and communicate an opportunity that has good potential to become a successful venture.

20 Principles for Creating Successful Technology Ventures 3. The Vision, mission, value proposition, and business model embodied within the business design of a firm and powered by a sustainable competitive advantage can lead to compelling results.

20 Principles for Creating Successful Technology Ventures 4. A clear road map (strategy) for a new venture states how it will act to achieve its goals and attain a sustainable competitive advantage.

20 Principles for Creating Successful Technology Ventures 5. An innovation strategy builds on creativity, invention, and technologies, acting within a value network, to effectively commercialize new products and services for customers.

20 Principles for Creating Successful Technology Ventures 6. The entrepreneur seeks to manage risks and attain economies of scale, scope, and networks while achieving scalability of the business.

20 Principles for Creating Successful Technology Ventures 7. Entrepreneurs can learn and master a process for building a new venture and they communicate their intention by writing a business plan.

20 Principles for Creating Successful Technology Ventures 8. An important, vigorous business venture can emerge from a large firm when afforded the appropriate balance of independence, resources, and people to respond to the opportunity.

20 Principles for Creating Successful Technology Ventures 9. Knowledge acquired, shared, and used is a powerful tool for the entrepreneur to build a learning organization that can design innovative products and grow effectively.

20 Principles for Creating Successful Technology Ventures 10. The name, logo, and intellectual property of a new venture can provide a proprietary advantage leading to a temporary monopoly in the market.

20 Principles for Creating Successful Technology Ventures 11. A sound marketing and sales plan enables a new firm to identify the target customer, set its marketing objectives, and implement the steps necessary to sell the prduct and build solid customer relationships.

20 Principles for Creating Successful Technology Ventures 12. Effective leaders coupled with a good organizational plan, a collaborative performance-based culture, and a sound compensation scheme can help align every participant with the goals and objectives of the new firm.

20 Principles for Creating Successful Technology Ventures 13. Effective new ventures use their persuasion skills and credibility to secure the required resources for their firm in order to build a well-coordinated mix of outsourced and internal functions.

20 Principles for Creating Successful Technology Ventures 14. The design and management of an efficient, real-time set of production, logistical, and business processes can become a sustainable competitive advantage for a new enterprise.

20 Principles for Creating Successful Technology Ventures 15. All new technology business ventures should formulate a clear acquisition and global strategy.

20 Principles for Creating Successful Technology Ventures 16. A new firm with a powerful revenue and profit engine and a raputation for ethical dealings can achieve strong but manageable growth leading to a favorable harvest of the wealth for the owner.

20 Principles for Creating Successful Technology Ventures 17. A sound financial plan demonstrate the potential for growth and profitability for a new venture is based on the most accurate and reliable assumptions available.

20 Principles for Creating Successful Technology Ventures 18. Many kinds of sources for investment capital for a new and growing enterprise exist and should be compared and manged carefully.

20 Principles for Creating Successful Technology Ventures 19. The creation and communication of a compelling story about a venture and the rsulting skillful negotiations to close a deal with investors are critical to all new enterprises.

20 Principles for Creating Successful Technology Ventures 20. The ability to continuously and ethically execute a business plan and adapt to changing condition provides a firm with a sustainable competitive advantage.

Model Economy Economy Entrepreneurs as agents of progress Natural Capital Financial Capital Intellectual Capital Beneficial Output Undesired Waste Output

Three Elements of Intellectual Capital I.C. Human Capital Org. Capital Social Capital Skills Capabilities Knowledge Quality of relationship With customers, suppliers, partners Patents, technologies Processes, database, network