1. Innovation Indirect Objectives 7/22/15
2015
Innovation
Indirect
Robert Farrell Assistant Professor
Lehman College, CUNY
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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Library

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

8. Other Peopleʼs “Money”
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Other Peopleʼs “Money”
CAPITAL
Other Peopleʼs “Money”
CAPITAL

9. Other Peopleʼs “Money”
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Other Peopleʼs “Money”
CAPITAL
Other Peopleʼs “Money”
CAPITAL

10. Other Peopleʼs “Money”
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Other Peopleʼs “Money”
CAPITAL
Other Peopleʼs “Money”
CAPITAL 10

11. Othersʼ Capital Will Allow You To…
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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

12. WHERE TO LOOK FOR CAPITAL
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WHERE TO LOOK FOR CAPITAL
Target new initiatives/values

13. WHERE TO LOOK FOR CAPITAL
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WHERE TO LOOK FOR CAPITAL
Follow the money or other forms of capital
WHERE TO LOOK FOR CAPITAL
Follow the ambition

14. Make Existing Projects Innovative Investment Vehicles
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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

15. Conceive New Projects as Potential Investment Vehicles
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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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17. Has: Equipment, Skills, People Needs: Social Capital on Campus
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Has: Equipment, Skills, People Needs: Social Capital on Campus
Has: Access, Secretary, Money, Leads Needs: PromoIonal Materials, Flashy Project

18. Has: AmbiIon, Grant Winning PotenIal
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Has: AmbiIon, Grant Winning PotenIal
Needs: To ARract Students to Program
Will Have: Money for Science
IniIaIves Needs: Can Be Shaped

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Donʼt be “That Guy”

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Work
Group
Two Methods for Creating Change 20

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

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Be willing to …
Investor Psychology

24. …arenʼt always “reasonable.”
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Reasons…
…arenʼt always “reasonable.”

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26. nemawashi STRATEGIES STRATEGIES educate investors/community about need
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STRATEGIES
educate investors/community about need
cultivate powerful advocates
cultivate influential catalysts/opinion leaders/ “sparkplugs”
STRATEGIES
nemawashi

27. STRATEGIES STRATEGIES generate grassroots support social motivation
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STRATEGIES
generate grassroots support
STRATEGIES
social motivation

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STRATEGIES
transfer ownership
Work
Group

29. References 7/22/15 Donʼt worry. Heʼs a vegetarian!
Douglas, M How Institutions Think. Syracuse: Syracuse University Press.
Farrell, R “Other peopleʼs money: Adapting entrepreneurial techniques to build capital in challenging economic times.” College & Undergraduate Libraries, 18(2-3):
Farrell, R “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 Obliquity: Why our Goals are Best Achieved Indirectly. London: Profile Books.
Villette, M., and C. Vuillermot From Predators to Icons: Exposing the Myth of the Business Hero. Ithaca, NY: ILR Press.