Description
Book SynopsisA proven approach to achieving entrepreneurial success in new corporate ventures and startups Every day, business and corporate startups take action based on assumptions. Yet these assumptions are based largely on guesswork that leads to everything from costly mistakes to the failure of ventures.
Trade ReviewIn short, this book along with a website that provides a digital toolkit to assist in the logistics of realising the suggested procedures - is packed with practical yet insightful guidance to inspire the budding billionaires of the future. (Elite Business, February 2014)
Table of ContentsList of Trademarks xiii
Acknowledgments xv
Introduction: Is There a Better Way? xix
PART I THE TALE OF TWO
ENTREPRENEURIAL WORLDS 1
CHAPTER 1: Pedal to the Metal 3
A Little History 3
Traditional Management Tools Fail Entrepreneurs 4
Why Startups Fail 7
Origins of the Pivot Methodology 8
Notes 10
CHAPTER 2: Innovation is Bringing Discipline to Chaos 11
Plant = Discovery; Pivot = Incubation; Propel = Acceleration 11
Introduction to the D-I-A Model 13
If Only I Had Known Then What I Know Now. . . 15
Innovation Defined in the Corporate Setting 17
Beyond Invention and Creativity 18
Emerging Management Discipline 19
Innovation Definitions 21
Common Language and Mind-Set 23
Navigating the Culture Divide 24
It’s All about Uncertainty 25
Uncertainty versus Risk 25
Uncertainty Types: Technical, Market, Resource, Organization 26
Innovation Continuum and Uncertainty 27
The ABCs of Innovation Uncertainty 27
Notes 29
CHAPTER 3: The Corporate Entrepreneur 31
An Examination of the Definition 31
An In-Depth Look at Corporate Entrepreneurship Models 33
Model One: Intrapreneurship 34
Model Two: Arm’s-Length Approaches—Corporate Venture Capital and External Corporate Incubators 35
Model Three: Internal Venturing—Spin-Ins and Spin-Outs 36
Model Four: New Business Creation—Inside Corporate/R&D or Established Divisions 38
Model Five: Open Innovation Hybrid Approach 39
Model Six: An Innovation Function—Institutionalizing Corporate Entrepreneurship 40
A Brief Look at Academic Research 42
A Look at Corporate Culture 43
Personal Experiences 46
Notes 52
Additional Notes 53
CHAPTER 4: So, You Want to Be an Entrepreneur? 55
Swinging for the Fences 56
The Academic Side 59
Personal Experiences 63
Notes 67
CHAPTER 5: Entrepreneur and Corporate Entrepreneur: Framing the Perspectives 69
Comparing Entrepreneurs 71
Differences between Entrepreneurs and Corporate Entrepreneurs 71
Differences in the Operating Contexts 72
Progress in Understanding and Effectively Executing the Two Different Types of Entrepreneurship 74
Notes 76
PART II PLANT = DISCOVERY—THE BUSINESS VISION 77
CHAPTER 6:Discovery–Attractiveness of the Business Opportunity 79
Discovery Principles 81
Discovery and Open Innovation 83
Discovery Progression: Capturing Innovation Opportunities 85
Opportunity Recognition 85
Application Generation and the Business Vision 89
The Discovery Toolkit in Brief 92
Standard Tools 93
Idea Uncertainty Assessment Tool 93
Genesis Pad Opportunity Description 93
Opportunity Screening Criteria 96
Opportunity Potential Questions 97
Uncertainty Identification Checklist for Discovery 99
Opportunity Stakeholder Positioning Steps 99
Plant or Discovery Value Pitch 99
Advanced Tools 104
Words of Caution 107
Plant Your Value Pitch: Making the Transition to Incubation with Your Opportunity Concept 107
Notes 109
CHAPTER 7: Opportunity and the Entrepreneur 111
Opportunity Recognition 112
Technology to Market Opportunity 114
The Challenge for Universities to Commercialize Technologies 116
The Big XYZ 118
The Value Proposition 119
The Positioning Statement 121
Notes 122
CHAPTER 8: Entrepreneur and Corporate Entrepreneur Perspectives: Pursuit of Opportunities 123
Getting from Idea to Opportunity 123
Attracting Attention 125
Note 127
PART III PIVOT = INCUBATION—THE MISSING LINK 129
CHAPTER 9: Incubation—Discipline Together with Chaos 131
Incubation Principles 133
Incubation Objectives 136
Incubation Activities and Processes 137
Incubation and Living With Chaos: The Learning Plan 142
Short, Quick, Inexpensive Learning Loops 143
The Learning Plan Methodology 144
Dimensions of Uncertainty 148
Learning Loop Development Process 152
Initiating a Learning Loop 152
Evaluating Learning Outcomes 153
General Guidelines 153
Notes 155
CHAPTER 10: Early Market Engagement: Business Concept Options 157
Incubation Progression: Market Learning and Business Model 158
Market Learning 160
Business Model 164
Market Development Considerations 166
Learning versus Product Prototype 166
Market Entry Approach 167
Forget about Finding the Killer Application 167
Be Out There 168
Move from Office to Market 168
Market Development = Market Learning 169
Follow the Long and Winding Road 169
Innovation Roles 169
Building the Team 169
Success Depends on People 171
The Incubation Toolkit in Brief 173
Standard Tools 173
Learning Plan Design Template 173
Uncertainty Identification Checklist for Incubation 174
Technical and Market Concept Testing Approaches 174
Technical and Market Concept Testing Outcomes 176
Genesis Pad Solution Description 176
Transition Readiness Questions 177
Pivot or Incubation Value Pitch 179
Advanced Tools 180
Learning Approach Value and Coaching Requirements 182
Accelerated Learning to Achieve Faster Results 182
Consistent and Timely Coaching Required 184
Pivot to Your Evolved Value Pitch: Making the Transition to
Acceleration with Your Concept Proposal 185
Notes 187
CHAPTER 11: Business Experiments 189
Knowledge Construction 190
Define Assumptions 194
Define Markets 196
Define CTA and Analytics 198
Define Product 200
Note 201
CHAPTER 12: Validated Learning = Knowledge 203
Business Model 204
Start Executing Experiment 206
Execute: Product, Market Group, and Call to Action (CTA) 207
Execute: Assumptions and Analytics 208
Execute: Confidence, Results, and Knowledge Loop 209
Business Plan 212
Notes 216
CHAPTER 13: Entrepreneur and Corporate Entrepreneur Perspectives: Incubation and Hypothesis-Driven Learning 217
Learning Is the Antidote to Uncertainties 218
Learning How to Learn 219
Pivot Startup Methodology and Learning Plan 220
Making the Case for Investment 221
PART IV PROPEL = ACCELERATION—THE BUSINESS RAMP-UP 223
CHAPTER 14: Acceleration—Courage to Invest 225
Acceleration Principles 226
Moving from Uncertainty to Risk 226
Moving from Experimentation to Development 227
Acceleration and the Phase Gate Process 228
Integrating with Product Development 229
The Acceleration Toolkit 232
Standard Tools 232
Resource and Organization Alignment Plan 233
Market and Technology Development Integration Plan 233
Propel or Acceleration Value Pitch 235
Advanced Tools 235
Propel Your Value Pitch: Making the Transition to Operations with Your Business Plan 236
Notes 237
CHAPTER 15: Preparing for Growth 239
The Startup Ecosystem 241
University Ecosystems 244
A Time to Scale 246
Notes 249
CHAPTER 16: Entrepreneur and Corporate Entrepreneur: The Challenges of Growth 251
The Ecosystem 252
The Laws of Diffusion and Resistance 253
Scaling 255
Balancing TMRO 256
About the Authors 257
About the Academic Contributing Authors 261
About the Companion Websites 265
Index 267
