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Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Grand Opening START-‐IT @ KBC
«Some inspira:on for Brussels Startup @ Star:t »
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
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Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
EUB -‐ BBA
ICHEC -‐ DSMA
ULB -‐ MLS
Tias -‐ MBI
MIT -‐ CS&I
HBS -‐ AMP
Pr Bruno M. WATTENBERGH bruno.wattenbergh@ulb.ac.be Skype : wattbru Assistant : Dominique Esther des@impulse.brussels Tel assistant : 02/800.00.55
Startup.be
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
1. WHAT DO YOU NEED / EXPECT TONIGHT ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Who are you ?
This session will be a success …
if … ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Rules of th
e
game today ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
ü Slides tonight on slideshare (@waYenbergh) ü Each of you has a business project (in mind) ü As many interac:ons with me as possible ü Debates with others à disagree J ü Ques:on can be asked any:me J ü Cold call or open call L ü No wrong answers ! J ü Eng – NL -‐ FR ü Have fun J
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Follow-‐up ? • Impulse team & experts available any:me @ 1819 • Clusters in :
– Sofware – Mul:media – Lifetech (health) – Eco-‐construc:on – Tourism
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
2. ENTREPRENEURSHIP & BRUSSELS ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Entrepreneurship & Brussels • The most entrepreneurial region in Belgium • Taking advantage of the academic presence • Taking advantage of large enterprises • Dual side of Brussels entrepreneurship • Entrepreneurship by sectors • Yes but … bankruptcy ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
LES STARTERS EN REGION DE BRUXELLES-‐CAPITALE EN 2011
Le profil de l’entrepreneur en Région Bruxelloise
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Le profil de l’entrepreneur en Région Bruxelloise
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Le profil de l’entrepreneur en Région Bruxelloise
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Le profil de l’entrepreneur en Région Bruxelloise
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Mo:va:ons of Entrepreneurs • The typical answers cover :
– Feeling of freedom – Ability to innovate – Personal fulfillment linked to the management of a business – Rejec:on of the employee status – Rejec:on of big ins:tu:ons – Money … in case of success – Social recogni:on
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Le profil de l’entrepreneur en Région Bruxelloise
LES STARTERS EN REGION DE BRUXELLES-‐
CAPITALE EN 2011
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Entrepreneurship at a Glance 2015 / OECD
La première raison citée est l’envie d’indépendance … et pourtant …
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
About Entrepreneurs (a personal view of Pr Olivier Witmeur)
Network & Social Capital
Knowledge & Exper:se
Tolerance for Ambiguity
Commitment & Courage
Passion & Values
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Traits approach : Classical variables Need for achievement (N-‐Ach) refers to an individual's desire for significant accomplishment, mastering of skills, control, or high standards.
Locus of control refers to how much individuals believe they can control events that affect them.
Need for achievement
Locus of control
Ambiguity tolerance is the ability to perceive ambiguity in informa:on and behavior in a neutral and open way
Tolerance for ambiguity
Self-‐efficacy is the extent or strength of one's belief in one's own ability to complete tasks and reach goals Self efficacy
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
2. STARTUPS : DE AVANT-‐GARDE ENTREPRENEURS ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Why do we need entrepreneurship ? • Increase the ac:vity rate • Generate the enterprise & the jobs of tomorrow • Export (GDP) • Innovate • Solve societal problems and challenges :
– Health, ageing popula:on, chronicle diseases, … – Mobility, logis:c, supply-‐chain, 3D prin:ng, … – Environment
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Why do we need entrepreneurship ?
Ken Morse (MIT Entrepreneurship Center) :
Radical innova+on are never invented by the leader of the
market à But by startups …
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Why do we need entrepreneurship ?
Radical innova+on are never invented by the market leader … ?
– Fear of cannibalizing sales à Kodak
– Structural obstacles to innova+on à Open Innova+on
– Demand for consistant results (no risk) à 3M
– Lack of entrepreneurship training & adapted hierarchy à Innova+ve entrepreneur vs manager of the current model
– Fear of failure à career !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Why do we need entrepreneurship ? • The Power of Entrepreneurship @ MIT
– 26,000 currently exis:ng companies have been founded by MIT alumni.
– These companies have created approximately 3.3 million jobs and generated approximately $2 trillion dollars in annual revenue.
– As a standalone economy these companies would comprise the world’s 11th largest economy, posi:oned behind Brazil and ahead of Russia.
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
3. BXL : UNIEK MICRO-‐KLIMAAT VOOR STARTUPS ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Brussels Ecosystem What are the key elements of an entrepreneurial ecosystem ?
– Educa:on, Role Models, available informa:on, … – Visible source of informa:on (1819, LELs, …) – Finance, coaching, mentoring, technology, … – Clustering (entrepreneurs + € + academic + users) – Customers (public, private, Small Business, MNEs, … – Private business & technology consultants
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
4. DE KRACHT VAN COMMUNITY STARTUPS ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Brussels Startup Community ? • Réseau Entreprendre ! • Beta Group ! • Microsof Innova:on Center !
• Public Incubators • Private Incubators • BAB
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
4. DOS & DON’TS? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
What no to do ? L
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
What to do ? “Effectual Entrepreneurship”
J
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
A classical defini:on of entrepreneurship ?
A way of thinking and ac:ng that is opportunity obsessed, holis[c in approach & leadership balanced for the purpose of value crea:on.
J. Timmons, USA
Thinking and acting = There is a “method”
Central role of the opportunity (but found or made?)
Take all aspects into consideration
Need to be managed There are best practices
Value for the stakeholders, i.e. founders, team, investors, customers, society…
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Towards degree of entrepreneurship ?
New to founders
Franchisee Shops
Take-over Buy Out
Innovation
Lawyers, Doctors,
….
Cha
nge
New to market
High tech & Social start-ups
Ch. Bruyat
* Adapted from C. Bruyat (1993) & A. Fayolle
A. Fayolle
Corporate Spin-offs
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
How do entrepreneurs think and act ?
Introduc:on to “effectua+on”
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Introducing “Effectua+on” : The logic of expert entrepreneurs
The word effectual (entrepreneurial approach) is the inverse of causal (managerial approach).
In general, in MBA programs across the world, students are taught causal or predic+ve reasoning in every func+onal area of business.
Saras Sarasvathy India
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Causa:on vs. Effectua:on Causa:on Effectua:on (Cre-‐Ac:on)
• Planned approach
• Top-‐Down
• Managerial logic
• Predic[on based: To the extent we can predict the future, we can control it.
à For predictable situa[ons
• Emergent approach
• BoYom-‐up
• Entrepreneurial logic
• Control based: To the extent we can control the future, we don’t need to predict it.
à For uncertain situa[ons
Effects are predicted
Need to manage
the causes
Causes are given
Need to manage
the effects
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Effectua:on principle #1 : Bird in Hand !
Start with who you are, what you know and whom you know … Not with pre-‐set/given goals (based on predic:on) • Typical entrepreneurial resources:
– Exper:ze, skills… – Social capital – Psychological capital: hope, op:mism, self efficacy and resilience
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Effectua:on principle #2 : Affordable loss Invest what you can afford to lose (extreme case = 0€) … Not expected (risk adjusted) return
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Effectua:on principle #3 : Crazy Quilt Build a network of self-‐selected stakeholders
… Not compe::ve analysis and transac:onal rela:onships with first-‐best partners.
Co-‐Crea:on
Customers Suppliers Channels
Financial partners Employees Sponsors
…
CommiYed stakeholders network
Crazy quilt, not puzzle.
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Effectua:on principle #4 : Lemonade principle Embrace and leverage surprises (they can present new opportuni[es)
… Not avoid them
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
About Nils Berqvist • Swedish environmental engineer
• Worked 8 years in the mining industry in Kiruna (in Northern Sweden)
• Passion for wildlife and sports
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Ice Hotel J
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Effectua:on principle #5 : Pilot-‐in-‐the-‐plane
Give up the predic[on logic ! The future comes from what people do : let’s invent the world ! … No inevitable trends à Control vs Plan
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
The Dynamics of the Entrepreneurial Network
Who I am ? What I can do ? Whom I know ?
My affordable loss ?
Who may be involved?
Addi:onal resources
Itera:ve opportunity co-‐construc[on
New Goals The venture grows
step by step.
Dead end
My Goals ?
Mul:ple techniques help to deal with these cycles : Design Thinking, Lean Start-‐up, Business Model Genera:on, Staged Financing, … To be con[nued.
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
And what about risk ? • Part of the entrepreneurship journey • Entrepreneurs don’t like the risk more • Entrepreneurs mi:gate the risk • Effectual entrepreneurship • Business Plan, Business Model, design thinking, • Test, Test, Test, Test, … & learn ! • Limit the consequences
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Don’t wait/look for the perfect opportunity
(it doesn’t exist !).
Just start !
Build your opportunity
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
don’t forget … !
ü The defini:on of Enterprise … ? ü The defini:on of startup (Steve Blanck) ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 1 ü Don’t overvalue your idea ! ü Understand the opportunity principle ! ü Make hypotheses and write them in a
specific colors ! ü Design tests to validate your hypotheses ! ü Understand the pivot principle !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 2 ü Understand the interest & limita:ons of the
Business Plan ! ü Use modern tools as : Customer Canvas,
Empathy Map, Business Model Canvas, Customer journey & touch point, …
ü Go out of the building, talk to customers, …
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Des ou:ls ? L’empathy map !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Des ou:ls ? Value Proposi:on Canvas !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Des ou:ls ? Value Proposi:on Canvas !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 3 ü Learn to describe the customer segment ü Understand the Customer Pain principle ü Quan:fy the Customer Pain
ü Understand the mechanism of the Value Proposi:on (tangible / intangible) …
ü Quan:fy the Value Proposi:on
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 4 ü Learn as soon as possible to pitch your
project … ü Pitch once a week … ü Pitch every morning in your bath room … J ü Collect feed-‐back … ask the right ques:ons ü Learn from your pitch
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 5 ü Don’t wait the final Business Model to assess
the finance side of the product … ü Learn how to make a P&L on the back of an
envelope … ü Understand the financial dynamic (costs &
revenues) of each Business Model ü Determine CoCA & Elas:city demand / price
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 6 ü Dare to study compe::on … but also
subs:tutes ! ü Don’t ever tell that you don’t have any
compe::on or that the compe::on is not relevant …
ü Understand the compe::on & subs:tutes …
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 7 ü Imagine, design, conduct 2 types of tests to
validate your hypotheses : ü Proof of Concept : I can deliver ! ü Proof of Business : it sells !
ü Be an anthropologist, a psychologist, a sociologist, … to learn from those tests
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 8 ü Don’t say your hypotheses are conserva:ve
… and so your financial forecasts … ü Explain your forecast … describe the
hypotheses and the tests done … ü Use some sensi:vity analysis …
ü Test 1 or 2 alterna:ve configura:ons … (xls)
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 9 ü Plan some clear milestones … with clear
objec:ves to achieve … ü Determine financing needs for each stage …
ü Search for the right mix of financing : FFFs, BA, grants, … @ the right :me !
ü Know exactly what you need & when !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
don’t forget … !
ü The defini:on of Enterprise … ? ü The defini:on of startup (Steve Blanck) ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
And … don’t forget the first rule !
ü Fail fast … ü Fail rough … ü Fail cheap …
And never do twice the same mistake !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
The Ideal trajectory ? • OWLET • Harvard Business School Business Model Compe::on …
• Some students … an idea … searching for a repeatable and scalable Business model
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
9.HOW TO PITCH A BUSINESS PROJECT ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
10. CONCLUSIONS ? STARTit@KBC – 15th September 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
hYp://www.slideshare.net/WaYbru/cours-‐de-‐pitch-‐2015-‐pdf
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
hYp://media.100firsthits.com/2013/11/Startup-‐Mistakes-‐Infographics.png
Why startups fail, according to their founders by Erin Griffith @eringriffith SEPTEMBER 25,
2014, 3:00 PM EST hYp://for.tn/1vfKwW3
The top reason?
They make products no one wants.
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 3 ü Learn to describe the customer segment ü Understand the Customer Pain principle ü Quan:fy the Customer Pain
ü Understand the mechanism of the Value Proposi:on (tangible / intangible) …
ü Quan:fy the Value Proposi:on
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 4 ü Learn as soon as possible to pitch your
project … ü Pitch once a week … ü Pitch every morning in your bath room … J ü Collect feed-‐back … ask the right ques:ons ü Learn from your pitch
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 5 ü Don’t wait the final Business Model to assess
the finance side of the product … ü Learn how to make a P&L on the back of an
envelope … ü Understand the financial dynamic (costs &
revenues) of each Business Model ü Determine CoCA & Elas:city demand / price
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 6 ü Dare to study compe::on … but also
subs:tutes ! ü Don’t ever tell that you don’t have any
compe::on or that the compe::on is not relevant …
ü Understand the compe::on & subs:tutes …
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 7 ü Imagine, design, conduct 2 types of tests to
validate your hypotheses : ü Proof of Concept : I can deliver ! ü Proof of Business : it sells !
ü Be an anthropologist, a psychologist, a sociologist, … to learn from those tests
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 8 ü Don’t say your hypotheses are conserva:ve
… and so your financial forecasts … ü Explain your forecast … describe the
hypotheses and the tests done … ü Use some sensi:vity analysis …
ü Test 1 or 2 alterna:ve configura:ons … (xls)
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Set of Advises 9 ü Plan some clear milestones … with clear
objec:ves to achieve … ü Determine financing needs for each stage …
ü Search for the right mix of financing : FFFs, BA, grants, … @ the right :me !
ü Know exactly what you need & when !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
don’t forget … !
ü The defini:on of Enterprise … ? ü The defini:on of startup (Steve Blanck) ?
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
And … don’t forget the first rule !
ü Fail fast … ü Fail rough … ü Fail cheap …
And never do twice the same mistake !
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Quelques newsleYers de référence ? • Steve Blank • 1819 NewsleYer • APCE • Blog hYp://philippesilberzahn.com
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Quelques partenaires de référence ?
• Clusters : – hYp://www.sofwareinbrussels.be – hYp://lifetechbrussels.com – hYp://www.screenbrussels.be – hYp://www.ecobuild.brussels
• Structures d’appui locales (voir www.1819.be) • MIC Brussels
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015
Quelques sources d’infos de référence ? • www.1819.be • www.monbusinessplan.be • hYp://www.slideshare.net/WaYbru/startup-‐be-‐1203-‐15-‐
pdf • hYp://www.slideshare.net/WaYbru/les-‐mensonges-‐de-‐
lentrepreneur-‐dbutant • hYp://www.slideshare.net/WaYbru/cours-‐de-‐pitch-‐2015-‐
pdf •
Pr Bruno Wattenbergh « Keynote BWA » 15 septembre 2015