Date post: | 26-Dec-2015 |
Category: |
Documents |
Upload: | norma-doyle |
View: | 217 times |
Download: | 1 times |
Commercialization Success and Failure
The Waterloo Experience
Panel 2: Public Funding and Innovation in Post-Secondary Institutions
Why Waterloo Works
More than 700 tech companies in Waterloo Region
Sectors include information technology, biomedical,
aerospace, environmental technology and advanced
manufacturing.
Together, they employ more than 30,000
employees
Why Waterloo Works
TALENT:
Diversified Universities & Colleges (U Waterloo, WLU, Connestoga)
Business Entrepreneurship Schools (CBET, Schlegel,…)
MENTORING , SUPPORT & NETWORKING:
Incubator (Accelerator Centre, CDMN Hub, Velocity, Gabae, …)
Industry Technology Hub (Communitech)
Embedded Commercialization Orgs (OCE, IRAP, …)
Strong community participation (Individuals, Corporations, Service Providers, Agencies)
Community Resources (Tech Jobs Waterloo, Waterloo Tech Startup, …)
Why Waterloo Works
CULTURE & ECOSYSTEM:
Entrepreneur events: (Ignition, Launchpad, Entrepreneur week, Entrepreneurs Edge, Startup Camp)
Social Networks: (Waterloo Bar Camp , Start-up Camp)
Major Tech Corporations: (RIM, Open Text, ComDev, Microsoft, Google, …)
Favorable IP Policies , Strong TTOs, Excellent Student programs
ACCESS to FUNDING:
Active Angel and VC Network (Tech Capital Partners, Golden Triangle Angelnet, Infusion Angels, High Net Worth Individuals)
Factors Driving Success
Hardworking People with Great Ideas
Great Mentors
Seamless Collaboration
Massive Community Goodwill
Complete Ecosystem
Strong Brand
Outcomes Driven
Common Vision
Example –
ACE – Accelerator for Commercialization Excellence ACE and its partners provide students, researchers,
entrepreneurs and technology start ups with an integrated continuum of support and expertise
Entrepreneurs benefit by being near each other and are easier to fund.
Pitch Sessions for resource provisioning Outcomes: Jobs, Revenues, Follow-on Investments
When Start-ups go wrong
1 Technology push (I love this so will you)
2 Technology tinkering (never good enough)
3 Lack of focus (too many shiny objects)
4 Little or no customer engagement (no customer validation)
5 No sales (sales, nah we need investors!)
6 Poor business skills and/or governance (right person wrong job)
7 Running out of money
Avoiding Trouble
1. Start with a customer
2. Stay focused on “the target” Test decisions against the goal
3. Get a coach, mentor or experienced executive
4. Gather enough resources to build a bridge to next. “Is the bus waiting for you at the station or has it left by the time you arrive there”?
5. Find/use “smart” money
6. Manage your IP
7. Use good people
Public Funding: Roles
Create a supportive environment for entrepreneurs, innovation and investors
Governments programs are an important catalyst in the growth of venture markets
Foster global connections
WHY?
Technological innovation drives economic growth
Entrepreneurship and venture capital stimulate 3X the innovation of corporate R&D
Public Funding: Getting it wrong
Misguided funding strategies are dangerous as public and private entities will follow the money trail which may lead to a blind alley.
Investments can be made in facilities / institutions / programs where ultimately there is no demand.
IP can get assigned to organizations that are incapable of exploiting them.
Resources get wasted propping up failing ventures and funding ill-conceived new businesses for the sake of metrics.
Well “oiled” ecosystems capture a disproportionate share of subsidies which may not end up supporting the best opportunities.
Wasted Resources
Lack of coordination between various levels of government results in duplication of admin and overlapping funding.
Program funding is too small to have any impact –providing just enough money to fail. Wasted time scrapping together enough $
Funding is so large that it swamps/ duplicates other existing programs.
Programs created that ignore market realities - funding sectors, regions, industries where there is no interest or capacity to absorb the result.
Public Funding: Getting it right
Innovative ideas must move easily out of publicly funded institutions.
Tax and legal policies have major impact on attracting domestic and foreign capital.
Technology and Business students need to be educated in entrepreneurship.
Build and support strong entrepreneurial ecosystems .
Thoughtfully design programs to address future growth sectors, adequately fund them, and allow sufficient time for them to work (generally 5-10 years)
Provide incentives that drive outcomes not metrics. Measure and course correct as programs are rolled out.
Make programs flexible and able to respond to market dynamics. Don’t over engineer.