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Learning from entrepreneurial expertsfor incubation: Effectuation
Dutch Incubator SymposiumMaastricht22.02.2013
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Dr. René MauerRWTH Aachen LS WIN: [email protected]
Effectuation Intelligence: [email protected]
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René Mauer
• PhD at RWTH Aachen on effectuation and unplanned behaviorin general
• 2006-2008 project manager of the RWTH Aachen center forentrepreneurship
• Co-owner of family business, founder of tech start-up
• Active researcher in the field of effectuation (Aachen is leadingresearch hub on effectuation in German-speaking countries)
• Partner of the international expert network EffectuationIntelligence that puts the entrepreneurial method to practice
Who’s talking?
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What makes entrepreneurs successful?
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Visions?Talent and gifts?Circumstances?Luck?
© (c) M.Faschingbauer 2010 4
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Goal orientation
Management
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Expected return
Management
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Risk management
Management
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Positioning
Management
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Effectuation – What‘s that?
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State-of-the-art entrepreneurshipresearch
Elements of expertise by experiencedentrepreneurs
Method for coping with uncertainty
Observable, teachable, learnable
Based on four principles that are tied intoa process
Flips the assumptions of classic management upside down
Effectuation
Saras D. Sarasvathy, Darden School of Business, University of Virginia
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Goal orientation Means orientation
EffectuationManagement
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Expected return Affordable loss
EffectuationManagement
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Risk management Leveraging contingencies
EffectuationManagement
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Positioning Self-selecting partners
EffectuationManagement
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Approaching the future entrepreneurially:Shaping instead of predicting
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What we can predict, we can control.
What should we do?(based on pre-existing and reliable knowledge)
What we can control, we do not need to predict.
What can we do?(based on individual means)
Effectuation logicManagement logic
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Classic management
analyse decide plangather
resources act
Idea
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Entrepreneurial expertise(Effectuation)
What arethe means?
What canI do now?
Whom doI talk to?
Who joinsIn?
Newmeans
Newgoals
Ideas become more precise
Means and resources increase
Means
Alternatives
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Typical reactions at this point
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I finally know how to explain mychaotic style! Interesting that it took so long for
researchers to find out what I haveknown as an entrepreneur/incubationmanager for a long time.
Great! Finally a method that not only asks me to write businessplans. Oh no, I think I stick with the method
that lets me write business plans.
What is effectuation good for?
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When does effectuation add value?
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„Suicidequadrant“
Existingmarket
Newmarket
Existingproducts
Newproducts
Ansoff matrix
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Life cycle of innovative projects(e.g. new companies, markets, products, )
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Effectuation
Classic management
knowledge
Uncertainty
t
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What makes entrepreneurs successful?
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Visions?Talent and gifts?Circumstances?Luck?A good mix of EFFECTUATION andmanagement?
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3%
6%
8%
11%
6%
10%
12%
6%
14%
17%
30%
27%
17%
36%
39%
22%
3%
8%
5%
9%
3%
-22%
-17%
-18%
-12%
-22%
-8%
-8%
-13%
-20%
-19%
-19%
-22%
-13%
-14%
-4%
-8%
-4%
-8%
-3%
-6%
2%
3%
3%
2%
3%
4%
1%
6%
1%
1%
1%
-23%
-23%
-19%
-19%
-16%
-15%
-15%
-23%
-24%
-31%
-7%
-7%
-80% -60% -40% -20% 0% 20% 40% 60% 80%
Reifungs-geschwindigkeit
CausationEffectuation
Investition Interaktion Reaktion Aktion Aktion Reaktion Interaktion Investition
Pan
Calypso
Methone
Greip
Atlas
Mimas
Narvi
Bestla
4% 31% 22% 23%
7% 24% 17% 23%
8% 20% 18% 19%
4% 19% 12% 19%
8% 19% 22% 16%
3% 22% 8% 15%
6% 13% 8% 15%
7% 14% 13% 23%
Some local research: Early-stage technology ventures(Aachen, 2011)
Gestationspeed
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Some local research: Early-stage technology ventures(Euregio, 2012)
EffectuationCausation
EffectuationCausation
Big Picture: Expectations met!
Looking closely: Back and forth!
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Conclusion
- Effectuation is the entrepreneurial method, specifiedin 4 principles
- Depending on the degree of uncertainty it can be the toolbox of choice
- Ventures following the principles show quicker gestation than others
- Incubators might want to consider spending energy on teaching the effectual mindset and process
© (c) M.Faschingbauer 2010 24
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Thank you very much!
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Literature:
Faschingbauer, M. (2010): EffectuationWie erfahrene Unternehmer denken, entscheiden und handeln. Schäffer-Poeschel(Fachbuch Praxis)
Blekman, T. (2011):Corporate Effectuation – Vanafnu is ondernemer-schap echt teleren!
Sarasvathy, S.D. (2008): EffectuationElements of EntrepreneurialExpertise. Edward-Elgar(Science)
Internet:
German language platform:„EFFECTUATION Forschung & Praxis“www.effectuation.de|.at|.ch
Dutch language platform:www.effectuation.nl
International expert network:„Effectuation Intelligence“www.effectuation-intelligence.bizwww.effectuation-intellingence.nl
Global platform:„Society for Effectual Action (SEA)“www.effectuation.org