21st century finnish economy 090611
TRANSCRIPT
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Building A 21st Century Economy in Finland
Aalto University is Leading the Way
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Why Start New Companies in Finland?
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Because Old Ones Die
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Corporate Lifecyclesare Getting Shorter
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Disruption
Technology, Globalization, Regulation, Consumer Taste
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Disruption
Technology, Globalization, Regulation, Consumer Taste,
Competition, etc.
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Job Growth Will Come From New Companies
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Job Growth Will Come From New Companies
Startups
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Aalto is Leading the Way
Center for Entrepreneurship, Startup Sauna, Venture Garage,
Entrepreneurship Society
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Alto is Leading the Way
Center for Entrepreneurship, Startup Sauna, Venture Garage, Aalto Entrepreneurship Society
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First -What’s A Startup?
Six Types of Startups
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Startup
Lifestyle Startups Work to Live their Passion
• Serve known customer with known product
• Get paid for their passion
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Small BusinessStartup
Small Business StartupsWork to Feed the Family
• Serve known customer with known product
• Feed the family
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Small BusinessStartup
Exit Criteria- Business Model found- Profitable business- Existing team< €100K in revenue
Small Business StartupsWork to Feed the Family
• known customer known product
• Feed the family
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ScalableStartup
Large Company
Scalable StartupBorn to Be Big
Goal is to solve for: unknown customer and
unknown features
Search
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ScalableStartup
Large Company
Exit Criteria- Business model found- Total Available Market > €300m- Can grow to €50/year
Scalable StartupBorn to Be Big
Search Execute
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ScalableStartup
Large Company
- Total Available Market > $500m- Company can grow to $100m/year- Business model found- Focused on execution and process- Typically requires “risk capital”
Scalable StartupBorn to Be Big
• In contrast a scalable startup is designed to grow big• Typically needs risk capital• What Silicon Valley means when they say “Startup”
Search Execute
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ScalableStartup
€3 to 30M Acquisition
Buyable StartupBorn to Be Sold
Goal is to solve for: Internet, Mobile, Gaming Apps
Search Sell
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ScalableStartup
€3 to e0M Acquisition
Buyable Startup
Goal is to solve for: Internet and Mobile Apps
Search Sell
Sell to larger company
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Transition Large Company
ScalableStartup
Sustaining Innovation
• Existing Market / Known
customer• Known product feature needs
Large Company Sustaining InnovationInnovate or Evaporate
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Large Company Disruptive Innovation
New Division Transition Large
Company
Disruptive Innovation• New Market• New tech, customers, channels
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Large Company Disruptive Innovation
New Division Transition Large
Company
Disruptive Innovation• Build• Partner• Acquire - IP - Talent - Product - Customers - Business
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Large Non-Profit
Social Startup
Social Entrepreneurship Startups
• Solve pressing social problems• Social Enterprise: Profitable• Social Innovation: New Strategies
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Each of these startups require different skills
They Can Not Be Taught the Same Way
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Entrepreneurship as a Management Science
E-School instead of B-School
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Business as a Management Science
• 1601 East India Company
• 300 years of companies without MBA credentials
• 1908 Harvard first MBA
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ScalableStartup
Large CompanyTransition
- Execution- Strategy- Accounting- Products- Engineering- Management- Administration
Business School
Business School Topics
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Large Company
Business School
Business School Courses
Courses- Managerial Finance/Accounting- Managing Groups and Teams- Financial Accounting- Operations- Modeling for Optimization- Global Value Chain Strategies
ScalableStartup Transition
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Business School Results?
• U.S. corporations went from local to national then international
• Cadre of experienced managers to match
• Experts on finance and growth (Dupont/GM)
B-Schools made the 20th Century the American business century
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ScalableStartup
Large CompanyTransition
Business School Versus Entrepreneurship School
Entrepreneurship School
- Hypothesis testing- Business Model design- Customer Development- Agile Development- Metrics- Venture Finance- Design Thinking
- Execution- Accounting- Products- Engineering- Management- Administrative
Business School
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ScalableStartup
Large CompanyTransition
Courses- Lean Launchpad- Customer/Agile Development- Business Model Design- Entrepreneurial Management- Creativity and Innovation- Entrepreneurial Finance- User-centric design
Business School
Business School Versus Entrepreneurship Courses
Entrepreneurship School
Courses- Managerial Finance/Accounting- Managing Groups and Teams- Financial Accounting- Operations- Modeling for Optimization- Global Value Chain Strategies
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Aalto Will Educate the 21st Century
• Partnership with Stanford University
• Center for Entrepreneurship
• Startup Sauna
• Venture Garage
• Aalto Entrepreneurship Society
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Thanks
www.steveblank.com