leading high growth businesses - harvard business school · • understand your role and the role...
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© Lynda M. Applegate, 2017
Leading High Growth Businesses: Lessons from Successful Women Entrepreneurial Leaders
Lynda M. Applegate, Baker Foundation Professor, Harvard Business School
March, 2018
Copyright © President & Fellows of Harvard College.
© Lynda M. Applegate, 2017
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Define your playing field “What game are we playing?• Identify “What’s changing” on your “Field of Play”
• Define the size of the opportunity space
• Assess the number of “white space” opportunities where you can make
a unique contribution
• Define boundaries (what you won’t do)
• Understand your role and the role of others in your “ecosystem”
Define your mid-field position “How will we win?”• Identify potential focused product-market positions to enter the “field of
play” and opportunities to scale your entry business and expand into
new products and/or markets or launch new growth businesses
• Identify resources and capabilities needed to enter and grow your
business
• Identify how you can leverage your entry position to pursue growth
opportunities
Define/Execute the tactical plan “What’s our game plan?• Develop cash flow forecasts + assumptions driving cash flow
• Identify projects and initiatives needed to reach your mid-field position
• Identify sequencing and timing of projects and metrics and milestones
needed to measure performance at achieving your strategic goals
• Execute your tactical plan and learn how others respond to the moves
you make
Leading High Growth Businesses
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© Lynda M. Applegate, 2017
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Meet a High Growth Woman Entrepreneur
“Before we started Endeavor [in 1997] I was incredibly frustrated with what I saw in Latin America: if you were an entrepreneur, you could get a $100 micro loan or a $150M private equity investment (if you came from a known family!) but nothing in between.
All development attention was on the micro level, but funding individuals had little collective developmental impact.
Another challenge was a lack of trust and local role models: Investors didn’t trust people outside of their network and entrepreneurs with bright ideas worried that investors would steal them.
I wanted Endeavor to be an aquarium where you feed the little fish to growth them bigger, not to eat them.”
Linda RottenbergCEO and Co-Founder
Endeavor
© Lynda M. Applegate, 2017
Endeavor: Operating Model 4
Endeavor Global Board
Endeavor Global Office
Endeavor Local Board
Endeavor Local Office
Managing Director + a Few Staff
Search and Selection Services• Identification and Selection of Local Entrepreneurs with Potential for
Global Expansion • Country and Local Office Selection and Mentoring of Staff
Global Entrepreneur Services:• Global Mentoring Program• eMBA Program Fellows and Harvard / Stanford Programs• Global Immersion Tours and Summit• Global Ecosystem Development (e.g.,Mentors, Investors, Industry Experts)• Endeavor Insight Research
Local Services• Identification, Selection and Mentoring of Local Entrepreneurs• Quarterly Feedback to Endeavor Entrepreneurs• Local Ecosystem Development, including Mentors, Industry Experts,
Educational Programs
Endeavor Global Headquarters: 501C3 in New York City
Endeavor Local Offices: 501C3 in Emerging and “Submerged” Markets
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© Lynda M. Applegate, 2017Expanding the Endeavor “Field of Play” 5
What does changing the mission do to the size of Endeavor’s playing field and the opportunities it can pursue?
Stop &
Think
Before the Global Economic Crisis After the Global Economic Crisis
© Lynda M. Applegate, 2017
Endeavor Turns 20Creating High Impact Entrepreneurial Ecosystems
6
Linda RottenbergCEO & C0-Founder
Endeavor Global1997 - 2017
25 countries and 52 cities around the world
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© Lynda M. Applegate, 2017
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FORMER EMPLOYEE
INSPIRATION
FOUNDER
MENTORSHIP
INVESTMENT
Size of circlereflects the
number of outgoingconnections of
entrepreneurs ateach company
Note: Entrepreneurs are represented by their most prominent companies.
AMTEC
CRITERIA
SIA INTERACTIVE
ASIGNET
DERECHOGRATIS
INTERMARKETING
OPENWARE
POINT
PUERTOWEB SIA
SISTEMAS
TECHNISYS
FULLSALES
BUMERAN
DESPEGAR
CORE
E-MIND
DECIDIR
BEBESNET
NETKIOSK
WEDDINGWEB
COFFICE
CUPONESONLINE
OFFICENET
PATAGON
CONEXIA
DATOSCLAROS
MERCADOLIBRE
DEREMATE
MULTIPIN
GETSENSE
AXG TECNONEXO
CUBIKA
INVERTIRONLINE
GLOBANT
DIGITALVENTURES
THREEMELONS
DISENOPORTENO
EPEXO
LATIN3
BANCOLEMON BRANDIGITAL
DATAM
DOSMONOS
EVOLUTIONGROUP
FNBOX
RECARGA
TARJETASBUBBA
TARJETASTEL
PROGEN
GUIAOLEO
PERCEPTIONGROUP
OLX
INZEARCH
DINEROMAIL
DEPAGINAS
AXIALENT
CONFRONTE
DEPRESTAMOS
ESTILO3D
INDEXTANK
LEMON
1990–1996
1997–1999
2000–2006
YEARFOUNDED
AMTEC
CRITERIA
SIA INTERACTIVE
ASIGNET
DERECHOGRATIS
INTERMARKETING
OPENWARE
POINT
PUERTOWEB SIA
SISTEMAS
TECHNISYS
FULLSALES
BUMERAN
DESPEGAR
CORE
E-MIND
DECIDIR
BEBESNET
NETKIOSK
WEDDINGWEB
COFFICE
CUPONESONLINE
OFFICENET
PATAGON
MERCADOLIBRE
DEREMATE
MULTIPIN
FONGETSENSE
AXG TECNONEXO
CUBIKA
INVERTIRONLINE
GLOBANT
DIGITALVENTURES
THREEMELONS
DISENOPORTENO
EPEXO
CONEXIA
DATOSCLAROS
LATIN3
BANCOLEMON BRANDIGITAL
DATAM
DOSMONOS
EVOLUTIONGROUP
FNBOX
RECARGA
TARJETASBUBBA
TARJETASTEL
PROGEN
GUIAOLEO
PERCEPTIONGROUP
OLX
INZEARCH
DINEROMAIL
DEPAGINAS
AXIALENT
CONFRONTE
DEPRESTAMOS
ESTILO3D
INDEXTANK
MINDSET STUDIO
HARREN MEDIA
SOCIAL METRIX
SMOWTION
CREATIONFLOW
FACTORIT
GEELBE
POPEGO
SOCIALSNACK
SONICO
STEADYLAB
STREEMA
TPVBOOKING
VOSTU
WORMHOLEIT
ZAUBER
AVANTRIP
AXESO5
CINEMAKI
DIOUI
FUTBOLS.N.
INTELLIGNOS
KEEPCON
PEDIDOSYA
THEMIND
COMPANY
ALAMAULA
ALTODOT
WIPSTUDIO
DIANDI
GOODPEOPLE
JOINCUBE
JUNAR
MAPPLO
OKEYKO
ONTRADE
VURBIATECH
WARAGON
WEEMBA
ADSMOVIL
BIXTI
BUKEALA
CLUBPOINT
CONVERGENCY
CUPONICA
DEALANDIA
DEDALORD
FLIPZU
HUNTMOBILEADS
INTEXTUAL
LARALA
LINKEDSTORE
NUBING
OONY
PARSIMOTION
PIGMALIONREALREF
RESTORANDO
SPLITCAST
TAGGIFY
TFXMEDIA
UWALL.TV
WASABIT
COMENTA.TVECUALIA
FLARE3D
IDEAME
INBED.ME
LEMON
OPINAIA
PIXOWL
RELEVANCE
SHUTTLEMEDIA
SINIMANES
SOCIALRADIO
TACTIVOS
TIENDANUBE
TRENDSETTER
UBURO
WIROOS
SUMAVISOS
ADFUNKY
ADNETWORKS
AFLUENTA
EMERGINGCAST
GROUPARGENT
SOCIALAD
ZETANET
1990–1996
1997–1999
2000–2006
2007–2011
YEARFOUNDED
1996 1999
2006 2012
Source: Endeavor Insights Research
Measuring Ecosystem Evolution:Endeavor Insight’s research illustrated how Buenos Aires’s tech ecosystem evolved over time time
© Lynda M. Applegate, 2017
AMTEC
CRITERIA
SIA INTERACTIVE
ASIGNET
DERECHOGRATIS
INTERMARKETING
OPENWARE
POINT
PUERTOWEB SIA
SISTEMAS
TECHNISYS
FULLSALES
BUMERAN
DESPEGAR
CORE
E-MIND
DECIDIR
BEBESNET
NETKIOSK
WEDDINGWEB
COFFICE
CUPONESONLINE
OFFICENET
DEREMATE
MULTIPIN
FONGETSENSE
AXG TECNONEXO
CUBIKA
INVERTIRONLINE
GLOBANT
THREEMELONS
DISENOPORTENO
EPEXO
CONEXIA
DATOSCLAROS
LATIN3
BANCOLEMON BRANDIGITAL
DATAM
DOSMONOS
EVOLUTIONGROUP
FNBOX
RECARGA
TARJETASBUBBA
TARJETASTEL
PROGEN
GUIAOLEO
PERCEPTIONGROUP
OLX
INZEARCH
DINEROMAIL
DEPAGINAS
AXIALENT
CONFRONTE
DEPRESTAMOS
ESTILO3D
INDEXTANK
MINDSET STUDIO
HARREN MEDIA
SOCIAL METRIX
SMOWTION
CREATIONFLOW
FACTORIT
GEELBE
POPEGO
SOCIALSNACK
SONICO
STEADYLAB
STREEMA
TPVBOOKING
VOSTU
WORMHOLEIT
ZAUBER
AVANTRIP
AXESO5
CINEMAKI
DIOUI
FUTBOLS.N.
INTELLIGNOS
KEEPCON
PEDIDOSYA
THEMIND
COMPANY
ALAMAULA
ALTODOT
WIPSTUDIO
DIANDI
GOODPEOPLE
JOINCUBE
JUNAR
MAPPLO
OKEYKO
ONTRADE
VURBIATECH
WARAGON
WEEMBA
ADSMOVIL
BIXTI
BUKEALA
CLUBPOINT
CONVERGENCY
CUPONICA
DEALANDIA
DEDALORD
FLIPZU
HUNTMOBILEADS
INTEXTUAL
LARALA
LINKEDSTORE
NUBING
OONY
PARSIMOTION
PIGMALIONREALREF
RESTORANDO
SPLITCAST
TAGGIFY
TFXMEDIA
UWALL.TV
WASABIT
COMENTA.TVECUALIA
FLARE3D
IDEAME
INBED.ME
LEMON
OPINAIA
PIXOWL
RELEVANCE
SHUTTLEMEDIA
SINIMANES
SOCIALRADIO
TACTIVOS
TIENDANUBE
TRENDSETTER
UBURO
WIROOS
SUMAVISOS
ADFUNKY
ADNETWORKS
AFLUENTA
EMERGINGCAST
GROUPARGENT
SOCIALAD
ZETANET
PATAGONWences Casares
MERCADOLIBRE
DIGITALVENTURESAriel ArrietaDamian Voltes
Marcos GalperinHernán Kazah
1990–1996
1997–1999
2000–2006
2007–2011
YEARFOUNDED
Measuring Entrepreneurial Impact
Note: Shade of orange in the chart above illustrates the degrees of separation from the top three firms: 1 = 75% shaded and 2 = 50% shaded. Top 3 are 100% orange.
The 3 Endeavor Entrepreneurs
highlighted in dark orange influenced
>80% of the Buenos Aires
Ecosystem Impact
Source: Endeavor Insights Research
• By 2012, the Buenos Aires tech ecosystem yielded 30,000 new jobs and $1.7B in revenue (~0.5% of Argentina’s GDP)• Similar research
conducted in Amman, Istanbul and Santiago found similar network effects
1
2
3
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© Lynda M. Applegate, 2017
What Would the Buenos Aires Entrepreneurial Ecosystem Look Like Without Endeavor?
Note: Shade of orange in the chart above illustrates the degrees of separation from the top three firms: 1 = 75% shaded and 2 = 50% shaded. Top 3 are 100% orange.Source: Endeavor Insights Research
© Lynda M. Applegate, 2017
Measuring the Strength of Ecosystem Connections: Net Promoter Score
Loyal, Engaged Fans
(80% of referrals + Easy for employees
to deal with)
Unhappy Customers
(80% of negative word of mouth)
Source: http://www.netpromotersystem.com/about/measuring-your-net-promoter-score.aspx
Source: Endeavor Insights Research
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© Lynda M. Applegate, 2017
Measuring the Strength of Connections:Net Promoter Score
Source: Endeavor Insights Research
© Lynda M. Applegate, 2017
High Impact Entrepreneurial Leaders
HBS Research
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© Lynda M. Applegate, 2017
As pace of change picks up ALL firms need Entrepreneurial Leaders who ScaleDo you agree??
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“The reason why “many” entrepreneurs fail toscale—that is, adapt their leadership capabilitiesto their growing business needs—remains fuzzy.It’s assumed that there’s an entrepreneurialpersonality and an executive personality—andnever the twain shall meet. I don’t think that’strue. Leaders who scale…”
• Listen to and seek input from others and are willing to shift their outlook• Quickly deal with problems and weed out non-performers
• See past distractions and establish strategic priorities
• Make concerted, sometimes uncomfortable, efforts for the sake of the business and its stakeholders
• Learn to work with and communicate with diverse employees, customers, and other constituencies• Make the company’s continuing health their top priority
© Lynda M. Applegate, 2017Working Knowledge 2016 14
Entrepreneurial Leadership:Self-Confidence on Behaviors and Skills
Associated with Successful Entrepreneurs
by:Lynda M. Applegate
Tim ButlerJanet Kraus
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© Lynda M. Applegate, 2017Preliminary Research Method
1. Comprehensive literature review to identify major domains of entrepreneurial skills and
behaviors
2. Developed Entrepreneurial Leadership Self-Assessment Questionnaire then vetted it
with successful entrepreneurs and investors and modified it based on feedback
3. Administered the Questionnaire to over 1300 HBS graduates (entrepreneurs and non-
entrepreneurs)
4. Used factor analysis to create11 Skills and Traits
5. Conducted validity and reliability studies to differentiate Founders vs. Non- Founders,
Male vs. Female Founders, and Serial vs. First-Time Founders
© Lynda M. Applegate, 2017
Self-Confidence on Behaviors and Skills: Founder vs Non-Founders
Categories of Behaviors & Skills of Successful High Growth Entrepreneurs
Founders Non Founders
Identification of Opportunities Significantly Higher
Vision and Influence Significantly Higher
Comfort with Uncertainty Significantly Higher
Assembling and Motivating a Team No Significant Difference No Significant Difference
Efficient Decision Making No Significant Difference No Significant Difference
Building Networks Significantly Higher
Collaboration and Team Orientation No Significant Difference No Significant Difference
Management of Operations No Significant Difference No Significant Difference
Finance and Financial Management Significantly Higher
Sales No Significant Difference No Significant Difference
Preference for Established Structure Significantly Lower
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© Lynda M. Applegate, 2017
Self-Confidence on Behaviors and Skills: Male vs Female Founders
Categories of Behaviors & Skills of Successful High Growth Entrepreneurs
FemaleFounders
Male Founders
Identification of Opportunities No Significant Difference No Significant Difference
Vision and Influence Significantly Higher
Comfort with Uncertainty Significantly Higher
Assembling and Motivating a Team No Significant Difference No Significant Difference
Efficient Decision Making No Significant Difference No Significant Difference
Building Networks No Significant Difference No Significant Difference
Collaboration and Team Orientation No Significant Difference No Significant Difference
Management of Operations Significantly Higher
Finance and Financial Management Significantly Higher
Sales No Significant Difference No Significant Difference
Preference for Established Structure No Significant Difference No Significant Difference
© Lynda M. Applegate, 2017
Self-Confidence on Behaviors and Skills: Serial vs First Time Founders
Categories of Behaviors & Skills of Successful High Growth Entrepreneurs
Serial Founders First-Time Founders
Identification of Opportunities Significantly Higher onall items
Vision and Influence No Significant Difference No Significant Difference
Comfort with Uncertainty Significantly Higher onall items
Assembling and Motivating a Team Significantly Higher on someitems
Efficient Decision Making No Significant Difference No Significant Difference
Building Networks Significantly Higher on someitems
Collaboration and Team Orientation No Significant Difference No Significant Difference
Management of Operations No Significant Difference No Significant Difference
Finance and Financial Management Significantly Higher on all items
Sales Significantly Higher on someitems
Preference for Established Structure No Difference At All No Difference At All
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© Lynda M. Applegate, 2017Working Knowledge: Coming Soon 19
Leading High Growth BusinessesAdvice from Successful High Impact Women Entrepreneurs
by:Lynda M. Applegate
Janet Kraus Marla Malcolm Beck
© Lynda M. Applegate, 2017
Previous Research Focused on Women who DON’T Build High Growth Businesses 20
Source: Women-Owned Businesses, SBA: https://www.sba.gov/sites/default/files/SBO_Facts_WOB.pdf
Amount of Start-up FinancingWomen were much more likely than men to indicate they did
not need startup financing (30.3 percent v. 19.5 percent)
Source: Gender Differences in Startup Financing, SBA: https://www.sba.gov/sites/default/files/files/Gender%20Differences%20in%20Startup %20Financings.pdf
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© Lynda M. Applegate, 2017
Previous Research Focused on Women who DON’T Seek VC Financing 21
Bloomberg study:
• 6% of founders who raised VC financing were female
• Women founders who raised VC capital raised $77 million vs. $100 million for male founded startups
Source: “Who Gets VC Funding?,” Bloomberg, https://www.bloomberg.com/graphics/2016-who-gets-vc-funding/
(in Billions)
© Lynda M. Applegate, 2017
Why are there more VC-Backed Women Entrepreneurs in Mid-Atlantic and New England? 22
Source: http://pitchbook.com/news/articles/what-percentage-of-u-s-vc-backed-startups-are-founded-by-women
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© Lynda M. Applegate, 2017
Our Research 23
Rather than study why women aren’t building high growth businesses, we decided to
talk with women who had built successful high growth firms.
We then asked them how they did it and if they had advice for women entrepreneurs.
• 30 In-depth Interviews with women entrepreneurs of high velocity startups
• Interviews with VC who backed the 30 women entrepreneurs
• Interview notes and key findings discussed with interviewees
• Focus groups with male and female entrepreneurs and with those who finance them
© Lynda M. Applegate, 2017
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“Surround yourself with people who are goodat what you’re not good at.”
“[My co-founder] had more of a sales andmarketing background, and I had a financebackground. Her skills were in the thinking ofbig, creative, strategic ideas, and I was verystrong on the execution.”
Sample Advice from High Growth Women Entrepreneurs
“No one funds ideas.They fund thebeginnings of a business. You have to beable to create a dotted line to somethingthat’s really, really huge.”
Build big companies, not small ones,because they take the same amount oftime as big ones, but you get a verydifferent reward. And it’s worth it.”
“Be very strong in whatever area of technicalexpertise you come from, because peopletrust you first by what you bring to the table. Ifyou are a scientist, be a kick-ass scientist..”
“I made a spreadsheet and collected everysingle contact that I thought could beinterested and passionate about my business.I “cold-called” and asked for an ‘informal’meeting. Every time I’d leave a meeting, I’dsay, do you know anyone else that you think Ishould talk to?”
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© Lynda M. Applegate, 2017New Research: Starting in 2018 25
Focus: Global study on high impact entrepreneurs and business ownerso Use Endeavor Insight Data to compare male and female high impact entrepreneurs around the
world Ø Examine density and evolution of entrepreneurial ecosystems and strength of relationshipsØ Conduct surveys of Behaviors and Skills Ø Develop Case Studies and Profiles of High Impact Women Entrepreneurs
o Impact Measures include:Ø Financial Capital: Financial Performance, Capital Raised from all sources, Contribution to GDP…Ø Human Capital: Jobs Created, Wages Paid, Skills and Capabilities, Unemployment Rates…Ø Intellectual Capital: Educational Programs (at all levels); Intellectual Property…Ø Social Capital: Network Density, Strength of Connections, Engagement…Ø Cultural Capital: Inspiring Stories …
Focus: Alumni Exec Ed Program for entrepreneurs and business owners
o Working on proposals for new alumni exec ed offerings that include field studies with MBA studentsØ We need your helpØ I will be around for the rest of the day to discuss your ideas
© Lynda M. Applegate, 2017
Closing Thoughts
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© Lynda M. Applegate, 2017
Building a Business While Building a Life
Work Family
PersonalMotivations
Why I love to work with entrepreneurial leaders!!! You don’t compartmentalize. You bring your total self to the business – It’s PERSONAL
© Lynda M. Applegate, 2017
Asked entrepreneurs at the end of their career: “Are you happy with the way your life turned out?”
1. Have you achieved what you wanted to achieve—in your career, your family life and your personal life?
2. Is what you achieved significant?
3. Are you building something that will endure and make a difference?
Building a Business While Building a Life
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© Lynda M. Applegate, 2017
https://www.ted.com/talks/regina_dugan_from_mach_20_glider_to_humming_bird_drone#t-876303
14.36 “The Internet is home to…”17.71 “What would you attempt to do if you knew you could not fail?”
Meet Regina Dugan
April 2016 to present: Head of Building 8 (newly launched tech research group)March 2012 to April 2016: Google VP Engineering and
Head of Advanced Technology and Projects GroupATAP will stay with Google and link to Alphabet
July 2009 to March 2012: 19th Director of Defense Advanced Research Projects Agency (DARPA); Also worked at DARPAfrom 1996 – 2000
2005 to 2009: Co-Founder and CEO, Dugan VenturesBS & MS Mechanical Engineering, Virginia PolytechPh.D.