Reflections on Entrepreneurship and Innovation from Universities

1
Reflections on Entrepreneurship and Innovation
from Universities

• LURE Meeting
• 29th September 2008

2
Potted CV

• BSc PhD in Chemistry
• Chemical Manufacturing Industry - Business
  Director, Operations Director
• Regional Development Agency
• Chemicals Industry Internal management
  consultant
• Portfolio Career (on theme of innovation)
• Management Research
• Consultancy
• Training
• Facilitation

3
Innovation an Emerging Imperative

• HM Treasury Reviews Relating to Innovation
• 1999 Baker (Economic potential of Public Sector
  Research Establishments)
• 2002 Roberts (SET for Success)
• 2003 Lambert (business-university collaboration)
• 2005 Cox (Creativity in Business)
• 2006 Gowers (Intellectual Property)
• 2006 Warry (Increasing economic impact of
  Research Councils)
• 2006 Cooksey (UK Health Research Funding)
• 2006 Leitch (Review of Skills)
• 2007 Sainsbury (Science innovation Policy)

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Common Themes from Reviews

• Challenge of the Knowledge Economy
• Creativity and innovation will be basis of future
  competitive advantage
• Challenges of changing demographics climate
• Universitys have a central role to play
• Creative people
• New knowledge
• HM Govt. will leverage its purchasing power
• Goods Services
• Research funding
• Policy and legislation development to make all
  this easier

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Some Definitions

• Creativity
• Creativity isthe production of novel,
  appropriate ideas in any realm of human activity
  from science, to the arts, to education, to
  business or to everyday life (Teresa Amabile)
• Innovation
• The successful application of new ideas (John
  Beacham)
• Entrepreneurs
• The person who initially attracted by a
  (creative) idea, marshals the resources necessary
  to make innovation happen

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Sources of Innovation

• The Unexpected
• The Incongruity
• Process need
• Changes in industry or market structure
• Demographics
• Changes in perception, mood and meaning
• New knowledge

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Stages of Creating a New Venture

• Assessing the Opportunity
• Developing a Business Plan
• Understanding the customer marketing
• Building the team with the right capabilities
• Financial modelling
• Acquiring Resources Finance
• Executing the plan
• Growth and Exit Strategies

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Social Enterprise

• Applying the exact same skills and processes as a
  conventional (for profits) business to a social
  or environmental challenge
• Triple bottom line simultaneously creating
  surpluses in financial, social and environmental
  terms.
• Not a new idea, but one increasingly of its time,
  and crucially, one for which financing mechanisms
  are being developed.

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Characteristics of Entrepreneurs

• Drive Energy
• Self-confidence
• High initiative and personal responsibility
• Internal locus of control
• High tolerance of ambiguity
• Low fear of failure
• Moderate risk-taking
• Long-term involvement
• Money as a measure not merely an end
• Use of feedback
• Continuous pragmatic problem-solving
• Use of resources
• Self-imposed standards
• Clear goal setting

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Creative Behaviours

• Consciously adopt different perspectives
• Surface your assumptions
• Yes, and thinking
• Live with ambiguity
• Involve others
• Connect and be receptive to your surroundings
• Goal Orientation
• Cycle often close late
• Be a reflective practitioner

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Useful skills

• Networking
• Get a mentor and be a mentor
• Use of creative thinking tools

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Help Available

• Inventure
• Careers Centre The Spark Programme
• Enterprise Zone

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On being Enterprising

• Changing world of work, or is that the changing
  world full stop
• Corporate world Intrapreneurs
• NHS the innovation imperative post-Darzi
• Academia Researchers are already entrpreneurial
• Making a difference
• Balancing work and life