TopTen Elements of Tech Entreprenuership for High Growth Innovation

TopTen Elements of Tech Entreprenuership for High Growth Innovation

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1 Top 10 Elements of Technology Entrepreneurship for High-Growth Innovation Professor Tom Byers, Stanford University 1. What is technology entrepreneurship? What is the difference between an idea and a business opportunity? Technology entrepreneurship is a style of business leadership based on the process of identifying high-potential, technology-intensive business opportunities, gathering resources such as talent and cash, and managing rapid growth using principled, real-time decision-making skills. An attractive business opportunity consists of a great value proposition, technically feasible products, strong intellectual property, a sustainable competitive advantage, a large potential market, and a scaleable business model. It can be based on either a revolutionary breakthrough in technology or an evolutionary advancement; and it can target an existing market or create an entirely new one. This entrepreneurial process is relevant for both independent startups and within established corporations. Disruptive technologies are particularly interesting as originally examined in Christensen’s Innovator’s Dilemma . See Technology Ventures: From Ideas to Enterprise by Byers, Dorf, and Nelson as a textbook. 2. Why do ventures require dynamic leaders who understand vision, strategy, risk, and tactics? Entrepreneurship is a process that involves identifying and reducing four major types of risks over time: people, technology, market, and financial. This is accomplished by the right combination of vision informing strategy and execution. Although a compelling vision (e.g., core values and mission) and a set of strategies (e.g., product and market) are important, it is often execution that differentiates great companies from good ones as they search for a sustainable business model. An A+ team and adaptable leadership can guide a venture through its challenging journey of growth and adversity where everyone works diligently on clear goals. Built to Last and Good to Great by Collins are good references as well as Competing on the Edge: Strategy as Structured Chaos by Eisenhardt. See also Getting to Plan B by Mullins and Komisar. 3.
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This note was uploaded on 09/30/2011 for the course EGMT 5130 taught by Professor Jeong during the Fall '10 term at UH Clear Lake.

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TopTen Elements of Tech Entreprenuership for High Growth Innovation

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