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Blog 'Build your own waves' - entrepreneurial strategies for building and harnessing innovation momentum
Blog 'Build your own waves' - entrepreneurial strategies for building and harnessing innovation momentum
| 'Build your own waves' - entrepreneurial strategies for building and harnessing innovation momentum | | Print | |
| Written by Una Coleman |
| Monday, 06 April 2009 00:00 |
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InterTradeIreland sponsored Innovation Lecture by Professor Erkko Autio discussing the challenge of ‘building your own waves' - entrepreneurial strategies for building and harnessing innovation momentum to achieve and sustain growth in your firm. For anybody who attended the lecture hoping to have a Pandora’s box of the secrets to achieving entrepreneurial success opened then they would been disappointed. But, unless you’ve been hiding under a bush we all know there are no secrets to achieving success – it’s written large – EVERYWHERE – blood, sweat and tears – oh and buckets loads of confidence and resilience - that’ll do it. But, back to the excellent Professor Autio. A bit on his background: Finnish-born – dry sense of humour Chair in Technology Transfer and Entrepreneurship at Imperial College London and some.. Specialism and research • Technological innovation, growth and internationalisation strategy in small and large firm contexts alike • Technology transfer from research to industry • Creation, growth and international growth of technology-based new firms • Corporate venturing • High-growth entrepreneurship • Regional and national innovation systems • Innovation policy effectiveness. Find anything you like there? The Prof likes animal analogies. 1. Gazelle: Entrepreneur or Gazelle or An Entrepreneur is (like) a Gazelle: Fast Rare Found in many places Not necessarily young Volatile Sometimes lumpy Gazelles bust recessions Gazelles matter 2. Penguin: Standing on the edge of the ice: waiting for the first one to jump. Think of them as customers. They don’t like uncertainty. They follow others (the Penguin effect). Everybody (except gazelles) wants to be first to be second. 3. Dolphin: MySQL (their logo). There was no explanation for the dolphin but here’s mine: dolphins have extraordinary powers of communication. MySQL built a huge market for itself firstly by looking beyond the market and then by communicating through 2 press releases, 53 days apart. Innovation combines technology and social discovery and can lead to the creation of a new market. Entrepreneurs go beyond conventional marketing strategy. Innovation means looking beyond the market. In times of economic recession entrepreneurship is more important. Entrepreneurs have a disproportionate impact on the economy. 10% of entrepreneurs generate 70% of economic impact. It’s small firms that lead in job creation and large firm lead in job destruction at the bottom of the economic cycle. Another China statistic: China is already urbanized to a rate of 44%. It is likely to go up to 70% in the next 15-20 years. That means 300 to 350 million more people will move to the cities. In infrastructural terms it will be likely building the US as it is today in a matter of 15-20 years. This has enormous consequences on traditional models of delivery. From a marketing perspective he had some great examples of the role of social networking and social media and marketing in changing markets, creating momentum and delivering innovation. For instanc, BLYK – free mobile telepony to 16-2 year olds in return for consent to receive advertisements. The word is spreading through twiiter, Facebook, and all the other social networking tools. Top marks to both Intertrade Ireland and Nova UCD for facilitating the spread of knowledge…. While at NovaUCD, Professor Autio was interviewed by The Irish Times and Siliconrepublic.com
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