Keynote Speech KBC Startit Brussels

Pr Bruno Wattenbergh« Keynote BWA » 15 septembre 2015
Grand
Opening

START-‐IT
@
KBC

«Some
inspira:on
for
Brussels

Startup
@
Star:t
»

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EUB
-‐
BBA

ICHEC
-‐
DSMA

ULB
-‐
MLS

Tias
-‐
MBI

MIT
-‐
CS&I

HBS
-‐
AMP

Pr Bruno M. WATTENBERGH
bruno.wattenbergh@ulb.ac.be
Skype : wattbru
Assistant : Dominique Esther
des@impulse.brussels
Tel assistant : 02/800.00.55
Startup.be

1.
WHAT
DO
YOU
NEED
/
EXPECT
TONIGHT
?

STARTit@KBC
–
15th
September
2015

Who
are
you
?

This
session
will

be
a
success
…

if
…
?

Rules
of
the

game
today
?

ü  Slides
tonight
on
slideshare
(@waYenbergh)

ü  Each
of
you
has
a
business
project
(in
mind)

ü  As
many
interac:ons
with
me
as
possible

ü  Debates
with
others
à
disagree
J

ü  Ques:on
can
be
asked
any:me
J

ü  Cold
call
or
open
call
L

ü  No
wrong
answers
!
J

ü  Eng
–
NL
-‐
FR

ü  Have
fun
J

Follow-‐up
?

•  Impulse
team
&
experts
available
any:me
@
1819

•  Clusters
in
:

–  Sofware

–  Mul:media

–  Lifetech
(health)

–  Eco-‐construc:on

–  Tourism

2.
ENTREPRENEURSHIP
&
BRUSSELS
?

STARTit@KBC
–
15th
September
2015

Entrepreneurship
&
Brussels

•  The
most
entrepreneurial
region
in
Belgium

•  Taking
advantage
of
the
academic
presence

•  Taking
advantage
of
large
enterprises

•  Dual
side
of
Brussels
entrepreneurship

•  Entrepreneurship
by
sectors

•  Yes
but
…
bankruptcy
?

LES
STARTERS
EN
REGION

DE
BRUXELLES-‐CAPITALE

EN
2011

Le
proﬁl
de
l’entrepreneur
en
Région
Bruxelloise

Le
proﬁl
de
l’entrepreneur

en
Région
Bruxelloise

Mo:va:ons
of
Entrepreneurs

•  The
typical
answers
cover
:

–  Feeling
of
freedom

–  Ability
to
innovate

–  Personal
fulﬁllment
linked
to
the
management
of
a
business

–  Rejec:on
of
the
employee
status

–  Rejec:on
of
big
ins:tu:ons

–  Money
…
in
case
of
success

–  Social
recogni:on

Le
proﬁl
de
l’entrepreneur

en
Région
Bruxelloise

LES
STARTERS
EN

REGION
DE

BRUXELLES-‐
CAPITALE
EN
2011

Entrepreneurship
at
a
Glance
2015
/
OECD

La
première
raison
citée
est
l’envie
d’indépendance
…
et
pourtant
…

About
Entrepreneurs
(a
personal
view
of
Pr
Olivier
Witmeur)

Network
&

Social
Capital

Knowledge
&

Exper:se

Tolerance
for

Ambiguity

Commitment

&
Courage

Passion
&

Values

Traits
approach
:
Classical
variables

Need
for
achievement
(N-‐Ach)
refers
to
an
individual's
desire
for

significant
accomplishment,
mastering
of
skills,
control,
or
high

standards.

Locus
of
control
refers
to
how
much
individuals
believe
they
can

control
events
that
affect
them.

Need
for

achievement

Locus
of
control

Ambiguity
tolerance
is
the
ability
to
perceive
ambiguity
in

informa:on
and
behavior
in
a
neutral
and
open
way

Tolerance
for

ambiguity

Self-‐efficacy
is
the
extent
or
strength
of
one's
belief
in
one's
own

ability
to
complete
tasks
and
reach
goals

Self
efficacy

2.
STARTUPS
:
DE
AVANT-‐GARDE
ENTREPRENEURS
?

STARTit@KBC
–
15th
September
2015

Why
do
we
need
entrepreneurship
?

•  Increase
the
ac:vity
rate

•  Generate
the
enterprise
&
the
jobs
of
tomorrow

•  Export
(GDP)

•  Innovate

•  Solve
societal
problems
and
challenges
:

–  Health,
ageing
popula:on,
chronicle
diseases,
…

–  Mobility,
logis:c,
supply-‐chain,
3D
prin:ng,
…

–  Environment

Why
do
we
need
entrepreneurship
?

Ken
Morse
(MIT
Entrepreneurship
Center)
:

Radical
innova+on
are
never

invented
by
the
leader
of
the

market

à
But
by
startups
…

Why
do
we
need
entrepreneurship
?

Radical
innova+on
are
never
invented
by
the
market
leader
…
?

–  Fear
of
cannibalizing
sales
à
Kodak

–  Structural
obstacles
to
innova+on
à
Open
Innova+on

–  Demand
for
consistant
results
(no
risk)
à
3M

–  Lack
of
entrepreneurship
training
&
adapted
hierarchy
à
Innova+ve

entrepreneur
vs
manager
of
the
current
model

–  Fear
of
failure
à
career
!

Why
do
we
need
entrepreneurship
?

•  The
Power
of
Entrepreneurship
@
MIT

–  26,000
currently
exis:ng
companies
have
been

founded
by
MIT
alumni.

– 
These
companies
have
created
approximately
3.3

million
jobs
and
generated
approximately
$2
trillion

dollars
in
annual
revenue.

–  As
a
standalone
economy
these
companies
would

comprise
the
world’s
11th
largest
economy,
posi:oned

behind
Brazil
and
ahead
of
Russia.

3.
BXL
:
UNIEK
MICRO-‐KLIMAAT
VOOR
STARTUPS
?

STARTit@KBC
–
15th
September
2015

Brussels
Ecosystem

What
are
the
key
elements
of
an
entrepreneurial

ecosystem
?

–  Educa:on,

Role
Models,
available
informa:on,
…

–  Visible
source
of
informa:on
(1819,
LELs,
…)

–  Finance,
coaching,
mentoring,
technology,
…

–  Clustering
(entrepreneurs
+
€
+
academic
+
users)

–  Customers
(public,
private,
Small
Business,
MNEs,
…

–  Private
business
&
technology
consultants

4.
DE
KRACHT
VAN
COMMUNITY
STARTUPS
?

STARTit@KBC
–
15th
September
2015

Brussels
Startup
Community
?

•  Réseau
Entreprendre
!

•  Beta
Group
!

•  Microsof
Innova:on
Center
!

•  Public
Incubators

•  Private
Incubators

•  BAB

4.
DOS
&
DON’TS?

STARTit@KBC
–
15th
September
2015

What
no
to
do
?

L

What
to
do
?

“Eﬀectual
Entrepreneurship”

J

A
classical
deﬁni:on
of
entrepreneurship
?

A
way
of
thinking
and
ac:ng
that
is
opportunity
obsessed,
holis[c
in

approach
&
leadership
balanced
for
the
purpose
of
value
crea:on.

J. Timmons, USA
Thinking and acting =
There is a “method”
Central role of the opportunity
(but found or made?)
Take all aspects into
consideration
Need to be managed
There are best practices
Value for the stakeholders, i.e. founders,
team, investors, customers, society…

Towards
degree
of
entrepreneurship
?

New
to founders
Franchisee
Shops
Take-over
Buy Out
Innovation
Lawyers,
Doctors,
….
Change
New to
market
High tech
& Social
start-ups
Ch. Bruyat
* Adapted from C. Bruyat (1993) & A. Fayolle
A. Fayolle
Corporate
Spin-offs

How
do
entrepreneurs

think
and
act
?

Introduc:on
to
“eﬀectua+on”

Introducing
“Eﬀectua+on”
:

The
logic
of
expert
entrepreneurs

The
word
eﬀectual
(entrepreneurial
approach)
is
the
inverse
of

causal
(managerial
approach).

In
general,
in
MBA
programs
across
the
world,
students
are
taught

causal
or
predic+ve
reasoning
in
every
func+onal
area
of
business.

Saras
Sarasvathy

India

Causa:on
vs.
Effectua:on

Causa:on
Effectua:on
(Cre-‐Ac:on)

•  Planned
approach

•  Top-‐Down

•  Managerial
logic

•  Predic[on
based:
To
the
extent
we
can
predict
the

future,
we
can
control
it.

à
For
predictable
situa[ons

•  Emergent
approach

•  BoYom-‐up

•  Entrepreneurial
logic

•  Control
based:
To
the
extent
we
can
control
the
future,

we
don’t
need
to
predict
it.

à
For
uncertain
situa[ons

Effects
are

predicted

Need
to

manage

the
causes

Causes
are

given

Need
to

manage

the
effects

Eﬀectua:on
principle
#1
:
Bird
in
Hand
!

Start
with
who
you
are,
what
you
know
and
whom
you
know

…
Not
with
pre-‐set/given
goals
(based
on
predic:on)

•  Typical
entrepreneurial
resources:

–  Exper:ze,
skills…

–  Social
capital

–  Psychological
capital:
hope,
op:mism,
self
eﬃcacy
and
resilience

Effectua:on
principle
#2
:
Affordable
loss

Invest
what
you
can
afford
to
lose
(extreme
case
=
0€)

…
Not
expected
(risk
adjusted)
return

Eﬀectua:on
principle
#3
:
Crazy
Quilt

Build
a
network
of
self-‐selected
stakeholders

…
Not
compe::ve
analysis
and
transac:onal
rela:onships
with
ﬁrst-‐best
partners.

Co-‐Crea:on

Customers

Suppliers

Channels

Financial
partners

Employees

Sponsors

…

CommiYed

stakeholders

network

Crazy
quilt,
not
puzzle.

Eﬀectua:on
principle
#4
:
Lemonade
principle

Embrace
and
leverage
surprises
(they
can
present
new

opportuni[es)

…
Not
avoid
them

About
Nils
Berqvist

•  Swedish
environmental
engineer

•  Worked
8
years
in
the
mining
industry
in

Kiruna
(in
Northern
Sweden)

•  Passion
for
wildlife
and
sports

Ice
Hotel
J

Eﬀectua:on
principle
#5
:
Pilot-‐in-‐the-‐plane

Give
up
the
predic[on
logic
!

The
future
comes
from
what
people
do
:
let’s
invent
the

world
!

…
No
inevitable
trends

à
Control
vs
Plan

The
Dynamics
of
the
Entrepreneurial
Network

Who
I
am
?

What
I
can
do
?

Whom
I
know
?

My
aﬀordable

loss
?

Who
may
be

involved?

Addi:onal

resources

Itera:ve
opportunity

co-‐construc[on

New
Goals

The
venture
grows

step
by
step.

Dead
end

My
Goals
?

Mul:ple
techniques
help
to
deal
with
these
cycles
:
Design
Thinking,

Lean
Start-‐up,
Business
Model
Genera:on,
Staged
Financing,
…

To
be
con[nued.

And
what
about
risk
?

•  Part
of
the
entrepreneurship
journey

•  Entrepreneurs
don’t
like
the
risk
more

•  Entrepreneurs
mi:gate
the
risk

•  Eﬀectual
entrepreneurship

•  Business
Plan,
Business
Model,
design
thinking,

•  Test,
Test,
Test,
Test,
…
&
learn
!

•  Limit
the
consequences

Don’t
wait/look
for
the
perfect
opportunity

(it
doesn’t
exist
!).

Just
start
!

Build
your
opportunity


don’t
forget
…
!

ü  The
deﬁni:on
of
Enterprise
…
?

ü  The
deﬁni:on
of
startup
(Steve
Blanck)
?

Set
of
Advises
1

ü  Don’t
overvalue
your
idea
!

ü  Understand
the
opportunity
principle
!

ü  Make
hypotheses
and
write
them
in
a

speciﬁc
colors
!

ü  Design
tests
to
validate
your
hypotheses
!

ü  Understand
the
pivot
principle
!

Set
of
Advises
2

ü  Understand
the
interest
&
limita:ons
of
the

Business
Plan
!

ü  Use
modern
tools
as
:
Customer
Canvas,

Empathy
Map,
Business
Model
Canvas,

Customer
journey
&
touch
point,
…

ü  Go
out
of
the
building,
talk
to
customers,
…

Des
ou:ls
?

L’empathy

map
!

Des
ou:ls
?
Value
Proposi:on
Canvas
!

Set
of
Advises
3

ü  Learn
to
describe
the
customer
segment

ü  Understand
the
Customer
Pain
principle

ü  Quan:fy
the
Customer
Pain

ü  Understand
the
mechanism
of
the
Value

Proposi:on
(tangible
/
intangible)
…

ü  Quan:fy
the
Value
Proposi:on

Set
of
Advises
4

ü  Learn
as
soon
as
possible
to
pitch
your

project
…

ü  Pitch
once
a
week
…

ü  Pitch
every
morning
in
your
bath
room
…
J

ü  Collect
feed-‐back
…
ask
the
right
ques:ons

ü  Learn
from
your
pitch

Set
of
Advises
5

ü  Don’t
wait
the
final
Business
Model
to
assess

the
finance
side
of
the
product
…

ü  Learn
how
to
make
a
P&L
on
the
back
of
an

envelope
…

ü  Understand
the
financial
dynamic
(costs
&

revenues)
of
each
Business
Model

ü  Determine
CoCA
&
Elas:city
demand
/
price

Set
of
Advises
6

ü  Dare
to
study
compe::on
…
but
also

subs:tutes
!

ü  Don’t
ever
tell
that
you
don’t
have
any

compe::on
or
that
the
compe::on
is
not

relevant
…

ü  Understand
the
compe::on
&
subs:tutes
…

Set
of
Advises
7

ü  Imagine,
design,
conduct
2
types
of
tests
to

validate
your
hypotheses
:

ü  Proof
of
Concept
:
I
can
deliver
!

ü  Proof
of
Business
:
it
sells
!

ü  Be
an
anthropologist,
a
psychologist,
a

sociologist,
…
to
learn
from
those
tests

Set
of
Advises
8

ü  Don’t
say
your
hypotheses
are
conserva:ve

…
and
so
your
ﬁnancial
forecasts
…

ü  Explain
your
forecast
…
describe
the

hypotheses
and
the
tests
done
…

ü  Use
some
sensi:vity
analysis
…

ü  Test
1
or
2
alterna:ve
conﬁgura:ons
…
(xls)

Set
of
Advises
9

ü  Plan
some
clear
milestones
…
with
clear

objec:ves
to
achieve
…

ü  Determine
ﬁnancing
needs
for
each
stage
…

ü  Search
for
the
right
mix
of
ﬁnancing
:
FFFs,

BA,
grants,
…
@
the
right
:me
!

ü  Know
exactly
what
you
need
&
when
!

And
…
don’t
forget
the
ﬁrst
rule
!

ü  Fail
fast
…

ü  Fail
rough
…

ü  Fail
cheap
…

And
never
do
twice
the
same
mistake
!

The
Ideal
trajectory
?

•  OWLET

•  Harvard
Business
School
Business
Model

Compe::on
…

•  Some
students
…
an
idea
…
searching
for
a

repeatable
and
scalable
Business
model

9.HOW
TO
PITCH
A
BUSINESS
PROJECT
?

STARTit@KBC
–
15th
September
2015

10.
CONCLUSIONS
?

STARTit@KBC
–
15th
September
2015

hYp://www.slideshare.net/WaYbru/cours-‐
de-‐pitch-‐2015-‐pdf

hYp://media.100firsthits.com/2013/11/
Startup-‐Mistakes-‐Infographics.png

Why
startups
fail,
according
to
their
founders

by

Erin
Griffith

@eringriffith

SEPTEMBER
25,

2014,
3:00
PM
EST

hYp://for.tn/1vfKwW3

The
top
reason?

They
make
products
no
one
wants.

Quelques
newsleYers
de
référence
?

•  Steve
Blank

•  1819
NewsleYer

•  APCE

•  Blog
hYp://philippesilberzahn.com

Quelques
partenaires
de
référence
?

•  Clusters
:

–  hYp://www.sofwareinbrussels.be

–  hYp://lifetechbrussels.com

–  hYp://www.screenbrussels.be

–  hYp://www.ecobuild.brussels

•  Structures
d’appui
locales
(voir
www.1819.be)

•  MIC
Brussels

Quelques
sources
d’infos
de
référence
?

•  www.1819.be

•  www.monbusinessplan.be

•  hYp://www.slideshare.net/WaYbru/startup-‐be-‐1203-‐15-‐
pdf

•  hYp://www.slideshare.net/WaYbru/les-‐mensonges-‐de-‐
lentrepreneur-‐dbutant

•  hYp://www.slideshare.net/WaYbru/cours-‐de-‐pitch-‐2015-‐
pdf

•

Keynote Speech KBC Startit Brussels

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Keynote Speech KBC Startit Brussels