Innovation, entrepreneuring, entrepreneurs, collaborative entrepreneuring, entrepreneuring collaboratively, venture bank, strategic innovation boards, business failures, collaborative tools and technologies, Millennial generation, solo entrepreneurs.
Want to increase your entrepreneurial success ten-fold?
One major research study into 3,200 US high-tech, high-growth mobile/web start-ups, found 92% failed within 3 years. Ofthe 3,200, 74% failed because they scaled too fast, orthey did not collaborate enough.
“They fail, due primarily to self-destruction, rather than competition,”the StartUp Genome Report concludes.
The result? You significantly enhance your entrepreneurial and business success –by… let’s say at least 10-fold.
Why not continue to climb the entrepreneurial mountain solo?
Well, in today’s complex and globalized world… entrepreneuring on our own, is trying to climb Mount Everest on our own. You have a very high chance of failing.
With new community and generational values and aspirations, new technology, global markets available even to the smallest of businesses, and the rise and rise of the digital generation… the life ofboth the solo entrepreneur, and the mountain climber, is:
• unnecessarily lonesome
• too hard, too complex
• far less productive, effective and efficient
• far less likely to be successful
• definitely not the only way to go.
Ours is the era of the collaborative entrepreneur. And this is true, particularly for the digital or Millennial generation under, aroundage 35 in 2016 – for whom the internet, digital technologies and social media are first nature. Digital, collaborative technologies bring the whole world into the palms of their hands.And into the palms of those of us over 35.
Their way, the highway
Entrepreneurs and C.E.O.s take note. It’s no longer, “My way, or the highway”. For, within 9 short years, theMillennial’s way will definitely be the highway: For, according tothe Deloitte annual Millennial survey,by 2025, Millennials will make up 75% of the global work force.
And up to 70% of these leaders of tomorrow are likely to reject business as traditionally organized – with many preferring to work ‘digitally’ for ‘themselves’- but collaboratively, and using collaborative technologies.
We’re somewhat crazy if we believe we can buck this trend and continue to take the low-way, solo-way.
Who are entrepreneurs – solo and collaborative?
“No matter how we address our dysfunction, we always arrive at the same truth: we must abolish competition in favor of collaboration and interdependence.” ― Joseph Rain, author.
Both solo and collaborative entrepreneurs are risk-taking agents of change – creating opportunities from the raw material of problems that relate to human needs and wants. And from these ‘transformed problems’,we Change the World – as we build a ‘partial new world’ that did not exist before, or at least not in that form.
In the past, solo entrepreneuring tended to be the province of small business men and women. For example, starting at age 12, our Chairman’s first 17 small businesses were all founded and owned 100% by him – with team members paid wages, salaries and bonuses. A different picture now!
By contrast, collaborative entrepreneuring has always been a feature of social or not-for-profit ventures. See, for example, Ashoka.
Everyone an entrepreneur
But in today’s world ‘everyone is a change maker’. And entrepreneuring is no longer the province of a tiny business elite. In fact, we seeentrepreneuring and innovation in every field of human activity – science, academia, health, government, sport, media, education, etc.
And, in business, increasingly, the solo entrepreneur is yielding to the collaborative entrepreneur. With head-on competition yielding to co-opetition, co-operation and collaboration: “Increasingly we must collaborate to innovate and secure our place in the sun.”
Putting his money where his mouth is: Over the last 30 years, our Chairman has built, or been part of building, 300 businesses collaboratively. And he’s co-founded two collaborative venture banks – New Enterprise Services. And Alchimie Innovators, a collaboration with Alchimie Change Agents.
Typical innovation steps which can be done collaboratively
- find and assess the problemin the first place
- transform the problem into an opportunity
- develop an opportunity focus within the core team
- build a special purpose innovation arm
- designand create the invention, or ‘intellectual property’ – which is different from an ‘innovation’[Post the attached article, What do we mean by innovation? with links after you have standardized the type face and size. And link here to the word ‘innovation’]
- create dynamic business models that frame how to transform the invention into an innovation that adds value to lives or organizations, and makes money in the market place in the case of for-profit ventures[Standardized the type face and size and made sure you keep all the links for the attached article ‘41+ On-line and Off-Line Business Models for Startups – and revamped businesses’. Post this article and link the post to ‘business models’ in the above text].
- focus the venture on one core driving idea
- create hundreds of support ideas…
Insert this video here so it shows: https://youtu.be/GU8r4rMCp5I [Create 100s of business ideas]
- form the core team of talent to get the innovation profitably to market
- build the 15+ aspects of any innovation
- create and access the multiple resources needed for commercial or social success
- partner with multiple organizations – internationally – who have existing relationships with relevant customers and clients
- fund collaboratively
- develop quite different collaborative organizational forms
- use appropriate collaborative tools and technologies
- gain collaboration across organizational ‘silos’.
Bookmark this page
In the months to come, you will find here many more resources that lead you into entrepreneuring and innovation collaboratively. Why not, bookmark this page, and return often?
For the moment, see Innovation and Entrepreneuring, Cambridge Summary Report, April 2015.
And, see the Melbourne-based venture bank, New Enterprise Services.
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