startup

New Predictive Analytics Application:Managing Your Wardrobe

February 4 in Business, Entrepreneurship, International business, Product Development, startup, Strategy by Paul Silverman | Comments Off on New Predictive Analytics Application:Managing Your Wardrobe

I see the new ‘data intensity’ business model getting traction in new sectors and creative applications are emerging. Check out Stylitics, a new analytics platform to help manage your wardrobe.

http://mashable.com/2012/02/03/stylitics/

Note the reference to linking branding, couponing and so on. Most importantly, note the clear reference to Mint.com which I and many others view as a “flagship” data intensity business model.

Working with Sante Corporation, a new healthcare/analytics venture, it is clear to me providers can add high value to consumers through next generation analytics, carefully crafted to deliver insights to consumers and provide significant public benefit. The key points here – information aggregation and retrieval are yesterday’s business and commoditizing. Real opportunity now is going deeper, developing “data intensity” models, identifying the “unknown unknowns” providing real value, using powerful, creative predictive analytics to create sustainable value, and developing high value partnerships using electronic couponing, machine readable packaging and other new tools to deliver real value to consumers and create exponential shareholder value growth.

Given Mint.com’s successful business strategy, we can expect to see the data intensity business model trend accelerating. Very exciting developments are coming in this high potential market space.

Paul B. Silverman

Author: Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives https://paulbsilverman.com/books/

Chief Executive Officer
Sante Corporation
Creating Next Generation Personalized, Simple Solutions to Improve Personal Health Management

Email:      paul@paulbsilverman.com
Linked in:  Paul Silverman
Twitter:     globalbizmentor

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Kodak vs. Fujifilm:Lessons Learned Looking at Winners and Losers- Digital Photography Market

January 31 in Business, Entrepreneurship, intrapreneurship, Product Development by Paul Silverman | Comments Off on Kodak vs. Fujifilm:Lessons Learned Looking at Winners and Losers- Digital Photography Market

As we all know, the digital photography revolution impacted the traditional film market. which in 2000, accounted for 60 percent of Fujifilm profits.. The film market went to basically nothing, but Fujifilm found new revenue sources and thrived. Kodak was the global leader in the traditional film market but did not survive the technology disruption.

Why?

A recent Economist article www.economist.com/node/21542796 provides excellent insights on strategies both established firms pursued in response to changes in the film market. There are also many lessons we can learn here which I believe help entrepreneurial firms seeking to identify and pursue new opportunities in highly competitive, changing, uncertain, high risk markets.  Here are three  insights that I believe are particularly helpful:

•    When Traditional Markets Change Dramatically, New Opportunities Emerge: Think Out of the Box (or ‘room’ as I noted in my recent book) To Create Winning Strategies

Look at how Fujifilm responded to the demise of the film market. Developed new products (cosmetics, others) leveraging competencies in chemicals and technology; Created film technology for displays, among other ideas. These new directions also create opportunities for agile entrepreneurial firms who embrace a similar
strategic vision, understand where technologies and markets are heading, understand where and how business processes can be adapted to create value and competitive position. What this also implies are new alliance opportunities at all levels including technology, distribution, marketing reach and so on. The starting point is to “think strategically’ which is  an entrepreneurial survival skill in today’s dynamic, global marketplace. Strategy planning matters, and it is a critical entrepreneurial skill worth honing.

•    Avoid the ‘Paralysis By Analysis’ Problem

Kodak was hampered by slow reaction to rapidly changing market and technology shifts. As noted, Rosabeth Moss Kanter of Harvard Business School suggested that Kodak executives “suffered from a mentality of perfect products, rather than the high- tech mindset of make it, launch it, fix it.”  The message here for entrepreneurial firm managers?  Obviously have to balance this with some analysis, but it often “Better to beg forgiveness than ask permission” to successfully pursue new business directions.

•    Disruptive Technology Innovation Always Occurred and Always Will, Only Faster

To see the traditional film market disrupted is really no surprise. Every sector is changing, and many are disappearing due to tsunami- like technology shifts.  We can discuss how long market shifts will take, what new sectors will emerge, who will be
competitors and so on, but the key point is almost all markets will change due to technology disruption .  So it is really no surprise to see the demise of Kodak and many others (e.g., minicomputer manufacturers, large copier companies, Borders, record stores, others)  who either did not fully embrace these radical changes, did not want to “disturb” their current business, or thought their businesses would exist forever. And these changes mean opportunity for agile entrepreneurial firms that understand
the changing competitive dynamics and develop well crafted strategies.

Paul B. Silverman

Author: Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives https://paulbsilverman.com/books/

Email:            paul@paulbsilverman.com
blog:               https://paulbsilverman.com/blog/
Linked in:      Paul Silverman
Twitter:         globalbizmentor

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How To Be A Startup CEO – Bing Gordon Kleiner Perkins Video

December 11 in Business, Entrepreneurship, intrapreneurship, startup, Strategy by Paul Silverman | Comments Off on How To Be A Startup CEO – Bing Gordon Kleiner Perkins Video

Excellent video I highly recommend by Bing Gordon, partner at VC firm Kleiner Perkins Caufield & Byers (http://tinyurl.com/6vc5hy8). I also posted comments on video site and will be using some of these ideas in upcoming entrepreneurship course am teaching at GWU;

My posted comments as follows:

Excellent insightful presentation. I contribute teaching entrepreneurship in the George Washington University School of Business CFEE (“Center for Entrepreneurial Excellence”) and also serve as CEO of Sante Corp, a new venture with proprietary technology developing a new web-based personal health management system. My recently published book Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives shared perspectives and tips on what entrepreneurial company managers need to know to move to beyond a start-up to create a high growth company.

Many excellent management tips and messages in Bing Gordon’s video I am sharing with both students and colleagues. There are 3 messages in particular I am emphasizing:

  • The Need to Balance Management and Entrepreneurial Responsibilities Entrepreneurship is messy and often frenetic, pursuing innovative technologies, new product launches and building an organization with minimal capital. CEO must nuture and balance entrepreneurial culture with clear focus on tightly managing results. I find many entrepreneurs lack the ‘traditional’ management skills and have a ‘build it and they will come’ philosophy- these new management skills can and must be learned. Bing Gordon’s presentation clearly reinforces this point.
  • Quantifying Objectives with Trackable Milestones Gordon describes Intel’s ‘OKR’ or ‘Objectives and Key Results’ management approach – managers set objectives and identify and track 2 to 3 results, and managers expected to achieve 70 percent of results. Very important discipline which helps companies grow and send messages to Boards and investors. I have used KPI’s (‘Key Performance Indicators’) for years in many global businesses, discussed KPIs in my recent book, and counseled many CEO’s to adopt and use these tools . Also proposed a similar approach to track large numbers of new inner-city entrepreneurial companies in a new “Entrepreneurial Empowerment Program (EEP)” I am proposing to the administration. Excellent discipline and should be more widely promoted.
  • CEO’s Need to Implement Scalable Processes CEO’s need to think and plan long term- that means understanding that scalable processes must be established early, what are the objectives of these processes, when are they needed, what cost-effective solutions can we implement now to serve as ‘building-blocks’ as business scales. This message is often missed by entrepreneurial managers struggling with day-to-day challenges with limited resources.

Thanks for sharing an excellent, insightful presentation.

Paul B. Silverman

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Entrepreneurship in the Health Care Sector and Syndicated National Radio Interview – Entrepreneurship- New Directions

December 5 in Business, Entrepreneurship, International business, startup, Strategy, Uncategorized by Paul Silverman | Comments Off on Entrepreneurship in the Health Care Sector and Syndicated National Radio Interview – Entrepreneurship- New Directions

Upcoming – TV Interview :Entrepreneurship in the Health Care Sector and Syndicated National Radio Interview: Entrepreneurship- New Directions

I have agreed to do a one hour TV interview on entrepreneurship in the health care sector. The interview will be scheduled for early January and follows my recent live TV interview discussing entrepreneurship on the weekly Upside Business Show on November 21st- the program was well received – copy of broadcast now available at http://www.ustream.tv/recorded/18671440 (click on Nov.21st show if needed)

While we see enormous challenges in today’s health care market, positive developments are emerging. One perspective, which I shared in my recent book ( Amazon at http://tinyurl.com/84texaf), is the pharmaceutical market includes two primary sectors—therapeutics (i.e., drugs) and diagnostics. Therapeutics is the pharmaceutical firms’ traditional business, reported to be about a $400 to $450 billion market.

Compare that to the diagnostics business, which includes several hundred companies, including many early stage entrepreneurial companies. Revenue estimates vary, but total diagnostic sector revenues are estimated at less than $30 billion, or less than 10 percent of a major pharmas traditional business. But diagnostics reduces health care costs and improves patient care, and many exciting developments are emerging providing the tools needed to improve early disease detection and wellness. Most important, we see entrepreneurial firms creating real excitement here. In the upcoming interview, I will share my vision on new directions I foresee and also invite one or more industry representatives to also share their insights.

I also accepted an invitation for an interview on a nationally syndicated NYC radio show to discuss new entrepreneurship directions and policies.

Stay tuned for dates and times – schedules to be firmed up shortly.

 

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Who Thought Paper Was Gone: How About Mini-Newspapers?

November 30 in Business, Entrepreneurship, Product Development, startup, Strategy by Paul Silverman | Comments Off on Who Thought Paper Was Gone: How About Mini-Newspapers?

Newspapers are not quite gone yet. Mini-newspapers are coming.

Here is an excerpt from an interesting post by Emma Hutchings about a new mini-newspaper printer:

London-based design studio BERG has created a small device that prints out personalized, receipt-sized paper strips with news, puzzles, social network updates and information from apps. The Little Printer connects wirelessly to the web via an included Bridge unit. Using your phone as a remote control, you can configure it and set up subscriptions to different publications, and it will then gather these together into a personalized print-out for you. When you press the button it produces small black and white thermal updates

The benefits of paper in digital world? ” You can paste in it on the refrigerator, fold up in your wallet and scribble on it.” Given the explosive growth of mobile devices of every shape and kind, Little Printer take us in a new and I think interesting direction. Will be watching market reaction to this development and other products in the queue here. Check out

http://www.psfk.com/2011/11/little-printer-generates-mini-newspapers-of-curated-content.html#ixzz1fC8Yw0r2

 

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How A Startup Catalyst in Lebanon Helps Young, Aspiring Entrepreneurs

November 26 in Business, Entrepreneurship, International business by Paul Silverman | Comments Off on How A Startup Catalyst in Lebanon Helps Young, Aspiring Entrepreneurs

How A Startup Catalyst in Lebanon Helps Young, Aspiring Entrepreneurs

You read that right, Lebanon. One of Lebanon’s most active startup catalysts, Seeqnce, hosted a new competition in partnership with Cedrus Ventures during Global Entrepreneurship Week.

Over two weeks in Seeqnce’s new interactive workspace in Hamra, young aspiring entrepreneurs submitted ideas, formed teams, underwent training and selection, and then completed a 48-hour bootcamp, culminating in a prototype pitch to judges. Of
60 initial entrepreneurs, only 42 made the initial cut to form 11 teams, and one team dropped out due to the pressure. Many fledgling startups gained valuable experience here.

Teams present their business models to the jury, led by the Minister of Telecommunications Nicolas Sehnaoui. Each team had five minutes to explain their business concept and general revenue model, and then they had to showcase either a working prototype or a skeleton of their website. The jury assessed them based on four criteria: team members, presentation, product, and viability. Jury members asked tough questions, such as the supply chain of some products and how some of these startups were differentiating themselves from other established companies on the market.

The above highlights are extracted from an interesting article which I recommend reading
http://www.wamda.com/2011/11/its-not-just-about-the-idea-at-startup-competition-the-execution

Here are my observations on the above:

  • The MENA (Middle East North Africa) region has a vibrant, energetic new venture community driven by aspiring entrepreneurs – this is a positive force in these countries – I find many in the U.S. are not aware of this
  • The MENA economies are really driven by smaller companies – for example, in Saudi Arabia, about 40 percent of the population work in companies with market cap of less than $15,000. While many are what we call ‘necessity’ vs ‘opportunity’ driven small business, nonetheless the new venture momentum is strong
  • The above scenario is, at some level, repeated in every country in the world. Global entrepreneurship is alive and well. As an example, I closely track the health care sector and while the US has an impressive health care system, most would be surprised at the level of innovation  emerging from overseas entrepreneurs.
  • Helping these efforts provides many of the benefits you would expect such as regional economic growth, job creation, and so on. Being directly involved in this area several years ago, I saw one other benefit- the ability to identify and build on these
    relationships to create a win-win and also help U.S. companies and our economy.

Today this is an ad-hoc effort . During a November 21st TV interview on the Inside Scoop Business program http://www.ustream.tv/recorded/18671440 , I described a new program, the AEGIS program (“Accelerated Entrepeneurial Global Investment System) I am proposing to help attract overseas innovative ventures and technology to the U.S. market to promote job creation, innovation, and economic growth. Some key features of the proposed new program which I described in the interview:

  • Replaces today’s ad-hoc approach to identify, analyze, track and manage new ventures with a highly structured, well-defined program
  • Builds a base of ‘showcase’ companies in targeted sectors (e.g., alternative energy, bio-tech, health care, others) that provide high upside, economic benefits
  • New U.S. entities have global reach thus creating new export opportunities

I am starting discussions with the administration in early December related to AEGIS and will be seeking to attract major business partners to also participate. From my perspective looking at global entrepreneurship, I see many benefits here and the
ability to create win-win situations with overseas partners.

Stay tuned.

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Entrepreneurship -Interview on Inside Scoop Business Show Nov 21st

November 24 in Business, Entrepreneurship, startup, Strategy by Paul Silverman | Comments Off on Entrepreneurship -Interview on Inside Scoop Business Show Nov 21st

Agreed to be interviewed on weekly Upside Business Show November 21st- live on local channel 10, FIOS, Comcast, other TV markets, and live web streaming

Copy of broadcast now available at http://www.ustream.tv/recorded/18671440 (click on Nov.21st show if needed)

Welcome your comments on the show – I think local entrepreneurs may find this helpful

Here is blurb I shared with local press and regional business development groups after the program:

In the one hour program, I  reviewed entrepreneurial strategies, perspectives for entrepreneurs, sharing some perspectives on evaluating ventures and new venture strategy.

I also reviewed several new entrepreneurial programs I have proposed to support job creation and economic growth- discussion expanded on information in my recently published book Worm on a Chopstick : Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives ( available at Amazon, Kindle) Good discussion with strong feedback – I am encouraged by the positive response

I do see real opportunity to develop creative entrepreneurial-driven, business expansion programs and  shared some of the directions I am pursuing on the show. Given today’s economic situation, we need to do more here.

I have shared my views on what I think should be done and will be talking with both administration staff and private groups in the next few weeks to discuss these initiatives. I welcome the feedback of others who also have interest and ideas- we need a dialog here given the job creation and economic challenges we are facing.

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New GWU Course Focuses on Helping Entrepreneurial Companies Grow

November 23 in Business, Entrepreneurship, startup, Strategy by Paul Silverman | Comments Off on New GWU Course Focuses on Helping Entrepreneurial Companies Grow

We know the skills required to launch a business, what I call SYOB skills (‘start your own business’),  are very different from skills needed to grow and create a scalable, sustainable business.

I am pleased to advise George Washington University Center for Entrepreneurial Excellence (“CFEE”) in the School of Business will now offer a new 1 1/2 credit seven week undergraduate course, Entrepreneurial Management I, MGT 4900,  starting January 7th and meeting Thursday 3:30 to 6:00 PM.I serve as an Adjunct Professor in the GWU School of Business and will be teaching the new course.

I developed the new undergraduate course to address the skills I believe are  needed to help  early stage companies grow- I find these are not well understood by entrepreneurial management teams I work with and are  missed in most traditional entrepreneurship programs.

The new course will use textbook and HBS cases – this will be a highly interactive, fast paced course. I am expecting  strong response to this new course and if you want to attend, early registration is recommended. For more information, check the GWU registrar website or contact me.

Here is an excerpt from the course syllabus- as you can see this is not a traditional “SYOB” course, and I believe will be well received by students based on my experience both teaching and working with many early stage ventures:

Course Description

Structured as a fast paced, dynamic, “learn by doing” integrated program, Entrepreneurial Management 1 (“EM 1”) introduces students to the skills needed to address critical entrepreneurial company issues and opportunities, develop winning strategies, understand how to address today’s entrepreneurial age challenges, and grow entrepreneurial ventures.

Entrepreneurial Management takes an integrative, multi-functional approach to the entrepreneurial business management issues facing managers of both emerging entrepreneurial firms, as well as traditional major firms seeking to address today’s entrepreurial age challenges and opportunities impacting their business.

Today’s traditional companies must “think entrepreneurially” to survive and grow, addressing today’s market challenges and opportunities. But to survive and grow, entrepreneurial companies must also adapt; moving from start-up to a sustainable business demands moving beyond “start your own business” skills and learning to think like “traditional” management. EM 1 addresses the core issues faced by all firms seeking to both understand today’s entrepreneurial age challenges, and develop new strategies, skills and perspectives to create defensible and sustainable businesses.

Within the EM1 course, we will examine critical strategic entrepreneurial management issues focusing on six core study areas:

  1. Innovation Management: New Directions in Developing, Leveraging and Managing Innovation
  2. New Technology: Driving Creative Business Models
  3. New Product Development: Creating Sustainable, Defensible Businesses
  4. Transitioning Challenges: Moving from Emerging Entrepreneurial to Professionally Managed Firm
  5. Globalization: Reshaping Markets, Products, Processes, Strategies
  6. Strategy Management: Challenges, Best Practices and Strategies

Through lectures, case studies, assigned readings, class assignments, and students’ active classroom participation, Entrepeneurial Management 1 provides students with a strong foundation of key entrepreneurial management a dynamic, challenging, fast-paced, learning environment.

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Emerging Opportunities – Internet TV, Ads, New Services

November 2 in Business, Entrepreneurship, Internet TV, intrapreneurship, Product Development, Strategy by Paul Silverman | Comments Off on Emerging Opportunities – Internet TV, Ads, New Services

Emerging Opportunities – Check out NY Times Media Article Today–Ads and Services in Internet TV Sector

I track this area closely – note projected 50 percent of all homes will have at least one digital TV by year end. What is coming is crossover of many
exciting new business and consumer services that build on this new infrastructure (e.g., e-couponing, on-line ordering, mass-customized ‘perfect fit’ clothing, home health care services, and many others).
Advertisers have been missing link so this is positive and expect others will follow – still need to evaluate user reaction to ads but I see this being resolved. High potential area and some creative and exciting new business models are being developed here from what I have seen so far…

Here is article and link…

LG Brings Ad Capability to Internet-Connected TV
By STUART ELLIOTT
Published: November 1, 2011

A LEADING marketer of consumer electronics is adding an advertising capability to its Internet-connected televisions through an agreement with a video advertising technology company. And a charter sponsor has already been signed to join them….. more

I will be adding more info on this topic in next few weeks at https://paulbsilverman.com/blog/

 

 

 

 

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Can Mission Statements Help Me Grow My Entrepreneurial Business and Create Value? Absolutely!

October 13 in Business, Entrepreneurship, Product Development, startup, Strategy by Paul Silverman | Comments Off on Can Mission Statements Help Me Grow My Entrepreneurial Business and Create Value? Absolutely!

You ask your entrepreneurial management team to join you in the conference room to develop the company’s mission statement. Reaction from your entrepreneurial team may be “ho-hum” , “do we really need to waste time- we know what business we are in,” or maybe ” let’s spend our time designing, developing, selling- doing ‘real business’ ”.  Understandable response in today’s fast moving, entrepreneurial companies.

But mission statements drive companies, especially startups seeking to secure a sustainable business creating high value. Mission statements provide many benefits- here are three examples:

1. Ensures all staff is in sync, understands where the company is heading, how it will get there

Emphasize that the company will be the lowest cost provider sends one message; emphasize providing the highest quality, differentiated products sends another. Remember these not-too-subtle differences drive corporate strategy, operational plans, and often define an organization’s future success.

2. Communicates what the company thinks is most important, what are its core values

Emphasize customers, products, technologies, staff development or ethics sends different messages to the company’s ‘community of interest’ (i.e., staff, customers, investors, suppliers, etc.). You need to ensure these messages are clear and focused.

3. Defines the “reach” of the company’s business- what are the real business targets going beyond today’s technologies, markets and products.

Defining how your company will evolve, to what extent you will protect a current business or create new ones, and similar issues, define your company’s ‘reach’ and strategy roadmap. For dealing with investors, this is particularly important.

My counseling with many entrepreneurial firms shows that spending time to define mission statements and particularly “reach” provides high value.

As an example, in my recent book, Worm on a Chopstick: Understanding Today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives , I compared Google and GM’s mission statements. First, here is GM’s:

“G.M. is a multinational corporation engaged in socially responsible operations, worldwide. It is dedicated to provide products and services of such quality that our customers will receive superior value while our employees and business partners will share in our success and our stock-holders will receive a sustained superior return on their investment.”

Now here is Google’s mission statement:

“To organize the world’s information and make it universally accessible and  useful.”

It sure looks like Google is reaching for the stars here.

And the results? Google, founded in 1998 by two Stanford University students, started as a basic search engine, ramped up sales to about $17 billion in 2007, and achieved a market cap of about $220 billion. Compare that to General Motors, started in 1908, led sales for seventy-seven consecutive years from 1931 to 2007, and valued at less than $20 billion in late 2007, less than 10  percent of Google. Even after a $50 billion government bailout in 2009, today, GM’s market cap is only about $51 billion, less than one third of  Google’s $173 billion.

You can argue I selected a dramatic example here. You may also argue that Google “was in the right place at the right time,” at the cusp of the Internet revolution, while GM is stuck in a tough, mature business, automobile manufacturing, with nowhere to go but fight for global market.

I consider this traditional thinking that really doesn’t work well with markets and technologies morphing, emerging global players, and intense competition from non-traditional players. Looking deeper, like many major traditional companies, we learn GM had opportunities to improve competitive positioning but did not pursue them for various reasons.

To succeed today, what’s needed is ‘entrepreneurial thinking’ driving mission statements and all facets of a company’s business, whether you manage a startup entrepreneurial company or a large traditional company like GM.

When you and your team leave the conference room after creating your company’s new mission statement, you may be excited that you are now on track to create the next “Google”. Maybe, but I expect it is more likely you now have a strategic roadmap that will drive your company’s operations at all levels, send a coherent message to all, and help you grow the company and create value.

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If you want to learn more about the the author’s perspectives on new developments, trends, insights, management tools and tips that can help you grow your business, sign up now for a FREE Subscription to the Global Entrepreneurship Forum Newsletter.

Paul B. Silverman is the author of a new entrepreneurial management strategy book Worm on a Chopstick: Understanding today’s Entrepreneurial Age: Directions, Strategies, Management Perspectives; serves as CEO of Sante Corporation creating a new vision for personal health care management; and is an Adjunct Professor in the Center For Entrepreneurial Excellence in the School of Business at George Washington University.

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