demystifying entrepreneurship, by imd professor benoit leleux
DESCRIPTION
Pr. Benoit Leleux is responsible of the startup program at prestigious IMD business school. He hold this keynote at Rencontre Romande de Formation et Entrepreneuriat on September 4th 2014.TRANSCRIPT
© 2007-2013 IMD – International Institute for Management Development. Not to be used or reproduced without permission.
www.imd.org/gfbc
Dr Benoît Leleux
Stephan Schmidheiny Professor of Entrepreneurship and Finance
PROF. BENOIT LELEUX
Démystifier l’Entreprenariat pour le Promouvoir
© IMD 2007-2013
La perception de l’entrepreneuriat
Un petit génie a l’inspiration divineIl lève une fortune auprès de VCs qualifiés grâce à un business plan bien lèché
Croissance exponentielle, IPO et retraite sur une ile paradisiaque
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© IMD 2007-2013
La réalité de l’entrepreneuriat
Un petit génie a l’inspiration divineIl lève une fortune auprès de VCs qualifiés grâce à un business plan bien lèché
Croissance exponentielle, IPO et retraite sur une ile paradisiaque
• L’âge moyen au premier lancement
est de 40 ans.• La startup évolue
rapidement et dévie des plans
initiaux
• < 2% des startups lèvent des fonds de
VC• < 27% des sociétés
du Inc. 500 ont écrit un business plan
• < 1% des startups arrivent à l’IPO
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© IMD 2007-2013
L’entrepreneur “moyen”
Source: http://www.entrepreneur.com
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Mythe: l’entrepreneur travaille pour lui/elle-même
Investisseurs Clients
Regulateurs Employés
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Mythe: l’entrepreneur gagne plus que son collègue employé
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Mythe: l’entrepreneur a une aversion limitée au risque
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© IMD 2007-2013
Mythe: 80-90% des startups sont mortes après 5 ans
La mortalité des start-up: Mythe ou réalité? Jonathan Levie, Gavin Don et Benoît Leleux, L’Expansion Entreprenariat 2011
En réalité, c’est souvent une mauvaise interprétation des statistiques officielles:
The new venture mortality myth, by Jonathan Levie and Gavin Don, University of Strathclyde and Benoit Leleux, IMD, in New Venture Creation Handbook edited by Kevin Hindle and Kim Klyver, Edward Elgar, 2009
Disparition dans une grande partie des cas ne veut pas dire échec!
Ventes / Arrêts sans dégâts / Liquidations ordonnées…
Le taux d’échec réel est inférieur à 50% sur 5 ans
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© IMD 2007-2013
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Nurturing Science-based Start-ups –Key Learning Points (1/2)
• It is all about markets and customers. Get your customers involved early and frequently during the development of the new technology.
• Provide early proof of concept. Prototypes talk better than long stories and also help you pinpoints major flaws rapidly.
• Get exposure quickly and repeatedly. Early warnings are better than later ones.
• Adoption is a slow process, even more so in fields based on technical sales. Your sales cycles will be very long, and you will have to finance them.
• There is no such thing as over-focusing. Fine-tune your product/market mix. Strategy is about choice.
• Greed kills with great certainty. Provide (monetary) recognition to your partners, management as well as technologists.
© IMD 2007-2013
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Nurturing Science-based Start-ups –Key Learning Points (2/2)
• In general, customers do not need your solution. They do not want to deal with start-ups. They actually hate start-ups. It comes all back to building trust and credibility.
• Your choice of financial partners (e.g. top-notch venture capitalist, a specialist in your technology) can make the difference between obscurity and a seat at the table. Financing is the ultimate signaling device.
• In growth-oriented companies, financing is not a one-shot process. You will be back at it repeatedly.
• Nothing is set in stone. Your competitors will wreck the best laid plans rapidly. You will need to respond instantly and permanently to evolving market conditions.
• You do not win because of the best plans, or because of the best management team. You win because your competitors let you win. Don’t expect this to happen too often. So luck is indeed important. But luck tends to favor the prepared mind…
© IMD 2007-2013