Creativity, Innovation, Entrepreneurship

and Venture Capital

创意、创新、创业与

风险投资

Jointly by Dr. Lu Wei & Dr. Kent Millington

Knowledge isn’t power; Knowledge is ubiquitous. Creativity is power

知识不是力量，知识到处都有。创意才是力量。

Knowledge isn’t power; Knowledge is ubiquitous. Creativity is power

知识不是力量，知识到处都有。创意才是力量FEDEX the hub-and-spoke system

联邦快递枢纽辐射式航线系统

Knowledge isn’t power; Knowledge is ubiquitous. Creativity is power

知识不是力量，知识到处都有。创意才是力量The amount of knowledge & the ability of Creativity

知识与创意Is too much knowledge a bad thing?

知识多了无创意？

Knowledge

知识数量

Knowledge

知识数量

Creativity创意能力

Creativity创意能力

From a left brain world to a right brain world从左脑世界到右脑世界

Left brain activities can be automated, replicated and out sourced

左脑活动可以自动化，复制和外包Right brain activities are contextual, synthetic and

individual右脑活动时前后关联的，综合的和个性化的

CREATIVITY: The Production of New and Useful Ideas

创意：新且有用想法的产生• Creativity is the starting point for Innovation and Business Growth.•创意是创新和公司成长的起点• Creativity is the process through which inventions occur•创意是发明产生的过程• Creativity is the enabling process by which something new comes into existence. •创意是能使新想法变为现实的过程

The three components of creativity创意的三个组成部分

Creative thinking

创新思维 How people approach

problems and Solutions

人们对待问题的方式和解决方案

Expertise /Knowledge

技术 / 知识Everything that a person knows and

can do in thebroad domain of his or her work

一个人在他 / 她的领域所知道和能做的

Motivation

激励动机Determines what people will

actually do

决定人们真的要做的事情

Where do Entrepreneurs Get Their Ideas?

企业家的想法从哪来？

4%5%

20%

71%

Discovered through systematic Research

通过系统研究发现的

Swept into the PC revolution

在计算机革命中的发现

Discovered by Luck 运气Built temporary or casual job into a business (7%) 把一项临时或偶然的工作发展为企业Wanted as an individual consumer (6%)作为消费者的需求 Happened to read about the industry (4%) 偶然阅读到有关的行业Developed family member’s idea (2%)

开发家庭成员的想法

Thought up during honeymoon in Italy (1%) 在意大利度蜜月时的奇想

Replicated or modified an idea encountered through previous employment

复制或修正了一个在之前的工作中产生的想法

Additional Chinese Demographics

其他中国人口统计数据• By 2020, 30 million unmarried young men

(bare branches)• 到 2020 年，将有三千万未婚年轻男士（光棍）• 45% of young women not give up career for

marriage• 45% 的年轻女士不会为婚姻而放弃事业• Highest deaths from air pollution• 由空气污染所导致的死亡率最高

INNOVATION: The Successful Implementation of Ideas

创新：创意的成功实施• Many people have great ideas but do not know how an organization has to operate to get things done.•很多人有很好的想法但却不知道一个组织必须怎样运作才能把好的想法变为现实。• When a good idea has been identified, it has to be shaped and analyzed to determine if it can become the basis for a new product or service.•当一个好想法明确之后，它必须依照一定的方法来分析以确定它是否能成为一个新产品或服务的基础。• Business leadership is the process of turning ideas into profitable new products or businesses: Innovation!•商界领袖的作为就是把创意变成有利可图的新产品或商务模式：创新！

Place an “X” in the approximate location of the competitors in your industry in terms of price and performance/benefits/value added

从价格和绩效 / 益处 / 价值增值的角度出发，

用“ x” 标出你所在行业的竞争者们在图中所处的位置

Highest

最高

Average

平均水平

Lowest

最低

Price

价格

Lowest Average Highest

最低 平均水平 最高Performance/Benefit/Value Added 绩效 / 益处 / 价值增值

World’s Most Innovative Companies世界上最具创新的公司

The Companies who innovate are the companies who lead !创新才能引领！

Discontinuous opportunities: The source of radical innovation跳跃的机会：根本型创新的源泉

毗邻的机会：开发现有的资产和能力

强化状态：增加市场份额和利润 ( 业务扩展 , 不是新的企业发展 )

DiscontinuousOpportunitiesCreate new marketsand new products

毗邻的机会：增加主要市场需求

Existing products/Technology现有产品 / 技术

New products/Technology新产品 / 技术

ExistingMarkets现有市场

NewMarkets新市场

跳跃的机会：创建新的市场和新的产品

… which create disproportionate wealth relative to adjacent opportunities 两种类型的机会所产生的财富的比重

0

50

100

Type of newBusiness

Launch 新公司Revenues收入

Profits 利润

61%

39%

38%

62%

14%

86%AdjacentOpportunities相邻机会

DiscontinuousOpportunities跳跃的机会

Source: Chan & Mauborgne (1997)

Technology Assessment技术评估

1. Understand Technology 了解技术2. Discover Possible Uses of Technology 发掘技术的可能应用3. Understand Markets for Uses 了解技术应用的市场4. Determine How to Deliver Value 确定如何传递价值

The Process of Technology Commercialization技术商业化过程

Commercializing New Technologies, Vijay K. Jolly, Harvard Business School Press

Creating original ideas 创造最初想法

Imagining 成型

Incubating孵化

Developing product ideas发展产品构思

Demonstrating 示范

Build prototypes 构建产品原型

Promoting

推广Build products & introduce to markets 生产产品并推向市场

Sustaining

维护Build markets & improve products拓展市场并改进产品

Product planning steps 产品规划步骤

Business planning steps 商业规划步骤

Find interested people & money挖掘潜在客户及资金

Find resources to build prototypes & identify markets寻找资源来构建产品原型并进行市场识别

Build initial markets & plan market expansions建立初级市场并做好市场扩张计划

Develop market growth strategies规划市场拓展方案

Technology Commercialization Process 技术商业化过程

Resource Needs 所需资源 People 人力 Small 极少 Moderate 适度 Medium 中等 Large 多

Physical 设备 None 无 Moderate 适度 Medium 中等 Large 多

Financial 财力 None 无 Moderate 适度 Large 多 Largest 最多

Continuum of Innovation创新的演变

Imitative Incremental Evolutionary Radical Revolutionary模仿 改善 改进 革新 革命

Continuum of Innovation 创新的类型

Imitative: copies something well-known and accepted模仿型：复制著名的已广为接受的事物Incremental: small improvements; faster, better, cheaper增量型：小的改进；更快，更好，更便宜Evolutionary: new to firm but not to world (i.e., technologies)优化型：对于企业来说全新的，但是在全世界范围内并不是（例如：技术）Radical: technologies that give large performance improvements or lower costs根本型：显著改善绩效或降低成本的技术Revolutionary: new to individual, firm, and the world革命型：对个体、公司以及全世界来说都是全新的

Best Opportunities between Incremental and Radical 最好的机会在增量

型和根本型之间

The Creativity-Innovation-Entrepreneurship Chain创意 - 创新 - 创业链条

Entrepreneurship 创业Creation of value in the marketplace在市场上创造价值• Exploitation of opportunities 发掘机会• Output: new product, service, or process产出：新产品，服务或程序

Innovation 创新• Refining, evaluation and first materialization of the new ideas 提炼、评估及新想法的 第一次具体化• Evaluation of opportunities 评估机会• Output: prototype• 产出：原创模型

Creativity 创意• Production of novel and useful ideas 新颖且有用的想法• Discovery of opportunities 发现机会• Output: new ideas•产出：新想法

Latest science and technology最新的科技

Needs in society and the marketplace社会和市场的需求

ENTREPRENEURSHIP: The ART and SCIENCE of Creating Value

创业：创造价值的科学与艺术

• ART: Creativity, Energy, Feel, Insight•艺术：创意、激情、知觉，洞察力

• SCIENCE: Analysis, Discipline, Systematic Approach•科学：分析、规范、系统方法

Same Process whether in Large or Start –up Companies

无论大公司还是新建小公司都是同样的过程

Fractal ： Art? Science?分形：艺术？科学？

如此绚丽多姿的图案既不是艺术家手绘的作品，也不是大自然的鬼斧神工，而是通过建立严格的科学方程，在电脑上描绘的。

Mona Lisa is not Smiling蒙娜利莎并没有笑

“蒙娜丽莎的微笑”充分展现的不是达芬奇的高超画技，而是他高深的几何知识和形体结构知识。他对光学、阴影的巧妙运用，让今天的画家们仍然望尘莫及。

Entrepreneurship创业

Innovation创新

Creativity创意

Knowledge 知识

KNOWLEDGE: The First Common Thread知识：第一个共同的线索

Basic Ideas and sketches基本的思路和框架

Formulas, patents, prototypes公式、专利、原创模型

Products or Services产品或服务

Entrepreneurship: About People创业：与人有关

13905698143weilu@ustc.edu.cn

鲁炜DnA + AnD = ActionDnA + AnD= 行动

DnA = Dreams and AmbitionsDnA=梦想和野心

AnD = Analysis and DisciplineAnD= 分析和规范化方法

The Entrepreneurial Process创业过程

Opportunity

机会

Resources, 4zi

资源

Team

团队

CAPITAL PROVIDERS资本提供者

• Friends and Family• 朋友和家庭。

• Angels – private investors who invest their own money and expertise in start-up ventures expecting a high return•天使 - 把自己的钱或技术投在新创公司，期望高回报的私人投资者。

• Venture Capitalists - money managers who invest other people’s money in mid- and late-stage ventures, expecting a high return and an exit strategy. •风险投资家 - 把别人的钱投到发展中期和后期的新创公司，期望高回报和退出策略。

Venture Financing Chain 融资链条Venture capital cannot finance innovation on its own. Dynamic innovation demands an unbroken financing chain, from seed capital to stock market. The financing chain is no stronger than its weakest link.创新不可能单单由风险投资家投入。动态的创新要求一个不间断的融资链条，从种子基金到股票市场。融资链条的强度取决于其最弱的一个环节。

Concept创意

Seed种子

FoundersFamilyFriends

创业者的家庭和朋友

F U N D I N G S T A GE融资阶段

M A J O R S O U R C E S O F F U N D 资金的主要来源

Prototype原创模型

Start-up新创公司

Business AngelsDev’t Funds商业天使发展基金

Product产品

Early早期

VC companies风险投资公司

Expansion扩展

Equity marketsBanks

证券市场银行

Later后期

ENTREPRENEURSHIP and VENTURE CAPITAL创业与风险投资课程简介

• Teach techniques of Opportunity Identification• 讲授发现机会的方法• Show steps of Technology Commercialization• 展示技术商业化的步骤• Develop a strong Entrepreneurial Team• 创建强有力的创业团队• Identify and accumulate necessary Resources• 识别和积累必要的资源• Prepare to approach Angels and Venture Capitalists• 掌握接触天使和风险投资家的方法

THANK YOU !!!

Questions of all kinds are all welcome!