Thanks to my friend Philippe Lavie, President of KeyRoad Enterprises, who forwarded a great presentation by Stanford professor and 8-time entrepreneur Steve Blank, describing the techtonic shifts in entrepreneurship over the past decade:.
Here are some highlights, though his whole talk is worth listening to:
- In fundraising, “$500K is the new $5 million.” Blank cites lots of reasons for this including the presence of angels as a much more powerful group for funding early stage and the shift in major VC funds to becoming much more like hedge funds and not so much early stage.
- There is a difference between startup and small business. If it’s VC-oriented it has to be scalable to $100 million or more. Most startups are small businesses – and there’s nothing wrong with that!
- Very few founders survive the transition in fast growth startups, from search for a business model to process and growth-orientation
- The new “Lean Startup” is an ongoing effort at better customer and agile development
- Agile Development is critical and means:
o Continuous deployment
o Continuous learning
o Self organizing teams
o Minimum feature set
- William Durant versus Alfred Sloan as founder vs accountant (CEO) respectively of GM. I won’t give you the gloomy take on entrepreneur vs accountant…listen for yourself but entrepreneur skills do not equate to later stage growth skills.
- Entrepreneurial education will change radically, because “E-School” is not like B-school
And check out Steve’s blog at www.SteveBlank.com.