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Trends in the Innovation Ecosystem Can Past Successes Help Inform Future Strategies? Summary of Two Workshops (2013) / Chapter Skim
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2 The Elements of Success
Pages 5-10

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From page 5...
...  Culture is not easily changed, and creating clones of Silicon Valley might be the wrong strategy.  Innovation is a contact sport and might be facilitated by a concentration of talent that increases the rate of interaction.
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From page 6...
... Steven Quake, Professor of Bioengineering at Stanford and an investigator with the Howard Hughes Medical Institute, explained that one of the companies he helped found grew from a boat ride with a college friend who wanted to leave his position in a large company and become an entrepreneur. Though they had great difficulty raising money because of a slump in venture capital funding for biotechnology, they eventually were connected with an angel investor by the technology transfer office at the California Institute of Technology.
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From page 7...
... Borrus described his small venture capital company as an example of some of the trends affecting the industry. His first investment fund was divided roughly equally among three sectors: the life sciences; energy and resources; and information technology, which includes both hardware and predictive analytics (i.e., what has come to be known as "big data")
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From page 8...
... Large companies even may kill an internal development project that threatens an existing business only to see that business undermined by a small startup company anyway. THE IMPORTANCE OF EXPERIENCE A final element of success that workshop participants discussed is experience.
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From page 9...
... University faculty may be smart and creative, Hennessy said, but many have no idea of what it means to deliver a product to the world, how to set up and run a company, how to handle sales and marketing, and so on. Engineers with a new invention tend to see the glass as half full, but they often need help convincing potential investors that the glass is not in fact half empty, Yi Cui, Associate Professor in the Department of Materials Science and Engineering at Stanford University, agreed.
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Key Terms

  • silicon valley
  • venture capitalists
  • capital industry
  • venture funds
  • capital firms

  • angel investor
  • venture capitalist
  • larger venture
  • capital funding
  • capital grew

  • capital management
  • capital company
  • company tends
  • hughes medical
  • themselves intermediaries

  • startup company
  • vigorous scientific
  • larger fund
  • difficulty raising
  • inexperienced entrepreneurs

  • easily changed
  • potential investors
  • successful entrepreneurs
  • relatively inexperienced
  • generating profits

  • scientific papers
  • including william
  • investor network
  • internal development
  • bell laboratories


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