Speaker: Scott Stern
Scott Stern: Entrepreneurial Strategy
Video annotation by Michelle Martin
1. 6:40 - Webvan versus Peapod: A strategic comparison of two disruptive e-commerce grocers towards understanding that the challenge of entrepreneurship is not the ideas themselves, but commercializing them to capture value on an ongoing basis.
2. 11:06 – The paradox of entrepreneurship is that coming to market requires market knowledge.
3. 15:20 – Entrepreneurial strategy is a plan to identify a system for value creation and value capture before the opportunity to value capture is dissipated.
4. 19:22 – The four choices that shape entrepreneurial strategy: customer, technology, competition and choosing the identity of the company.
5. 28:10 – Entrepreneurs have limited resources; strategy is your tool to let your experiments be smart.
6. 30:10 – The core elements you need to think about choosing when and how to compete.
7. 36:20 – Choosing an Entrepreneurial Strategy: Collaborate towards success (the value chain strategy), or compete (disruptive strategy) by exploiting a new market segment.
By Joshua Gans, Fiona Murray and Scott Stern
Entrepreneurial strategy is the plan a founder (and her team) undertakes to identify a system for value creation and value capture before the opportunity for value capture is dissipated.
This lecture presents a novel framework for choosing and implementing an entrepreneurial strategy, with a focus on how to balance the process of experimentation and learning inherent to entrepreneurship with the selection and implementation of a strategy that establishes competitive advantage.
Building on nearly two decades of research and work with start-up innovators, our framework offers a new strategy landscape for entrepreneurs, and emphasizes the role of choice by entrepreneurial teams in the face of fundamental uncertainty.
Dr. Scott Stern is David Sarnoff Professor of Management of Technology and Chair of the Technological Innovation, Entrepreneurship, and Strategic Management Group at the MIT Sloan School of Management.
He works widely with both companies and governments in understanding the drivers and consequences of innovation and entrepreneurship, and has worked extensively in understanding the role of innovation and entrepreneurship in competitiveness and regional economic performance.
Daedeok International Conference on Innovation Clusters: 2011 Keynote Presentation