Dr. Eythor Ivar Jonsson Founder of Accelerate Business Visiting Professor at Copenhagen Business School/University of Iceland E-mail: ej.smg@cbs.dk
3 stories Accelerators Mentorship A-Board Learning Next steps for research
Limited research New phenomena in entrepreneurship Very popular amongst practitioners Investors Entrepreneurs There is need for effective models in entrepreneurship
Short term Process which filters startups and uses mentors to help entrepreneurs to create and demonstrate value and present a business case to investors and other stakeholders.
Funnel number of weeks Investor Day Direction Execute Pitch
2008 Viðskiptasmiðjan/ Accelerator 2-3 times a year x 3 months programs 15 20 companies for program (start-ups) Total: +150 companies 2009 RU Entrepreneur Bootcamp Once a year x 3 weeks 300 students = 70 companies (seeds) Total: 1500 students = 350 companies (seeds) 2011 Startup Reykjavik Once a year x 10 weeks 10 companies (start-ups) Total: 30 companies (start-ups) 2013 Startup Geothermal Reykjavik Once a year x 10 weeks 7 companies (start-ups) 2013 MBA CBS Accelerator Once a year x (1+1+1) weeks 13 companies (seeds + start-ups)
Action/Problem based learning Learning by doing is very important Sense of urgency Pushed with collaboration, competition and time restrains Driven by objectives Investment, Customers, BM, Partners, Development Commitment to venture creation Team action and capabilities Open Business Development Exploring with others (mentors) Testing ideas and validating Co-creation with customers
It is the leading approach for helping entrepreneurs to build and grow their companies Accelerators are based on the idea of using mentors to help start-ups The approach of VCs and BAs Incubators, universities, public institutions etc. are using it to help entrepreneurs
100 mentor/coach programs in Europe 10 in-depth analysis From different countries in Europe Goal: Best practice for mentorship/coaching Horizon 20/20 Supporting mentorship
Mentoring Coaching Consulting Teaching
Mentoring is the sharing of knowledge and professional experiences with the aim of giving examples to inspire change. The role of the mentor is to share relevant and important lessons learned and experiences to facilitate understanding and provide examples of change.
Coaching is the art and science of selfdirected change. The role of the coach is to help the client to think through problems and solutions with the help of questions to facilitate self-discovery.
Consulting is the art and science of giving advice based on the experience and knowledge of the consultant with the aim of driving change. The role of the consultant is to help the client to analyze the situation and provide possible solutions based on her expertise.
Teaching is the sharing of objective body of knowledge with the aim of giving examples, frameworks and theories which help to understand and facilitate change. The role of the teacher is to provide objective knowledge to help the client to understand what has worked in other companies and situations according to research.
Helping by giving examples from experience Mentoring Helping by asking the right questions for self-discovery Coaching Consulting Helping by analysing and suggesting solutions Helping by Teaching explaining rules and models which come from research
Done it before: - Serial entrepreneurs - Gray hair - CEOs Mentoring Good at asking questions and motivating: - Coaches - Trainers - Psychologists Coaching Consulting Good at analysing and coming with suggestions: - Consultants - Analysts Teaching Good at researching and teaching: - Professors - Teachers
1. Case /Self 2. Result Mentoring Induction 1. Case 3. Rule 2. Result 3. Rule Self-duction Coaching Consulting Abduction 1. Rule 3. Result 2. Case Teaching Deduction 1. Result 3. Case 2. Rule
Relevance and Rigour The right tool/people for the job Improve and clarify the different approaches Mentors better examples and the learning of the examples Coaches better questions and push for action Consultants better analysis and solutions Teachers more relevant models and theories Next steps for the venture Reason & Rationality Confidence Big Picture
Advisory board program created for Copenhagen Business School (CBS) Time: 2006 2014 Period: 6 8 months +100 Nordic companies (start-ups, early growth, growth companies) Nr. of directors: 3 5 400 500 directors
Companies need to have a board Many start-ups have advisory boards Role of boards and effects on performance Boards in terms of value creation Monitoring (controlling) Strategic (directing) Service (advisory) Start-up How to create value Mentoring and advicing
Analysis Co-Creation Visioning
Analysis Understanding the business Trust and commitment Key for information sharing and co-creation Helicopter view Big picture to thinking big Possibilities Open up venture iterate and pivot BM co-creation Focus on value creation Strategy and vision Next steps & agenda
Effectuation Lean Start-up Action Dynamic Capabilites Networking
Action research aims to contribute both to the practical concerns of people in an immediate problematic situation and to the goals of social science (Rapoport, 1970) It is about developing solution to a practical problem which is of value to the people with whom they are working while at the same time developing theoretical knowledge of value to a research community (Susman and Evered, 1978; Gustavsen 1993; Levin 1993; McKay and Marshall, 2007) The required linking of theory and practice is pursued through different forms of cyclical and iterative processes (e.g. Baburoglu and Ravn, 1992; Chisholm and Elden, 1993; Coglan, 2001)
Nordic Research Center Action Research Accelerate Value Creation Purpose Platform Process People Accelerating growth of ventures in the Nordic countries
Dr. Eythor Ivar Jonsson E-mail: ej.smg@cbs.dk