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BioEntrepreneurship & Innovation (BEI)
Life Science Zurich Graduate School
Institute for Regenerative Medicine � IREM
Soft factors for BioEntrepreneursDr. Carole Ackermann
BioEntrepreneurship & Innovation (BEI) Program Modul B: Fundamentals
Campus Schlieren / October 22, 2018
CEO / Board Member / Senior Lecturer / BA- CEO: Diamondscull AG
- Non-executive board member: Allianz Suisse, CAP Rechtsschutz, BKW, BVZ Holding, Plaston Holding, Swiss TXT
- Non-executive board member: be-advanced, SVC Risikomanagement, Fotostiftung Winterthur, Griffith Club
- Senior lecturer: HSG, UniBe, STS, ZFU
- Investor: New Business Models, Building up new markets, Marketing/ Digitization, Industry, China
• My claim: «He who makes other people great, becomes great himself.»
Page 224.10.2017 BioEntrepreneurship & Innovation (BEI)
Which soft factors do you connect with an effective start-up? What supports/prevents you in becoming effective?
Support- …….- ……..- ……
Page 324.10.2017 BioEntrepreneurship & Innovation (BEI)
Prevent- …….- ……..- ……
High-performance in a team – three steps
Page 424.10.2017 BioEntrepreneurship & Innovation (BEI)
Situation,
Roles
ProcessCultureEffective
Team
Purpose &
Meaning
Competence
(Know-how
and
Experience)
Behavior
Effective
Team
Member
Elements of a high-performance team
Page 524.10.2017 BioEntrepreneurship & Innovation (BEI)
Questions to be answered1. How does the situation look like?
2. Which roles are needed? Which persons and groups do we need and how do we collaborate?
3. Which processes and subjects are relevant? Which tasks do we have to fulfill and how do we approach them?
4. Culture of a start-up – how can we make sure that the performance of the team is more then the sum of its single parts?
Page 624.10.2017 BioEntrepreneurship & Innovation (BEI)
1. Situation External Context- Country and Culture- Sector (Biotec, Retail, Industry, ICT, …)- Legal Framework (CH vs. Germany vs. USA)
Internal Context- Form of organization- Structure (board, sounding board, university, any other?)- Shareholder (founders, FFF, ETH Transfer, others, ..)- Lifecycle (idea, project, first product, first customers, ..)
Page 724.10.2017 BioEntrepreneurship & Innovation (BEI)
2. Roles and team in a start-upHow to build the right team?• Define roles you need to become successful (professional competences,
skills, personality and behavioral characteristics)• Assess existing members and new members based on a matrix• Define overall composition of the team• Define how to collaborate – what are norms of behavior?• Review and continuously learn
Page 824.10.2017 BioEntrepreneurship & Innovation (BEI)
Bruce Truckmann 1965
2. Roles and relevant competences in start-up- Changeability, Adaptability, “ability to pivot”- Behave and act as an entrepreneur- Teamwork / Collaboration- Conflict Management- Ability to work under pressure- Target-oriented leadership- Integrity
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2. Example: How to measure a team
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2. Example: How to measure a team
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3. Important processes for start-ups1. Product development and patent filing2. Business modelling and strategy3. Hiring and team building √4. Budgeting, cash flow planning5. Funding and securing resources - > negotiation6. Housekeeping (legal; ownership, HR, procurement, corp.
governance, …)7. Reviewing of performance (figures & talent) and adjusting 8. Conflict management9. Continuous improvement10. …..
Page 1224.10.2017 BioEntrepreneurship & Innovation (BEI)
Bias
Ambiguity
Tell and Orders
Rigidity
Artifice, Pretense
Consistency in the approach and processes
(Independent of person and time)
Clarity / TransparencyExplanation of the decision making process and
logic behind
Involvement of all relevant
Involve different views, be able to haven an impact
Changeability
Correct if new information are relevant
Culture
fits to values
Meaning of fairness in collaboration
Page 1313.06.2017 BioEntrepreneurship & Innovation (BEI)
Fair behaviour Lack of fairness
Following Lenventhal 1980
3.5. Negotiation process in start-ups- No fixed pie, be open (build trust, share information, ask questions,
make multiple offers)- Don’t overvalue your assets/company (think about next round) – put
yourself in others shoes - Never use power (take it or leave it), it’s a process …- Know, what you want and where the limits are (be ready to walk away)- Be open for news solution (liquidation preference, price adjustment
when missing targets, board seat, …)- Prepare for the cultural context
- India – let the other feel that he has the best deal- China – make sure nobody looses face, first eat then talk- Germany – be clear of what you want- USA – go for big numbers
- Investors want winner mentalities and hate surprise
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3.8. Conflicts management – conflicts in start-ups- Lack of clarity of roles and responsibility (you have 2-3 roles)- Inadequate organizational structure (you do what is needed) - Poor communication (no office, spread over different countries)- Lack of teamwork (faster alone)
- Disagreement on needs, goals, priorities, interests (how much do you work, how fast do you want to be)
- Scarcity of resources (finance, facilities, ..)
- Different attitude, values, perceptions (how much compromise)- Tension and stress (study and work and family)- Information deficiency (slack? trust building event)
Page 1524.10.2017 BioEntrepreneurship & Innovation (BEI)
Situation, Roles
Process
Culture
3.8. Conflict management - steps to conflict resolutionStyles of conflict management:Forcing, Avoiding, Accommodating, Compromising, Collaborating
Solving the problem is the goal … not winning!!!Don’t’ let it go!1. Step: What is the problem – What has happened?2. Step: How do you feel about it?3. Step: How would you like it to happen? What do your want?4. Step: What could be done? Define how to get what you want
Page 1624.10.2017 BioEntrepreneurship & Innovation (BEI)
3.8 Five stages of conflict management
Stages Outcome for conflict management
1. Define the question Clarify the problem (4 steps)
2. Planning and structuring Generate and evaluate possible solutions
3. Decision and explanation Decide together which is the best solutions
4. Implementation, control, reward Plan how to implement the solution
5. Review results, adjustments Evaluate the solution
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4. Culture in companies and start-upsCulture = The way we interact with each other, our daily life
Common goal and same level of information is fundamental for success!
Examples of a bad culture:- Different way of handling risks (surprise for members and stakeholders)- Hidden information- Discussions after the meeting- Decision taken already before the meeting
Examples of a good culture:- Don’t hide behind realities (“accept the brutal reality”)- Allow “what if … devils advocate”- Be open, honest, fast, …- Establish a culture of failure
Page 1824.10.2017 BioEntrepreneurship & Innovation (BEI)
Components of a high-performing teamIngredient of a successful team according to Csikaszentmihaly:
IQ - Intelligence QuotientRational: clear roles/process, target, know-how, resources, …EQ – Emotional QuotientInteraction: trust, respect, constructive feedback, humor, teamMQ – Meaning QuotientExcitement, purpose, make a difference
Reflection:What is my personal purpose for becoming a BioEntrepreneur?Is it inspiration, prestige, personal development, influence, network, money, …?
Page 1924.10.2017 BioEntrepreneurship & Innovation (BEI)
Summary – soft skills as a basis for success!
Roles + Process + Culture = Effective teamsIQ + EQ + MQ = High-performance teams
- Clear roles are the basis to build and motivate a team- Negotiation is an important process for funding, buying, hiring- A culture of mutual respect and trust and a shared vision reduces
conflict
Page 2024.10.2017 BioEntrepreneurship & Innovation (BEI)
Groupwork
1. Which roles are relevant for your start-up and how do you want to collaborate (Hipster, Hacker, Hustler, Hacker, …)? Describe the roles as clear as possible (competences, skills, personality behavioral characteristics)
2. How do you plan to distribute shares? What would be fair?
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