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TIMG5002 Technology Entrepreneurship

tag 0 Download 7 Pages / 1,517 Words tag 21-06-2021
  • Course Code: TIMG5002
  • University: Carleton University
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  • Country: Canada

Question:

Target market is too small and local

  1. Time-to-cash is too long
  2. Incur high costs acquiring and supporting customers
  3. Spend a lot of effort developing product customers do not wish to buy
  4. Operate with an incomplete, low-quality team
  5. Little capability to learn from customers and stakeholders
  6. Love proposed technology solution much more than problem/job for which customers pay
  7. Lack expertise in how to launch and grow a venture, networking, raise funds, attract talent, and handle global risks
  8. Focus on activity, not results
  9. Fail to properly secure networks, computers and data and scale infrastructure
  10. Prices mainstream customers are willing to pay are much lower than prices early customers are willing to pay
  11. Make fundraising an end in itself and use government grants as revenue

How to grow organization

  • Bring in grown ups – recruit people who have scaled before
  • Grow customer service and sales first
  • Hire for tomorrow, not for today – needs change rapidly
  • Embrace diversity – broaden problem-solving approaches
  • Build systems that scale
  • Professionalize venture – Hire functional experts, add management structures, and build planning and forecasting capabilities
  • Enforce culture that will sustain business
  • Do things that get cash from investors
  • Build compelling vision to keeps people together

How to grow capability to execute

  • Overcome factors that constrain growth
  • Focus on what really matters – move at high speed
  • Spell out and reinforce priorities – strengthen identity
  • Make people accountable to their peers, not hierarchies
  • Specialize at all levels
  • Use heuristics – free yourself from normal rules
  • Make reliability priority

When to scale up?

  • Product-customer and product-user fits are clear
  • Capability to execute growth model exists
  • Data is available to aid growth and drive sales
  • Competitive landscape is understood
  • When there is sustained funding
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My Assignment Help (2021) Technology Entrepreneurship [Online]. Available from: https://myassignmenthelp.com/free-samples/timg5002-technology-entrepreneurship/managerial-networking-and-business.html
[Accessed 28 November 2022].

My Assignment Help. 'Technology Entrepreneurship' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/timg5002-technology-entrepreneurship/managerial-networking-and-business.html> accessed 28 November 2022.

My Assignment Help. Technology Entrepreneurship [Internet]. My Assignment Help. 2021 [cited 28 November 2022]. Available from: https://myassignmenthelp.com/free-samples/timg5002-technology-entrepreneurship/managerial-networking-and-business.html.


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