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Brought to you by The Globe and Mail Report on Small Business in conjunction with Achilles Media, Small Business Summit is a one-day event, geared to entrepreneurs, to kick-start your small or medium enterprise to the next level. Spotlight on female small business owners and entrepreneurship.
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Spotlight on Female Small Business Owners and Entrepreneurship
Small Business Summit
MaRS Discovery District
Tuesday November 8th, 2011
Agenda
Time Topic
1:30-1:40pm Introduction
1:40-2:10pm
Facilitated discussion
• What are your innovation priorities?
• What are the risks?
• How do you harness your strengths?
• What are the measurements?
2:10 – 2:15pm Summary and closing
Spotlight on Female Small Business Owners and Entrepreneurship
• Established in 2008 to provide an intimate forum for discussion and collaboration amongst women executives– Leslie Riley- President, BrandWright Inc.– Shira Yoskovitch- Principal, Supply Chain (R)Evolution
• Our forums:– Annual workshop at the Toronto Board of Trade and Calgary
Petroleum Club– Small Business Summit– Newsletters– LinkedIn group- The FACT Network– Website- www.factnetwork.org
The FACT Network
• Aim Life Coaching• Algorithmics• Athabasca Oil Sands Corporation• BMO• City of Calgary• Cognition LLP• Concord Well Servicing• Deeley Harley Davidson• Deloitte & Touche• Delphi Automotive Products• Eagle Professional Resources• Engineered Plastics Designs Inc• Gibson Energy• Go Transit• Homelife Realty
• Interac• Kuehne + Nagel• Nexjsystems• Odgers Interim Canada• Princess Margaret Hospital Foundation• RBC• Sick Kids Foundation• SI Systems• Stantec Engineering• Sun Life• Superior Energy• TD Bank• thetravelcompany.ca• Visa• Yellow House Events
Executives in the FACT Network come from a diverse landscape, including:
• Examine the relationship between innovation and risk.
• Explore perspectives from women entrepreneurs and innovators.
• Use small group discussion to develop a high level framework for managing, measuring, monitoring and reporting on innovation risk.
Our objectives for today
The Creativity-Invention-Innovation cycle
• Creativity: the idea
• Invention: the creativity, implemented
• Innovation: the invention, yielding market benefit
Creativity
Invention
Innovation
As Canadians, recent research shows that we excel in the “Creativity” and “Invention” phases, but significantly lag in
turning these to “Innovations”.
The Innovation Hierarchy
Each organization-
irrespective of size, sector or
maturity- needs a supportive
structure for innovation that
aligns to its strategic
planning and execution
process / structure
An innovation strategy creates transparency & feedback- critical for keeping stakeholders engaged
The process doesn’t
need to be formal and
time consuming.
Its purpose is to ensure
that everyone’s aligned
on how critical
resources- time and
money- are spent.
• What are your innovation priorities?
• What are the risks?
• How do you harness your strengths?
• What are your measurements?
Open questions
A ‘basket’ of metrics is key to understanding how your entrepreneurial efforts are working
Lagging Real Time Leading Learning
Stakeholder Strategies
Gross Contribution of New Products
NPV of Ideas Portfolio
Processes Milestones Completed on Time
Take-up Rate of New Processes
Resources External Alliances being Pursued
Culture and Organization
Staff Turnover Rate
Innovation Climate
Level of Inquiry
Luck happens when preparation meets opportunity
• Sustainable innovation
depends on a corporate
culture that allows risk
taking.
• Reward innovative
behaviour.
• Empower staff to do the
right thing; then show them
that it matters.
• Managing innovation risk
requires metrics even if
knowing what or how to
measure is difficult.
Thank you for your participation in our Spotlight discussion on Female Small Business Owners and
Entrepreneurship.
We look forward to welcoming you to future FACT events.
Website: www.factnetwork.org
Email: [email protected]
LinkedIn group: The FACT Network
In closing