Gurus in the Garage

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Text of Gurus in the Garage

Dorothy Leonard and Walter Swap, 2001

GURUS IN THE GARAGE

By B. Swetha Mahesh Dhumale P. MadhusudhanReddy

It all starts withEntrepreneurs

Dorothy Leonard and Walter Swap, 2001

The Entrepreneur(s)

Dorothy Leonard and Walter Swap, 2001

Plus Money VCs and/or Mentor Capitalists (Smart Angels)

The Entrepreneur(s)

Dorothy Leonard and Walter Swap, 2001

How Important are Angel Investors?Venture Capitalists* $50 BB annually $4.8 BB for 1,122 early-stage firms $10.1 BB follow-on investments to existing portfolio companies Angel Investors* $50-100 BB annually $15 BB for 60,000 early-stage firms

*Angel Investing Mark Osnabrugge, Robert Robinson San Francisco: JosseyBass, 2000

Dorothy Leonard and Walter Swap, 2001

Who Are the Mentor Capitalists (Smart Angels) in Silicon Valley? Experienced, cashed-out entrepreneurs Familiar with both success and failure Motivated to give back--and earn a return on their time

Dorothy Leonard and Walter Swap, 2001

Plus Knowledge/ExpertiseVCs and/or Mentor Capitalists

The Entrepreneur

Dorothy Leonard and Walter Swap, 2001

Modes of Mentoring* Directed action: Learning by doing Modeling: Learning by observing Socratic method: Questioning Story-telling Rules of thumb Specific directives

*Dorothy Leonard and Walter Swap, Gurus in the Garage Harvard Business Review November/December, 2000.

Dorothy Leonard and Walter Swap, 2001

Mentor Roles: Expertise in Entrepreneuring* Sculptor: Shaping the value proposition and the product concept Psychologist: Normalizing and cheerleading Diplomat: Negotiating with stakeholders King-Maker: Executive coaching and firing*Dorothy Leonard and Walter Swap, Gurus in the Garage Harvard Business Review November/December, 2000.

Dorothy Leonard and Walter Swap, 2001

Other Roles: Expertise in Entrepreneuring* Recruiter: Assembling talent Process Engineer: Structuring systems Rainmaker: Raising money

*Dorothy Leonard and Walter Swap, Gurus in the Garage Harvard Business Review November/December, 2000.

Dorothy Leonard and Walter Swap, 2001

Mentors Also Bring Know-whoVCs and/or Mentor Capitalists Mentors Network

The Entrepreneur

Dorothy Leonard and Walter Swap, 2001

The Criticality of Know-Who

The Expansion Coefficient for Knowledge is the number of other experts you know--and stay in contact with.

Dorothy Leonard and Walter Swap, 2001

Values Enable Innovation

Dorothy Leonard and Walter Swap, 2001

NKV a Powerful Combination The Knowledge is deep expertise that guides decision-making The Network links the team members to knowledge outside the group

Dorothy Leonard and Walter Swap, 2001

A Few Observations Mentoring/Coaching more important to the economy than usually recognized. Expertise in intrepreneuring not nurtured in large companies the way that entrepreneuring is in small companies.

THANK YOU