Rene Mauer op DIA-symposium 22-2-2013
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1) Dr. Mauer is a researcher in effectuation and entrepreneurship who discusses effectuation as an observable and teachable method for entrepreneurs to cope with uncertainty. 2) Effectuation focuses on means-orientation rather than goal-orientation, affordable loss rather than expected returns, and leveraging contingencies rather than risk management. 3) Research has shown that early-stage technology ventures using effectuation principles show quicker development than those using traditional management approaches. Incubators can help teach effectual mindsets and processes.
Rene Mauer op DIA-symposium 22-2-2013
- 1. Learning from entrepreneurial experts for incubation: Effectuation Dutch Incubator Symposium Maastricht 22.02.2013 Dr. René Mauer RWTH Aachen LS WIN: mauer@win.rwth-aachen.de Effectuation Intelligence: mauer@effectuation-intelligence.de © 1
- 2. Who’s talking? René Mauer • PhD at RWTH Aachen on effectuation and unplanned behavior in general • 2006-2008 project manager of the RWTH Aachen center for entrepreneurship • Co-owner of family business, founder of tech start-up • Active researcher in the field of effectuation (Aachen is leading research hub on effectuation in German-speaking countries) • Partner of the international expert network Effectuation Intelligence that puts the entrepreneurial method to practice --- 2 --- ©
- 3. What makes entrepreneurs successful? Visions? Talent and gifts? Circumstances? Luck? © 3
- 4. (c) M.Faschingbauer 2010 © 4
- 9. Effectuation – What‘s that? Effectuation State-of-the-art entrepreneurship research Elements of expertise by experienced entrepreneurs Method for coping with uncertainty Observable, teachable, learnable Saras D. Sarasvathy, Darden School Based on four principles that are tied into of Business, University of Virginia a process Flips the assumptions of classic management upside down © 9
- 10. Management Effectuation Goal orientation Means orientation ©
- 11. Management Effectuation Expected return Affordable loss ©
- 12. Management Effectuation Risk management Leveraging contingencies ©
- 13. Management Effectuation Positioning Self-selecting partners ©
- 14. Approaching the future entrepreneurially: Shaping instead of predicting Management logic Effectuation logic What we can predict, we can control. What we can control, we do not need to predict. What should we do? What can we do? (based on pre-existing and reliable knowledge) (based on individual means) © 14
- 15. Classic management gather analyse decide plan resources act Idea ©
- 16. Entrepreneurial expertise (Effectuation) Means and resources increase Alternatives New means What are What can Whom do Who joins the means? I do now? I talk to? In? New goals Means Ideas become more precise ©
- 17. Typical reactions at this point I finally know how to explain my chaotic style! Interesting that it took so long for researchers to find out what I have known as an entrepreneur/incubation manager for a long time. Great! Finally a method that not only asks me to write business plans. Oh no, I think I stick with the method that lets me write business plans. What is effectuation good for? © 17
- 18. When does effectuation add value? Existing New products products Existing market New „Suicide market quadrant“ Ansoff matrix © 18
- 19. Life cycle of innovative projects (e.g. new companies, markets, products, ) knowledge Uncertainty t Classic management Effectuation © 19
- 20. What makes entrepreneurs successful? Visions? Talent and gifts? Circumstances? Luck? A good mix of EFFECTUATION and management? © 20
- 21. Some local research: Early-stage technology ventures (Aachen, 2011) -80% -60% -40% -20% 0% 20% 40% 60% 80% 3% -4% 4% -31% 31% -22% 22% -23% 23% 3% 14% 1% Pan 3% -7% 7% -24% 24% -17% 17% -23% 23% 6% 17% 3% Calypso 2% 2% -8% 8% -20% 20% -18% 18% -19% 19% 30% 1% Methone Gestation Reifungs- 3% geschwindigkeit speed 4% -4% 19% -19% 12% -12% -19% 19% 8% 27% 8% Greip 4% -8% 8% -19% 19% -22% 22% -16% 16% 11% 17% 1% Atlas -3% 3% -22% 22% -8% 8% 15% -15% 6% 6% 36% 5% Mimas 1% -6% -13% 6% 13% -8% 8% -15% 15% 10% 39% 9% Narvi -7% 7% -14% 14% -13% 13% -23% 23% 12% 6% 22% 3% Bestla Effectuation Causation Investition Interaktion Reaktion Aktion Aktion Reaktion Interaktion Investition ©
- 22. Some local research: Early-stage technology ventures (Euregio, 2012) Causation Effectuation Big Picture: Expectations met! Causation Effectuation Looking closely: Back and forth! ©
- 23. Conclusion - Effectuation is the entrepreneurial method, specified in 4 principles - Depending on the degree of uncertainty it can be the toolbox of choice - Ventures following the principles show quicker gestation than others - Incubators might want to consider spending energy on teaching the effectual mindset and process ©
- 24. (c) M.Faschingbauer 2010 © 24
- 25. Thank you very much! Literature: Internet: Faschingbauer, M. (2010): Effectuation Wie erfahrene Unternehmer German language platform: denken, entscheiden und „EFFECTUATION Forschung & Praxis“ handeln. Schäffer-Poeschel www.effectuation.de|.at|.ch (Fachbuch Praxis) Dutch language platform: www.effectuation.nl Blekman, T. (2011): Corporate Effectuation – Vanaf International expert network: nu is ondernemer-schap echt te „Effectuation Intelligence“ leren! www.effectuation-intelligence.biz www.effectuation-intellingence.nl Sarasvathy, S.D. (2008): Effectuation Global platform: Elements of Entrepreneurial „Society for Effectual Action (SEA)“ Expertise. Edward-Elgar www.effectuation.org (Science) © 25