Speakers: Erik Simanis, Patrick Donohue, and Mark Yde
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Abstract:
Innovating new ventures that profitably commercialize new technologies and solve persisting problems is the holy grail of business. These “new market ventures” open up big sources of growth for companies and create a lot of positive societal impact.
But today’s dominant “lean startup” innovation paradigm adhered to by entrepreneurs, investors, and corporations–—one centered around building minimum viable products based on customer needs, testing and iterating the offering live in market to prove out customer interest, and then testing and pivoting the business model until profitability is discovered—systematically violates the core principles of systems engineering. In doing so, it bakes in costly architectural flaws that foreclose any viable path to profitability and compounds the problem by trying to “build the plane while flying it.” The results prove it out: today, less than 1% of new market ventures reach profitably, and they fail at a great expense of time and money.
This presentation will introduce attendees to integrative venture engineering (IVE)--a promising innovation discipline that applies the rigor of systems engineering to reliably innovate new and profitable ventures. The session will trace how IVE emerged from efforts to build market-creating businesses in frontier markets presenting extreme cost constraints and how it has since been applied to over two dozen corporate ventures and startups across sectors. It will discuss how IVE has adapted the V-model and model-based systems engineering techniques to innovating and validating new core business architectures and form factors with a robust path to profitability at launch and do so in less time and with less money.
The session will conclude with an introduction and invitation to the Market Creators Lab–a partnership between Cornell University, INCOSE, and venture engineering firm Half-Solved whose mission is to convene entrepreneurs, investors and researchers in advancing the science and practice of IVE.
Biographies:
Erik Simanis is Founder of Half-Solved, a venture design and engineering firm. He has guided over two dozen new corporate ventures and startups, from creating new financial assets in the US to developing a fortified soy protein product in India. He holds a PhD in Management from Cornell University and is published in leading management journals, including HBR & Sloan Management Review. Erik developed Integrative Venture Engineering based on more than two decades of work at the intersection of market creation research and practice. He is also managing director of the Market Creators Lab, a research collaboration between Cornell University, INCOSE, and Half-Solved.
Patrick Donohue is CEO of Half-Solved, a venture design and engineering firm. He is a seasoned innovation leader with 20+ years of experience in product, business and engineering roles at Facebook, Automattic, Rockwell, Apple and leading numerous market-creation startups and innovation efforts. As a 0-to-1 venture leader, he has created multi-million-dollar revenue impact, led corporate innovation and strategy initiatives. As an advisor and coach, Patrick supports leaders at Dropbox, Faire, and more. He is also managing director of the Market Creators Lab, a research collaboration between Cornell University, INCOSE, and Half-Solved.
Mark Yde is Venture Architect at Half-Solved, a venture design and engineering firm. Prior to Half-Solved, Mark led neuropsychiatry-focused research and investment projects at the National Institutes of Health, UPMC Enterprises, and Integrated Investment Partners. He holds a Master’s in systems engineering from Cornell University and a BS/BA in neuroscience & business from the University of Rochester. As an Entrepreneur-in-Residence with the Market Creators Lab, Mark is researching solutions for caregiving and neurological disability.
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