-Okay, Jerry, hello! -Hello!
Thank you very much for visiting us at La Salle,
Ramon Llull University.
As you know we are working with our Executive MBA
in order to create the new leaders,
the new people that are transforming companies,
understanding new opportunities.
On the one hand, in Silicon Valley,
what is happening in terms of innovation.
What are the corporates doing?
What is the role between corporates and entrepreneurs?
You know much is changing in Silicon Valley.
We often think of Silicon Valley as the centre of innovation,
but in a way it's just a hub of communication.
It's a hub of interaction,
and we're learning a lot from each other.
The corporates, the major corporations,
are engaging with entrepreneurs
in new and innovative ways.
We're finding that entrepreneurs can teach corporate managers
and corporate managers can teach entrepreneurs.
And the interface for this is corporate venture capital
and corporate venturing, two separate things.
Corporate venture capital, as we know, is a traditional extension
of corporations investing, in a minority way,
into young businesses,
sometimes with a view to acquiring them.
But what we've learnt in the last 10 years is we have to expand that view,
because if the large corporation simply acquires a small one,
the innovation tends to be incorporated,
into a product for an existing customer,
and the innovation process stops.
What corporations are learning is how to invest
and support the eco-system of entrepreneurship
and then let the smaller company continue to grow
and experiment, as a free-standing, independent company
and teaching the larger company
how it learns, how it engages,
how it finds product-market fit,
over and over again for new products and new business models.
That kind of rapid learning is difficult in a large corporate context
that needs to be focused on execution and excellence
on a quarter-to-quarter basis.
But that means, and let me focus on that,
that corporates have to change their way of managing
their own organisation, and also their way of managing
the relationship with entrepreneurs.
-Yes!
How can the leader of a big corporation be
in order to take advantage of entrepreneurs as a source of innovation.
Well this is open innovation.
Leading through open innovation means looking at your business as more than
just a legal entity,
but a whole eco-system it is a citizen of,
and being a leading citizen.
So sometimes being the CEO of a major corporation
can be more like being the leader of an eco-system.
maybe like a governor, or a mayor.
that doesn't control everything,
but influences a large population that's made up of businesses
and people, and universities, and thought leadership
and helping that whole evolution of an eco-system
to support the community, but also to support their marketplace
and being able to bring value to their customers.
It means it's not just to think about traditional value chains,
you're saying you have to manage your own eco-system
and the relationship between your corporation with entrepreneurs,
with researchers, with government
in order to be sure that you can develop your own business
Yes.
That's important, but at the end of the day, when we talk about innovation,
we talk about talent, technology and finance.
How do big corporations have to manage their own people
but also others, people that are coming from entrepreneurs,
but also, how can they manage the investment?
Because, at the end of the day, you can buy a company,
you can develop an alliance,
What kind of relationship can you make in terms of talent, technology and finance?
This is a big challenge, and it's even bigger
and it's even bigger when we recognise they have to do it on a global basis.
So this type of indirect leadership that we're talking about
and using finance and investment as a tool,
rather than as a hammer,
it's more of a textbook, or a guide,
it's more as a manual, a lever, to move people in a direction,
that they share a win-win outcome,
that the emerging company, the university, the researcher
all win by achieving their individual goals,
but they achieve them together.
So this indirect leadership happens in your own community,
your own industry, and actually, globally,
because all customers are now global
and all businesses have to approach global needs to be of-scale
So, how do they do it? They have different tools.
Corporate venture capital is one tool.
Corporate venturing, I said is a different thing,
that's actually engaging in helping create new ventures
and not by owning them, but by experimenting in proofs of concepts
in having accelerators and incubators that they sponsor
and programmes that support entrepreneurship
This kind of indirect leadership is just as
important as the direct investments they make
through corporate venture capital.
Let me take advantage of the concept of digitalisation.
We know that it crosses all sectors and all functions
and in the end it is an innovation that is disrupting different sectors.
In your approach, when we talk about digitalisation
it means we have to create our eco-systems around us
with our partners, the people that we will
create value propositions, but at the end of the day,
how can we take advantage of the relationship with customers
in order to create new business models?
You talk about discovery.
At the end of the day we're changing the way of the business model.
How can we discover this new business model?
Because at the end of the day, we have the traditional business model
that we had customers, they pay...
But we have to change. How can we manage this transition.
This is a very difficult problem,
and this is exactly where one has to take advantage of
external innovation sometimes.
Take Walmart or any other large incumbent.
Walmart: large retail,
the largest retail, perhaps, in the United States,
They have opened something called Walmart Labs.
And that Lab is not simply to learn how to do e-Commerce,
and bring it inside by having engineers sit at a table,
They are actually engaging with other young businesses
that are doing e-Commerce in certain verticals.
and watching how they do it,
and investing in them to support them.
And those small businesses can do the rapid innovation,
can do the search for product-market fit,
can do the experimentation on different business models on ways to bring value.
Should you sell razors by selling a product?
Should you sell razors by subscription?
So, are you selling a service
that is that you always have a clean razor available,
or ar you actually selling a product?
That's a very different business model.
So, they've experimented with both,
without having to put a single stake in the ground.
by letting smaller businesses experiment
and then they see what works
and they can bring that business inside,
or they can replicate it themselves.
And this kind of learning through what I was calling venturing
and corporate venture investment
is a way to accelerate innovation,
a way to search and explore new business models.
That's wonderful because it means our Executive MBA is in the line we need.
At the end of the day in the corporates,
how to educate, how to create experiences with people
that have to manage the corporates of the future.
At the end of the day they have to manage open innovation,
They have to look for the new innovations coming from entrepreneurs, whatever,
but they have to validate concepts, and scale internally.
The Executive MBA of today and the future
needs to know the tools of entrepreneurship
They don't have to be entrepreneurs, they're intrapreneurs
bringing the tools of entrepreneurship
into the large enterprise
so that they can manage this eco-system
not just manage the people directly under their control.
That's perfect. Thank you very much, Jerry.
Thank you for coming to La Salle.
-It's my pleasure.
-Thank you for being professor at our university.
and for being the professor that will give the
first class of our Executive MBA this year.
-Thank you very much! -It's my honour. Thank you.
-Okay, good, thank you.
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