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Spotlight on Female Entrepreneurs
- 1. Small Business Summit MaRS Discovery District Tuesday November 8th, 2011 Spotlight on Female Small Business Owners and Entrepreneurship
- 2. Spotlight on Female Small Business Owners and Entrepreneurship Agenda Time Topic 1:30-1:40pm Introduction Facilitated discussion • What are your innovation priorities? 1:40-2:10pm • What are the risks? • How do you harness your strengths? • What are the measurements? 2:10 – 2:15pm Summary and closing
- 3. The FACT Network • 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
- 4. Executives in the FACT Network come from a diverse landscape, including: • Aim Life Coaching • Interac • Algorithmics • Kuehne + Nagel • Athabasca Oil Sands Corporation • Nexjsystems • BMO • Odgers Interim Canada • City of Calgary • Princess Margaret Hospital Foundation • Cognition LLP • RBC • Concord Well Servicing • Sick Kids Foundation • Deeley Harley Davidson • SI Systems • Deloitte & Touche • Stantec Engineering • Delphi Automotive Products • Sun Life • Eagle Professional Resources • Superior Energy • Engineered Plastics Designs Inc • TD Bank • Gibson Energy • thetravelcompany.ca • Go Transit • Visa • Homelife Realty • Yellow House Events
- 5. Our objectives for today • 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.
- 6. The Creativity-Invention-Innovation cycle • Creativity: the idea • Invention: the Innovation Creativity creativity, implemented • Innovation: the invention, yielding market benefit Invention As Canadians, recent research shows that we excel in the “Creativity” and “Invention” phases, but significantly lag in turning these to “Innovations”.
- 7. 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
- 8. 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.
- 9. Open questions • What are your innovation priorities? • What are the risks? • How do you harness your strengths? • What are your measurements?
- 10. A ‘basket’ of metrics is key to understanding how your entrepreneurial efforts are working Lagging Real Time Leading Learning Stakeholder Gross NPV of Ideas Strategies Contribution of Portfolio New Products Processes Milestones Take-up Rate Completed on of New Time Processes Resources External Alliances being Pursued Culture and Staff Turnover Innovation Level of Organization Rate Climate Inquiry
- 11. 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.
- 12. In closing 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: factnetwork@gmail.com LinkedIn group: The FACT Network
Notes de l'éditeur
- Used slide on Defining Risk Management because it was a familiar format; using something that seems familiar may help people accept it.Need to add transparency and feedback to the innovation process – especially to those who submitted the ideas.The feedback loop is important. Funnel all the ideas down into assessment, etc.– increase transparency. Videotaping is increasingly being used to engage audiences with your stories. Facilitate collection of ideas by setting up a template for submitting ideas either privately, publicly. Submitting person then describes benefits, etc.Make sure to celebrate successes or even just progress toward success.Constantly ask how to keep innovation going?
- Strategy/Planning requires balance, i.e. planning can stifle innovation if it makes the process too long or too unwieldy.Understand your organization’s risk tolerance; it may be industry dependent.Who is accountable? / who is affected internally/externally?Leadership is keySocial media can bring more risk or perceived risk.The Millennials: special assessment of expectations from youngest in workforce,Their values are different from employees in the past.They are good networkers and they make quick decisions.How do we harness this new generation for innovation and managing risk?How do we instil/develop accountability and ownership among the millennial generation?Who determines innovation priorities?Customers ClientsBottom line Lenders (access to capital)All these?Metrics / MeasurementDefining goals for success Employee surveyCustomer satisfaction ShareholderTriple bottom line