We went to a seminar today put on by UCE at Greenhouse in Christchurch on the Future of Innovation.  Here is a short summary of what Bill Reichert from Garage Technology Ventures said about the top things learned over his career in Silicon Valley.

Great insights – what can we learn to improve the Start-up ecosystem here in Christchurch? 

 

 

Top 10 lessons from Silicon Valley

  1. Focus on innovation (compared to old mind set of a focus on invention) – few in Silicon Valley built their business on the technology they invented,
  2.  Build an unbalanced team (compared to building balanced team) – get different perspectives in organisation and diversity of opinion eg optimist, pessimist, realist.  Disagreement is OK.
  3. Win through collaboration (compared to win through competition) – work with others don’t try to crush competitors.
  4.  Celebrate innovators (compared to celebrate celebrities) – key to good ecosystem is to celebrate innovation so unique culture.
  5. Failure is a necessity (compared to failure not being an option) – need to try more and embrace failure.
  6. Assume increasing abundance (compared to assume increasing scarcity) – design for more abundant environment eg cheaper Nokia phone vs build expensive iPhone: mindset shift
  7. Global open innovation (compared to protecting internal innovation) – need to look externally for ideas and innovation not just within.
  8. Government gets out of the way (compared to Government driving innovation) – policy infrastructure needs to promote innovation.
  9. Everybody innovates and everyone copies (compared to where US innovates and the World copies) – easier to share information and trends.
  10. People trump technology (compared to technology drives innovation) – users need to love product so you have to have more than just a cool technology.

Bonus: focus on creating value  (compared to focus on making money) – hard to make it through tough times if only focus on money.  Need to have other purpose or reason – how will your company add value?

There are a lot of great insights there and we hope they will be useful for your business or start-up!