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Leadership in New Businesses

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Presented by Julie Meyer. Nokia Executive Development Panorama. 6 June, ... Julie's Journey So Far. American by Birth, European by Choice, Libertarian at Heart ... – PowerPoint PPT presentation

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Title: Leadership in New Businesses


1
  • Leadership in New Businesses
  • The Higher the Mountain,
  • The Better the View when you arrive
  • Presented by Julie Meyer
  • Nokia Executive Development Panorama
  • 6 June, 2007 - Finland

2
AGENDA FOR THIS MORNING Leadership and
Entrepreneurship
  • Julies Vital Statistics
  • Enabling Mobile 2.0
  • Tipping Point Companies and Leadership Vignettes
  • The Opportunity for Leadership
  • Entrepreneurship
  • The Entrepreneurial Mind
  • Is MA the new RD?
  • The Threat of Leadership
  • Opportunities for Nokia
  • Critical Success Factors for Leadership
  • Leadership Exposed

3
VITAL STATISTICS Julies Journey So Far
  • American by Birth, European by Choice,
    Libertarian at Heart
  • 1966 1988 in San Francisco and Chicago
  • 1988 2007 in Paris and London
  • The Building Blocks Learning to de-risk
    situations
  • Natural Leader
  • Not the most technically excellent but the least
    afraid of anything
  • Discovering my Unfair Advantage
  • Fascinated and Motivated by the cross-cultural
  • Courage to bring to life new things
  • A Trust Builder
  • Went to INSEAD in 1997, and transitioned into
    Venture Capital
  • Invested in Web 1.0, and now Investing in Web 2.0
  • Entrepreneurial Theme and Variation
  • Founded First Tuesday in 1998 Sold it in 2000 to
    a VC
  • Founded Ariadne Capital, an investment advisory
    firm, in 2000
  • Have a fantastic team of colleagues who are
    experts in their fields
  • Backed SKYPE, ZOPA, SpinVox, Monitise

4
CRITICAL SUCCESS FACTOR 1 YOU KNOW MORE THAN
YOU THINK YOU DO
  • Dont just trust your instincts but listen, hone
    and refine your instincts
  • Determine what your Unfair Advantage is and Do
    More Of That
  • Never Give Up, Never Accept No, and Never Ever
    Go Away Even When They Want You To Candace
    Johnson, founder of SES Astra

5
ARIADNE CAPITAL Whats in a Name?
  • Ariadne was the Greek princess who helped Theseus
    get through the labyrinth with the golden thread
  • Thats what we do with our companies we help
    them navigate and negotiate their labyrinth

6
ENABLING MOBILE 2.0 What did we learn from SKYPE?
  • New Products and Services gain traction through
    Consumer Adoption first and then get picked up in
    the Enterprise
  • Smart entrepreneurs segment their potential
    customer base and their addressable market by
    characteristics other than geography ie early
    adopters of broadband, high mobile penetration
    etc
  • People are living more and more of their lives
    online
  • Giving people a more frictionless, efficient way
    to communicate matters.
  • Initial free services establish consumer behavior
    and then can lead to a business model
  • Great marketing trumps great technology

7
TIPPING POINT COMPANY - 1 Monitise -Mobile
Banking Services
  • Entrepreneur Alastair Lukies, WEF Technology
    Pioneer
  • Backers Morse
  • What They do The worlds leading Mobile Banking
    network
  • Why is this importantBanking Comes BEFORE
    Commerce
  • Consumer Benefits Source of funds into the
    mobile wallet and substantially reduces cost
    of cash for mobile networks and creates true
    lifestyle application
  • 2.48 billion transactions switched per year
  • 95 billion in issued funds
  • Their brilliance not to treat banks like
    operators, and operators like banks
  • To understand that there are basic banking
    services that you have to be able to do on your
    phone before you do more complex ones that is, I
    dont want to apply for a mortgage via my phone,
    but I do want to check your balance
  • RBS, HSBC, Alliance Leicester and first direct
    have all adopted the Monitise platform for their
    mobile banking strategy
  • Metavente with 9000 banks in their network are
    partner in the US

8
LEADERSHIP VIGNETTE 1 - Monitise Bringing
Branking to the Masses
  • Ariadnes role with Monitise
  • Drive Momentum
  • Advise on Corporate Structure and Investor
    Development and Strategy
  • Build a Model for Internationalisation
  • Learnings
  • It takes much longer to be successful than one
    would think
  • You cant build an ecosystem without humility,
    Al Lukies
  • Net Net
  • Connecting up the world is on the mind of leading
    1st World Entrepreneurs
  • Mobile Banking is a Key Building Block for Mobile
    Commerce

9
TIPPING POINT COMPANY - 2 Zopa P2P Lending
Borrowing
  • Entrepreneur James Alexander
  • Backers Benchmark, Bessemer, Tim Draper
  • What They do P2P Lending Borrowing
  • Why is this important People want to lend and
    borrow from people
  • Consumer Benefits The cheapest loans in the UK,
    no early repayment penalty
  • Over 150,000 members in the UK
  • Great financial return PLUS strong social reward
  • c. 30 better return than leaving your money with
    ING Direct
  • Defaults less than 0.2 
  • 50 employees
  • Now being copied in US, Germany, Canada, Denmark,
    Holland
  • eBay, Virgin and Facebook have all entered the
    Social Lending market in the last 2 months
  • Zopa getting ready to launch in the US,
    franchising and JV ing elsewhere
  • Key learnings
  • the Zopa community really care and want it to
    work .... direct comms with our Members are
    critical to successful development (e.g. blog,
    Bulletin Board, email etc)  
  • trust is earned in financial services through
    time .... a trusted safe and secure marketplace
    is critical to success

10
LEADERSHIP VIGNETTE 2 - Zopa The Individual
Revolution
  • Ariadnes role with ZOPA
  • Invested 6 m in US Expansion round of capital,
    and syndicated the full 20 m
  • Recommended early expansion into the US to avoid
    becoming the QXL to someone elses Ebay
  • Assisted in finding Lenders and Borrowers
  • Learnings
  • People think of their finances online differently
    than doing communications online wasnt a hockey
    stick curve
  • Tools and Marketplaces such as Zopa will continue
    to drive the penetration of the Individual as the
    main block of society ones own PL and ones
    own brand in mainstream society
  • Net Net
  • The Individual Revolution is unstoppable

11
LEADERSHIP VIGNETTE 3 SKYPE now part of EBAY
  • Ariadnes role with SKYPE
  • Early Business Development Deals
  • 4 Ariadne people transitioned to SKYPE
  • Continue to work with Zennstroms personal
    investment vehicle
  • Learnings
  • MSN or AOL can turn on their VOIP client anytime
    and it will be game over
  • Timeframes for ROI on MA
  • The Financing Equation hasnt kept up with the
    Strength of the Bench in Europes Entrepreneurial
    Quarters
  • Net Net
  • European Entrepreneurs have a new pride in their
    initiatives
  • 7 of all Global Calls done through SKYPE in
    October 2006

12
TIPPING POINT COMPANY - SpinVox 4 Voice to
Screen Leader in VoiceMessaging
  • Entrepreneur Christina Domecq, EY Entrepreneur
    of the Year
  • Backers Private Investors and Hedge Funds
  • What They do SpinVox is a voice-to-text
    carrier-grade managed services provider
  • Why is this important No one likes listening to
    voicemails
  • Consumer Benefits Receiving communications how
    one prefers to receive them Storage and
    Forwarding abilities for voicemails
  • SpinVox enabled worlds first voicemail to text
    service in 2004
  • 130k customers proof-of-concept 1M people
    touched by SpinVox
  • SpinVox has won awards for its product innovation
    and leadership
  • SpinVox is being deployed by operators across 4
    continents
  • Multi-lingual EN, SP, FR, GE
  • Multi-channel Mobile, fixed, VoIP
  • 17 operators signed hundreds of millions of
    contractual rev
  • Expanding into the US

13
Spin-my-Vmail (Voicemail-to-Text)
  • Instant at a glance see who called and what
    they said
  • Easy you no longer have to dial-in and listen
    to messages, or remember who to call back
  • In touch with a simple push of a button, youve
    quickly replied by text or returned the call
  • Trust you can always listen to the original
    voicemail recording

Hi Richard. Ive just landed at Heathrow and will
meet you at the Hilton Hotel for 6pm. My number
is 07782543321. Call me when youre out of your
meeting. Ive news. Thanks! lt12gt Options
Back
QuickLink - jumps straight to this voicemail for
playback
14
LEADERSHIP VIGNETTE 4 - SpinVox Voice to
Screen - VoiceMessaging
  • Ariadnes role with SpinVox
  • Raise Capital, Secure Talent, Engineer Senior
    Dialogues, Market
  • Learnings
  • New category of application means landgrab
    opportunity
  • Once the me-too propositions arrive in the
    market, you have to be on your front-foot on the
    PR and Marketing side
  • New consumer behaviors take off in the consumer
    markets, and then move into the enterprise
  • SpinVox established market demand from its first
    135,000 consumers who used the application which
    they marched into the operators to close those
    deals very quickly
  • Net Net
  • The Best Entrepreneurs Always Take Care to Stay
    in Control of Their Own Firms
  • Get it right, but get into the US market before
    strong competition emerges there

15
TIPPING POINT COMPANY - 5 Cellectivity
  • Entrepreneur/CEO Marcel Puyk
  • Backers GIZA
  • What they do 1 access anytime and anywhere to a
    high quality gaming experience for
    mobile users
  • 2 access to a huge and attractive
    audience for bookmakers and casino
    companies
  • 3 access to new and recurring (high) revenue
    streams for mobile network operators
  • Key Challenge Lack of standards in mobile
    handsets
  • Why its important Cellectivity is connecting
    gambling companies and mobile operators, two
    industries characterised by vastly different
    business models and charging mechanisms to
    produce new revenue streams for both parties.

16
TIPPING POINT COMPANIES Sennari and Sponge
  • Sponge www.spongegroup.com - is a mobile
    marketing platform which enables marketeers to
    access and engage mass mobile users and build a
    core database of user information.
  • Using sms mms, a marketing message includes
    user interaction.
  • Sennari www.sennari.com - provide companies
    with the ability to build and develop user
    information based on their activities within the
    Sennari mCRM platform w/ mobile wallet
    functionality.
  • Any event a user performs triggers an event in
    the CRM
  • This information can be used to develop profiling
    and user information to bucket users for targeted
    marketing and provide relevant information or
    marketing campaigns.
  • The key difference between Sponge and Sennari
  • Sponge is a linear marketing approach Sennari an
    ecosystem play
  • that Sponge relies on an external inputus to get
    people to respond (be that an advertising
    campaign or newspaper competition etc which have
    short code text numbers, or another mobile access
    point, which the users then select to respond) to
    and at that point they enter the Sponge system.
  • Sennari is an ecosystem where users make
    payments, play games interact etc.

17
LEADERSHIP VIGNETTE 5 Building the First Tuesday
Network
  • First Tuesday October 1998 to July 2000
  • Identifying City Leaders Exporting the Model
  • Igniting the Internet Generation in Europe
  • Building the Business Selling the Company
  • Learnings
  • Trust is Efficient
  • Timing is more important than Speed
  • Figure out the appropriate incentives at the
    beginning
  • Trust Your Instincts You Know More Than You
    Think You Know
  • Net Net
  • Net Contributers Beat Net Takers in an EcoSystem
    World
  • Get the Technology Right First Tuesday should
    have been the first of the Web 2.0 social
    networking sites

18
LEADERSHIP VIGNETTE 6 Building Ariadne Capital
  • Ariadne Capital December 2000 when the Nuclear
    Freeze was beginning to Present
  • Building a New Model of Early Stage Investment in
    Europe
  • Focusing on the early-early stage
  • Building Counter-Cyclically
  • Creating a Virtuous Circle from Last Generation
    of Leading European Entrepreneurs into Next
    Generation of Leading European Entrepreneurs
  • Learnings
  • Alignment of Objectives is Key
  • Skin in the Game is Critical
  • Net Net
  • The Financing of Entrepreneurship Must Catch Up
    with Entrepreneurship in Europe, and that is the
    opportunity for Ariadne Capital

19
LEADERSHIP A Definition Adopted
  • Leaders are those people who create the
    conditions of trust, Colin Powell
  • As told to the group of Global Leaders for
    Tomorrow at the World Economic Forum, DAVOS, 2003

20
THE OPPORTUNITY FOR LEADERSHIP Entrepreneurship,
Internet and Capitalism
  • Capitalism was about empowered authority which
    didnt necessarily activate the citizenry the
    Internet stands that on its head, and shifts the
    power to the Individual making Individual
    Capitalism the force of the 21st Century
  • - Iqbal Quadir, one of the founders of Grameen
    Phone

21
THE OPPORTUNITY FOR LEADERSHIP Europe Needs a
Growth Story
  • If a Society is not Growing, It is Dying
  • Are we merely managing decline?
  • How many billion enterprises have been founded
    over the past 30 years in Europe?
  • When People focus on the Growth Story, the Rest
    Falls Into Place
  • Because Entrepreneurs understand Accountability,
    Transparency and Profitability
  • Making Payroll
  • The Paranoia of the Competition that could emerge
  • Where the Buck Stops
  • Europe Needs More Great Founders who have
    Everything it takes to be Great CEOs

22
WHAT ENTREPRENEURS DO INSIDE COMPANIES They Get
Out and Create a Market Storm
  • Here's why buying startups can pay off, even if
    they're not immediately accretive to earnings or
    cash flow
  • Entrepreneurs, if they're good, have the best
    insight into how particular markets are
    developing. They are in the "eye of the storm,"
    dealing every day with how markets are
    dynamically evolving.
  • Entrepreneurs also think differently. They see
    things that others don't. They feel compelled to
    make stuff happen, often simply because they see
    something that doesn't exist yetand should.
  • Sometimes that blind faith leads to catastrophe,
    but more often, entrepreneurial insights
    eventually turn into step changes in how
    industries operate.

23
CRITICAL SUCCESS FACTOR 1 BE AS UNREASONABLE
ABOUT SUCCESS AS AN ENTREPRENEUR
  • Entrepreneurs have a view of the market and/or a
    consumer behavior, which drives them to bring an
    innovation to life.
  • Like becoming a Parent, if they knew what it
    would REALLY entail, they would think twice.
  • That leads them to be paranoid, and feel that
    they are in a race against time.
  • Which makes them learn how to
  • Act with Imperfect Information
  • Never assume they control time
  • Never give up tied to their identity
  • Expect Success

24
IS MA THE NEW RD? probably
  • If a large company acquires an entrepreneur's
    insight and innovation, it has the opportunity to
    get ahead of rivals and own the step change.
  • Time and time again we have seen that the
    benefits of market disruption and dislocation
    accrue to the first few players who embrace it.
  • Put another way, if a market disrupter is
    acquired by the entity he or she has the most
    potential to disruptand the acquirer embraces,
    rather than smothers, the disruptionit can be
    extremely value-enhancing.
  • Especially compared with the alternative.

25
THE THREAT OF LEADERSHIP Leadership does not
equal Popularity
  • The Moments when one is the most alone in the
    world
  • frequently corresponds to the greatest moments
    of learning
  • and of pulling out into the lead.
  • Leadership is a very solitary activity. It
    almost always starts
  • well before anyone else understands where the
    real opportunity
  • lies and it certain starts before the pats on
    the back or the
  • words, Well done.
  • If you want to run with the pack, you will
    almost always miss
  • the exceptional opportunities in the market and
    in life. If
  • you are comfortable with a period of uncertainty
    and indeed sometimes a period where no one can
    understand what you
  • are so passionate about, then you may just jump
    to the next
  • curve before anyone else does.

26
WHAT WILL THE FUTURE BRING Entrepreneurship as
Engine of Growth
  • The next wave of large European-founded companies
    will be built by serial European entrepreneurs
  • Kazaa and Skype founders launch Joost
  • FastWeb founder launches BabelGum
  • Samwer Brothers
  • Cycle of innovation is increasing and shortening
  • Globalisation is softening the edges of economic
    cycles
  • Start-ups will be acquired earlier and remain
    more autonomous inside firms
  • EMAP/WGSN
  • Yahoo/Answers.com
  • NewsCorp/MySpace
  • ROI for MA will be recalculated and rethought

27
OPPORTUNITIES FOR NOKIA Being a Fast Follower
is Not Enough
  • Add to the Intangibles of your Asset Base
  • Talent
  • The ability to acquire and integrate new
    entrepreneurial teams well, letting them thrive
  • Get the best talent wherever they are wherever
    they come from
  • There are no/fewer rules in 21st century
    business, so alignment of objectives and belief
    in the vision have replaced the old way of
    regulating the employer/employee relationship
  • Business Model
  • Business models where the most people inside the
    ecosystem win will dominate
  • Internet companies are reinventing themselves to
    catch the mobile wave. i.e. Google, Yahoo.
  • These companies may try and grow their pie and
    become MVNOs.
  • Advertising is key to them, so the channel and
    ownership of the handset is key.
  • Exploration, and growth of partnerships are
    happening but which ones will be sustainable

28
OPPORTUNITIES FOR NOKIA slide 2 Being a Fast
Follower is Not Enough
  • Add to the Intangibles of your Asset Base
  • Product Development Done Differently
  • Iterate, Iterate, Iterate
  • Increase Speed
  • Picking the right technology at the right time is
    critical.
  • Just because something starts small with no brand
    is not a reason to dismiss it
  • Put the customer in the center and focus on
    usability and short-term cycle
  • Test new service thoroughly and move on it if it
    doesn't work
  • Connect people together and use viral
    distribution are important

29
OPPORTUNITIES FOR NOKIA slide 3 Being a Fast
Follower is Not Enough
  • Cross Pollination
  • New leaders must give insight to the old economy
    leaders and visa versa
  • Nokia is an Innovator in addition to being
    solid
  • Teach and encourage passion which crosses all
    cultural barriers
  • Embrace Globalisation
  • Dont confuse Americanisation with Globalisation
  • There cannot be even a minute where you debate
    globalisation
  • Great companies have a cause
  • Solve some of the industrys biggest problems
  • going into mobile content and services and yet
    mobile device standardisation remains huge
    barrier to the take up of new services

30
CRITICAL SUCCESS FACTORS FOR LEADERSHIP IN NEW
BUSINESSES
  • Factor 1 Be Unreasonable About Success
  • Factor 2 - Invest in Others Success
  • Factor 3 Be Radically Open to the World
  • Factor 4 The Deal is Always Done at the
    Beginning
  • Factor 5 Create the Conditions for Trust
  • Factor 6 Exact Accountability
  • Factor 7 You Know More Than You Think You Do

31
LESSON 2 INVEST IN THE SUCCESS OF
OTHERS TODAYS WORLD IS AN ECOSYSTEM
  • Abundance Mentality
  • Otherwise known as a Win Win Philosphy
  • From Stephen Coveys The Seven Habits of Highly
    Effective People
  • There is Enough Out There for all of us to be
    Successful
  • The More You Give, The More You Get Back
  • Focus on being a Net Contributor to the System
    rather than a Net Taker, and what you find is
    that your Sphere of Influence over the System
    increases
  • Focus on Long-Term Relationships

32
LESSON 3 BE RADICALLY OPEN TO THE WORLD
  • Bill Joy, the former CTO and guru from Sun
    Microsystems, assume innovation occurs
    elsewhere.
  • Build reliable means to continually pull in
    whats relevant and potentially threatening to
    your business
  • We have to be in many places and get signals
    sooner, Henning Kagerman, SAP CEO in the WSJ
  • Incentivise your management and the people in
    Nokia to be as externally focused and obsessed on
    what could be out there as senior mngt
  • Small things can indicate that large change is
    about to happen

33
LESSON 4 EXACT ACCOUNTABILITY
  • Management is the search for accountability. Who
    is doing what, by when, why, and how, and most
    importantly, what happens if they dont?
  • The best entrepreneurs and executives are both
    leaders and good managers.
  • There are no bad Lieutenants, Sergeants, Captains
    there are only bad Generals
  • Trust is Efficient Trust but Verify
  • Economies who trust spontaneously develop and
    progress more rapidly Francis Fukuyama

34
TRUST IS EFFICIENT Leaders Create the Conditions
of Trust
  • So trust is efficient leadership is about
    creating the conditions of trust, and the
    combination of building counter-cyclically,
    paying attention to small change which indicates
    that large structural change is about to happen,
    seeking out inefficient markets, and investing in
    the success of others, leads to businesses that
    are both valuable and sustainable.

35
LEADERSHIP Exposed
  • Our deepest fear is not that we are
    inadequate. Our deepest fear is that we are
    powerful beyond measure. It is our light, not our
    darkness that most frightens us. We ask
    ourselves, Who am I to be brilliant, gorgeous,
    talented, fabulous? Actually, who are you not to
    be?
  • - Nelson Mandela

36
Be Yourself
  • Everyone Else is Taken

37
THANK YOUjulie_at_ariadnecapital.com
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