Entrepreneurial Spirit by xob14133

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									Sustaining the spirit of enterprise
LESSONS FROM THE CAMBRIDGE CLUSTER




                    Shailendra Vyakarnam
       Visiting Professor - Nottingham Business School
        Director – Centre for Entrepreneurial Learning
                 Founder Director - Transitions

                            November 2003
  Presentation Agenda

• Cluster development – beware the unit of analysis
• The “real” story behind the Cambridge Phenomenon
    •What we learn about the entrepreneurial spirit
    •Multiple roles of entrepreneurs
• Conclusions – and questions
 Characteristics for High Technology Regions


Gibbon’s Top 10
• Universities and centres of academic excellence
• Entrepreneurs with marketable ideas and products
• Business angels and established seed funds
• Sources of early stage venture capital
• Core of successful large companies
• Quality management teams and talent
• Supportive infrastructure
• Affordable space for growing businesses
• Access to capital markets
• Attractive living environment and accommodation
      Industry Clusters..


There are many contributory factors have been cited for the success of
Cambridge such as:

•the strength of University research,
•the availability of finance in the early days from Barclays Bank,
•and the relaxed approach that the University took to IP transfer.

However, one of the key factors that is most difficult to quantify is the importance of networks,
both social and professional, that bind the Cambridge companies together in a
close community.

At the centre of these networks move a small number of key individuals –
habitual entrepreneurs – who are believed to have an important influence on the success of
the cluster through providing advice to new entrepreneurs, identifying promising opportunities and providing angel
investment.
                                              MRC
                                                                 Cambridge                 Sinclair
                                           Laboratory of         University
                                                                                          Radionics
                           Cambridge        Molecular                    1960
                           Interactive       Biology
                                                                                  CCL
                             System                                        Barclays Bank
                                                         CAD                                                Sinclair
                                                        Centre                                            Research Ltd
                                                                  1970                                                       Glaxo
                                          Cambridge
                                                                          PA                      Eicon                   Nickerson
         Analysys                        Science Park
                                                                      Technology                                           Biotech
                                                                                                 Research                 Laboratory
                                                                                                   Ltd
                                                            Acorn                                                     Hitachi
                Olivetti Research                                                                                   Cambridge
                   Laboratory                                         1980                                                                BP
                                                                                                     Institute of   Laboratory
Seiko Epson    (acquired by AT&T      Judge Institute of       St. John                            Biotechnology
                                                              St. John
Research Lab         in 1999)           Management
                                      Judge Institute of      Innovation         Scientific
                                                             Innovation                                                      TTP Ventures
                                           Studies
                                     Management Studies         Centre           Generics
                                                               Centre                                 Cantab
         Toshiba                                                                                  Pharmaceuticals
                                                                                The Technology                          Glaxo Institute
        Cambridge                           Cambridge Research and
                                                                                  Partnership                             of Applied
         Research                            Innovation Ltd (CRIL)
                                                                                      TTP                               Pharmacology
        Laboratory

                                                             1990                                     Amadeus Capital
                     Unilever Cambridge Centre
                                                                                                         Partners
                      for Molecular Informatics
                                                                  Institute of  Entropic Research
                                               Cambridge         Manufacturing Laboratory (acquired
                                                Network
                                                                               by Microsoft in 1999)
                                                                          2000
   CU’s spin-outs/ Start-ups                                                                            Merged
                                                                         Cambridge Andy Hopper            with      RealVNC
                                                                         Broadband Peter Warton        Globespan Virtual Network
                                                                                                                                      Cambridge
                                                      Acquired by                                                  Computing
                                Acquired by                                                                                         Internetworking
                                                      American                 Andy Hopper                            Andy Hopper
                                Western
                                                      Microwave Adaptive       IPV (Telemedia Hermann Hauser
                                Multiplex
                                Corp                               Broadband   Systems)         Andy Hopper
               Dr. Matthew Cooper                                Andy Hopper
                                                                                        Virata(ATML)
                                                                                                      Acquired by AT &T       Hermann Hauser
                     Victor Ostanin
                                                                                                                              Jack Lang
              Dr. David Klenerman                                                                                          Netchannel
                   Dr. Tony Minson           Peter Duffett-Smith                                        Alex Van Someren
                Akubio                                                            Olivetti              Niko                                     Acquired by NTL
                                                     CPS                          Research Lab          nCiphaer                   Stan Boland
         John Snyder                                                      Andy Hopper                                                                  Acquired by
                                                                                                                                     Element 14
             Webtop                                                                                                                                    Broadcom
        Smartlogik                                                                           ANT             Robin
                                                                        Acquired by     Alex Van Someren     Saxby
 Acquired by Dialog                                                                                                                     Amadeus Capital Partners
                                                                        Olivetti        Niko             ARM
  Library House                                                                                                                            Hermann Hauser
                              John Snyder
                                                                                                                                                      DakoCytomation -
                                                                                                                     Part of DAKO
John Snyder                   Dr. Martin Porter                                       Acorn                                                             Merged with
                                                                          Hermann Hauser                             Diagnostics
                                                                                                    IQ Bio                                             Cytomation Inc
  Cambridge                   Muscat
  Accelerator                                                                                      Hermann Hauser
                                                                               Cambridge           Chris Keightley                 CDT
         Cambridge                                                                                                                 Richard Friend
                                                                               University
         Semiconductor
    Prof Gehan           Adam Twiss     Zeus                                                   Analysys                                           Plastic Logic
    Amaratunga          David Reeves
                                   Technology
                                                                               Until 1985
                                                                                            Dr. David Cleevely                              Richard Friend
    Dr. Florin Udrea

                             Pilgrim Beart
                                                                               1986-1990                                                Cambridge
                                       ActiveRF
                                                                                                                                        Network
                                           ART                                                                                        Dr. David Cleevely
                             Antenova Daniel Hall                                                                                     Hermann Hauser
                       Pilgrim Beart                                           1991-1995                                              Sir. Alec Broers
                                                                                                                      Cambridge
                                                  Polight
                                                                                                                      3G
                                                  Technologies                                Virtual Business
                                                                                              Network                 Dr. David Cleevely
                                              Prof Stephen Elloitt
                                              Dr. Pavel Krecmer                                 Dr. David Cleevely
                                                                               1996-2000        Dr. Simon Elloit




                                                                               2001-2002
Biotech spin-outs/ Start-ups
                                                                                     Acquired by
                                                                                       Becker
                                                                                     Underwood
                                  Prof William Bains
                                  Prof John Caldwell          Iain Cubitt                        Dr. Greg Winter
                                                             Pestex         Changed its name Diversys
                                           Amedis
                                                                            to MicroBio Group
                                           pharmaceutical                                       RiboTargets                    Merged
              Chris Evans                                                                                                       with
                     Merlin Ventures                                                                   Simon Sturge
                                                                                                                               Xenova
                                            Chris Evans          Iain Cubitt                                                  Group Ltd
                            Chris Evans                                                            Martin Davies
                     Cerebrus                    Celsis      Axis Genetcs Dr. Greg Winter
                Chris Evans
                                  Toad                                                              BioRobotics
                                                                               Daivd Chiswell                         Dr. Chris Lowe        Acquired by
            ChiroTech                                                             CAT                                      J. McCann         Prometic
                            Chris Evans
                                                                                                                     Cambridge
         Rapigene                                                                               Celltech Alan Munro Sensors                 Biosciences
                                Enviros                Chris Evans                                                                              Inc
       Merged by                                                                                         Cantab
                                                        Enzymatix
        Celltech                                                                                     Pharmaceuticals Dr. Chris Lowe
          Group                  Chiroscience                                     MRC LMB                             Dr. Ken Jones
                                                                       AGC                                  Affinity Dr. Vivan Stad        Dr. Roger Millington
                                Alan
                                                                                     1960s                  chromatography                Holometrica
     Daniel Roach            Goodman                                   1984
             Alan           Chris Evans                         Alan                                                                      Abcam
                                                                                                                                              Jonathan Miller
        Goodman                                                 Goodman          Cambridge
                    CeNes                                          (FD)
                                                                                  University                                              AdproTech
        Alan                              ATM                                                                                               Prof. Peter Lachmann
      Goodman CORE                                                          Until 1985                                           Biotica Technology
                                           Alan
           Alan LIDCO                                                                                                                          Prof. Peter Leadlay
                                           Goodman
       Goodman                                                                                                                  Kudos       Prof. Jim Staunton
             Alan Oxford                                                                                                        Pharmaceuticals
         GoodmanBiomedica
                                                                            1986-1990                                 Mark Bodmer            Prof. Stephen Jackson
                                                                                                                      Hexagen
                                                   Peptide                                                                                  Acquired by Incyte
                            Avlar
            Alan                                 Therapeutics
                      BioVentures                                                                                   Metris
            Goodman                              Now Acambis                                                                     Lorantis
                                                                                                                                       Mark Bodmer
                                                        Daniel Roach                                                Therapeutics
            Daniel Roach      Amura                                         1991-1995                   Paradigm
                                           Salix      Alan                                                                  Prof. Stephen Smith
                          Alan                                                                          Therapeutics
                        Goodman        pharmaceutical Goodman                                                               Dr. Steve Charnock-Jones
                                                                                                    De Novo
                                                                                                                   Dr. Mark Carlton
                                                                                         Sense      Dr. Philip Dean
                                       Alan                                              Proteomics
                                       Goodman                          1996-2000
                                                                                  Dr. Jonathan Blackburn



                                                                        2001-2002
CCL’s spin-outs/ Start-ups                                Steve Barlow
                                                          Robert Swann
                                                                                        Caroline
                                                                                         Garey
                                           Phil O’ Donovan
                                           James Collier    Aphamosaic             Smartbead                  Acquired by
                                           Glenn Collinson                       Technologies Andrew Dame SynapticsMark Howard
                                                                                             Polatis                    Richard Doyle
                                               Cambridge Silicon
        Acquired by Elumin                                                                           Holotag
                                     Dr. Chris     Radio                                                               Sensopad
        founded by Dr.
                                      Davies                                                                         Technologies
        Hans Wagner Pelikon                 Cyan                                           Sentec Andrew Dame                      Dr. Stuart Hendry
              Chris Fryer                 Technology                            Andrew Dame          Absolute                     Dr. Gavin Troughton
             Chris Barnardo                                                                          Sensors      Adrian Lucas
                                                                                Mike Willis
                                               Roger                                Pivotal                    Imerge         Sphere Medical
       David Bending Roundpoint                Millar                             Resources
                                                                                                                                       Intrasonics
                                         Cambridge Physical             David Paton
           INCA Digital                     Sciences                        Xaar
             Printers                                                                 Dr.
                                                                                                                                                3D Molecular
           Bill Baxter                                                              GordonScientific                                             Sciences
           Will Eve                                                                  Edge Generics                        Nigel Playford      Dr. Elizabeth Hill
                                                                        Prelude
           Paul Anson         Graham Martin
                                                                                                                     Ionica                   Dr. Mark Tracy
                                                                    Dr. Robert Hook Dr.
           Mike Payne         Colin Gray                                                                                          QuantumBEAM
                                                                                 Gordon
                              Will Eve   ELMJET                                    Edge                Diomed
                                                                         CCL               PA
                                     Graeme MintoDomino
                                                                                                                                                    Adaptive
                     Acquired by                                         1960             1970             TTP
                                      David Paton                                                          Gerald
                                                                                                                                        Flying Null Screening
                      Videojet                                          Dr. Robin
                                                                                                           Avison          Wavedriver
                    Technologies                                        Smith-Saville                                                        Acquired by
                                             DCS         Cambridge        Signal                     Dennis
                                   Mike Stroey                                                                                               PowerGen
                                                           Mass         Process Ltd                  Fielder                   Automation
                                                        Spectrometry Until 1985               Symbionics                       Partnership
             Xennia                                                 Dr. Collin
                                                                             Plextek                                                        Demerged from
           Technologies                                              Smithers
            Alan Hudd                                                                                                                         TTP Group
                                                                                                                                   Automation
                                                                       1986-1990                                                   Partnership
                     Transversal    Barrie Griffiths
                     David Yip      Steve Mullock     Kore                                                                     Myraid
                  David McKay                      Technology
                                                                                                                           ip.access
                                                                       1991-1995                                                             Acquired by
                                                                                            Acquired by                 Acumen
                                                                                                                                               Mettler-
                                                                                             Cadence                   Bioscience
                                                                            Ubinetics                                                          Toledo
                                                                         Ali Pourtaheri
                                                                                                         TTP         Creativity
                                                                                            Tality     Ventures     Partnership
                                                                    1996-2000
                                         Yuno Ltd
                                                           Vivid
                                                       Stephen Eason
                                                                                                                  TTP
                                                                                                                LabTech
                                                                                             Fen
                                        Acquired by
                                          Vetura
                                                                    2001-2002             Technology
Investor networks in Cambridge
                                                                                                        KEY
                        Merlin Bioscience
                                                                          LAMBERT                        1 LINK  Through current board
                                                                                                         2 LINKS membership

                                                                                                         Currently linked through VC firm
                                               FODEN                                LONG
             DOCHERTY
                                                                 RICH




                          RICHARDS
                                                        MOSES

                                                                                           Abingworth
                                                                             BUNTING
                                                                                                        BERRIMAN
 PADFI ELD

                                                JONES

                      ROACH
              Avlar
                                                                              J. ABELL                                      KLENERMAN




                                                     GOODMAN                                  C.ABELL

       RINK
                                                                                                                 MUNRO
                                                                 CARTHY
                                                     KIRK
                               CHISWELL
                                                                                           FELLNER
   GONZALEZ                                                 JENNI NGS


                                            WINTER
Cambridge Companies linked by multiple Directorships
                                                              ABCAM
                                               RIBOTARGETS                  ACAMBIS

                                                                                              BIOWISDOM
                     DE NOVO PHARMACEUTICALS


                            BIOTICA                                                                KUDOS PHARMACEUTICALS


    CAMBRIDGE BIOTECHNOLOGY                                                                                 IONIX



                                                                                                               AKUBIO
      ASTEX TECHNOLOGY


                                                                                                                     ISOGENICA
              CENES

                                                                                                                       PARADIGM THERAPEUTICS

           DOMANTIS

                                                                                                                        SMARTBEAD

           PROTEOM
                                                                                                                       LORANTIS


               ARAKIS
                                                                                                                      AMEDIS PHARMACEUTICALS


           SYNGENIX

                                                                                                                    PROCOGNIA

            IMMUNOBIOLOGY LTD

                                                                                                          DISCERNA

                             DANIOLABS
     KEY
                                                                                                  ADPROTECH
           1 LINK                        AMURA
           2 LINKS
           3 LINKS                                                                    PHICO
           4 LINKS                                   SOLEXA
                                                                      CAT
           Examples of the tech sector
                                                                                                        Computer laboratory,
           Hermann Hauser          Acorn - 1978                             Andy Hopper                 University of
                                                                                                        Cambridge

NetProducts                                                                                       Orbis 1978
    Ltd                             Acquired by                                                                  Cambridge
                                    Olivetti, Italy           Olivetti Research                                  Processor
                                                                 Laboratory                                      Unit Ltd
NetStation Ltd                            IQ (Bio)
                                                                                                 Cambridge
  NetChannel                               Harlequin                                             Broadband
 Ltd                                                                                              Ltd 1999
                                       IXI Ltd
                                                                             Acquired by
Acquired                                                                     AT&T in 1999
              Orbis                Entertainment On-Line
by NTL

                 Vocalis            EO Incorporated                                    IPV
                                                                                   (Telemedia
              Advanced                    Virata (Advanced                        Systems Ltd)
              Displays              Telecommunications Modules                        1995
               Limited                  Limited – ATML) 1993
                                                                                     Adaptive
                                  - Active Navigations ltd
                                  - ART                                           Broadband Ltd
                                  - Cambridge Broadband                               1986
              Amadeus Capital     - Cambridge Silicon Radio
              Partners -1997      - Ciphergen Biosystems
                                  - Clearswift
                                  - Commtag ltd
                                  - Element 14                        ARM
                      Cambridge   - Entropic Research
                      Network
                                  Laboratories
                      (1998)
                                  - Plastic Logic, etc
               Examples of biotech sector
                                                                    Ciba-Geigy

                                                                     Trebor                                                                 Allellix
                                                                                                     Chris Evans
                   Alan Goodman                                       AGC                                                                     Genzyme



   Avlar BioVentures                 ATM 1991                   Medeva 1989
            1998
                                                                                                                                         Merlin Ventures
                                                                               Celltech Group
- Amura
- De Novo
- Intercytex
- Gendaq, so                                                                             Enzymatix ltd(1987)             Toad,1994             - Cyclacel
on                                                                                                                                             - ReNeuron
               CORE                                                                                                                            - Microscience
               Group                                                                                                            Celsis         - Eurogene
                                                                                                                                1992           - Vectura
                                                      LIDCO                                                                                    - Bio Vex
                                     Oxford                                                                                                    - Pan Therix,
              Salix                Biomedica                                                                              Cerebrus ltd         etc
          Pharmaceutical                                          Peptide
                                                                                               Chiroscience
                                                                Therapeutics
                                                                                                   1992
                                                                                Onyvax
                           Amura                                                                               Enviros
                                                  CeNes                                                        1995
                                               (Daniel Roach)
      Multiple roles of entrepreneurs

                                                             COMPANY
                                                            FOUNDERS


                                                                            ACADEMICS
                                        FINANCERS



                                                            CAMBRIDGE
                                                          ENTREPRENEURS


                                        BUSINESS                             RESEARCH
                                        SERVICES                           ORGANISATIONS


                                                           OTHER HI-TECH
                                                             START-UPS

Create a network of networks, exchanging knowledge, expertise
                and components of each other
    So, why are there no giants?
•   Do they move on too early?
•   Investor bias – stage funding causing paralysis?
•   Ambition?
•   Assumptions about managerial ability?
•   Culture of small and big businesses?
     – Last thing you want is a bunch of entrepreneurial employees –
       need outputs…
 Questions?

• Are the shareholders and CEOs actually stifling
  the very spirit that drove them to start their
  businesses?
• How do you recognise and sustain the spirit of
  enterprise in your organisation?
• Here are some questions for table discussions….
 Discussion topics – releasing or
 stifling the entrepreneurial and innovative spirit.

• What is your business planning process like (assuming you have
  one)?
• How do new ideas travel through the organisation?
• What is the quality of your contacts?
• What formal or informal processes do you have to engage in
  innovation?
• What are the barriers and enablers for innovation and enterprise
  in your business?
• Are there any hotspots of innovation and enterprise in your
  organisation? Where are they and what are you doing about
  nurturing them?
Transitions
Model for increasing e-Intensity

                 PERCEPTIONS




                                                   CONNECTED BY PROCESSES
                 EDUCATION




                                                                            LEADING TO NEW
    LEADERSHIP




                                                                               OUTCOMES
                 ACCESS TO
                 INFORMATION

                 FINANCE


                 INFRASTRUCTURE




  ENABLED BY APPROPRIATE FUNDING AND SUPPORT BY WAVENEY
                DISTRICT COUNCIL AND OTHERS
Question & Answer




        shai@transitions.co.uk

								
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