Entrepreneur tips from experience as the Perth business innovation ecosystem in Perth connect with the graduating Masters of Entrepreneurship students
Diverse parts the business innovation ecosystem in Perth shared their experience with the graduating class of the Masters of Entrepreneurship class at The University of Western Australia. Facilitated by Prof. Theirry Volery, Chair of Entrepreneurship and Head of Marketing Discipline, the day included visits to corporate innovators, entrepreneurs and incubators.
Studio Startup hosted a lunch seminar shared learnings from successful businesses. As Executive Director of Atomic Sky, I discussed corporate innovation and entrepreneurship, the value of lean thinking, agile innovation sprints and stage gate life-cycles. Take aways for entrepreneurs were;
- Aim to make meaning and impact. Start with a real problem that needs solving and work to a solution
- Confirm there a gap in the market and a market in the gap. Make the time and effort to validate that the market will buy and buy at the margins you have modeled
- Focus on key metrics to move forward, such as sales conversion to prove demand
- Trial and measure different lead generation and closure styles to find what works
- Business is a team sport so find partners to broaden the skill mix. Continue to add alliances and collaborations to move between stage gates faster
Greg Riebe, Chairman of Perth Angels and a EIR Corporate, then spoke about Business Angel Finance and building the investor community. Funding models and understanding how to strengthen a project or business for investment were key themes Greg’s talk. Other points included;
"Educating the private investor community on how to buy into investments in emerging high growth businesses is critical to diversifying the state's economy and growing jobs.
A great way to get better due diligence on investment opportunities in early stage ventures is co-investing via an Angel Investor group"
Other visits, topics and awesome speakers during the ecosystem engagement day;
- Introduction to the WA entrepreneurship and innovation ecosystem, Kate Griffiths (Senior Manager - R&D and Technology, EY, and Director, Founder Institute)
- The Flux and CORE incubators, Zane Prickett (Director of Unearthed) and Brodie McCulloch (Director of Spacecubed and Flux)
- The RAC Innovation Hub, Erica Haddon (Executive General Manager, Strategic Innovation at RAC)
- Woodside Energy; Innovation in a large corporation: Shaun Gregory (Senior Vice President and Chief Technology Officer, Woodside)