Silicon Valley in Riga?Innovations at TechHub
Andris K. Berzins @akberzins
Who is Andris K. Berzins?
Stanford Business School
Bain & Company - strategy consulting
AeroScout – real-time location solutions
Livebookings – online restaurant reservations
Amooz – digital loyalty solution for restaurants
Reach.ly – behavioural analytics for e-commerce
Creandum – Stockholm-based venture capital fund
BuzzTale – Instagram meets Storify for enterprises
What is TechHub Riga?
Co-working space for “product oriented” startups
30+ startup teams, 75+ residents
First intl. branch of TechHub London
Startup event organiser
Goal to help create the environment for the “Skype of Latvia” to emerge
Non-profit foundation
Run by entrepreneurs
Funded by membership fees, some sponsorship and events
Moving to new space double the size!
What is a Startup?
A startup is an organization in search of a repeatable and scalable business model
- Steve Blank
Why do startups innovate effectively?
Take risks.
Fail.
Take more risks.
Fail.
Take even more risks.
Usually die.
Sometimes succeed…..
Why do startups innovate effectively?
Take risks.
Fail.
Take more risks.
Fail.
Take even more risks.
Usually die.
Sometimes succeed….. if they focus on what they are good at and learn from their mistakes.
Why can corporates learn from startups?
Take risks.
Embrace and celebrate failure (“it is better to ask for forgiveness than to ask for permission”).
More small experiments than grand plans (the Post-it story)
Give innovators room to experiment and the time to focus.
Pick up what works and scale it.
Questions? @techhubriga@akberzins
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