spotlight on female entrepreneurs

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Spotlight on Female Small Business Owners and Entrepreneurship Small Business Summit MaRS Discovery District Tuesday November 8 th , 2011

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Brought to you by The Globe and Mail Report on Small Business in conjunction with Achilles Media, Small Business Summit is a one-day event, geared to entrepreneurs, to kick-start your small or medium enterprise to the next level. Spotlight on female small business owners and entrepreneurship.

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Page 1: Spotlight on Female Entrepreneurs

Spotlight on Female Small Business Owners and Entrepreneurship

Small Business Summit

MaRS Discovery District

Tuesday November 8th, 2011

Page 2: Spotlight on Female Entrepreneurs

Agenda

Time Topic

1:30-1:40pm Introduction

1:40-2:10pm

Facilitated discussion

• What are your innovation priorities?

• What are the risks?

• How do you harness your strengths?

• What are the measurements?

2:10 – 2:15pm Summary and closing

Spotlight on Female Small Business Owners and Entrepreneurship

Page 3: Spotlight on Female Entrepreneurs

• Established in 2008 to provide an intimate forum for discussion and collaboration amongst women executives– Leslie Riley- President, BrandWright Inc.– Shira Yoskovitch- Principal, Supply Chain (R)Evolution

• Our forums:– Annual workshop at the Toronto Board of Trade and Calgary

Petroleum Club– Small Business Summit– Newsletters– LinkedIn group- The FACT Network– Website- www.factnetwork.org

The FACT Network

Page 4: Spotlight on Female Entrepreneurs

• Aim Life Coaching• Algorithmics• Athabasca Oil Sands Corporation• BMO• City of Calgary• Cognition LLP• Concord Well Servicing• Deeley Harley Davidson• Deloitte & Touche• Delphi Automotive Products• Eagle Professional Resources• Engineered Plastics Designs Inc• Gibson Energy• Go Transit• Homelife Realty

• Interac• Kuehne + Nagel• Nexjsystems• Odgers Interim Canada• Princess Margaret Hospital Foundation• RBC• Sick Kids Foundation• SI Systems• Stantec Engineering• Sun Life• Superior Energy• TD Bank• thetravelcompany.ca• Visa• Yellow House Events

Executives in the FACT Network come from a diverse landscape, including:

Page 5: Spotlight on Female Entrepreneurs

• Examine the relationship between innovation and risk.

• Explore perspectives from women entrepreneurs and innovators.

• Use small group discussion to develop a high level framework for managing, measuring, monitoring and reporting on innovation risk.

Our objectives for today

Page 6: Spotlight on Female Entrepreneurs

The Creativity-Invention-Innovation cycle

• Creativity: the idea

• Invention: the creativity, implemented

• Innovation: the invention, yielding market benefit

Creativity

Invention

Innovation

As Canadians, recent research shows that we excel in the “Creativity” and “Invention” phases, but significantly lag in

turning these to “Innovations”.

Page 7: Spotlight on Female Entrepreneurs

The Innovation Hierarchy

Each organization-

irrespective of size, sector or

maturity- needs a supportive

structure for innovation that

aligns to its strategic

planning and execution

process / structure

Page 8: Spotlight on Female Entrepreneurs

An innovation strategy creates transparency & feedback- critical for keeping stakeholders engaged

The process doesn’t

need to be formal and

time consuming.

Its purpose is to ensure

that everyone’s aligned

on how critical

resources- time and

money- are spent.

Page 9: Spotlight on Female Entrepreneurs

• What are your innovation priorities?

• What are the risks?

• How do you harness your strengths?

• What are your measurements?

Open questions

Page 10: Spotlight on Female Entrepreneurs

A ‘basket’ of metrics is key to understanding how your entrepreneurial efforts are working

Lagging Real Time Leading Learning

Stakeholder Strategies

Gross Contribution of New Products

NPV of Ideas Portfolio

Processes Milestones Completed on Time

Take-up Rate of New Processes

Resources External Alliances being Pursued

Culture and Organization

Staff Turnover Rate

Innovation Climate

Level of Inquiry

Page 11: Spotlight on Female Entrepreneurs

Luck happens when preparation meets opportunity

• Sustainable innovation

depends on a corporate

culture that allows risk

taking.

• Reward innovative

behaviour.

• Empower staff to do the

right thing; then show them

that it matters.

• Managing innovation risk

requires metrics even if

knowing what or how to

measure is difficult.

Page 12: Spotlight on Female Entrepreneurs

Thank you for your participation in our Spotlight discussion on Female Small Business Owners and

Entrepreneurship.

We look forward to welcoming you to future FACT events.

Website: www.factnetwork.org

Email: [email protected]

LinkedIn group: The FACT Network

In closing