7/31: Chuck Eesley at SSE Labs – Tech Entrepreneurship
This Friday, we were fortunate to have Chuck Eesley join us to speak on “Success Factors for Technology Entrepreneurs.” Chuck is a professor at Stanford in the Management Science & Engineering department and maintains a weblog. He is also a faculty member of STVP, the Stanford Technology Ventures Program. Prior to coming to Stanford, Chuck worked as a consultant and analyst, founding Lobby 10 Consulting and also served as a mentor to teams in the MIT 100K and Ignite Clean Energy Competitions. He focuses on strategy and technology entrepreneurship, and teaches E145 (Technology Entrepreneurship) at Stanford.
Our teams were able to gain some great insight to the findings of Chuck’s research on Entrepreneurial Impact, which examined different success factors for startups. For example, he provided his data-driven inferences on the positive correlation between the number of founders on the chance of the company having an exit or IPO. His research surveyed around 8,000 MIT alumni entrepreneurs and plans to continue his research in the area.
Chuck presented a lot of information in his slideshow under a few main points that he wanted to emphasize:
- Learn to share well with others. Chuck noted Noam Wasserman’s “Rich-versus-King Tradeoff,” which states that there is a negative correlation between valuation of a founding member’s share and the amount of control (defined as Board control and CEO role) he has in the company.
- Try, try again. The more ventures someone has been involved in, the more likely they are to find funding, launch successfully, etc.
- Be careful who your friends are. Among other things, it’s important to carefully weigh important decisions like early hiring and co-founder selection.
Thanks again to Chuck for a great talk and the presentation from his unique research-based perspective.