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Opportunity Generation
AdQuantic is a scientific tools to boost your Google AdWords revenues.
From theoretical physics to startups:
Find problems: 1. Commercial side; 2. Edwards bidding system; 3. Many keywords; 4. Rol per keyword to evaluate;
An innovative solution: Experts in quantum physics and statistical physics and cross-domain expertise.
Finding a CTO: Academic career and motivative. The first year is to do researches and if the result is available, continuing to do researches otherwise projects will be closed.
Finding a CEO: The work of a CEO is concentrating on market and product positioning.
Two different visions: Developing a powerful technology company and add values to scientific background; break even as soon as possible in order to do this have to give clients whatever they want.
Forming a team: Technical and R&D parts. And after hiring several person they realized that it is important at CV and interpersonal relationships.
Exit strategy: The mixture actions of almost break even and cutting edge product makes this company attractive and they received 500K euros raised from BAs.
Causation and effectuation
Introduction to causation and effectuation:
What is the role of effectuation and causation in entrepreneurship?
- Causation processes take a particular effect as given and focus on selecting means to create that effect.
- Effectuation processes take a set of means as given and focus on selecting between possible effects that can be created with that set of means.
Steps
- Identified opportunity;
- Conduct competitive analysis and conduct market research;
- Develop business plan;
- Acquire resource stakeholders appropriate for implementing the plan;
- Adapt to changing environment.
Summary the differences between causation and effectuation:
| Causation | Effectuation | |
|---|---|---|
| Given | Effect | Means |
| Decision marking | Choose means to achieve effect. Based upon expected return effect dependent | Choose between possible effect. Based upon affordable loss dependent |
| Competencies employed | Exploiting knowledge | Exploiting contingencies |
| Nature of unknowns | Predictable aspects of uncertain future | Controllable aspects of unpredictable future |
| Underlying logic | What extent predict future | What extent control future |
| Outcomes | Market share | Market decision |