Greetings and welcome to EMEN 5092, creating a technology startup company. This session, one of five. In this session, we're going to start off talking about entrepreneurial ecosystems. Let's go ahead and jump right in. Some of the things we'll be talking about is, business models embedded in ecosystems. You might recall last time at the end of 5091, we just introduced the concept of a business model. What does it mean to construct the operational nature of the business such that we understand how it delivers value and receives compensation for that value. Then we're also going to talk about entrepreneurial systems thinking. You might recall, we previously talked about the entrepreneurial mindset and we also talked about design thinking. Now we're going to integrate these concepts and combine them with systems thinking to what we call entrepreneurial systems thinking. We're also going to take a look at integral entrepreneurship. This is a framework that we can apply to the entrepreneurial landscape to give us a holistic understanding or a more complete view, if you will, and approach to how we're introducing our products and services. Then we will talk about value chains and supply chains and the importance of understanding the difference between the two and where our individual business fits into the scheme of value chains and supply chains. Last of all, and very importantly, we'll be talking about the technology adoption life cycle. What will recognize is that in many cases, as new technology is introduced into a market, there is an adoption cycle that it goes through. This has been extended to include the concept of a market adoption life-cycle and we'll look at that because it's important to understand at any given time, where does an individual offering land within the life cycle. Let's go ahead and jump in. We're going to start out with business models in ecosystems. A brief recap. What we had ended in 5091, we basically were guided through harvesting our impact. What really motivates us to create a business? What is the vision that we behold that is representative of the ideal outcome of our product or service? Then what is the mission or the method, if you will, to realize that vision? What competitive strengths might we have to support us to shield us from the other potential offerings in the market? How might we construct a value proposition to communicate clearly how our product or service delivers value to satisfy a customer's problem or need. Then all of that fitting into a model or a scheme, if you will, a manner of operating that inspires and informs a strategic plan. A strategic plan is what we use as a template or a guide in offering our business. What's very important and we'll see as we go along here, as we gather new information, we always seek to update that plan and to really look at the structure, if you will, or the methods and the processes that we are able to harvest value and then distribute it, some of which goes to our customers and some that comes back into our company. There must be some equitable, if you will, or an understandable distribution of value and that's really what the business model does for us, it's helps us to understand how that value is distributed. It's important to recognize that a business model can mature over time. As we learn and we grow, we gather new information, the market changes. A time-to-time we may need to make adjustments. It's important to understand how we might monitor those critical aspects of our operation and then may be needed. It'll be talking about later and also in 5093. What some of the granular actions, if you will, granularity of some actions. Providing more detail about how we might make these adjustments. What's important here as we lead into the notion of ecosystem is the recognition that a business model may be viewed as system. With complexity science, one way to think about it is just simple differentiation between complicated and complex. Things get complicated when we add more and more items, more and more than this, if you will, they become complex, as we add more things, we make the relationships between all of the items more and more complex. In a simple sense, complexity helps differentiate the nature of reviewing the system. But what we're recognizing here is that the business model and what we'll see is that many of these aspects of these ecosystems are interconnected, meaning that they're together. At times, it might be the linking is physical, it might be there's any energy activity.
