May 2004

Entrepreneurs Look Back, Think Ahead

Where should entrepreneurs look for the next big idea? Panelists at the annual Entrepreneurship Conference recommended wireless and biotech, health and fitness, home information technologies, and the migration of products to services. It may be time, as well, to look back at ideas that failed in the 80's, paying attention to how conditions have changed, recommended Dave Whorton, MBA '97, a partner in TPG Ventures.

Eric Schmidt, Chairman and CEO of Google, projected that in the next four years changes in information technologies will set up an extraordinarily powerful platform for entrepreneurs. The founder of the North Face, Hap Klopp, MBA '66, also sees good outcomes from the revolution in communication technologies. The bubble of the late 90s "was nothing compared to the one coming in the next 5 to 10 years," he predicted.

Hap Klopp, MBA '66, founder of the North Face, also is encouraged by the ongoing revolution in communication technologies. The bubble of the late nineties "was nothing compared to the one coming in the next five to 10 years," he predicted.

Klopp also urged paying attention to customers' needs. "It's the customer who's going to decide how big your business is going to be." Pursuing his interest in sports to found the outdoor equipment and clothing firm in 1966, Klopp identified the needs of a new generation more active and interested in outdoor activities than in the past. Enthusiasm builds success, he said. "Lack of passion, not competition, is what may kill your company."

"Break some rules," advised Matt Glickman, MBA '93, former CEO of BabyCenter Inc. He challenged the conventional wisdom of online retailing in the nineties by combining editorial content and commerce. An important part of BabyCenter's success, according to Glickman, was that the editorial content gave credibility to retailing.

Where to look for the next big idea? Apart from the wireless and biotech industries, panelists suggested areas related to health and fitness, home information technologies, and the migration of products to services. It may be time, as well, to look back at ideas that failed in the eighties and pay attention to how conditions have changed, recommended Dave Whorton, MBA '97, partner of TPG Ventures.

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