오종훈 jhoh@pulsus.co.kr blog.naver.com/jjhoh

기술개발 파라다임의 변화와
기업가정신
오종훈
jhoh@pulsus.co.kr
blog.naver.com/jjhoh
연도별 벤처기업 IPO (KOSDAQ)
150
112.5
75
37.5
0
2002
2004
2006
2008
Source: KVCA(2009)
Case Study:
salesforce.com
Salesforce.com IPO Raises $110 Million
By Jason Compton - Posted Jun 23, 2004
Salesforce.com successfully launched its IPO on the New York Stock Exchange, roughly one month after its expected debut. Trading under the
symbol CRM, 10 million shares of Salesforce.com stock were priced overnight at $11, well above the initially planned range, putting $110 million in
the company's coffers. The stock quickly appreciated, selling at over $15 for most of the day before shooting up late to close at $17.20, more than
a 55 percent first-day gain.
Salesforce.com's scheduled May IPO was delayed due to procedural missteps by the company, including a high-profile article in The New York
Times written with the full cooperation and participation of Salesforce.com CEO Marc Benioff during the SEC-mandated quiet period. But the
success of the launch indicates that investors were not distracted from the company's strong customer growth and recent profitability.
Going public creates a new set of challenges for Salesforce.com. Not only must its management continue to comply with ongoing and increasingly
complex disclosure regulations, but it must also contend with the overnight wealth enjoyed by the company's currently faithful employees. Erin
Kinikin, vice president and research director at Forrester Research, says, "There is a core set of people that is going to come out of the lockout
fully vested, and quite wealthy," referring to a span of several months when insiders participating in an IPO may not sell their shares. "The kinds of
things Salesforce.com needs to worry about are employee retention and customer satisfaction, because in the hosted model, if the customers
don't renew, all you're doing is churning."
Industry watchers are keeping a careful eye on how Salesforce.com spends its money in the future. In the IPO process the company had disclosed
that it spends significantly more on sales and marketing than on research and development. "Salesforce.com spends about nine percent on
R&D....That means they have around 60 people really keeping the entire 10,000 customer system up and running," Kinikin says. "There certainly
are going to be a lot of other companies that would like to hire them away."
"They're going to have to go beyond basic levels of functionality and put more into R&D in order to keep winning contracts and keep clients from
churning," says Wendy Close, CRM research director at Gartner.
If Salesforce.com's competitors learned anything from its financial disclosures, they aren't telling. "The only surprise was what wasn't in there,
really," says Siebel On Demand General Manager Ken Rudin, referring to any detailed plans for vertical market support or on-premise software.
"The big bet in all this is that investors will value the relatively certain revenue stream generated by subscription pricing at a much higher value
than the feast-and-famine nature of licensed software sales," says Mike Doyle, chairman and CEO of Salesnet. Doyle adds that a strong
Salesforce.com showing would bode well for a potential Salesnet IPO next year.
Later this year RightNow Technologies, another on-demand CRM specialist, will have its IPO. "RightNow has already filed, and RightNow is to
hosted service what Salesforce.com has been to hosted sales," Kinikin says. "Then, I think we're going to see some acquisitions and
consolidations."
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Challenge for a High-Tech Company

Technology oversupply

Market Uncertainty

Global competition

Everybody innovates

Technology Paradox – Moore’s Law

Doing more with less

Recession!
Does high-technology entrepreneurship work?
3 Agony
of
3.0 generation
• Diminishing Profit
• Stalled Growth
• Difficult Sustainability
Technology Adoption Life Cycle
Main Street
Tornado
Early
Market
Chasm
Bowling Alley
The Category Maturity Life Cycle
Market Growth
Indefinitely elastic
middle period
Growth
Market
C
Mature
Market
B
Declining
Market
A
Technology Adoption
Life Cycle
D
Fault
Line!
E
End of
Life
Time
Cisco Systems and
The Category Maturity Life Cycle
Internet Routers
• Core
• Edge
• Access
Internet Switches
• Modular
• Stackable
Advanced
Technologies
• VOIP
• Security
• Wireless
• SAN switches
Home Networking
• Wireless networks
• VOIP adapters
Non-Internet
Protocol Support
• SNA
• ATM Frame Relay
• Novell Netware
• Etc.
C
B
D
A
Sector Futures
• Data Center Virtualization
• Service Provider Triple Play
• The Networked Home
E
Problem Children
• Optical network equipment
• Service Provider access
A Broad Universe of Innovation Types
다양한 혁신 유형
Line Extension
Innovation
Enhancement
Innovation
Marketing
Innovation
Experiential
Innovation
Platform
Innovation
Organic
Renewal
Product
Innovation
Acquisition
Renewal
Renewal Innovation
Harvest
& Exit
Disruptive
Innovation
Application
Innovation
Value Engineering
Innovation
Integration
Innovation
Process
Innovation
Value Migration
Innovation
Four Innovation Zones
Line Extension
Innovation
Platform
Innovation
Product
Leadership
Zone
Enhancement
Innovation
Marketing
Innovation
Customer
Intimacy
Zone
Product
Innovation
Renewal Innovation
Experiential
Innovation
Category
Renewal
Zone
Harvest
& Exit
Operational
Excellence
Zone
Disruptive
Innovation
Application
Innovation
Value Engineering
Innovation
Integration
Innovation
Process
Innovation
Business Model
Innovation
Open Innovation
Generation 3.0
Web
Marketing
icon
1.0
Multimedia Technology IBM, HP,
Microsoft
High-speed push
PC
2.0
Two-way
SNS, Wiki
Blog, UCC
Market
pull,
prosumer
Google,
Myspace,
Amazon
3.0
AI
Semantic
3D
?
?
Amazon.com
Hint of 3.0 Generation
predictive behavioral targeting
customized recommendation system
subscribe RSS of other people
Steve Jobs
Prêt-à-Porter
Channel (유통채널)
3.0 Platform Strategy
•
Technology Platform
•
Marketing Platform
•
Icon
•
Philosophy
•
Ecosystem
Technology Platform
Software Platform
Quiz: The First High-Tech Industry?
최초의 첨단사업은?
New Store
3.0 Trend
Product = Service
 SaaS
(Software as a Service)
Product = Service
Who is Nokia’s major
competition?
Quiz
 What
is common for the following
products?
Apple Mac mini, iPod, iPhone, Intelbranded motherboards, Dell PC,
Hewlett Packard PC, Sony
PlayStation 2 and PlayStation 3,
Nintendo Wii, Microsoft Xbox 360
for, Motorola cell phones, and
Amazon Kindle
Top Ten EMS
Company
Name
2007
Annual
Revenue
(000)
2006
Annual
Revenue
(000)
Change
2007 Rank
2006 Rank
1
1
Foxconn
US$54,706
US$39,253
39%
2
2
Flextronics
US$33,346
US$28,876
15%
3
4
Jabil
US$12,432
US$11,087
12%
4
5
SanminaSCI
US$10,138
US$10,872
-7%
5
6
Celestica
US$8,069
US$8,811
-8%
6
7
Elcoteq
US$5,740
US$5,139
11%
7
8
Benchmark
US$2,915
US$2,907
0%
8
9
Venture
US$2,617
US$1,971
33%
9
10
USI
US$2,046
US$1,676
22%
10
NA
Plexus
Total Top
10
US$1,624
US$1,513
7%
US$133,633 US$112,105
19%
32
Top Ten ODMs
Company
Name
2007
Annual
Revenue(00
0)
2006
Annual
Revenue
(000)
Change
2007 Rank
2006 Rank
1
2
Quanta
US$23,259
US$14,170
64%
2
1
Asustek
US$23,033
US$17,348
33%
3
3
Compal
US$13,634
US$9,410
45%
4
6
Wistron
US$8,658
US$6,603
31%
5
4
TPV
US$8,419
US$7,238
16%
6
5
Inventec
US$7,191
US$7,167
0%
7
7
Lite-On
US$5,760
US$5,048
14%
8
NA
Innolux
US$4,806
US$3,207
50%
9
10
Mitac Intl
US$2,558
US$2,540
1%
10
8
Inventec
App
Total Top
10
US$2,378
US$3,389
-30%
US$99,696
US$76,120
31%
Data by iSuppli Corp.
Figures in $US Millions
2007 figures are preliminary
33
Ecosystem Platform
- Extended Enterprise
Value Chain
Porter’s Five Forces
Three Types of Integration
 Vertical
integration
 Horizontal integration
 Virtual integration
Ecosystem
- Value Chain Sharing
Ecosystem
- Value Chain Sharing
Open Business Model
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23
40



Wines and spirits
–
Château d'Yquem
–
Hennessy
–
Krug
–
–
Mercier
Moët et Chandon Veuve Clicquot
–
Glenmorangie
Watches and jewellery
–
Chaumet
–
–
Dior Watches
Fred Joaillier
–
OMAS
–
TAG Heuer
–
Zenith International S.A.
Fashion and leather goods
–
Fendi
Berluti
–
Celine
–
Donna Karan
–
eLuxury
–
Emilio Pucci
–
Givenchy
–
–
Kenzo
Loewe
–
Marc Jacobs
–
Quiz
이 회사들의 공
통점은 ?
LVMH
High-Tech Industry
evolves to
Fashion Business
 Technology
is commodity
 Design is a core competency
 Product = service
 Outsourcing
 Virtual integration
 Value chain sharing
 Creative Director
Marketing Platform
Fashion Show
Communication Platform
Icon
Marketing Platform
Sales = Communication
Communicating Philosophy
Taste
Taste > Quality
Who Makes Brand Identity?
• Engineer?
• Designer?
• Architect?
• CTO?
• CEO?
• Creative Guru
Chief Creative Guru
Case Study
• SaaS CRM (SFA) - new business model
• force.com - shared technology platform
• Developerforce - developer community
ecosystem
• Icon and evangelist of SaaS
• Stable cash flow and growth
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Ascent:Order Management,
Inventory Control, Warehouse
Management, Manufacturing
Precisio Business
Solutions
Hebrew Reminders
Interactive Ties LLC
Native
Implication
for
Technology Entrepreneurship
• Reinvent business model
• Service-product fusion
• Join an ecosystem and important player
• Create icon or become an icon
• Propagate your philosophy
• Respect of stakeholders
Triple Play Strategy
• Create Technology Platform
• Revolution of Paradigm
• Create Icon
• Create and propagate Philosophy
• Get Loyalty of Customers
• Create Ecosystem