Ideas and inspiration for up-and-coming entrepreneurs

Description of the video:

WEBVTT 00:01.616 --> 00:05.116 (bubbly electronic music) 00:08.900 --> 00:12.250 - Innovation; it's a word that conjures up many images: 00:12.250 --> 00:15.660 imagination, ingenuity, creativity. 00:15.660 --> 00:17.520 A recent article in Wired magazine 00:17.520 --> 00:19.350 called it the most overused 00:19.350 --> 00:22.620 and yet the most important word in the world today. 00:22.620 --> 00:24.680 Yet I believe it's fraught with myths. 00:24.680 --> 00:25.930 There's a lotta things that we believe 00:25.930 --> 00:28.250 about innovation that are simply not true. 00:28.250 --> 00:29.510 The ability to innovate, for example, 00:29.510 --> 00:31.490 people think is a location. 00:31.490 --> 00:33.540 In other words, Silicon Valley or Route 6 in Boston, 00:33.540 --> 00:34.990 that if they're in that location, 00:34.990 --> 00:37.440 that automatically innovation happens. 00:37.440 --> 00:39.410 Or they believe it's the environment, 00:39.410 --> 00:41.550 so they get bean bags or food stations 00:41.550 --> 00:43.170 and think by sitting in a bag 00:43.170 --> 00:44.530 or having certain kind of food, 00:44.530 --> 00:46.540 the ideas are just gonna sprout out. 00:46.540 --> 00:49.750 Or worse yet, they think it's only a select few people 00:49.750 --> 00:52.060 that really have the ability to innovate. 00:52.060 --> 00:55.330 Well, the fact is we all have the ability to innovate. 00:55.330 --> 00:57.380 You see, it resides in all of us 00:57.380 --> 01:00.630 in something I call the entrepreneurial mindset. 01:00.630 --> 01:03.530 This mindset is something that we can all tap into, 01:03.530 --> 01:06.140 and we can come up with new ideas and solve problems 01:06.140 --> 01:09.090 and have creative solutions if we only try. 01:09.090 --> 01:11.320 But yet sometimes we believe these myths, 01:11.320 --> 01:13.880 and therefore, we block our ability to do that. 01:13.880 --> 01:15.190 It's really pretty sad when you think 01:15.190 --> 01:17.380 that one of the greatest assets we possess 01:17.380 --> 01:19.420 is our entrepreneurial mindset. 01:19.420 --> 01:21.550 When you look at the world today, 01:21.550 --> 01:24.350 you can see that the gap between what can be imagined 01:24.350 --> 01:27.540 and what can be accomplished has never been smaller, 01:27.540 --> 01:30.320 and so if we are to accomplish some great things, 01:30.320 --> 01:34.080 we need to tap into our own entrepreneurial mindset. 01:34.080 --> 01:36.380 So what exactly is this entrepreneurial mindset 01:36.380 --> 01:38.620 that I believe everyone possesses? 01:38.620 --> 01:40.560 Well, a comprehensive definition states that it's 01:40.560 --> 01:44.400 a dynamic process of vision, change, and creation. 01:44.400 --> 01:47.460 It requires the application of energy and passion 01:47.460 --> 01:49.530 towards the implementation and creation 01:49.530 --> 01:52.100 of new ideas and creative solutions. 01:52.100 --> 01:55.710 It also has a sense to recognize opportunity 01:55.710 --> 01:59.360 where others see chaos, contradiction, and confusion. 01:59.360 --> 02:00.420 Now, that's a long definition, 02:00.420 --> 02:01.950 but people say what do I focus on? 02:01.950 --> 02:05.920 I say, maybe the key words of vision, change, creation, 02:05.920 --> 02:08.990 energy, and passion, because we all possess that. 02:08.990 --> 02:11.350 Everyone has the ability to dream and to vision. 02:11.350 --> 02:14.010 Everyone has the adaptability to change. 02:14.010 --> 02:15.350 Everyone, I believe, has a desire 02:15.350 --> 02:17.460 to create something in their life, 02:17.460 --> 02:18.970 and certainly we all have energy 02:18.970 --> 02:21.440 and passion that we can put to that. 02:21.440 --> 02:23.070 But as I tell all my students, 02:23.070 --> 02:25.440 isn't the one big idea you're looking for, 02:25.440 --> 02:27.520 it's an exploration of many ideas 02:27.520 --> 02:30.460 so you can pivot off those and learn to maybe find the one 02:30.460 --> 02:32.910 that's most passionate and most energetic to you. 02:33.760 --> 02:34.880 Remember, there is no future 02:34.880 --> 02:36.990 believing something can't be done. 02:36.990 --> 02:39.320 The future's in making something happen. 02:39.320 --> 02:41.750 And by tapping into your entrepreneurial mindset, 02:41.750 --> 02:44.190 you have that ability to make tomorrow better 02:44.190 --> 02:46.130 for you and for all of us. 02:47.270 --> 02:49.940 So now that we know what the entrepreneurial mindset is, 02:49.940 --> 02:51.400 why is it so difficult for all of us 02:51.400 --> 02:53.380 to actually use it or delve into it? 02:54.220 --> 02:56.550 Well I believe there's two major reasons. 02:56.550 --> 03:00.200 One, I think, is what I call the world of paradigms. 03:00.200 --> 03:02.220 We all know what paradigms are, right? 03:02.220 --> 03:03.540 They are the boundaries, the rules, 03:03.540 --> 03:05.430 the perceptions that we live by. 03:05.430 --> 03:08.730 There's nothing wrong with paradigms in and of themselves, 03:08.730 --> 03:10.640 but when we become so wedded to them 03:10.640 --> 03:13.600 that we fail to ask any questions of why they even exist, 03:13.600 --> 03:15.080 we then start to get into what I call 03:15.080 --> 03:19.680 the terminal disease of certainty, paradigm paralysis. 03:19.680 --> 03:22.540 And when that happens, it shuts out all new ideas 03:22.540 --> 03:24.600 and all possible innovations, 03:24.600 --> 03:26.950 so our mindset just cannot work in that. 03:27.810 --> 03:29.270 A second major reason is something 03:29.270 --> 03:32.110 we do to ourselves or others do to us. 03:32.110 --> 03:34.640 I call them the idea stoppers. 03:34.640 --> 03:36.630 It's when we suggest something new, 03:36.630 --> 03:39.390 and people have an inadvertent answer back. 03:39.390 --> 03:42.040 So for example, you suggest something new as an idea, 03:42.040 --> 03:45.660 and the answer you get back is are you kidding? 03:45.660 --> 03:47.510 Or the answer you get back is 03:47.510 --> 03:50.380 we've already tried that years ago. 03:50.380 --> 03:52.950 Or even what I call the guilt trip. 03:52.950 --> 03:54.090 I don't see anything wrong with the way 03:54.090 --> 03:57.220 we're doing it now, do you? 03:57.220 --> 03:59.150 I mean, how do you answer those things? 03:59.150 --> 04:01.580 We have to be careful with idea stoppers, 04:01.580 --> 04:04.850 so I want you to be able to watch what you say to others 04:04.850 --> 04:07.290 and be able to dissect what others say to you. 04:07.290 --> 04:09.600 You need to get away from the idea stoppers, 04:09.600 --> 04:12.880 break through the paradigms, and follow the new ideas, 04:12.880 --> 04:15.860 because that's the way the entrepreneurial mindset works. 04:15.860 --> 04:18.090 Well, now we've had time to ponder the various aspects 04:18.090 --> 04:19.670 of the entrepreneurial mindset. 04:19.670 --> 04:21.290 We've looked at the importance of it. 04:21.290 --> 04:22.900 We've looked at the definition of it. 04:22.900 --> 04:24.340 We've even looked at some of the obstacles 04:24.340 --> 04:25.790 to actually using it. 04:25.790 --> 04:28.400 So, the question becomes what's the next step? 04:28.400 --> 04:30.550 Well, the next step is implementation, 04:30.550 --> 04:32.820 and when we look at implementation, it's really up to you. 04:32.820 --> 04:34.580 As I tell all of my students, 04:34.580 --> 04:36.630 the decision to act entrepreneurially 04:36.630 --> 04:39.070 is and always will remain with you, 04:39.070 --> 04:41.127 so it becomes a personal decision. 04:41.127 --> 04:43.150 As you ponder that decision, 04:43.150 --> 04:44.360 I think about a commercial that was done 04:44.360 --> 04:46.290 years ago by Apple computer, 04:46.290 --> 04:48.150 where the narrator came on TV and said, 04:48.150 --> 04:50.530 "Here's to the crazy ones, to the rebels, 04:50.530 --> 04:52.270 "to those who think differently. 04:52.270 --> 04:55.350 "And while some people see those people as crazy, 04:55.350 --> 04:58.180 "we see genius, because those people who think 04:58.180 --> 05:02.170 "they can change the world are the ones who usually do." 05:02.170 --> 05:03.760 And the reason I like that commercial 05:03.760 --> 05:05.950 is because when you think about it, 05:05.950 --> 05:08.500 it exemplifies the courage and belief 05:08.500 --> 05:10.840 that you have to have with your new ideas. 05:10.840 --> 05:12.530 Another way to look at it is something that I tell many 05:12.530 --> 05:13.960 of my students and corporate clients, 05:13.960 --> 05:15.600 and that is if you really wanna tap 05:15.600 --> 05:16.900 into the entrepreneurial mindset, 05:16.900 --> 05:20.030 you have to expect more than others think is practical, 05:20.030 --> 05:23.100 you have to dare more than others think is wise, 05:23.100 --> 05:25.970 you have to dream more than others think is possible, 05:25.970 --> 05:28.940 and you have to risk more than others think is safe. 05:28.940 --> 05:30.950 And if you tap into those elements, 05:30.950 --> 05:32.700 you've tapped into the essence 05:32.700 --> 05:35.480 of the entrepreneurial mindset, and by so doing, 05:35.480 --> 05:39.002 you will tap into the greatest part of your own true spirit. 05:39.002 --> 05:42.085 (gentle piano music)

Description of the video:

WEBVTT - This file was automatically generated by VIMEO

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This unique course is the Silicon

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Valley Venture Challenge.

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Its nickname is the Ultimate Spine Sweat Experience.

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Now, before you get too scared, let me just explain this

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to you, why it's such a great challenge.

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You're gonna work online like every other course,

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to develop a business plan, a venture plan

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that you're going to actually then present.

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But you're gonna get on a plane, fly to Silicon Valley

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and present this plan to a 20 member advisory board.

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So you leave the academic environment,

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you go into the practical world, you take everything

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that you've learned from the book knowledge,

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and now you apply it for real

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because they're gonna decide you're grade

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and afterwards you're gonna learn who they are

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and why they're really there to help you.

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So while there is the challenge

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of presenting when it's over, you get to meet all of them

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and discuss things with them.

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You build up a network of some very, very powerful people.

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We all get to go out to Silicon Valley at the end

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of the course, and you really start to kind of dig deep

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and understand the fact that this could be life altering,

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life changing moment for you as a founder, to be able

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to present a plug and play was amazing.

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So Plug and Play is a world renowned accelerator

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for startups that have helped out companies like a PayPal.

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The ability to be there with Dr.

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K and the venture capitalists

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and the IU alumni was absolutely amazing.

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Once you're done pitching to the VCs

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and you get your grade, literally about two minutes

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after you're done pitching to the VCs, they,

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they tell you how they graded you.

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You pass or failed, is you have a happy hour

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with all the venture capitalists that that came there.

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And then after that, you have a big celebration

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with your classmates with some

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of the VCs at dinner that night too.

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And to me, that is a complete difference, uh,

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between any other class I've ever taken.

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Not only you're going to create a life-changing moment

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for yourself or for your company, for your career,

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but you're also able then to have

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that congratulation moment at the end of it too,

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where you have a kind of, all the pressure relaxes

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for a moment, you're able to have those conversations

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and create those deeper relationships.

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The Silicon Valley Venture Challenge is what you make it.

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Dr. K fosters your business ideas

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and opens up his own network to allow you

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to create a real business.

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After I got the feedback from the VCs, I'm now meeting

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with about three of them here over the next few months,

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continue pursuing what this idea can look like.

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I recently graduated with Silicon Valley Challenge was one

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of the last courses

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that I did at the Kelley School of Business.

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It brought together all the concepts

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that I learned throughout my MBA.

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I've been implementing it in bits

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and pieces in my day to Bday work,

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but this course gave me the opportunity to present my idea,

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my dream to the venture capitalist and get their validation.

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This is real. This is the real

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application of all the courses.

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So this was a proof that what you learned during the MBA,

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it's not just some concepts lying here and there,

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and it has true value.

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You know, overall, the Kelly Direct experience really

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delivers because you're taking the very knowledge

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that you're learning and applying it into your own work

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settings, into your own leadership abilities,

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into your own team.

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Really, you're seeing a direct application

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of your knowledge from the Kelly Online MBA in the KD

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program, right to your careers now

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and in future things

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that you're gonna develop in your career.

Description of the video:

WEBVTT

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Welcome to the next edition here
of the Entrepreneurial Insights

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with Dr. K. As you
know, we always

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try to bring some
of the finest minds

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to share their
knowledge with us.

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And so we have a great
opportunity today.

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We have with us Ben Lytle.

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Ben is-- I'm going to read
you a little bit of his bio,

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just so you know the extent
to which he really is someone

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that we believe can share
his knowledge with us.

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But Ben is a self-made serial
entrepreneur-CEO, known

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for being ahead of the curve.

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That's something very
special about him.

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He has launched seven
successful companies, including

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two that were listed on the
New York Stock Exchange,

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creating billions
in market value.

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The best known, of course, is
Anthem, a Fortune 100 company

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with a market value
of over $100 billion.

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He's a healthcare policy expert.

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He served on state and
presidential healthcare

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commissions.

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He's a governance leader
with extensive public company

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experience, a senior
athlete, a world traveler,

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a father of three
children, and a grandfather

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to eight grandchildren,
which is really terrific.

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Ben's devotion to individual
and collective human potential

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through accelerated wisdom
guides his leadership,

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his parenting, his
writing, his speaking,

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his entrepreneurial energy,
which I can attest to,

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and his investments.

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He believes that people
and organizations today

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underestimate the extent
and speed with which they

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and the world are changing and
how they can adapt to thrive.

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Opportunities are being missed
and unnecessary suffering

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will result unless
prompt action is taken.

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He wrote an initial
book called The

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Potentialist: Your Future in the
New Reality of the Next Thirty

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years as a guide to
success through the wiser,

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timely actions, and decisions in
the opportunity-rich turbulent

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times ahead.

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But now, in his highly
anticipated and now here,

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his second book in the series
of The Potentialist he has The

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Potential: The
Pursuit of Wisdom.

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Ben offers a practical guide to
unleash potential and accelerate

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decision-making wisdom that
is vital during this period

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of the greatest change
in human history.

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So it's a true honor for me to
welcome Ben Lytle to our show

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here today and also to
really have the opportunity

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to share a couple
of key questions

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with him so we can get his
knowledge base on some of this.

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So, Ben, thank you so
much for being here.

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Oh, thank you, Don.

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It's great to be with you.

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We've known each other
for so many years,

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and it's great to
spend time together.

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It's scary how far back we go.

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Yeah, it is.

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So first thing I
think we try to cover

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these short insights in
anywhere from 12 to 15 minutes.

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So I guess the first
question, going

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back to your CEO days,
which I should mention

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to the audience, when you first
took over as CEO of Anthem,

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you were the youngest CEO in
the history of Fortune 500

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companies, which is
truly remarkable.

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Right.

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And taking that over.

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But in all those years,
20 years of being the CEO

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and with that
company, share with us

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some of your proud
moments, some of the things

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that you're proud that you
did and accomplished as really

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as I know as an innovator
inside that organization.

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Well, I think the first was
the incredible support which

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you witnessed by not just
the executives or the board,

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but the employees.

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The employees really
got behind this concept

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of building, in effect, a
super Blue Cross company

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and taking it public and
being successful and competing

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with the likes of
United and Aetna.

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And we certainly did that.

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And so their enthusiasm
and support was priceless.

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And I still stay in
touch with many of them.

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Another one that was
surprising and but wonderful

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was when you convert a
mutual insurance company from

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like Anthem was or
before or you have

85
00:04:06.800 --> 00:04:11.280
to figure out who at the
IPO, who gets the money?

86
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And you hire these actuarial
consultants and really

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the CEO and the board and
the management team really

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has no say in it.

89
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It's pretty much what
that actuarial comes out

90
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because they have to figure out
who contributed most to building

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the company over time.

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Well, in Indiana, at least,
and I believe also Kentucky,

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when we did the
demutualization, it

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turned out it was the elderly
because people would tend

95
00:04:42.400 --> 00:04:46.360
to buy a Medicare Supplement
policy, with the company,

96
00:04:46.360 --> 00:04:47.860
and then they would
keep it forever.

97
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I mean, I've done the
same thing, I bought mine,

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I've never changed.

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And that builds those build up
they contribute their premiums

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and even though they'll
have claims as a business,

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it contributes to the
building of the assets.

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So these folks,
many of them got,

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and they got the option
for stock or cash, or both.

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But if they took cash, they
got somewhere between $40,000,

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$50,000, $60,000, $70,000.

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And it was usually a couple.

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And I remember we had many
of them calling, showing up

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at the office and saying,
don't take our Blue Cross away.

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We don't want this check.

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And we said, no, no,
no, no, no, no, you

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get to keep your Blue
Cross and the check.

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And it was a wonderful--

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I couldn't have dreamed
of a better outcome.

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Right, right.

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To see those people so
satisfied, so shocked at how--

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That's right.

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Because they're the people
who can use that money.

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And of course, they went
out and bought things.

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And some of them did.

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And it helped the Indiana
economy and Kentucky

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economy, Ohio economy, too.

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So yeah, it's a great deal.

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It's fantastic.

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After 20 years of
doing that, though, you

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made really a remarkable
decision to not continue.

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Could you speak to that?

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Making the transition
to say, OK,

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I'm now going to leave the
corporate world that I've

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been in and so involved
in, and now I'm

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going to go towards the
entrepreneurial side of things.

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Yeah, well, first of all, I
was an entrepreneur before,

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and I brought that
entrepreneur because I'd built

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a company on my own before.

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I came to there and small
company, but it was a beginning.

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And it always had that
entrepreneurial drive.

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That's what made me want to
do something with the company

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that it could be a
lot more than it was.

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So that was corporate
entrepreneurship.

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But I really wanted
to-- there were

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several things I wanted to do,
and I had been really looking

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for a long time of, what do I
want to do after corporate life?

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And so I knew pretty
well what it was.

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And I had to just
someday pull the trigger.

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And it really wasn't fair for
me surprise anybody with this.

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And so I made a decision to go
into corporate to what I called

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refinement, which is now I
want to do some things I want

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to do because a CEO
of a public company,

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it's a terribly demanding job.

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You just between spending
the time on the street

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and spending the time in
your corporate obligations,

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and the industry obligations,
you don't get a lot of time

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to run the business.

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And I like running the business.

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I like building and
running businesses.

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So I decided-- I
wanted-- my oldest

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son wanted to be
an entrepreneur,

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and I had schooled him on it.

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And I kept telling
him, you're not ready.

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You have to learn the
craft of business.

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And he'd gone out and built
a good, success for himself.

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He had been with Xerox 10
years, knew how to sell

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and sold the high end printers
and stuff there and then later

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went with CVS and had run a
small business unit there.

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And I said to him one
day, I think you're ready.

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So I wanted to go into
business with him.

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Also, I had one grandchild.

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I knew I was getting
ready to have a bunch

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by the look in my kid's eyes.

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And I wanted to be
part of their life.

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I wanted to be there and
be involved in their lives

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throughout their lives.

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And the truth of the
matter is, it's very hard

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to do and run a public company.

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You can do it, but it's
going to be limited.

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And I wanted to be
able to see them

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much more frequently
than that and have

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more control of my time.

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I wanted to travel the world,
but not a week or two at a time,

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but to go somewhere and stay
for a month or two and really--

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and I did that.

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Learned to speak Italian.

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And so, it was one of that.

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And then fitness.

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You and I are both
fitness freaks.

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And I wanted to keep optimal
health throughout my life,

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and I've been able to do that.

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And so those were the things
that I wanted to achieve.

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And now, in the
entrepreneurial world,

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00:09:05.110 --> 00:09:07.430
what are some of the things
you're really working on now?

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00:09:07.430 --> 00:09:08.138
State of the art.

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00:09:08.138 --> 00:09:10.090
Because as we read
in your bio, you

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are the person that's
ahead of the curve.

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You always have been, and
I'm sure you still will be.

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00:09:14.950 --> 00:09:21.370
Yeah, well, long before
ChatGPT was announced,

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I'd been an IT guy.

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I came up through
information technology.

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My son, Larry, also was a
Purdue grad in technology

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and worked at Lilly's
in IT, and later

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went into financial
planning as a career.

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So we were kind of a
tech-oriented, I'd say tech

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and healthcare is really our
two areas of family interest.

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And so I launched with
Larry an AI company.

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But we were trying to do a
very special kind of AI which

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does deep learning.

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00:10:00.410 --> 00:10:02.650
And these are bounded
models, so you

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don't have to worry about that.

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You can control
accuracy much more,

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00:10:08.050 --> 00:10:10.970
and you can make them consistent
in their answers, which

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is impossible if you're using
ChatGPT or any of the others.

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00:10:15.610 --> 00:10:20.310
And we focused in on
education first, initially,

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but were also doing
research into healthcare

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00:10:23.170 --> 00:10:28.810
and also enabling people to
leave a legacy of their life

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experience if they
choose for their-- so

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maybe so that their
great-great-grandchildren, they

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will never see can
talk to them and see

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what they can learn from.

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00:10:39.850 --> 00:10:43.370
But also, if they want to, if
it's a choice that they would

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share that and let people who
are struggling with problems,

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if they had a specific problem,
hear how they solved it.

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So this is an exciting
idea and it's something

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that I believe will someday
become a cultural norm,

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that we'll learn as a
society, that it's better than

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00:11:00.970 --> 00:11:03.370
giving money to give
your life experience

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to future generations.

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And a lot of people think, well,
I didn't do anything special.

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Every day is special.

227
00:11:09.110 --> 00:11:11.690
You make decisions every
day, and every decision

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is something you can learn from.

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And that's something that
you can share with people.

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And how you formed your
values, the mistakes you made.

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I mean, we all learn
from our mistakes.

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How about letting our
grandkids learn from them?

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Yeah.

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So anyway, it's a fun thing.

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We're very close to cash
flow break even this year.

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Very few companies, as you
know in AI have done that.

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So we're getting
somewhere, and we're

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very proud of what we're doing.

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Yeah, it should be.

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How powerful that can be?

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I think it can be.

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It can be a game changer.

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Yeah, I would agree.

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That's incredible.

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And it's going to be
very price effective.

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That's the other thing.

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The way our CEO
has engineered it--

248
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and he's a brilliant
guy named Lige Hensley--

249
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is that this is a
self-curating process.

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And so it's going to be very
cost effective for people

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00:12:02.690 --> 00:12:04.970
to use because that's
one of the things

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that if it's an
elitist tool, then

253
00:12:06.890 --> 00:12:08.690
we didn't accomplish anything.

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00:12:08.690 --> 00:12:10.210
Well, that's fantastic.

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00:12:10.210 --> 00:12:12.990
So speaking of the
futuristic type things here,

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00:12:12.990 --> 00:12:15.370
so let's shift from
we went from CEO

257
00:12:15.370 --> 00:12:17.867
to entrepreneur and now, author.

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And so tell us a little
bit about The Potentialist

259
00:12:19.950 --> 00:12:22.650
and the beginnings
of that, and where

260
00:12:22.650 --> 00:12:25.610
it's going as far as what
you're trying to get across.

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Well, the being
ahead of the curve

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was really the result of two
avocations that came together

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when I was a young man.

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The first one was
looking at the future.

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I loved went crazy
actually over--

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I'm an avid reader.

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I read tons of books every
year, and I always have been.

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And when I was in high
school, I just fell in love

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with science fiction.

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I couldn't get enough of
it, and I'd read that.

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And then, I later learned
in college about futurists.

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And futurists are
serious, analytical people

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who try to achieve
the same thing,

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predict where things are
headed but using analytics.

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And that became an avocation.

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So I follow news feeds,
innovation feeds,

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I attend those kind
of conferences.

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I do those kinds of
things and always have.

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The other is the potential.

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And what happened there
was I took this class

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when I was in a
summer class, but I

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didn't know anything about it.

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It was an elective.

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And a professor
there introduced me

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to the concept of
human potential.

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That really, to when we talk
about self-actualization,

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we're talking about achieving
our individual potential

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and living that.

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And what happens
when you do that,

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you tend to become
wise, potentially.

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Living to your potential
makes you become wise.

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Becoming wiser makes you
live to your potential.

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And so it builds this
cycle, and you're basically

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using this innate
mechanism in you

295
00:14:01.650 --> 00:14:04.090
that everybody really
has that they may not

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00:14:04.090 --> 00:14:07.530
have tapped into that wants
to live to its potential,

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00:14:07.530 --> 00:14:10.570
because every living
creature on Earth,

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00:14:10.570 --> 00:14:14.930
we share that with-- plants,
animals, bunny rabbits,

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they're all driven to
live a full life, to live.

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00:14:17.970 --> 00:14:19.450
But it's instinct.

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We're the only creature
that, as far as we know,

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actually has a choice.

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And so you have to
make the choice.

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And so it became my North Star.

305
00:14:30.130 --> 00:14:33.470
I look at the entire world
through the lens of potential.

306
00:14:33.470 --> 00:14:39.930
Each person, each idea, each
entrepreneurial opportunity as,

307
00:14:39.930 --> 00:14:41.070
what could this be?

308
00:14:41.070 --> 00:14:42.330
Could it work?

309
00:14:42.330 --> 00:14:45.220
And I'm constantly
asking myself, why?

310
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What if?

311
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And then my favorite
word, imagine.

312
00:14:48.500 --> 00:14:51.380

313
00:14:51.380 --> 00:14:52.660
And that's how you do it.

314
00:14:52.660 --> 00:14:54.280
That's what a potentialist is.

315
00:14:54.280 --> 00:14:57.980
And then, and these books
came about because I realized

316
00:14:57.980 --> 00:15:02.860
about 10 years ago
that what's coming

317
00:15:02.860 --> 00:15:04.580
is the greatest the period--

318
00:15:04.580 --> 00:15:07.580
so we're in it now, the
period of greatest change

319
00:15:07.580 --> 00:15:08.680
in human history.

320
00:15:08.680 --> 00:15:10.660
There's been nothing like it.

321
00:15:10.660 --> 00:15:13.980
And it's a convergence
of change forces

322
00:15:13.980 --> 00:15:17.620
like democratization
and population

323
00:15:17.620 --> 00:15:21.040
decline and technologies.

324
00:15:21.040 --> 00:15:23.900
And so these technologies
and these change forces

325
00:15:23.900 --> 00:15:26.480
come together and boom,
you get an acceleration.

326
00:15:26.480 --> 00:15:30.500
Much like if you watch a river,
rivers converge, what happens?

327
00:15:30.500 --> 00:15:32.480
Speeds up and there's rapids.

328
00:15:32.480 --> 00:15:35.780
But in the end, you have a
much more big powerful river.

329
00:15:35.780 --> 00:15:38.820
And that's what's happening
to the human race right now.

330
00:15:38.820 --> 00:15:42.820
And so I wanted to
describe, with these times

331
00:15:42.820 --> 00:15:44.600
ahead, what's coming.

332
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What's this new reality
going to look like?

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And how do you adapt to it?

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How do you adapt and succeed?

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And I studied all,
and I wish I had

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done a lot of
studying before about

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these times of great
change, the Renaissance,

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the Enlightenment, the
industrial revolutions, and who

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won and who lost and why.

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And the people who
won were the people

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who saw it, looked at it
opportunistically, and seized

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that opportunity.

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The people who were afraid, oh,
it's change, I'm afraid of it,

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or who tried to deny
it, or, oh, that's not

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going to be a big deal,
they didn't do so well.

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And we don't have to have
those people lose this time.

347
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So I wrote the books
to try to help--

348
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and it's written in
very plain language.

349
00:16:30.320 --> 00:16:33.020
They're not hard to read.

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And I use a lot of examples
so that people can grasp this.

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This is not hard.

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It is possible to
adapt and thrive,

353
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and you thrive by reaching your
potential and becoming wise.

354
00:16:48.032 --> 00:16:48.740
It's interesting.

355
00:16:48.740 --> 00:16:50.740
I speak so much about an
entrepreneurial mindset

356
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that I've always
believed in, and it

357
00:16:52.260 --> 00:16:54.260
seems like it dovetails right
into what you're talking

358
00:16:54.260 --> 00:16:55.400
about as a potentialist.

359
00:16:55.400 --> 00:16:59.380
It's that mindset of looking at
what possibly can be as opposed

360
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to what can't be.

361
00:17:01.260 --> 00:17:02.240
Really remarkable.

362
00:17:02.240 --> 00:17:05.000
Yeah, it definitely did.

363
00:17:05.000 --> 00:17:07.040
And I never intended
to write a book.

364
00:17:07.040 --> 00:17:12.140
And obviously, you don't write
books these days to make money.

365
00:17:12.140 --> 00:17:16.800
I always remember, how do
you become a millionaire?

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Well, you be a billionaire
and buy an airplane.

367
00:17:18.880 --> 00:17:19.760
Well, the same thing.

368
00:17:19.760 --> 00:17:24.040
You want to lose
$100,000, write a book.

369
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So these are not
money-making enterprises.

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00:17:27.480 --> 00:17:31.420
This is a passion to try to
help as many people as I can

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00:17:31.420 --> 00:17:35.760
this time through this
one, succeed and prosper.

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And it's not hard.

373
00:17:37.980 --> 00:17:41.900
It's amazingly easy to become
wiser and reach your potential

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than you might think.

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00:17:43.660 --> 00:17:47.020
As I think of your career,
CEO, entrepreneur, author,

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you use the word passion,
and I've witnessed you.

377
00:17:49.400 --> 00:17:53.100
I think your passion has driven
you in all those three phases.

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00:17:53.100 --> 00:17:54.040
I really believe that.

379
00:17:54.040 --> 00:17:55.180
Absolutely.

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I don't know how.

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00:17:57.200 --> 00:18:00.360
I don't do it if I don't
have a passion for it.

382
00:18:00.360 --> 00:18:04.780
And particularly, at our
age, we just don't do it.

383
00:18:04.780 --> 00:18:05.420
All true.

384
00:18:05.420 --> 00:18:07.720
Yeah, well, Ben, it's been a
real pleasure having you here--

385
00:18:07.720 --> 00:18:08.100
Thank you.

386
00:18:08.100 --> 00:18:09.517
--to share some
of these thoughts.

387
00:18:09.517 --> 00:18:12.380
And I hope our audience
watching this has picked up

388
00:18:12.380 --> 00:18:15.900
on some of these nuances that
Ben has been talking about.

389
00:18:15.900 --> 00:18:18.700
But really, obviously, we
are so grateful to have

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00:18:18.700 --> 00:18:21.900
Ben Lytle here, who's a
obviously was a great CEO,

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has become a great entrepreneur.

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And now is a great author.

393
00:18:24.600 --> 00:18:26.540
And I guess I
would end by saying

394
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and always a great friend.

395
00:18:27.920 --> 00:18:28.420
Absolutely.

396
00:18:28.420 --> 00:18:29.740
And I treasure that.

397
00:18:29.740 --> 00:18:30.320
Me, too.

398
00:18:30.320 --> 00:18:30.780
Thank you, Don.

399
00:18:30.780 --> 00:18:31.500
Thank you so much.

400
00:18:31.500 --> 00:18:31.880
You bet.

401
00:18:31.880 --> 00:18:32.960
And thank all of
you for watching.

402
00:18:32.960 --> 00:18:35.252
We'll see you next time on
the Entrepreneurial Insights

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00:18:35.252 --> 00:18:37.040
with Dr. K.

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00:18:37.040 --> 00:18:40.390
[DRAMATIC SOUND]

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Description of the video:

WEBVTT

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[THEME MUSIC]

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00:00:02.980 --> 00:00:09.268

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00:00:09.268 --> 00:00:11.560
Well, welcome to another
edition of the Entrepreneurial

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00:00:11.560 --> 00:00:14.180
Insights with Dr. K. As
you know, I'm Dr. K--

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00:00:14.180 --> 00:00:18.160
Dr. Donald F. Kuratko, known
as Dr. K for over 35 years.

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So here we are.

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I've got a wonderful guest
to share with you today.

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Pete Polverini is with me.

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And Pete, if you don't
mind, tell the audience

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exactly what your role
is and with what company.

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And a little background there.

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Sure.

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Well, thanks so much
and great to be here.

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And great to speak
to all of you.

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So my name is Pete Polverini.

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I am the vice president
of Interventional MRI

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00:00:38.040 --> 00:00:39.480
at Cook Medical.

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I've been with Cook
for about 16 years

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00:00:42.240 --> 00:00:43.920
and have had a number
of different hats,

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and that's the really
neat thing about Cook--

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is you start finding your ways.

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And I went from sales
to product management,

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launched our Clinical
Programs Team,

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00:00:54.480 --> 00:00:56.320
and then moved into
business development,

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00:00:56.320 --> 00:00:58.260
and now lead our
Interventional MRI program

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00:00:58.260 --> 00:01:00.510
and what we're going to talk
a little bit about today.

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That's fantastic.

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So how important is innovation
to the role you play at Cook?

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Sure.

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00:01:07.190 --> 00:01:12.310
So in 1963 when Bill Cook
really founded Cook Medical,

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he was founded on innovation.

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Him and Charles Dotter really
were that two that came together

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from a physician's perspective.

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Dr. Dotter was a
physician that really

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had this vision
around intervention

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and how to do interventions.

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And so when I think about
that, over my 16 years at Cook,

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that we're really
founded on innovation

39
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that really has
a patient impact.

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And so as we think about this
new Interventional MRI division

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at Cook, we think about,
typically in the last 60-plus

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years we've been innovating
in multiple areas.

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So we have about 9,000 products
around the globe in basically

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every country around the
globe that we service.

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We're the largest privately
held company in the world.

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Based here in
Bloomington, Indiana.

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And we think about the
innovation of iMRI,

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it really puts us in
this new category.

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We're innovating in a space
that has never been done before.

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00:02:04.330 --> 00:02:07.271
And so I'm excited because as
you think about innovation,

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in all the years that we've
spent innovating and developing

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new technologies to really
get better patient outcomes,

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now we're moving
into a space that's

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totally different-- totally
different imaging, totally

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different environment.

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And so my R&D team
is really excited

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to go from an analog
development of tools and wire

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guides, catheters, and stents
into more of this digital space.

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How do we incorporate
imaging the tools,

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but use artificial
intelligence with those tools?

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Wow, fantastic.

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So the question is
you build a team.

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So many people in corporations
find a comfort zone,

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they'd like to stay there.

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Sure.

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With the type of work that
you're doing and the team you've

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got to put together,
how selective are you?

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How do you find those
people that say--

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I can deal with the unknown
and the uncertainty?

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So we are a small team.

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We are building this division.

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We just launched this new
division in September.

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Today, we have two divisions.

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So have a MedSurg
division-- takes

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care of endoscopy,
critical care,

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urology-- those are examples
of the MedSurg division.

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And then we have our
vascular division--

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which really focuses on
abdominal aortic aneurysms,

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drug-eluting stents
for the legs,

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venous disease for patients
that have swelling in the legs.

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As we think about the
Interventional MRI division,

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these are a group of people
that really understand imaging,

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really understand 3D spatial
imaging using an MRI.

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And so when we think
about building the team,

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I need people on that team to
really think outside the box.

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I need people to look at
the history of what they've

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been doing and understand how
they're building the devices,

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or thinking about the business
aspects or the business models,

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but really shift into what if.

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And so I'm looking for
people in that what if.

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And so as we build this
we had a team meeting,

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leadership meeting, last week.

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And that was really what I
talked about that vision.

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And as we build this team, as we
build different people bringing

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them in, I need the
folks that are really

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thinking outside that box,
because innovation can really

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sequester you into this box.

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But innovation can
also lean in and say--

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how do we open up that box
and think about that what if?

100
00:04:14.870 --> 00:04:17.170
And that's what the
Elon Musk are doing.

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That's what Apple did-- the
Steve Jobs, the Netflix-- all

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of those groups.

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They always were thinking
outside of that box,

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not just innovating within.

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One of things we talk
about in our classes,

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in corporate
innovation, is sometimes

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how restrictive the
corporate environment can be.

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Even though you
want to innovate,

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it goes against, if you will,
the grain or the culture

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of the organization.

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How is it at Cook?

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Is there a sense of freedom
to do this with their culture?

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Yeah.

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So I think at Cook, as
all big companies have,

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the bigger you get, the
more process, the bigger

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that you have to move the
ship, and those type of things.

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What I'll say at
Cook is that when

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we think about those
three divisions--

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MedSurg, vascular,
and now Interventional

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MRI-- we actually have R&D
that rolls up into the business

121
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lead or the business head.

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So instead of
before where we had

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R&D that was separate
from the business, now

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it's all integrated.

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And I think in that
environment, now

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you really understand here's
our business needs, here's

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the clinical unmet needs from
the physician and the patient,

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and how do we innovate to that?

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So that's a way that we
think about innovation

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sort of in that vertical.

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But then what Cook
really is good at

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is stepping outside the box.

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And we have a company called
Cook Advanced Technologies.

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And that company was
founded years ago.

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The president is Neil Fearnot.

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It's up in West Lafayette.

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And that space is really that
blue ocean, that blue sky.

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They're looking at things
that are 20, 25 years out.

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And in some regard,
those are the ones that

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really have that nimbleness.

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So that R&D group
is very different.

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They're able to really think
outside that innovation box.

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And that's actually where
Interventional MRI started.

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It was started with
a physician at NIH

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00:06:03.080 --> 00:06:05.813
that was working with a
company, an imaging company.

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00:06:05.813 --> 00:06:06.980
And he said-- you know what?

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I think you need to
speak with Cook Medical.

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And those two, he brought
that group together.

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And that imaging
company in Cook now

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are really moving into a
way of understanding how do

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we innovate very differently.

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And now we've taken
that technology.

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Now we're getting
ready to launch that.

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And we're bringing that into and
under the new Interventional MRI

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division.

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00:06:26.580 --> 00:06:28.440
But at Cook, we have
different segments

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of innovation, either
within the big dome

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or outside, where
we really want to be

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out there chasing that future.

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Got you.

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That's great.

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That's fantastic.

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So it's a good
culture and stuff.

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In general, when you look at
innovation inside organization

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like you're dealing with, what
are some of the challenges

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that you face?

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I mean, certainly,
just like we said--

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when you get big,
when you start trying

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to really push the boundaries.

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We live in a very
regulated environment.

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This is not just making iPhones
and things that are regulated,

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but in the medical world,
our regulated environment

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continues to put strain.

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Just recently EU MDR over
the last couple of years,

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it's a very different
approach to how

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they want to see data for
either technology that

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has been on the market for 20,
30 years, and new technology.

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And so as those new
regulations come out,

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those pose many,
many challenges.

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We may have an
innovative technology

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that we can prove through
research studies and all

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of that type of thing.

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But really, as you think
about bringing it to market,

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we have to really understand
what that market environment is.

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And I think at Cook, we
look at it as two ways.

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We don't just look at it as
what's the market opportunity,

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but we also have this passion
for underserved populations

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of markets.

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And Bill was really
passionate about that.

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And so for example,
in our space,

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we're really looking at
pediatric cardiology.

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It's a very small market.

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These are patients that have
congenital heart disease, maybe

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are on the transplant list.

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We know it's a
very small market.

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But from a Cook perspective,
we have set aside

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a portion of our
innovation to really serve

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those underserved
patient populations.

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And so we're innovative
in ways that we

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want to be in that development
phase and not in that me too,

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but in that driver--
we want to be out here

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in that sort of blue ocean,
blue sky, way out front.

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But we also look at
these innovations

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that we can absolutely go
after a population that

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may be underserved, that maybe
technology companies aren't

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going to support because
it's a small market.

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And so those are some of
the challenges that we face,

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but we continue to put
that patient at that head

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and think about how do we make
sure we're innovating for them.

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And then making sure that
from a provider's perspective

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and a hospital
perspective, we're

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bringing value to
that institution.

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But it sounds like one
of the big challenges,

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really, is the
regulatory environment

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that you have to exist within.

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Yeah.

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From a regulatory
environment, I think

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it's also understanding
how does it get reimbursed.

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So you can get it approved.

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But then there's this little
thing called reimbursement.

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How do you prove to payers
and to CMS and to tenders

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over global EU-- how
do you really show them

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that the value of that
technology that you're bringing

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really does deserve a
reimbursement cascade that

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supports that innovation?

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Because that money needs
to go back in and continue

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to innovate in that
space, in that procedure,

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in that patient population.

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So I think there's a portion of
it that's definitely regulated.

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There's that as a challenge.

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We have the
reimbursement challenges.

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And then obviously, we
face just challenges

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of competitive landscape.

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And how do we think
about the space?

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Where do we want
to drive towards?

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Where do we see others
driving towards?

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And making sure
that we're filling

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gaps for that
patient population.

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Very good.

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One thing I tell all my students
is this idea that in the future,

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as you go out to
your organizations,

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you have to develop your
entrepreneurial mindset,

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or you're not going to be
effective in organizations.

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Would you agree with that?

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I mean, what would you tell
the younger generation now,

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coming through the universities?

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Yeah, it's a great question.

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I think entrepreneurial
minds are viewed in my mind

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as two things--

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either I'm going to be
entrepreneurial in the area

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or the focus that
an organization

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or a corporate
organization is focused on.

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And you can do that.

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And you can think
about those areas.

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What I think these
students really

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need to lean into is
what is that future

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of entrepreneurialness?

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What do they need to think of?

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Everybody's doing this--
I don't want to do that.

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I want to do something that's
totally unique, totally

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different.

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Why is Uber so unique?

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Why is Amazon now a
cloud computing place?

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We all get Amazon boxes,
but now they lead--

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23% is all about cloud.

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Why are they so unique?

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Because somebody
really at that core

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understood they could be
entrepreneurial in the what

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00:11:02.020 --> 00:11:05.060
do we do today, or they
could lean outside that box

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and go-- no, I want to
do that differently.

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And I think the people
that maybe got stuck

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in that entrepreneurial
internally, like a Kodak,

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they saw it very different
than an iPhone that

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had a flashlight, a computer to
tell you how to go somewhere,

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a map system.

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Think about that.

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That was something that Steve
Jobs and that group said--

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I want to do that and I
want to do it differently.

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How do I bring those
unions together?

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So I think we need
the people to continue

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to be entrepreneurial in
this world that we live in.

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But we need a group of people
to really step outside that box

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and drive innovation.

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Specifically in the
medical device world,

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that's driving better
patient outcomes.

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One of us is, all of us are
going to be patient someday.

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That's true.

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How do we make sure that
we're driving innovation

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in a very different way?

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Wow.

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That's fantastic.

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00:11:54.660 --> 00:11:56.440
Well, Pete, I can't
thank you enough.

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These are insights that I
think all of our students

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can certainly benefit from.

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00:12:01.200 --> 00:12:05.297
And it's nice to hear someone
in the practitioner field,

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00:12:05.297 --> 00:12:07.880
speaking to us and talking about
what you're involved in right

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00:12:07.880 --> 00:12:08.300
now.

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Sure.

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And how you see the future
with some of these young people

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and what they've got to do.

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So truly valuable advice.

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00:12:13.272 --> 00:12:14.980
Well, thanks so much
for having me today.

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00:12:14.980 --> 00:12:15.880
That's great, Pete.

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And thank you all for
tuning in to this episode

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00:12:18.640 --> 00:12:20.800
of Entrepreneurial
Insights with Dr. K. It's

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00:12:20.800 --> 00:12:22.060
been great having you here.

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00:12:22.060 --> 00:12:23.720
And Pete, again,
thank you so much.

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And until next time, for
Entrepreneurial Insights

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00:12:26.040 --> 00:12:28.600
with Dr. K, I bid you
farewell and we look forward

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to our next episode together.

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Thanks for being here.

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[THEME MUSIC]

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[AUDIO LOGO]

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Description of the video:

WEBVTT

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[MUSIC PLAYING]

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00:00:03.392 --> 00:00:13.040

3
00:00:13.040 --> 00:00:14.340
Well, hello, everyone.

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00:00:14.340 --> 00:00:16.920
Welcome to the Entrepreneurial
Insights with Dr. K.

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00:00:16.920 --> 00:00:19.680
On this episode, we've
got a special guest.

6
00:00:19.680 --> 00:00:22.800
It's our William L.
Haeberle Legacy Award

7
00:00:22.800 --> 00:00:26.680
winner, the honoree we have this
year, which is Chris LaMothe.

8
00:00:26.680 --> 00:00:29.680
And I'm very proud of what Chris
has done because the Legacy

9
00:00:29.680 --> 00:00:32.479
Award that's given, not
every year, this award

10
00:00:32.479 --> 00:00:34.320
is only given
occasionally to people

11
00:00:34.320 --> 00:00:36.063
that have made a
true contribution

12
00:00:36.063 --> 00:00:37.480
to the entrepreneurial
development

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00:00:37.480 --> 00:00:38.960
of the state of Indiana.

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00:00:38.960 --> 00:00:41.620
And Chris LaMothe is certainly
an exemplification of that.

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00:00:41.620 --> 00:00:44.460
So we are very, very proud to
be honoring him here today.

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00:00:44.460 --> 00:00:47.200
And he's graciously accepted
this special interview

17
00:00:47.200 --> 00:00:49.720
so we could have
this on tape and keep

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00:00:49.720 --> 00:00:51.300
this for posterity reasons.

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00:00:51.300 --> 00:00:54.220
So welcome everyone
joining us to see this.

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00:00:54.220 --> 00:00:57.780
And Chris, I want to
welcome you as well.

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00:00:57.780 --> 00:00:59.500
What a privilege
for me to be here.

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00:00:59.500 --> 00:01:00.200
Thank you.

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00:01:00.200 --> 00:01:02.820
Well, as part of this, I'm
sure the audience says, well,

24
00:01:02.820 --> 00:01:06.070
so who is this Chris LaMothe
that's getting this award?

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00:01:06.070 --> 00:01:08.670
So tell us a little bit
about your background, Chris,

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and what you've
done over the years.

27
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Well, it's been very eclectic.

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I started out-- in my
comments this afternoon,

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I'll comment that I graduated
from Ball State University.

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I grew up in Michigan, graduated
from Ball State University.

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And the only thing that
I wanted, the only thing,

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was to go into advertising.

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I wanted to be in advertising.

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It was the only thing that
I thought I wanted to do.

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The best job I could get
out of Ball State University

36
00:01:37.530 --> 00:01:41.870
was selling cookies and
crackers for a CPG company.

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And I thought you couldn't
go any lower than that.

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I was popular with
my friends, though,

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because I always had a trunk
of out-coded product there.

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So that made me popular.

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But I've had a very
eclectic career.

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I lived in several places
around the country working

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for that company, got
transferred to Indianapolis

44
00:02:00.708 --> 00:02:01.750
and didn't want to leave.

45
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I loved Indiana.

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00:02:02.933 --> 00:02:04.350
There was something
about Indiana.

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00:02:04.350 --> 00:02:08.370
It was very, very
interesting to me.

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00:02:08.370 --> 00:02:11.250
So I took a job with the
Indiana Chamber of Commerce

49
00:02:11.250 --> 00:02:14.370
thinking that I could learn
that piece of business

50
00:02:14.370 --> 00:02:15.190
and government.

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Do it for a couple of
years, help turn it around,

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00:02:18.370 --> 00:02:20.870
and then parlay that
into a suite bank job.

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That was my thinking then.

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Well, that's the way
we all were back then.

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I ended up staying for 20 years.

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The last 10 I was the CEO.

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Then I left and went into wealth
planning practice for four years

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before starting my own
little private equity company

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and then beginning to buy
and turn around companies.

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And I did that.

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Had an exit in 2015--

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2013, excuse me.

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Stayed for a couple
of years afterwards

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to help with the transition.

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And then I was asked if I would
consider coming in and really

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trying to reinvigorate
Elevate Ventures, which

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was an organization
that was focused

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on investing in start-up
and early-stage companies

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in Indiana.

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So over that period of time,
there's a lot of road in between

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that's really been
kind of what I did.

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Yeah.

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The time with Elevate, which was
really important to the state,

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I believe, because obviously
I witnessed all this with you

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as you developed all this,
tell us a little bit more

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about those years and how you
developed that to become really

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now the most impactful
venture capital firm we

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have in the state of Indiana.

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It was interesting.

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I'll tell you, Don, I turned
down the opportunity twice.

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It's really not what I thought.

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I thought I had
another big rodeo left.

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I had sold my company,
Sherry Laboratories.

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It was very, very successful.

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And I really thought
that my next thing

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was going to do what
I did well, which

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was taking companies that were
in trouble, turning them around.

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But I was asked by the governor
at the time and Victor Smith,

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who was the Secretary
of Commerce,

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if I would take a look at that.

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And as I started
getting into it and I

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started reflecting on
my career, I just deeply

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believe that entrepreneurism
is fundamentally

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critical to the uniqueness
of this country.

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And we'd lost it in Indiana.

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If you go back into early
1900s, Indiana was a hotbed

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00:04:25.030 --> 00:04:26.250
of entrepreneurism.

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00:04:26.250 --> 00:04:29.830
I mean, the auto industry and
the automotive aftermarket

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industry really built
here in Indiana.

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00:04:32.470 --> 00:04:35.390
Very entrepreneurial,
incredibly entrepreneurial.

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But we lost it over the years.

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And so I started to get
passionate about how

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this organization,
Elevate Ventures,

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could be used to
reignite entrepreneurism

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around our state in
different communities.

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Not just in Central Indiana, not
in Indianapolis, but South Bend,

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Elkhart, Fort Wayne, Evansville,
Jeffersonville, New Albany,

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Bloomington, all over
the state to really begin

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to encourage young
people to take

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a look at the excitement
and the opportunity

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around entrepreneurism
and the importance of it.

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So that's exactly what we did.

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We started building
partnerships around the state,

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getting people to get
connected into entrepreneurism.

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We started building programs
around entrepreneurism.

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We hired a number
of what we called

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Entrepreneurs-in-Residence.

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These are people that
had been entrepreneurs,

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but they wanted to give back.

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They wanted to teach,
coach, mentor, develop.

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And we put those people
throughout the state

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and we started building it.

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And over that period of time, it
was fairly short period of time,

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PitchBook, which I know
you're very familiar with,

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started tracking entrepreneur
efforts around the country.

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And Elevate Ventures moved
quickly up to the top

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and was the number one VC
in Great Lakes and number 10

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in the world.

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And we held that ranking
for a number of years.

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That's fantastic.

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That's right.

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And the important thing I think
you did it wasn't just giving

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money, it was this idea of
mentors and partnerships

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and stuff which really
made the difference.

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It was way more
than giving money.

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It was really going
through our programs,

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our entrepreneurial
programs, our coaching.

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We partnered with you,
Kelley School of Business

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and Notre Dame and
Purdue to try to build it

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both from the universities that
didn't have it like IU did.

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And then to begin building
it out and outreaching

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into the community
beyond just universities.

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And that really
began to take hold.

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So when you look back
now, over all these years,

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how would you describe
the development

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of the entrepreneurial mindset
in Indiana over the years

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that you've worked at this?

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I would say we're still
probably, in my view,

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around between first
and second base.

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We still have a
lot of work to do.

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We have a lot of work to do.

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I think that there's still a
culture in Indiana of following

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what your parents did.

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So if your dad or mom
worked at the plant, then

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you're going to go
work at the plant.

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And I think that
there's a lot of work

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to be done to attract men and
women into higher education,

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to really help them see
a vision and a future

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around higher education and
then where to go from there.

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And then to take some risk.

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We're less risk-taking as
a society than we were back

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in the early 1900s.

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We got to get back
to the risk-taking.

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And it's not necessarily
just entrepreneurism

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around the coolest,
hottest, highest tech,

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big business kind of builds;
communities around the state

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they need entrepreneurs
that start

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a local store or a local
business or something like that.

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And then get engaged and
invest in the community,

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become part of the
fabric of the community.

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So entrepreneurism
at every level

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from the most modest level.

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I'm going to start auto body
repair garage or a vitamin

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store, all the way up to the
big launches, the ones that

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get a lot of newspaper.

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They're all critical to the
success of our communities

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around the state.

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I think you make a great
point because I've often

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talked about the fact that we
don't have to build unicorns

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and decacorns all the time.

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We have to build businesses of
all sizes, as you mentioned.

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So I think that's a great point.

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And I think by you pushing
that over the years at Elevate,

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I think that's really
expanded the possibilities.

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Well, as you know,
I mean, if anybody

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knows it better than you, I
don't know who that would be,

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but entrepreneurism
is a way of thinking.

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It's not just doing.

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It's also a way of thinking.

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You can be an entrepreneur
within a large company.

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They call it intrepreneurship.

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But it's still that it's getting
people to think outside the box

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and to take a
little bit of risk,

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move things in different ways.

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You can do that within
a larger organization,

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but you can also do it
starting something on your own.

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So getting people to think
that way is critical.

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And obviously and
your program here

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is a world-renowned program
is doing exactly that.

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We need more of it, though.

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Well, thank you.

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I appreciate that.

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As we wrap up, you
alluded to it already,

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but we're between
first and second base,

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as you said, which
was a great analogy.

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So where do you see
the future going now

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as you look ahead for our
entrepreneurial mindset here

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in the state of Indiana?

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Yeah.

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I think that Elevate
Ventures was funded

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by really the state of Indiana.

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So we were investing state
dollars, your and my tax dollars

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in start-up and
early-stage companies,

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and delivering a very
nice return, by the way.

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I think one of the absolute
criticalities in our state

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is for the legislature
and the governor

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to remain 100% behind
engagement, investment,

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and encouragement of
entrepreneurism in our state.

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It's one of the things I
think can make truly Indiana

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unique, make it attract the kind
of people that we want here.

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Investing in these smaller
enterprises, smaller

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communities, and
building entrepreneurism

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around our state.

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But it's going to take that
consistent, long-term focus

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by both the state and
the private sector

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to be behind this 100%.

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And then when you mention
the private sector,

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you look at the whole ecosystem.

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You worked with Notre
Dame, Purdue, and IU.

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The role of the universities
must be important too.

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Critical.

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Absolutely critical, important.

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And not all the--

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I mean, you think IU,
Purdue, Notre Dame,

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those are the biggies.

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But a lot of the
smaller universities

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can play a critical role
in building entrepreneurism

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and entrepreneurial thought
into their students.

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And again, I want to underscore
that it's not necessarily just

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only to go start a business.

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You can be entrepreneurial
within the public sector,

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within the private sector,
within large corporations,

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within medium corporations.

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It's a way of thinking
that encourages people

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to think outside the box and
take a little bit of risk

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to advance the purpose
of the organization.

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That's fantastic.

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Yeah.

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Great points.

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Great points.

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Well, we're honored to
have you here and give you

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this Legacy Award.

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I think, our audience
and our students

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now realize why
Chris LaMothe has

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been such an important factor
in the state of Indiana

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00:11:39.150 --> 00:11:40.830
in the entrepreneurial
development.

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It just gives you a taste of
it, which we hope to do today.

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So Chris, thank
you for joining me.

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It's a real honor
to have you here.

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And we'll be looking forward
to presenting the actual award

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later today.

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Thank you for the honor, Don.

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Appreciate it.

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It's really great.

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And thank all of
you for joining us

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for this episode of
Entrepreneurial Insights

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with Dr. K. It's been
great having you join us.

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And it's great to have
Chris LaMothe share

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some thoughts about who
he is, what he's done,

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and where we're all
going in the future.

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So thank you again.

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We'll look forward to seeing you
next time on the Entrepreneurial

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Insights with Dr. K.

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[MUSIC PLAYING]

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Description of the video:

WEBVTT 1 00:00:05.095 --> 00:00:06.435 I'm Dr. Donald F. Kuratko. 2 00:00:06.435 --> 00:00:08.555 Uh, nickname is Dr. K, 3 00:00:08.755 --> 00:00:10.555 has been my nickname for almost 30 years. 4 00:00:11.175 --> 00:00:13.155 I'm the Jack M. Gill Chair of Entrepreneurship 5 00:00:13.215 --> 00:00:15.875 and also the executive director of the Johnson Center 6 00:00:15.875 --> 00:00:18.315 for Entrepreneurship and Innovation at the Kelley School 7 00:00:18.315 --> 00:00:19.635 of Business at Indiana University. 8 00:00:22.945 --> 00:00:24.165 No, I do not have a musical background. 9 00:00:24.345 --> 00:00:25.805 Uh, I've always had an interest in music 10 00:00:25.945 --> 00:00:28.125 and the arts as well, but personally, 11 00:00:28.365 --> 00:00:29.645 I do not have a musical background, 12 00:00:29.645 --> 00:00:31.765 which I think has been a deficiency in my life, 13 00:00:32.045 --> 00:00:35.125 I might add, for all those watching, the, I am very jealous 14 00:00:35.145 --> 00:00:36.925 of all of you that have such great talent. 15 00:00:42.575 --> 00:00:44.875 The Johnson Center for Entrepreneurship and Innovation really focuses 16 00:00:44.875 --> 00:00:47.075 on the second part of the name, really, innovation. 17 00:00:47.515 --> 00:00:49.915 I think many times a lot of our music students might think, 18 00:00:49.915 --> 00:00:52.595 well, I don't know if I really wanna be in entrepreneurship. 19 00:00:52.695 --> 00:00:54.755 But in many ways, you have to understand you are innovators; 20 00:00:54.935 --> 00:00:55.995 you are very creative people. 21 00:00:56.055 --> 00:00:58.475 And so at the Johnson Center, we try to provide resources 22 00:00:58.475 --> 00:01:00.115 for you to, in some ways enhance 23 00:01:00.115 --> 00:01:02.795 that creativity in the terms of, if you were going 24 00:01:02.795 --> 00:01:04.395 to start your own venture, your own business, 25 00:01:04.395 --> 00:01:06.395 around your creative talent, we think 26 00:01:06.395 --> 00:01:08.795 that we can give you some advice and some guidance 27 00:01:09.135 --> 00:01:10.555 and what it really takes to do that, 28 00:01:10.615 --> 00:01:12.995 and some of the parameters that are, are needed for that 29 00:01:12.995 --> 00:01:13.275 to happen. 30 00:01:18.175 --> 00:01:20.755 Before you pursue a, a career in music, I would consider, 31 00:01:20.815 --> 00:01:22.795 um, exactly what your career path is 32 00:01:23.255 --> 00:01:25.235 and be able to be more flexible in that pathway. 33 00:01:25.415 --> 00:01:26.955 In other words, I think so many times 34 00:01:27.535 --> 00:01:29.475 our creative students like yourselves out there, 35 00:01:29.665 --> 00:01:32.715 gets yourselves focused on one pathway, only one way 36 00:01:32.715 --> 00:01:34.235 to do something with your talent. 37 00:01:34.815 --> 00:01:37.395 And what I would recommend is a more entrepreneurial way 38 00:01:37.395 --> 00:01:39.115 of thinking, innovative way of thinking, 39 00:01:39.295 --> 00:01:40.915 and trying to look at different pathways, 40 00:01:40.915 --> 00:01:42.675 different potential opportunities 41 00:01:42.975 --> 00:01:44.315 and ways you could use your talent. 42 00:01:44.515 --> 00:01:45.955 I think that's extremely important, so that 43 00:01:45.955 --> 00:01:48.155 as you pursue your career, there might be a lot 44 00:01:48.155 --> 00:01:49.755 of different pathways you might be able to look at 45 00:01:49.775 --> 00:01:51.435 as you hit different crossroads. 46 00:01:51.615 --> 00:01:52.955 And I think that's extremely important, 47 00:01:52.955 --> 00:01:54.595 and that is really the entrepreneurial mindset 48 00:01:55.025 --> 00:01:56.395 that we want all of you to have. 49 00:02:00.595 --> 00:02:02.955 I think it's extraordinarily important for musicians today, 50 00:02:03.135 --> 00:02:04.955 uh, as as creative as you are 51 00:02:04.955 --> 00:02:05.955 and as talented as you are, 52 00:02:06.255 --> 00:02:08.635 to have some basic knowledge about the business areas. 53 00:02:08.635 --> 00:02:11.555 Because as much as it seems like the dirty part 54 00:02:11.855 --> 00:02:14.835 of the career, in fact, it's the part of the career 55 00:02:14.835 --> 00:02:17.075 that can keep you going and enhance yourselves. 56 00:02:17.335 --> 00:02:19.195 And so, many times I've heard students say, 57 00:02:19.345 --> 00:02:20.435 I'll rely on an agent, 58 00:02:20.435 --> 00:02:22.395 or I'll let some advisor tell me what to do, 59 00:02:22.415 --> 00:02:25.355 but in fact, it'd be better if you have some basic knowledge 60 00:02:25.355 --> 00:02:27.195 to know, are you on the right pathway? 61 00:02:27.575 --> 00:02:29.835 Is the person advising you, advising you in the right way? 62 00:02:30.255 --> 00:02:32.035 And I think just some basic knowledge 63 00:02:32.035 --> 00:02:35.115 of business helps you understand in the areas of contracts, 64 00:02:35.215 --> 00:02:36.355 in the areas of trying to get some 65 00:02:36.355 --> 00:02:37.835 of these engagements set up for yourselves. 66 00:02:38.155 --> 00:02:39.355 I think that's extremely important 67 00:02:39.355 --> 00:02:41.595 that you get some basic knowledge of that so you know 68 00:02:41.905 --> 00:02:44.435 what you're being guided into as opposed 69 00:02:44.435 --> 00:02:47.395 to later on regretting some things you got yourself into. 70 00:02:52.445 --> 00:02:55.485 I think first, for all music students, I think that in a, 71 00:02:55.485 --> 00:02:57.445 in a broader picture, I really believe 72 00:02:57.445 --> 00:02:58.645 that I'd, I'd like them all 73 00:02:58.805 --> 00:03:00.285 students to have sort of an entrepreneurial mindset, 74 00:03:00.625 --> 00:03:01.645 to learn what that means 75 00:03:01.865 --> 00:03:03.725 and try to open up their innovative thinking. 76 00:03:03.805 --> 00:03:05.445 I think that's a broad-based answer, 77 00:03:05.505 --> 00:03:06.925 but I think that's extremely important. 78 00:03:07.405 --> 00:03:08.485 Secondly, I think you have 79 00:03:08.485 --> 00:03:10.325 to have some basic knowledge on the ideas 80 00:03:10.325 --> 00:03:11.405 of setting up a business. 81 00:03:11.405 --> 00:03:13.445 What does that mean? What does it mean if you were 82 00:03:13.445 --> 00:03:15.125 to build a business around your talent? 83 00:03:15.475 --> 00:03:17.445 What are some of the areas of how you market 84 00:03:17.475 --> 00:03:18.725 that type of business? 85 00:03:19.145 --> 00:03:21.525 How do you legally structure that type of business? 86 00:03:21.785 --> 00:03:24.125 And then how do you finance that type of business, 87 00:03:24.195 --> 00:03:25.325 with revenues coming in 88 00:03:25.325 --> 00:03:28.005 and costs going out. Some very basic business principles, 89 00:03:28.005 --> 00:03:30.365 but I think in a course like we offer here at the Kelley School of Business, 90 00:03:30.365 --> 00:03:33.365 it's called our, our, uh, W300 course, 91 00:03:33.595 --> 00:03:35.325 it's called Small Business Management. 92 00:03:35.585 --> 00:03:37.925 We try to, um, uh, outline some 93 00:03:37.925 --> 00:03:40.045 of those different aspects of business for you. 94 00:03:40.265 --> 00:03:42.125 So I think those are some of the basic areas I'd like 95 00:03:42.125 --> 00:03:43.445 to see every music student have, 96 00:03:43.665 --> 00:03:44.845 and I think we provide some 97 00:03:44.845 --> 00:03:47.085 of those courses over here at the Kelley School 98 00:03:47.085 --> 00:03:48.885 that I think could really help you in those areas. 99 00:03:53.185 --> 00:03:54.245 That's a really good question 100 00:03:54.245 --> 00:03:57.285 because I think today, uh, I would answer it this way: 101 00:03:57.285 --> 00:03:58.845 Most musicians and creative 102 00:03:58.865 --> 00:04:00.325 and talented people are 103 00:04:00.345 --> 00:04:03.285 so engaged in their own discipline, in what they do best. 104 00:04:03.725 --> 00:04:06.085 I think one of the, the nightmares they get into is they 105 00:04:06.085 --> 00:04:08.885 just seem to get taken down a certain pathway, which is 106 00:04:08.885 --> 00:04:11.125 what I was saying earlier, by having an understanding 107 00:04:11.125 --> 00:04:12.605 of the different pathways you could choose. 108 00:04:12.905 --> 00:04:15.525 And they, too many times they stay too focused on only one 109 00:04:15.525 --> 00:04:19.285 area, only one goal in mind, which I think tenacity and persistence 110 00:04:19.345 --> 00:04:21.085 and determination is important for that goal. 111 00:04:21.585 --> 00:04:23.485 But not having any other fallback ways 112 00:04:23.545 --> 00:04:26.765 to look at your career could be very, very, I think, 113 00:04:26.765 --> 00:04:28.005 harmful in the long run. 114 00:04:28.385 --> 00:04:30.125 So I think that's what I would tell music students. 115 00:04:30.315 --> 00:04:32.605 Make sure that as you pursue that goal with tenacity, 116 00:04:32.605 --> 00:04:35.525 and I want you to do that, but also be able to have some, 117 00:04:35.675 --> 00:04:37.685 some fallback positions of other opportunities 118 00:04:37.685 --> 00:04:38.765 that could come your way. 119 00:04:38.845 --> 00:04:40.085 I think that's extremely important. 120 00:04:45.515 --> 00:04:46.775 In so many ways, we're reaching 121 00:04:46.775 --> 00:04:47.895 out to the Jacobs School of Music. 122 00:04:48.305 --> 00:04:50.175 We're, we're forming the partnership that we have 123 00:04:50.175 --> 00:04:52.295 between the Johnson Center for Entrepreneurship and Innovation 124 00:04:52.475 --> 00:04:53.575 and the Jacob School of Music. 125 00:04:53.675 --> 00:04:55.575 So the Kelley School of Business is really reaching out 126 00:04:55.575 --> 00:04:56.655 and trying to do everything we can 127 00:04:57.075 --> 00:04:58.575 to help all of you out there. 128 00:04:58.835 --> 00:04:59.975 As I mentioned a little bit earlier, 129 00:04:59.995 --> 00:05:01.455 we have a course called W 300, 130 00:05:01.455 --> 00:05:03.335 which is our small business management course. 131 00:05:03.395 --> 00:05:06.095 We also have a course W 212, which is Exploring Entreprenuership, 132 00:05:06.655 --> 00:05:08.735 and these are courses that are open 133 00:05:08.755 --> 00:05:10.015 to all students on the campus. 134 00:05:10.355 --> 00:05:12.455 And so I think it's obviously for the Jacobs School, uh, 135 00:05:12.615 --> 00:05:14.095 students, very, very important to consider. 136 00:05:14.595 --> 00:05:18.495 Um, we also have a, um, um, a minor in entrepreneurship 137 00:05:18.495 --> 00:05:19.575 that could be considered. 138 00:05:20.035 --> 00:05:22.695 We even have the, the idea of the bachelor's degree in music 139 00:05:22.695 --> 00:05:24.775 with the outside field in entrepreneurship that we, 140 00:05:24.775 --> 00:05:27.655 we created specifically for you out there to, to look at 141 00:05:27.655 --> 00:05:29.735 and, and to get, to understand what's involved with that. 142 00:05:29.835 --> 00:05:32.495 So I think we are building a lot of resources 143 00:05:32.565 --> 00:05:33.695 that we wanna reach out 144 00:05:33.695 --> 00:05:36.655 and help you while you're here at Indiana University 145 00:05:36.875 --> 00:05:39.335 to be able to, in some ways enhance your career 146 00:05:39.595 --> 00:05:42.175 and prepare you better for the business side of things 147 00:05:42.445 --> 00:05:43.455 that like it or not, 148 00:05:43.515 --> 00:05:45.415 you will be involved in in your careers. 149 00:05:49.315 --> 00:05:51.575 My best career advice to, uh, music students 150 00:05:51.575 --> 00:05:54.055 and students in general at Indiana University, is sort of 151 00:05:54.055 --> 00:05:55.255 how we talked about a little bit 152 00:05:55.255 --> 00:05:56.335 earlier with some of the other questions. 153 00:05:56.935 --> 00:05:58.005 I think that today, 154 00:05:58.025 --> 00:06:00.165 in today's world, uh, it's ever changing. 155 00:06:00.345 --> 00:06:02.925 We all acknowledge that. We talk about the pace of change. 156 00:06:03.425 --> 00:06:05.405 But I think what we don't do is we don't prepare ourselves 157 00:06:05.405 --> 00:06:07.605 enough to immerse ourselves into those changes. 158 00:06:08.065 --> 00:06:09.525 And so I think, as I talked about earlier, 159 00:06:09.545 --> 00:06:11.885 the entrepreneurial mindset, having a much more 160 00:06:11.885 --> 00:06:13.845 of an innovative perspective on your career 161 00:06:14.305 --> 00:06:16.965 and what you hope to do and what you could do. 162 00:06:16.985 --> 00:06:18.845 In other words, opening up the pathways 163 00:06:18.845 --> 00:06:21.125 of possibility is the best advice I would give you 164 00:06:21.125 --> 00:06:23.405 because if you pursue any endeavor 165 00:06:23.635 --> 00:06:25.805 with an entrepreneurial mindset in the 21st century, 166 00:06:26.345 --> 00:06:27.405 you will find success. 167 00:06:27.555 --> 00:06:28.685 There's no question about it. 168 00:06:29.385 --> 00:06:31.205 One more thing I'd say about the best career advice, 169 00:06:31.305 --> 00:06:33.245 and that would be that most students begin 170 00:06:33.245 --> 00:06:35.085 to look at their careers as "either or." 171 00:06:35.225 --> 00:06:36.365 I mean, that's sort of the, 172 00:06:36.365 --> 00:06:38.485 the way we've always looked at ourselves as choices. 173 00:06:39.065 --> 00:06:41.165 But I think the way we have to look at the 21st century is 174 00:06:41.165 --> 00:06:44.565 this has become an era of the "and," not the "either or", 175 00:06:44.585 --> 00:06:45.845 but the "and." In other words, 176 00:06:46.145 --> 00:06:47.605 I'm either gonna do this or I'm gonna do this. 177 00:06:47.605 --> 00:06:49.805 Why don't we simply say to ourselves, why can't I do both? 178 00:06:50.785 --> 00:06:52.925 Why can't I have both? So always look at the 179 00:06:53.065 --> 00:06:55.885 "and" as the real possibilities in your career, as opposed 180 00:06:55.885 --> 00:06:58.165 to always being trapped in the "either or." 181 00:07:04.485 --> 00:07:06.445 I get excited about that. I think that we have, uh, 182 00:07:06.445 --> 00:07:08.245 some real potential in the collaborations 183 00:07:08.245 --> 00:07:10.085 between the Kelley School of Business 184 00:07:10.145 --> 00:07:11.405 and the Jacobs School of Music. 185 00:07:11.565 --> 00:07:13.565 I think it's pretty remarkable that we have two 186 00:07:13.745 --> 00:07:17.405 of the world's foremost schools in music and in business. 187 00:07:17.705 --> 00:07:19.645 And now we're trying to find a partnership together. 188 00:07:19.705 --> 00:07:21.965 And I think that in my vision, my dream is 189 00:07:21.965 --> 00:07:23.845 that we'll eventually have, uh, um, uh, 190 00:07:23.845 --> 00:07:26.725 the Johnson Center have actual space over there in the new, 191 00:07:26.725 --> 00:07:28.525 uh, Jacobs School of Music construction building. 192 00:07:28.965 --> 00:07:30.845 'cause we wanna physically be part of you. 193 00:07:31.095 --> 00:07:32.365 We're not asking you to always come 194 00:07:32.365 --> 00:07:33.405 over here to the Kelley School. 195 00:07:33.585 --> 00:07:35.605 We wanna physically be a part of your school. 196 00:07:35.865 --> 00:07:38.405 And we think that is gonna be an immense, uh, 197 00:07:38.475 --> 00:07:39.605 advancement in, 198 00:07:39.605 --> 00:07:41.005 in our partnership than just 199 00:07:41.005 --> 00:07:42.285 virtually trying to be partners. 200 00:07:42.485 --> 00:07:43.485 I wanna physically make sure 201 00:07:43.485 --> 00:07:44.805 that we immerse ourselves with you. 202 00:07:45.225 --> 00:07:46.325 So once we do that, 203 00:07:46.485 --> 00:07:48.765 I think there's a lot more things we can do in building 204 00:07:48.845 --> 00:07:50.765 seminars, building on the whole Jumpstart program, 205 00:07:50.765 --> 00:07:52.085 which is a phenomenal program. 206 00:07:52.525 --> 00:07:54.445 I think there's so many ways that we can enhance the things 207 00:07:54.445 --> 00:07:56.125 that are already started, even in the 208 00:07:56.125 --> 00:07:57.285 partnership we formed already. 209 00:08:01.085 --> 00:08:02.225 Wow, that's a great question. 210 00:08:02.495 --> 00:08:03.865 What kind of musician would I be? 211 00:08:04.405 --> 00:08:06.505 Uh, I admire so many of, of the musicians 212 00:08:06.505 --> 00:08:08.505 and I, I feel like I'm, I'm gonna hurt someone's feelings if 213 00:08:08.505 --> 00:08:09.585 I pick one over the other 214 00:08:09.905 --> 00:08:12.385 because I see so many, uh, so many talented musicians 215 00:08:12.385 --> 00:08:15.465 and they do so many things, uh, incredibly well. 216 00:08:15.885 --> 00:08:17.345 Um, for me, I'm not sure. 217 00:08:17.665 --> 00:08:19.305 I think, um, you know, 218 00:08:19.305 --> 00:08:21.145 maybe I'd probably be in the, in the horns. 219 00:08:21.165 --> 00:08:22.705 I'm, I would probably be with the brass. 220 00:08:22.745 --> 00:08:25.265 I think I, that might be something for me that I, I've, 221 00:08:25.265 --> 00:08:26.665 I've always, uh, thought would be really neat. 222 00:08:26.925 --> 00:08:28.625 Uh, so I don't know. That's, that's a really good question. 223 00:08:28.625 --> 00:08:30.345 There's so many different areas that I've been very 224 00:08:30.345 --> 00:08:32.145 impressed with when I go and see the performances. 225 00:08:32.605 --> 00:08:34.785 Um, so again, I, I would say that, uh, 226 00:08:34.905 --> 00:08:35.985 I don't wanna hurt anybody's feelings 227 00:08:35.985 --> 00:08:37.105 because I think that they're 228 00:08:37.105 --> 00:08:38.705 so talented in all the different areas they do. 229 00:08:38.805 --> 00:08:40.305 The one I know I couldn't do is voice. 230 00:08:40.805 --> 00:08:42.545 If you've ever heard me sing, uh, it's horrible. 231 00:08:42.565 --> 00:08:44.025 So that's one I know I could never do. 232 00:08:44.325 --> 00:08:45.545 And so I really admire those people 233 00:08:45.545 --> 00:08:47.785 that are in the voice area that are, are so great at that. 234 00:08:48.085 --> 00:08:51.865 But, um, but again, I, I, I think that, uh, there's 235 00:08:52.025 --> 00:08:53.665 so many areas, uh, that are creative 236 00:08:53.965 --> 00:08:55.905 and innovative, uh, in the music world, 237 00:08:56.085 --> 00:08:58.105 and I think that that's pretty remarkable what you do. 238 00:08:58.325 --> 00:08:59.825 And as I said, very at the very beginning, 239 00:08:59.985 --> 00:09:01.345 I certainly admire all of you, 240 00:09:01.525 --> 00:09:03.305 and I have a certain jealousy for the talents 241 00:09:03.305 --> 00:09:03.905 that you possess.

Description of the video:

WEBVTT 1 00:00:11.470 --> 00:00:14.075 Hello, I'm Dr. Don Kuratko. A nickname is Dr. K, 2 00:00:14.275 --> 00:00:16.675 which was given me about 28 years ago by students. 3 00:00:17.255 --> 00:00:19.595 And so that's what I'm known as here at Indiana University. 4 00:00:19.935 --> 00:00:22.275 Uh, I'm here to tell you a little bit about our major in 5 00:00:22.595 --> 00:00:23.755 entrepreneurship and corporate innovation, 6 00:00:24.255 --> 00:00:26.075 and why I think from my beliefs, 7 00:00:26.425 --> 00:00:28.195 it's a tremendous second major to have 8 00:00:28.195 --> 00:00:30.715 with another skilled major that you might be involved in. 9 00:00:31.365 --> 00:00:32.755 First of all, let me explain to you 10 00:00:32.755 --> 00:00:35.915 that all the consulting I do today around the country is 11 00:00:35.915 --> 00:00:38.995 with Fortune 500 companies, with their managers to try 12 00:00:38.995 --> 00:00:41.595 to get them to understand how to be more entrepreneurial 13 00:00:41.735 --> 00:00:44.155 or innovative in the way they do their jobs. 14 00:00:44.935 --> 00:00:48.315 You see today, in organizations, they're striving to find 15 00:00:48.315 --> 00:00:50.115 that sustainable competitive advantage, 16 00:00:50.535 --> 00:00:52.355 and the only way they're going to do that is 17 00:00:52.355 --> 00:00:54.315 to find it in the innovative spirit of their people. 18 00:00:54.775 --> 00:00:56.715 So today you have to understand that companies are looking 19 00:00:56.735 --> 00:00:59.435 for certainly people that are qualified in, in marketing 20 00:00:59.435 --> 00:01:00.555 and management and finance 21 00:01:00.655 --> 00:01:02.275 and all the different areas you're studying, 22 00:01:02.695 --> 00:01:03.715 but remember this: They're looking 23 00:01:03.715 --> 00:01:06.035 for the distinctive factor of what's gonna make them special 24 00:01:06.625 --> 00:01:08.515 when it comes to their organization. 25 00:01:09.175 --> 00:01:11.275 And that is that element of innovation. 26 00:01:11.775 --> 00:01:13.715 So if you think about it, no matter what your field 27 00:01:13.715 --> 00:01:16.875 of study will be, if you can combine it with the idea 28 00:01:16.875 --> 00:01:18.795 of corporate innovation, you're going 29 00:01:18.795 --> 00:01:21.315 to be a distinctive standout in the marketplace 30 00:01:21.575 --> 00:01:23.235 for the different jobs you may be pursuing. 31 00:01:24.095 --> 00:01:25.955 So I think when you look at our major, 32 00:01:26.415 --> 00:01:28.755 you can find something that's gonna be very special for you 33 00:01:28.935 --> 00:01:31.835 and something that you're gonna find will help you stand out 34 00:01:31.905 --> 00:01:33.115 when you interview the companies. 35 00:01:33.295 --> 00:01:34.315 Let me give you one example. 36 00:01:34.775 --> 00:01:37.595 One of our MBA students had a double major in marketing 37 00:01:37.855 --> 00:01:40.235 and the i, entrepreneurship, corporate innovation area. 38 00:01:40.825 --> 00:01:42.915 When she went for the interview with 3M, 39 00:01:42.915 --> 00:01:44.755 and they interviewed all through the Midwest, different 40 00:01:45.155 --> 00:01:47.915 students, she received the job in the marketing strategy 41 00:01:47.915 --> 00:01:49.115 area because they told her 42 00:01:49.265 --> 00:01:52.035 that while everyone else understood marketing like she did, 43 00:01:52.295 --> 00:01:55.195 she was the only one that had the corporate innovation side, 44 00:01:55.415 --> 00:01:57.235 and that was important to their future strategy. 45 00:01:57.895 --> 00:01:59.835 So remember, no matter what field you're looking at, 46 00:02:00.025 --> 00:02:03.875 this idea of corporate innovation has become huge in moving 47 00:02:03.875 --> 00:02:04.955 organizations forward. 48 00:02:05.545 --> 00:02:08.675 This is why we think we have a major that's ideal for you. 49 00:02:09.175 --> 00:02:11.195 And also for those interested in the entrepreneurship area 50 00:02:11.595 --> 00:02:13.995 specifically, we have something called our Entrepreneurship 51 00:02:14.455 --> 00:02:16.195 Lab or eLab for short. 52 00:02:16.535 --> 00:02:18.355 And in there we're trying to do a number of things. 53 00:02:18.775 --> 00:02:19.795 We have a course set up 54 00:02:19.795 --> 00:02:21.395 for you can develop a whole business plan 55 00:02:21.575 --> 00:02:24.755 and present it to venture capitalists and investment bankers 56 00:02:24.935 --> 00:02:26.675 and uh, private equity investors. 57 00:02:27.335 --> 00:02:29.435 We also have set up in there a partnership 58 00:02:29.705 --> 00:02:30.955 with Silicon Valley 59 00:02:30.955 --> 00:02:33.155 because we have a Hoosier Hatchery now set up 60 00:02:33.165 --> 00:02:35.955 where we can help you incubate your business right here on 61 00:02:35.955 --> 00:02:38.235 campus and then be connected to Silicon Valley. 62 00:02:38.895 --> 00:02:40.435 So there's a lot involved in this. 63 00:02:40.435 --> 00:02:41.795 And of course, I'm just giving you sort 64 00:02:41.795 --> 00:02:43.075 of a, a thumbnail sketch. 65 00:02:43.775 --> 00:02:45.315 But when you begin to look at entrepreneurship 66 00:02:45.315 --> 00:02:47.115 and corporate innovation, look at it from 67 00:02:47.155 --> 00:02:48.195 a number of different angles. 68 00:02:48.455 --> 00:02:51.115 One, look at it from a second major possibility, 69 00:02:51.325 --> 00:02:52.875 which would make you distinctive. 70 00:02:53.375 --> 00:02:56.115 Second, look at the deep dive we can do in entrepreneurship 71 00:02:56.115 --> 00:02:58.835 from the standpoint of your own ideas and your own ventures, 72 00:02:59.305 --> 00:03:00.725 And maybe even taking those forward. 73 00:03:01.345 --> 00:03:03.365 And finally, keep this in mind if 74 00:03:03.365 --> 00:03:04.445 you're going to be distinctive, 75 00:03:04.445 --> 00:03:06.765 while the Kelley School of Business is a tremendous degree 76 00:03:06.765 --> 00:03:10.405 to have, keep in mind that as you move forward, you want 77 00:03:10.405 --> 00:03:11.525 to be distinctive in the marketplace. 78 00:03:12.485 --> 00:03:14.845 I believe our major makes you distinctive. 79 00:03:16.325 --> 00:03:19.205 I wish you all the best in your studies at the Kelley School 80 00:03:19.205 --> 00:03:21.205 of Business in all of your major fields. 81 00:03:21.545 --> 00:03:24.005 And then I would hope you'll see this as the second major 82 00:03:24.225 --> 00:03:26.485 that's going to be the most powerful for your career.