World renowned entrepreneur Steve Blank, dubbed the father of modern entrepreneurship, has commented on AI’s profound impact on business over the coming year.
The Stanford Adjunct Professor and co-founder of the Gordian Knot Centre for National Security Innovation, Steve is credited with changing how startups are built; how entrepreneurship is taught; how science is commercialised; and how companies and governments innovate.
Steve recently shared his views in a Q&A, including his advice for budding entrepreneurs, ahead of speaking at Saïd Business School later this week as part of the Oxford Seed Fund’s 10th Anniversary celebrations.
Q. In a challenging global economic climate, with much political instability, what are your thoughts on the future of entrepreneurship?
This is an exciting time to be an entrepreneur. AI has just transformed every industry and every business. Every possible piece of commerce and enterprise - software, consumer stuff, defence - is going to be reinvented in the next year with the application of generative AI and other AI models.
Q What kind of impact do you think generative AI has on innovation now, and what do you predict that will look like next year?
It is going to change every part of the innovation process all the way from discovery to validation to creation of products. There isn’t a single place it is not going to touch.
Q. What are the biggest misconceptions about entrepreneurship you see?
People think you go to school and you are ready to be a CEO, that because you read about how to start a company or took a class, you are therefore ready to be a founder. It doesn't work that way. Trying to be an entrepreneur without experiential education is like trying to be a heart surgeon by reading a textbook.
Q. How important is the role of schools and universities within entrepreneurship, and what should business schools and higher education be doing more of?
Universities like Oxford are key to a thriving entrepreneurial ecosystem. Years ago, entrepreneurship was taught like everything else, inward facing, with a mindset of, 'I focus on what I know as an academic and I will teach you that'. It was mostly theory and/or consulting experience with large corporations. Today, instead of being passive, more and more universities are becoming active in building an entrepreneurial community. They have internal incubators, maker spaces, their own venture funds. They connect to the community; they connect to venture capital. They've become outward facing. It's a big idea.
Q. Many of our students are entrepreneurs. What advice would you give our current cohort as they look to make their mark in the world?
Don't undervalue the importance of risk capital at scale in an entrepreneurship ecosystem.
Steve is also the author of The Four Steps to the Epiphany, and The Startup Owner's Manual, which revolutionised how startups were built. His Harvard Business Review cover story redefined how large companies can innovate at speed.
The fireside chat with Steve is happening at Oxford Saïd on 9 June between 10am and 11am, ahead of of a day of activities to celebrate the Oxford Seed Fund's 10th anniversary. It has been organised by the School's Entrepreneurship Centre, which supports the Oxford Saïd community and University of Oxford students to pursue their entrepreneurial ambitions.
Photo courtesy of Steve Blank.