Dow Chemical Corporation
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Case 03 | Dow Chemical Corporation
Ian Telford was successful as the manager of the new venture because he saw an opportunity and took advantage of it by acquiring resources from Dow Corporation and assembling a great team. As a leader, Telford understood that his resource wasnt just the $100,000. He utilized his relationships between the company and others to obtain a lot of free advice from people who had experience; he even utilized his customers. Additionally, he built a business model that allowed him to take calculated risks, but he also made sure that he developed an exit strategy for his team as well. Telford also selected a team that was driven by opportunities, was enthused and shared the same vision as he did. He shared his enthusiasm and was passionate about his work which inspired others to feel the same way. Telford successfully found the balance for the Timmons Model.
Telford was also very fortunate that he had the support, even though not initially, of the corporate sponsors. Henry Vermaak played a key role; he was an outsider who was skeptical of the idea initially, mainly concerned with price-transparency upsetting big clients. He called himself a “concerned supporter.” Getting the perspective of an “opposing” outsider is crucial in a new venture as they insight on discussions that the entrepreneur may not have thought of or realized. Timmons mentions the weak ties can offer the most information on how to turn yours problems into business opportunities and though Vermaak wasnt opposed to the idea, he certainly had his reservations. And from this, Telford knew that Vermaak was right and had to find a way to price the 8 items online properly to ensure he would still get buyers without losing the companys largest clients. Phil Cook also played a large role, sharing an entrepreneurial way of thinking. He foresaw the growth in internet usage and wanted to get in on it before everyone else had gotten all the pieces of the pie; he also saw that it was a good opportunity, good timing, and in good hands. All of this combined along with Telfords passion for the project and his ability to deliver, Cook supported him whole-heartedly. It is not only important to get the buy-in from your team, but from the sponsors as well. The sponsors need to understand the opportunity and understand the entrepreneurs ability to perform to have a successful business model as the sponsors can also serve as mentors.