The Entrepreneurial University Technoentrepreneurship: Latest Findings and Avenues of Development:...
-
Upload
osborn-wilson -
Category
Documents
-
view
217 -
download
1
Transcript of The Entrepreneurial University Technoentrepreneurship: Latest Findings and Avenues of Development:...
The Entrepreneurial University
Technoentrepreneurship: Latest Findings and Avenues of Development: Research and Practice
case: Venturelab TwenteProf. Dr. Aard J. GroenHead of department Entrepreneurship, marketing, strategy and international managementScientific director NIKOS,
The Entrepreneurial University
How to stimulate growth in high tech based firms?
• Laissez faire, the invisible hand of the market will do its work
• Governmental intervention, The visible hand steers the region: e.g.transfer state service organisations to the region; or start an university
• Co-ordinate many visible hands by building entrepreneurial networks on micro level
The Entrepreneurial University
!
Healthcare@UT MESA+
BMTI
embeddedsystems
CTIT
regenerative- medicine
nano-medicine
IGS-NIKOS
behavioral research; users, communication, learning
! ImpactMechanics,processes,and control
IBR business development & technology dynamics
The Entrepreneurial University
Entrepreneurial University excels in generating spin-off companies… but they remain small!
only moderate effect on regional employment
76 78 80 82 84 86 88 90 92 94 96 98 00 02 04
600
500
400
300
200
100
0
Spin-off Companies University of Twente
spontaneous spin-off spin-off using TOP programme
The Entrepreneurial University
Research approach combined with practice orientation
• Engaged Scholarship (Andrew Van de Ven, 2008)• Quasi-experimental research: theory guided design
of support instruments• Practice oriented implementation: entrepreneurs will
join a business development facility• Longitudinal measurement of processes• Measurement instruments which are practical usefull
e.g. diary for preparing coach meetings
The Entrepreneurial University
Research questions
1. Process: how do causation and effectuation approaches to entrepreneurship appear in practice and can differences in approaches explain firm survival and growth?
2. Resources: to what extent do types of resources and capabilities and combinations thereof explain firm survival and growth?
3. Team: to what extent is the composition of start up teams explaining differences in firm survival, growth?
4. Networking: how can differences in early networking of entrepreneurs explain differences in business performance?
5. Internationalization: what is the role of early internationalization for high tech high growth entrepreneurial processes?
6. Method: Can we design a working method of stimulating entrepreneurship?
The Entrepreneurial University
Process: causation vs. effectuation
Dimension Causation model Effectuation model
Starting point Ends are given Means are given
Assumptions on future Predictability means controllability
Controllability reduces need to predict
Predisposition to risk Expected return Affordable loss
Domain Existing products and markets
New products and markets
Attitude toward outside firms
Competition Cooperation
Type of model Linear Cyclical
How do causation and effectuation approaches to entrepreneurship appear in practice and can differences in approaches explain firm survival and growth?
The Entrepreneurial University
Resources: components vs. sets
• Economic capital (money, production factors, ideas)• Strategic capital (goals, power)• Social capital (networks, contacts)• Cultural capital (knowledge, routines)
• Basic functionalist premises: – All four types need to be present– The value of a resource depends on its function
To what extent do types of resources and capabilities and combinations thereof explain firm survival and growth?
The Entrepreneurial University
What we have: opportunities in a VL
• Groups of entrepreneurs together in one building• Early phase entrepreneurship, before idea generation• Data on entrepreneurs and on ventures• Control of training, coaching and facilities• Lifetime relation with developed businesses• Real-time a priori data before success is known • 3 months of daily contact, followed by a long period
of less intensive contact• Several batches: theory building and theory testing
The Entrepreneurial University
What we also have: restrictions in a VL
• Ethical duty to give the best we can– Can we do experiments?
• Practical relevance that is leading– Scientific contribution and approach?
• Many stakeholders– How to maintain research focus?
• Busy entrepreneurs interested in starting a business– Time for participating in research?
• A very specific non-natural environment– Generalizability?
The Entrepreneurial University
Challenges
• Making data collection unobtrusive• Integrating data collection with the program• Producing valid and generalizable results
The Entrepreneurial University
Research possibilities
• Diary / logbook• Participant observation• Assessments • Questionnaires• Interviews• Secondary analysis of project data• Follow-up questionnaires • …
The Entrepreneurial University
Suggested approach
• Central structure for data collection: business model– Main output for participants: viable business model
and plan– Facilitating reflection and learning– Monitoring progress by coaches– Record of development of the firm – Program is built around it
• Complementary data– Business plans– Business plan presentations & evaluations
The Entrepreneurial University
Business model (e.g., Osterwalder)
• Value proposition• Target customer• Distribution channel• Relationship• Value configuration• Capability• Partnership• Cost structure• Revenue model
The Entrepreneurial University
Diary questions
• What is the intended business model (value proposition, target customer, …) today?
• To what extent has this changed since the last time?• Why did it change?
• I talked to…and he/she/they said…• I heard/read…and learned that…• I thought about…and found out that…• I did a formal research and…that showed that…• I did…and found out that…• I followed …training and there I learned that…• I …
• What did you realize so far? – Resources & capabilities
The Entrepreneurial University
Questions
• Experiences?• Could this work?• Suggestions?• Related studies?• Contribute?
VentureLab Twentemain hypothesis: supporting four crucial functions of entrepreneurial system will improve growth rate
This project is made possible by contributions of the European Union and the Province of Overijssel
Entrepreneurial needs (4S model NIKOS)
Entrepreneur and
Enterprise
Not market oriented
Scope: from idea
to Strategy
SocialNetwork-Contacts
Skills:Patterns of
Organisation
Scale: EconomyFinancial
means
• Ideas• Assessing the opportunity • Strategic processes• Business plan
• Culture, values, norms• Facilities• Personelarrangements
& Systems • Knowledge
Contacts with:• Clients• Suppliers• Experts• Colleagues• Support agents
• Own capital • Bridging development
period• Financing investments
- Venture Capital- Loans
Mono-disciplinaryTeams (tech)Management skills
Strategic driftTechnology/marketSmall ambition
“Death valley”Long time to marketHigh cost - high riskUnsufficient funding
Academic networks Small markets No networks
But companies often underperform
VLT CONCEPT
Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009)
VLT instruments for success
Entrepreneur,team andEnterprise
Coaching, Training,
Team building& Courses
Scope: from idea
to Strategy
SocialNetwork-Contacts
Skills:Patterns of
Organisation
Scale: EconomyFinancial
means
• Culture, values, norms• Facilities• Personelarrangements
& Systems • Knowledge
• Ideas• Assessing the opportunity • Strategic processes• Business plan
Contacts with:• Clients• Suppliers• Experts• Colleagues• Support agents
• Own capital • Bridging development
period• Financing investments
- Venture Capital- Loans
Knowledge Office space/labsOrganisationalsupport
Strategic Coach
Access to:Soft loansParticipationVenture capital
IntroductionsBrokerageCommunity Networks
VLT CONCEPT
Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009)
VA
LU
EC
RE
AT
ION
Key success factor for value creation.. focus on personal skills & team skills
Opportunity recognition
Opportunity preparation
Opportunity exploitation
CTO/COOCulture Capital
CFO
Economic Capital
CEO
Strategic Capital
CMOSocial Capital
VLT CONCEPT
Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009)
Value Creation model of VLT
YOURVALUE
YOURIDEA
VLT support
VLT CONCEPT
Value creation support.. unique and integral approach
CoachingGuidance
M
T/O €
S
OfficesLabs
ResourcesCapital
Pers. skills
Team skills
CommunityNetworks
S = StrategyM = MarketingT = TechnologyO = Operations€ = Finance
VLT CONCEPT
Coaching & guidance key for success
InternalDevelopment
ExternalEnvironment
coaching
guiding
VLT CONCEPT
Therefor: VLT design… addressing all shortcomings• Early stage support from (international)
trainers, personal coaches and experts– Business planning, marketing, production, finance, etc– Competences and skills
• Building of and working with multidisciplinary entrepreneurial teams
– Partnerships
• Dynamic entrepreneurial community– Office and lab (high tech factory) facilities– Stimulating environment and networks– Clients and finance
VLT CONCEPT
Successfull launch of VLT:18 entrepreneurs and 16 companies
Proof ofconcept
• Aviation and Bio fuel • 3-D printing• E-commerce (internet platforms)• Remote sensoring/measurement• Energy information systems• Identity management• Synthetic seeds• Solar energy• Insulation/Cooling• Simultaneous multi-language translations• etc
Wide range of participants
Proof ofconcept
Tailor made to need of company.. (1) Aviation and biofuel
Ambition: Aviation school, Testing facilities for biofuel, Air carrier based on biofuel, Demoflight USAEU on Biofuel
Support focus1. Relocation to Twente2. Development of business model3. Introduction in networks
• Partners for collaboration: producers, researchers, etc
4. Corporate finance5. Team development and training
2
1 3, 4
5
Proof ofconcept
Tailor made to need of company.. (2) 3-D printing
Ambition: Company on printing 3-D products for industry, health care, consumers (via web)
Support focus1. Business skills2. Development of business model3. Set-up 3-D expertise centre with UT, supplier, .. 4. Relocation equipment, engineers to Twente5. Corporate finance
2,3
1
3, 54
Proof ofconcept
Tailor made to need of company.. (3) Corporate Venturing
Ambition: Spin-out activity of large company
Support focus1. Business skills2. Development of business model3. Team building for new company 4. Introduction into relevant networks
2,4
1
4
3
Proof ofconcept
Tailor made to need of company.. (4) Soft Landing
Ambition: Establish subsidiary in Twente (Europe)
Support focus1. Guidance2. Facilities (incubator, office and/or production)3. Introduction into relevant research and
business networks
1
2 3
Proof ofconcept
Who can participate?
• Starting entrepreneurs• Experienced entrepreneurs• Employees of larger firms (BD/NPD) … “corporate venturing”• Soft landings• Graduate students in engineering, MBA,
sciences, arts, …• Specialists in marketing, finance, ….• Individuals as well as teams… future owners of a fast growing high-tech companyVLT for YOU!
Participants
What are the costs for VLT start-ups?
• Total costs: € 30,000 per participant
Start-up contribution is:• Enrollment fee of € 2,000• Provide your personal income during projectPromotors:• Subsidy of € 28.000 : EU, Province of
Overijssel, Twente region, Saxion University, University of Twente (Nikos)
VLT for YOU!Costs
This project is made possible by contributions of the European Union and the Province of Overijssel
Benefit for government • Economic development & employment• Sustainable, future-oriented business• Research on successfull entrepreneurship
and economic development (Nikos)
This project is made possible by contributions of the European Union and the Province of Overijssel
VLT for economy
New company Existing company
Soft landingCorporateVenturing
Master TVSummerschool