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Entrepreneurship and Innovation Notes 2016
Entrepreneurship and Innovation Notes 2016
INNOVATION
May 2016
Summary
Professor:
Students:
Dobbelsteyn Thomas
Halleux Nathalie
Meeckers Maxime
b.huybrechts@ulg.ac.be
Pters Antoine
www.ces.ulg.ac.be
Wera Marie-Sophie
SESSION 1: INTRODUCTION
Understand the different steps of the entrepreneurial process and apply them to existing cases
Identify the paradoxes and challenges at different steps of the entrepreneurial process and connect them with
relevant theoretical lenses
Analyse the entrepreneurial eco-system surrounding them and identify opportunities for entrepreneurship
and innovation
YES: the concepts and theories, the cases of successes and failures, the ecosystem, the tools,
This course: gives you an overview of the main concepts, features, steps, challenges and dilemmas of
entrepreneuring
=> For practical tools, methods, coaching, etc.: shop around, starting with Venture Lab @HEC
ENTREPRENEURSHIP
Among the numerous definitions:
- Shane & Venkatamaran, 1987; Shane, 2003:
An activity that involves the discovery, evaluation, and exploitation of opportunities to introduce new goods
and services, ways of organizing, markets, process, and raw materials through organizing efforts that previously
had not existed
- Howard Stevenson, HBS, 1983:
The pursuit of opportunity beyond the resources you currently control
ENTREPRENEURSHIP AS MULTIDIMENSIONAL CON CEPT
Various views:
Level of analysis see for ex. Babson College
INNOVATION
Metaphor of the dots
Innovation as:
An Outcome: new products, product features, and production methods that result from innovation
o = What you get
A Process: organizational and social processes that produce innovation, such as individual creativity,
organizational structure, environmental context, and social and economic factors
o = How you get it
A. ECONOMIC TRADITION
Central question: what is the role of entrepreneurship with regard to economic (un)certainty and growth?
1700s-1800s:
Cantillon: entrepreneurs compensate for discrepancies between supply and demand and in doing so
stabilize the economy
Entrepreneurs are those who plan, supervise, organize or own factors of production
1900s: uncertainty of the economy borne by entrepreneurs (Knight) or driven by them (Schumpeter)
Schumpeter, 1912: entrepreneurs are innovators who propose new (combinations of) things and pursue
opportunities in a way that disrupts yet develops the economy through waves of creative destruction:
1.
2.
3.
4.
5.
B. SOCIAL-PSYCHOLOGICAL TRADITION
Locus of control: refers to how much individuals believe they can control events that affect them
Tolerance for ambiguity: ability to perceive ambiguity in information and behaviour in a neutral and open
way.
Self efficacy: the extent or strength of ones belief in ones own ability to complete tasks and reach goals
wrong question
Social perspective complements focus on individuals through integrating notions of teams, groups,
networks, culture, movements, etc.
C. EMERGENCE TRADITI ON
Connections with organization theory by documenting early phases and activities of organizational
start-up
Choices inherent in organizational creation phases: name-logo, legal form, capital, governance, staff,
architecture, business model, etc.
Idea
Opportunity
Project
Emerging
organization
Stable
organization
D. OPPORTUNITY TRADITION
Organizational creation as one possible outcome among others (e.g. intrapreneurship, programs)
focus on innovation process rather than outcome
1. ENTREPRENEURIAL MINDSET
Not every idea is an opportunity. You need to analyse the idea, the project.
Entrepreneurial mindset refers to a specific state of mind that orientates human conduct towards
entrepreneurial activities and outcomes. Individuals with entrepreneurial mindsets are often drawn to
opportunities, innovation and new value creation. Characteristics include the ability to take calculated risks and
accept the realities of change and uncertainty.
[Financial Times, http://lexicon.ft.com/Term?term=entrepreneurial-mindset]
An idea/ creativity
Creativity talent: ability to see things differently. Look at things from different approaches
Resources
Plan/vision/perspective
To take risks Arise when you start to ACT Uncertainty There is no real right or wrong
The entrepreneurs have to deal with uncertainty. They dont know where they are going, there are always
risks, but they cope with it.
We (Students) are not used to uncertainty. We are all the time taking risks but we are afraid of it.
If we never feel the experience of taking risk (do always what you are sure about) we are not ready to be
entrepreneur.
Doing things that we are not common with. Why dont we go more often out of our usual life?
We love succeeding => fear of failure
Start a business => fear of failure => want to avoid it.
The best way to progress is to learn from our failure => Situation out of which we learn something.
Entrepreneurship = sth we can practice, learn everyone could do it!!!!
Credibility
When we collect feedback and go through the project
Perseverance
Attention! Different from stubborn
Passion
Education
Ability
to do
the task
4. BEING AN ENTREPRENEU R:
1.
Opportunity
Change the way in which you look at things and the things you look at will change. (Wayne
Dyer)
2.
3.
Risks
4.
Passion VS Talent
Lessons from successful outliers
5.
Failure
Success is to go from failure to failure without losing your enthusiasm
Winston Churchill
6.
Chance
7.
4. Theory and
practice in play
1. Meet the
practise
Experimental testing
of the acquired
knowledge
concrete stories
about
entrepreneurship
3. Theories about
entrepreneurship
Presentation of new
theory and
theoretical
interpretation of the
story
2. The immediate
interpretation
Your immediate
interpretation of the
story
Opportunity-oriented
Open-minded
Risk-taking
Passionate (not necessarily talented)
Learning from failures
Seizing chances
Working in team
Alertness: Scan the environment and the common needs of everyday life (incl. yourselves). Techniques:
observation, publications, survey, focus groups, events with potential users
You have to be aware of your environment; your daily life is rich of opportunities. (Observation is
important what is annoying ?, What can be improved, how to make something easier, basically how
to solve the problems we encounter in our daily life) You can read articles that might show you
problems to tackle or even talk to people.
Focus group: you take a small group and have conversation and debates
Events with potential users: talk with them to understand their needs and to what extend they see your
business
2.
Diagnosis: Analyse existing solutions and why they do not adequately answer the identified need.
Ask yourself the good questions
3.
Proposition/Idea: Identify new ways of answering the need, new approaches that bring more value (ex.
brainstorming).
You might have a bunch of potential ideas, but you have to manage them
All the ideas have to be taken into account to be innovative
Exception: technological innovations, u might be able to stay in your office. This situation is quiet rare.
An idea can become an opportunity if the Idea is evaluated as being able to create value for others . (Plus
below)
Opportunity = idea but idea = not always opportunity
4.
Prospection: Project how the implementation of the most relevant idea might unfold and what obstacles it
should overcome to maximize value.
5. OPPORTUNITY EMERGENCE
Planned or not: you might come across one opportunity and you were not searching one. (Example of
planned one: pharmaceutical lab that develop a new medicine)
Regular or one-shot scanning: (example : regular survey to try to better identifie the needs of the
consumers, study,)
Long-term process or flash :
Individual or collective (team, organization, network): most project are teamwork, this is really rare a
one team member entrepreneurial project.
Leading opportunity identifier to pursue it entrepreneurially or not: one person can do identifying the
opportunity than this opportunity can be shared or transferred to someone else.
Waste of opportunity = people that have identified an opportunity and do not take it.
Waste of intention = people that want to become an entrepreneur but do not have any entrepreneurial
opportunities.
No opportunity identified 7%
Waste of intention 3%
No entrepreneurial implementation
7%
EMERGENCE OF OPPORTUNITIES
Coffee was new, before it was instant coffee. Now it is roasted coffee, way better.
Take single commodity (coffee) and make it complex, more sophisticated and more appealing - they have
created loads of different taste, ways to drink it. They have widen the range of products served with or besides
coffee.
They created the culture : the way they organise the stores.
-
He went to Italy, the culture to take time and appreciate a cup of coffee.
He saw the development of the Swedish company producing plastic cups, he understood and loved the way they
were working.
3. Theoretical perspectives on opportunity emergence:
-
OPPORTUNITY DISCOVERY
Alertness as the ability to notice, without search, opportunities that have hitherto been
overlooked (Kirzner, 1979: 148)
Previous experience
Education (your studies, but also your family)
Information (you collect, attitudes, relatives experience)
Networks
Attitudes
=> the idea is that there is an opportunity waiting for you somewhere
OPPORTUNITY CREATION
Opportunities do not pre-exist ( theres nothing to discover ) but are created by entrepreneurs. You need
innovation thinking.
By means of innovative thinking and creative action embedded in interactions between people. For instance
in Starbucks case, you should talk with the coffee producers, coffee drinkers etc.
Not objective but subjective, constantly emerging, being realized, shaped and constructed through social
processes (Fletcher, 2003: 127). Many people might have found the same idea/opportunity as you did, so
you have to be humble and innovative to add value to it.
TYPES OF OPPORTUNITIES
Kirzner (1973): use of existing market information to identify gaps that are not filled, needs that are not
met (or not efficiently)
= Incremental Innovation (you will add small bit to it, for instance you create
to customers needs)
Schumpeter (1934): new combinations of resources that break with the existing perceptions and ways
of doing things
= Radical Innovation : customers would not have expressed as a need
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= Leads to market imbalance, disruption : because innovative and unexpected (Uber etc.)
Examples? Uber, Airbnb, Netflix
Schumpeterian opportunities most likely to be created
Opportunity character
Opportunity source
Opportunity status
Stable
Dynamic
Opportunity type
Schumpeterian market
disruption
Kirznerian view: opportunities are objective and wait to be discovered by entrepreneurs who have
access to information and abilities to discover opportunities
Example: Smartphone
Schumpeterian view: opportunities are created by the action of entrepreneurs who creatively try out
new combinations without knowing the consequences of their actions
Example: eBay
The interesting thing is to justify why you locate this opportunity in this kind. This table is important!
o
o
o
o
o
o
o
Ryanair: created
Uber: created
Euro Tunnel: discovered
Percolator: discovered
Instant coffee: discovered
Nespresso: created
Starbucks: both
Be able to justify!
Kirznerian view: opportunity to adapt the Italian coffee shop to the US market, existed independent of
Schultz Schultz was alert through information and experience
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Schumpeterian view: opportunity emerging from creativity of Schultz and interactions with others,
rather than from market information no reported need of fine-roasted coffee and consumer
demand/market had to be created
=> Some opportunities best examined through the combination of the two approaches
Passion by founders at the origins of Starbucks, without which there was nothing to discover
Alertness of Schulz instrumental to make him see growth opportunities
Discovery and creation go hand in hand during the development of a new venture
Interactions with both the objective environment and the people with whom to co-create
opportunities
3 PROJECTS:
Laloba
Company sprl readytowear (sprl=sole trader)
Tops and tee shirt
Revolution design wear
Build a product that you can wear your colours with Pride
Custom clothing
Pull-rhto.be
OPPORTUNITY IDENTIDICATION
OPPORTUNITY VALIDATION
Introduction to ideas:
Ideas are worthless
So, whats the key? => EXECUTION = Team + product + timing
The same idea can bring different products
What constitute an idea? Anatomy of an idea?
Idea = Set of assumptions, we dont have tangible evidence but we think it will work
If we want to validate the idea, we have to validate assumptions
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-Validated learning
-Getting the idea out of the building
-How do you validate assumptions?
-Great ideas succeed in the real world
-MVP = minimum viable product = the smallest thing (not a bad version of your product) that you
can product (for your product / your idea)
Ex: dropbox : he has the idea but couldnt build it , he made a video to explain ( = the smallest
things he could do , because he couldnt make the website , too complicated)
Strategizing on an idea
Then, after the assumptions and the MVP, strategies, you have to have a big vision, but to
start small! Establish a monopoly (as customer, our interest is business competition, as a
business you dont want to be in that position) target a market segment where the customers
will have the most value for your product and then you grow from there (continue using this
strategy; facebook do like that, thy start for their university , .)
Conclusion:
The 4 key takeaways (exam??)
1. Ideas are worthless. Execution is everything
2. An idea is a set of leaps of faith. You have to validate assumptions
3. You need to check it in the real world
4. You have to have a big vision but to start small, establish a monopoly and grow from there.
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2. EVALUATION OF OPPORTUNITIES
Ideas should be able to create value for others. But how the idea should be evaluated? How do you
know that your idea will be attractive? What are we doing? How to convince founders, Is the idea
an economically viable option? Can it create value in the eyes of the market (customers, funders)? For
whom? To what extent?
= Does the idea represent an opportunity?
Bridge between emergence and organization of opportunities
Two approaches to evaluation:
-
A: Instrumental
B: Legitimacy
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3. CHALLENGES OF EVALUATION
o UNCERTAINTY (= I expect I will sell more and more. Predictions regarding benefits and costs in
the long term)
o COMPLEXITY (= You dont know who are the competitors that will come? difficult to evaluate
interplay of various)
=> RISK
-
Rational and analytical tools and guidelines to help entrepreneur assess whether the opportunity is
attractive or not
Decision should precede exploitation and be based on analysing:
-
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B. LEGITIMACY APPROACH
Evaluation not separate and ex-ante but rather part of everyday entrepreneurial activity
Evaluation not by entrepreneur alone but rather through social interactions
Regular interactions with audiences : is the idea attractive to others? (How) can they be
convinced that the opportunity is worthy and deserves support?
=> Subjective assessment by audiences = Legitimacy
Regular feed-back // Lean Start-Up approach
Generalized perception or assumption that the action of the entrepreneur is appropriate and desirable
(Suchman, 1995)
Environment/audiences determine whether there is room for the entrepreneurial process
Explains why innovations with strong potential may be assessed negatively in a given period and
place
Examples: Electricity, train, car
Especially true for pioneers with very innovative ideas = liability of newness (Aldrich & Fiol 1994)
GAINING LEGITIMACY:
Innovation
Local experimentation and validation
Diffusion
General validation
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1: WHAT IS INNOVATION
Both are new knowledge but Invention is a new idea, discovery while innovation is the application of
such invention in a new product, processes, organization, or market. Innovation can be: New
products (ex: google glass, ..) = sth that is new in the market for the customers
When the new products are very very new, they need a new way to be produced.
1. New products
2. New processes (implies machinery used for new problem)
3. Not every time a link between them.
4. New organisations. (the way I organize my company in order to make new products)
5. New sources of supply (JIT philosophy)
6. New markets (ex : Ryanair: low costs fly. They give a new product, fly already exist but there
is new market, the low costs fly)
Strong link between all of these 5
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Another important classification can be according how radical the changing is:
Radical innovation [completely new, I create something brand new]
Every time we have a completely new product in the market
Incremental innovation [Upgrading/improving sth already existing]
Example: From the very first television to the current one. It is a radical innovation in term of
technology; its started having colours. The service is the same but behind this fact, so much things
improved!
TECHNOLOGICAL VS NON TECHNOLOGICAL INNOV ATION:
Youtube, Google, Facebook, use technologies. But there are not companies that produce techno
innovation but produce services > Non technological Innovation
Techno innovation: Ex: camera, tv, tablets,
2: HOW CAN WE DEVELOP NEW INNOVATION?
Innovation can arise from many different sources
and the linkages between them:
Source of innovation:
Individuals:
-
Inventor
Innovator
Business man
Firms:
R&D refers to a range of activities that extend
from early exploration to specific commercial
implementations
Universities
-
Government
-
Private non-profit
Many non-profit organizations do in-house R&D, fund R&D by others, or both
Collaborative networks
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Collaborative Networks are clusters of firms that have a connection to a common technology
The name: it has to make sense to the customers. (you have to understand the core business of the
company thanks to the name)
The structure: Sole trader (PP) or Private Limited company (SPRL)
a. He started as sole trader as the initial cash is really low. (When your risk is really low, begin
by creating a sole trader)
b. Problem: high benefit means high taxation [55% taxation]
i. Whereas private limited company: 31% taxation maximum
ii. Sole trader: the boss is not protected in case of bankruptcy
iii. Last year he changed structure as he invested a lot
iv. Not Public limited company (SA) because it has to be 2 owners minimum
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c.
3.
If you have a limited risk, you have the ability to be alone (only owner of the company),
limited taxation, opportunity to work with bigger company which dont want to work with
Sole Trader -> Create a Private Limited Company
Strategy: Commercial & production point of view
a. U have to know in advance what you will pay at the end
b. The customer is aware about what they will actually pay
c. A machine that does not work cost u a lot, his utilisation rate is 90%
d. Safety stock high enough to compensate the lead time of suppliers
Big danger: focused only on my business. You dont see the problems surroundings your business. You have to
have a global vision. Take into considerations remarks of customers. His advisor at Venture Lab is also helping
him a lot.
Anchored
Attracted
Adapted to the environment
Applicable practically
A. ORGANISATION OF OPPORTUNITIES
Once evaluation is successful: exploiting the opportunity through combination of people and resources =
i.e. creating an organization
Other possible options?
- Selling the opportunity
- Buying a franchise unit : if the product does already exist, by franchising you can differentiate
yourself besides creating tremendous value
- Creating a new unit within an organization: Intrapreneurship
B. CASE OF COPYSIM
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How were the choices made, where did they come from?
C. ORGANISATION
Copysim reasons:
1.
2.
=> Organization = formalized group of individuals who interact and mobilize resources to achieve a common
goal
Economic (company)
Social (e.g. NGO but not only !)
Political (e.g. political party or worker union)
Combination of these (CSR, hybrid organizations such as social enterprises, academic spin-offs,
etc.)
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Idea
Opportunity
Idea
Opportunity
Project
Organisation
Emerging organization
Stable organization
Alternative vision
=> Lean Startup as Tolga said
Idea
Test
Test
Organizati
on
Product
Test
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Main principles:
Entrepreneurs are everywhere (>< Hero approach )
Process can be managed:
Build-measure-learn
Improvement through regular feed-back loops
Innovation accounting
SUCCESS CRITERIA
Success or failure depends on original goals differs according to each entrepreneur:
Short-term profitability or long-term survival?
Rapid growth or gradual development?
Life challenge or balance with family life?
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ORGANISATION OF OPPORTUNITIES
Improvisation perspective: impossible to clearly define a goal that will remain stable over time and to
master the different parameters (consumers demand, competition, etc.)
=> numerous small steps to adapt to the environment that will ultimately result in a given organization
Environments are not predictable and stable, entrepreneurs lack information, resources are limited or
absent
Organizing too complex and unclear to predict appears along the way through action and trials &
errors
Entrepreneur acts based on resources and informations available at the moment = effectuation
(Sarasvathy, 2008)
=> What effects can I achieve with the resources at hand?
Open, interactive and experimental approach to organizing that leads to unexpected outcomes
Analogy: cooking based on available ingredients and infrastructure
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Lean start up approach: first we think improvisation, but it is planned. But the output is not planned. So
we assume it is both as they are different steps to follow. Somewhere in between.
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We are a small company, so we dont have support of bigpharma. We do have an exclusive and unique
business, we cant compare what we are doing with others, so networking is essential in our case to attract
clients and set-up our business that is not selling traditional product.
4.
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Network
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Homogeneity
Heterogeneity
Relationship
Network
4. IDEAL NETWORK
Ideally, the perfect entrepreneurial network should be like on this graph.
> First, it should be heterogeneous because you should access a lot of different information and be able to
compare arguments. Meeting various potentials customers is important in order to be innovative.
> Then, it becomes homogeneous (start-up stage). You want to trust your partner, to keep your idea inside the
organization and not to spread these around
>At the launch stage, the network becomes again heterogeneous. You have more and more people around to
grow up.
This graph is a view from a very rational and strategic perspective. In reality, it is less obvious to go clearly from
one style (heterogeneous/homogeneous) to another.
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Causal: This represents a project with low uncertainty ( market research is done,
plan) we know exactly what we are doing ( ex : je veux cuisine un truc, je vais
chercher une recette sur internet, jachte les ingredients et je la cuisine )
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So the two approaches are: is my business plan a management tool or a creativity curb?
STEPS TO DEVELOP A PROJECT
Identify a problem > Idea > Research > Business plan > Raise funds > Execute the project
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ITS FORMAT
About 40 pages + appendix
Few tables and figures
Nice presentation
ITS CONTENT
The Business Plan must be adapted to the opportunity the situations and the target
audience of the plan. The best description of these will vary of course ;)
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The situation concerning the opportunity will also has a great influence on how the
business plan should fit together.
Different audiences will have different requirements for the information in the
business plan.
Content of the business plan:
-
Executive summary
Context: Industry, market and products/services analysis
Opportunity presentation
Marketing mix
Planning and sales forecasts
R&D and production development
Team
Financial plan
Risks/contingencies analysis
Offer
Market :
- Growth
- Segments
- Needs
- Key success factors
Products/services:
- What are the strengths and weaknesses of exisiting product?
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PROJECT PRESENTATION:
What is the project/product/service/concept?
What is the new product/service?
Where is the innovation?
Why is that innovation so important for the market?
Why does that innovation fits the window of opportunity?
How is the innovation so different from existing products/services?
MARKETING PLAN
Key operational features of the marketing-mix
- Products/services features (likely this has been presented in the project
presentation)
- Pricing
- Place (distribution)
- Promotion
Do you have a prove of concept? (customers)
MARKETING STRATEGY
Marketing segmentation
Competition analysis
Competitive positioning and benchmarking
THE 4 PS
Pricing:
- Elasticity
- EOS
- Learning effects
- Signaling effects
- Entry deterring price
- Take the money and run
- Likely reaction of competition
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- Cost structure
- Product positioning,
Place:
- Structure of distribution
- Cost/margins
- Binding agreements (existing or possible)
- Alternatives
- Push vs. Pull strategy
- Relative strength and size
- Go direct?
- Product positioning,
Promotion:
- Cost/efficacy
- Pull vs. Push
- New product vs. New market
- Economies of scope
- Target Role of opinion leaders? Or Role of prescriptors?
- Product positioning
Product:
- Segment fit
- Selling proposition
- Options policy
- After sales services
- Guarantees
- Assistance
- COmpatibliity ,
PLANNING
Sales forcecasts and key drivers of sales
5 years perspectives (could be more for life science projects)
Key milestones in the development of the project
R&D PRODUCTION
-
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Implications of production
Investments
Human resources and organization
Cost structure
Partnerships strategy
Production vs sub-contracting (==> Core business definition)
IP
THE TEAM
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They want to control every process/ segment to maintain a level of quality promised to their clients. It is very
quality oriented.
Slide 10: In the US, they finally have health insurance thanks to Obama
Slide 11: Lot of countries make lot of investments in research and development.
TWO REAL THINGS THAT DISTINGUISH BIOGEN TO THEIR COMPETITORS:
Biogen brings therapies to market quickly, with particular strength in scale up and manufacturing
Biogen excels at creating productive and profitable partnerships that ensure and enhance global
market coverage for its products
BIOGENS BASIS OF COMPETITIVE ADVANTAGE
Biogen brings therapies to market quickly, with particular strength in scale up and manufacturing
Biogen excels at creating productive and profitable partnerships that ensure and enhance global
market coverage for its products
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Joint venture
Internal grow
Acquisition
Slide 18: The opportunity that Biotech has in Cannabis is one of the most significant opportunities of this sector
INTERNAL GROWTH: Build New Capabilities to be successful in New Industries
Practice: Create an office of integration that assists in process of integrating newly acquired teams
Practice: Create a knowledge management system to capture learning from joint ventures
1. ENTREPRENEURSHIP: DEFINITIONS
Some interesting videos about intrapreneurship: entrepreneurship within your company, with your employees
Top-Down / Bottom-Up
Diverse (available to all employees) or focused on employees with greatest innovative potential
Twice as prevalent in high-income countries, thanks to economic prosperity and large organizations
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2. BRANCHES IN INTRAPRENEURSHIP
Intrapreneurship can take very different forms:
Intrapreneurship aiming for strategic renewal: changing core competencies, resource uses and
competitive parameters
Incremental intrapreneurship:
Radical intrapreneurship:
HOW CAN AN ORGANIZATION PROMOTE INTRAPRE NEURSHIP? WHAT ARE THE INGREDIENTS?
Through organizational characteristics:
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Rewards/reinforcement -> Reward and encouragement even when failure. Show them that
its in their interest to innovate, dont punish them if they do something wrong.
All these elements are not enough! Individual characteristics (quite the same that an entrepreneur need) are
also needed:
It is a challenge for employers to identify who are the employees who are willing to intrapreneur those who
dont specially want a fixed career with fixed and stable revenues
THE WHOLE CHALLENGE FOR AN ORGANIZATION IS TO FORECAST THESE TRENDS
(PRECIPITATING EVENTS):
For example:
New technologies
Merger or acquisition
Economic crisis
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6. OBSTACLES
Watch the video, it shows how to overcome the obstacles. To overcome obstacles: ex. of 3 step-method
Separate-Integrate-Adjust by ACE QUT: https://www.youtube.com/watch?v=7oqit-jY9Fk
Initiative taken by top management and translated throughout the layers of the company
Controlled process with close connection between managers, intrapreneurs and projects
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More creativity but risk of lack of support or conflict if management operates from top-down
perspective
Research : Simon et al., 1999 propose three roles: (not very important)
Venture manager (runs the new project) someone to manage the project
Venture godparent (ensures resource provision and autonomy from parent company)
Venture ombudsperson (ensures fit with parent companys strategy and performance)
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