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Technoentrepreneurship: Latest Findings and Avenues of Development: Research and Practice case: Venturelab Twente

Technoentrepreneurship: Latest Findings and Avenues of Development: Research and Practice case: Venturelab Twente. Prof. Dr. Aard J. Groen Head of department Entrepreneurship , marketing, strategy and international management Scientific d irector NIKOS, a.j.groen@utwente.nl.

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Technoentrepreneurship: Latest Findings and Avenues of Development: Research and Practice case: Venturelab Twente

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  1. Technoentrepreneurship: Latest Findings and Avenues of Development: Research and Practicecase: Venturelab Twente Prof. Dr. Aard J. GroenHead of department Entrepreneurship, marketing, strategy and international managementScientific director NIKOS, a.j.groen@utwente.nl

  2. 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

  3. embedded systems behavioral research; users, communication, learning Healthcare@UT MESA+ CTIT ! nano-medicine IBR ! business development & technology dynamics Impact Mechanics,processes, and control IGS-NIKOS regenerative- medicine BMTI

  4. Spin-off Companies University of Twente 600 500 400 300 200 100 0 78 80 82 84 86 88 90 92 94 96 98 00 02 04 76 spontaneous spin-off spin-off using TOP programme Entrepreneurial University excels in generating spin-off companies… but they remain small! only moderate effect on regional employment

  5. 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 usefulle.g. diary for preparing coach meetings

  6. Research questions • Process: how do causation and effectuation approaches to entrepreneurship appear in practice and can differences in approaches explain firm survival and growth? • Resources: to what extent do types of resources and capabilities and combinations thereof explain firm survival and growth? • Team: to what extent is the composition of start up teams explaining differences in firm survival, growth? • Networking: how can differences in early networking of entrepreneurs explain differences in business performance? • Internationalization: what is the role of early internationalization for high tech high growth entrepreneurial processes? • Method: Can we design a working method of stimulating entrepreneurship?

  7. Process: causation vs. effectuation How do causation and effectuation approaches to entrepreneurship appear in practice and can differences in approaches explain firm survival and growth?

  8. 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?

  9. 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

  10. 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?

  11. Challenges • Making data collection unobtrusive • Integrating data collection with the program • Producing valid and generalizable results

  12. Research possibilities • Diary / logbook • Participant observation • Assessments • Questionnaires • Interviews • Secondary analysis of project data • Follow-up questionnaires • …

  13. 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

  14. Business model (e.g., Osterwalder) • Value proposition • Target customer • Distribution channel • Relationship • Value configuration • Capability • Partnership • Cost structure • Revenue model

  15. 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

  16. Questions • Experiences? • Could this work? • Suggestions? • Related studies? • Contribute?

  17. 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

  18. Entrepreneurial needs (4S model NIKOS) • Culture, values, norms • Facilities • Personelarrangements & Systems • Knowledge • Ideas • Assessing the opportunity • Strategic processes • Business plan Scope: from idea to Strategy Social Network-Contacts Skills: Patterns ofOrganisation Scale: Economy Financial means Entrepreneur and Enterprise Not market oriented • Contacts with: • Clients • Suppliers • Experts • Colleagues • Support agents • Own capital • Bridging development period • Financing investments- Venture Capital- Loans But companies often underperform Mono-disciplinary Teams (tech) Management skills Strategic drift Technology/market Small ambition Academic networks Small markets No networks “Death valley” Long time to market High cost - high risk Unsufficient funding Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009) VLT CONCEPT

  19. Scope: from idea to Strategy Social Network-Contacts Skills: Patterns ofOrganisation Scale: Economy Financial means Entrepreneur, team and Enterprise Coaching, Training, Team building& Courses VLT instruments for success • Culture, values, norms • Facilities • Personelarrangements & Systems • Knowledge • Ideas • Assessing the opportunity • Strategic processes • Business plan Knowledge Office space/labs Organisationalsupport Strategic Coach • Contacts with: • Clients • Suppliers • Experts • Colleagues • Support agents • Own capital • Bridging development period • Financing investments- Venture Capital- Loans Access to: Soft loans Participation Venture capital Introductions Brokerage Community Networks Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009) VLT CONCEPT

  20. Strategic Capital Economic Capital CEO CFO Opportunity recognition Opportunity preparation Opportunity exploitation CTO/COO CMO Culture Capital Social Capital Key success factor for value creation.. focus on personal skills & team skills VALUECREATION Theory based on social system theory and entrepreneurship lit. (a.o. Groen c.s., 2005, 2008, 2009) VLT CONCEPT

  21. YOUR IDEA YOUR VALUE VLT support Value Creation model of VLT VLT CONCEPT

  22. S M Pers. skills Team skills T/O € Coaching Guidance Offices Labs Resources Capital Community Networks Value creation support.. unique and integral approach S = Strategy M = Marketing T = Technology O = Operations € = Finance VLT CONCEPT

  23. Coaching & guidance key for success Internal Development coaching External Environment guiding VLT CONCEPT

  24. 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

  25. Successfull launch of VLT:18 entrepreneurs and 16 companies Proof of concept

  26. Wide range of participants • 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 Proof of concept

  27. Tailor made to need of company.. (1) Aviation and biofuel Ambition: Aviation school, Testing facilities for biofuel, Air carrier based on biofuel, Demoflight USAEU on Biofuel Support focus • Relocation to Twente • Development of business model • Introduction in networks • Partners for collaboration: producers, researchers, etc • Corporate finance • Team development and training 5 2 1 3, 4 Proof of concept

  28. 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 focus • Business skills • Development of business model • Set-up 3-D expertise centre with UT, supplier, .. • Relocation equipment, engineers to Twente • Corporate finance 1 2,3 3, 5 4 Proof of concept

  29. Tailor made to need of company.. (3) Corporate Venturing Ambition: Spin-out activity of large company Support focus • Business skills • Development of business model • Team building for new company • Introduction into relevant networks 1 3 2,4 4 Proof of concept

  30. Tailor made to need of company.. (4) Soft Landing Ambition: Establish subsidiary in Twente (Europe) Support focus • Guidance • Facilities (incubator, office and/or production) • Introduction into relevant research and business networks 1 2 3 Proof of concept

  31. 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 company VLT for YOU! Participants

  32. 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 project Promotors: • 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

  33. Benefit for government • Economic development & employment • Sustainable, future-oriented business • Research on successfull entrepreneurship and economic development (Nikos) VLT for economy This project is made possible by contributions of the European Union and the Province of Overijssel

  34. New company Existing company Corporate Venturing Master TV Summerschool Soft landing

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