Coporate Enterpreneurship
اسلاید 1: Corporate EntrepreneurshipProfessor Alexander Settles
اسلاید 2: The Entrepreneurial Mindset in OrganizationsFactors in the emergence of the entrepreneurial economy:The rapid evolution of knowledge and technology promoted high-tech entrepreneurial start-ups.Demographic trends adding fuel to the proliferation of newly developing ventures.The venture capital market became an effective funding mechanism.American industry began to learn how to manage entrepreneurship.
اسلاید 3: Reengineering Corporate ThinkingSteps that will help innovative people to develop an entrepreneurial mindset:Set explicit goals.Create a system of feedback and positive reinforcement.Emphasize individual responsibility.Give rewards based on results.Do not punish failures.
اسلاید 4: Assessing Support for InnovationDoes the firm encourage entrepreneurial thinking?Does the firm provide ways for innovators to stay with their ideas?Are people permitted to do the job in their own way, or are they constantly stopping to explain their actions and ask for permission?Has the firm evolved quick and informal ways to access the resources to try new ideas? Has the firm developed ways to manage many small and experimental innovations?
اسلاید 5: Assessing Support for Innovation (cont’d)Is the system set up to encourage risk taking and to tolerate mistakes?Are people in your company more concerned with new ideas or with defending their turf?How easy is it to form functionally complete, autonomous teams in the firm’s corporate environment?
اسلاید 6: Rules for an Innovative EnvironmentSource: “Corporate Venturing Obstacles: Sources and Solutions,” by Hollister B. Sykes and Zenas Block, Journal of Business Venturing (winter 1989): 161. Copyright © 1989 by Elsevier Science Publishing Co., Inc.Encourage action.Use informal meetings whenever possible.Tolerate failure and use it as a learning experience.Persist in getting an idea to market.Reward innovation for innovation’s sake.Plan the physical layout of the enterprise to encourage informal communication.Expect clever bootlegging of ideas—secretly working on new ideas on company time as well as personal time.Put people on small teams for future-oriented projects.Encourage personnel to circumvent rigid procedures and bureaucratic red tape.Reward and promote innovative personnel.
اسلاید 7: Encouraging an Intrapreneurial EnvironmentSteps to help restructure corporate thinking and encourage an intrapreneurial environment:Early identification of potential intrapreneursTop management sponsorship of intrapreneurial projectsCreation of both diversity and order in strategic activitiesPromotion of intrapreneurship through experimentationDevelopment of collaboration between intrapreneurial participants and the organization at large
اسلاید 8: Benefits of an Entrepreneurial PhilosophyLeads to the development of new products and services and helps the organization expand and grow. Creates a work force that can help the enterprise maintain its competitive posture.Promotes a climate conducive to high achievers and helps the enterprise motivate and keep its best people.
اسلاید 9: The Corporate Entrepreneurship ProcessCorporate EntrepreneurshipCorporate VenturingInnovationStrategic Renewal
اسلاید 10: The Nature of Corporate EntrepreneurshipDefining The ConceptCorporate EntrepreneurshipActivities that receive organizational sanction and resource commitments for the purpose of innovative results.A process whereby an individual or a group of individuals, in association with an existing organization, creates a new organization or instigates renewal or innovation within the organization.A process that can facilitate firms’ efforts to innovate constantly and cope effectively with the competitive realities that companies encounter when competing in international markets.
اسلاید 11: Defining Corporate Entrepreneurship Source: Michael H. Morris, Donald F. Kuratko, and Jeffrey G. Covin, Corporate Entrepreneurship & Innovation (Mason, OH, Thomson), 2008, p. 81.
اسلاید 12: The Need for Corporate EntrepreneuringRapid growth in the number of new and sophisticated competitorsSense of distrust in the traditional methods of corporate managementAn exodus of some of the best and brightest people from corporations to become small business entrepreneursInternational competitionDownsizing of major corporationsAn overall desire to improve efficiency and productivity
اسلاید 13: Table3.2Sources of and Solutions to Obstacles in Corporate VenturingTraditional Management PracticesAdverse EffectsRecommended ActionsEnforce standard procedures to avoid mistakesInnovative solutions blocked, funds misspentMake ground rules specific to each situationManage resources for efficiency and ROICompetitive lead lost, low market penetrationFocus effort on critical issues (e.g., market share)Control against planFacts ignored that should replace assumptionsChange plan to reflect new learningPlan for the long termNonviable goals locked in, high failure costsEnvision a goal, then set interim milestones, reassess after eachManage functionallyEntrepreneur failure and/or venture failureSupport entrepreneur with managerial and multidiscipline skillsAvoid moves that risk the base businessMissed opportunitiesTake small steps, build out from strengthsProtect the base business at all costsVenturing dumped when base business is threatenedMake venturing mainstream, take affordable risksJudge new steps from prior experienceWrong decisions about competition and marketsUse learning strategies, test assumptionsCompensate uniformlyLow motivation and inefficient operationsBalance risk and reward, employ special compensationPromote compatible individualsLoss of innovatorsAccommodate “boat rockers” and “doers”Source: “Corporate Venturing Obstacles: Sources and Solutions,” by Hollister B. Sykes and Zenas Block, Journal of Business Venturing (winter 1989): 161
اسلاید 14: Successful Innovative CompaniesFactors in large corporations that are successful innovators:Atmosphere and visionOrientation to the marketSmall, flat organizationsMultiple approachesInteractive learningSkunkworks
اسلاید 15: Conceptualizing Corporate Entrepreneurship StrategyCorporate Entrepreneurship StrategyA vision-directed, organization-wide reliance on entrepreneurial behavior that purposefully and continuously rejuvenates the organization and shapes the scope of its operations through the recognition and exploitation of entrepreneurial opportunity.It requires the creation of congruence between the entrepreneurial vision of the organization’s leaders and the entrepreneurial actions of those throughout the organization.
اسلاید 16: Model of the Corporate Entrepreneurship Strategy ProcessCorporate entrepreneurship strategy is manifested through the presence of three elements:An entrepreneurial strategic visionA proentrepreneurship organizational architectureEntrepreneurial processes and behavior as exhibited across the organizational hierarchy.
اسلاید 17: 3–17Model of the Corporate Entrepreneurship Strategy Process (cont’d)Linkages in the model:Individual entrepreneurial cognitions of the organization’s membersExternal environmental conditions that invite entrepreneurial activityTop management’s entrepreneurial strategic vision for the firmOrganizational architectures that encourage entrepreneurial processes and behaviorThe entrepreneurial processes that are reflected in entrepreneurial behaviorOrganizational outcomes resulting from entrepreneurial actions.
اسلاید 18: An Integrative Model of Corporate Entrepreneurship StrategySource: Duane Ireland, Jeffery G. Covin, and Donald F. Kuratko, “Conceptualizing Corporate Entrepreneurship Strategy,” Entrepreneurship Theory and Practice 33, no. 1
اسلاید 19: Conceptualizing a Corporate Entrepreneurial Strategy (cont’d)Critical steps of a corporate entrepreneurial strategy:Developing the visionEncouraging innovationStructuring for an intrapreneurial climateDeveloping individual managers for corporate entrepreneurshipDeveloping venture teams.
اسلاید 20: Shared VisionSource: Jon Arild Johannessen, “A Systematic Approach to the Problem of Rooting a Vision in the Basic Components of an Organization,” Entrepreneurship, Innovation, and Change (March 1994): 47.
اسلاید 21: Types of InnovationRadical InnovationThe launching of inaugural breakthroughs.These innovations take experimentation and determined vision, which are not necessarily managed but must be recognized and nurtured.Incremental InnovationThe systematic evolution of a product or service into newer or larger markets.Many times the incremental innovation will take over after a radical innovation introduces a breakthrough.
اسلاید 22: Objectives and Programs for Venture DevelopmentSource: “Supporting Innovation and Venture Development in Established Companies,” by Rosabeth Moss Kanter, Journal of Business Venturing (winter 1985): 56–59 ObjectivesProgramsMake sure that current systems, structures, and practices do not present insurmountable roadblocks to the flexibility and fast action needed for innovation.Reduce unnecessary bureaucracy, and encourage communication across departments and functions.Provide the incentives and tools for intrapreneurial projects.Use internal “venture capital” and special project budgets. (This money has been termed intracapital to signify a special fund for intrapreneurial projects.) Allow discretionary time for projects (sometimes referred to as “bootlegging” time).Seek synergies across business areas so new opportunities are discovered in new combinations.Encourage joint projects and ventures among divisions, departments, and companies. Allow and encourage employees to discuss and brainstorm new ideas.
اسلاید 23: Developing and Supporting Radical and Incremental InnovationRadicalIncrementalStimulate through challenges and puzzles.Set systematic goals and deadlines.Remove budgetary and deadline constraints when possible.Stimulate through competitive pressures.Encourage technical education and exposure to customers.Encourage technical education and exposure to customers.Allow technical sharing and brainstorming sessions.Hold weekly meetings that include key management and marketing staff.Give personal attention—develop relationships of trust.Delegate more responsibility.Encourage praise from outside parties.Set clear financial rewards for meeting goals and deadlines.Have flexible funds for opportunities that arise.Reward with freedom and capital for new projects and interests.Source: Harry S. Dent, Jr., “Growth through New Product Development,” Small Business Reports (November 1990): 36.
اسلاید 24: 3M’s Innovation RulesDon’t kill a projectTolerate failureKeep divisions smallMotivate the championsStay close to the customerShare the wealth
اسلاید 25: Structuring for a Corporate Entrepreneurial EnvironmentReestablishing the drive to innovate:Invest heavily in entrepreneurial activities that allow new ideas to flourish in an innovative environment.Provide nurturing and information-sharing activities.Employee perception of an innovative environment is critical.Corporate VenturingInstitutionalizing the process of embracing the goal of growth through development of innovative products, processes, and technologies with an emphasis on long-term prosperity.
اسلاید 26: Intrapreneurial Development: Joint Function of Individual and Organizational FactorsSource: Deborah V. Brazeal, “Organizing for Internally Developed Corporate Ventures,” Journal of Business Venturing (January 1993): 80.
اسلاید 27: Preparing for Failure“Learning from Failure”Recognizing the importance of managing the grief process that occurs from project failure. Understanding how organizational routines and rituals are likely to influence the grief recovery.Ensuring that the organization’s social support system can encourage greater learning, foster motivational outcomes, and increase coping self-efficacy in affected individuals.
اسلاید 28: Developing Individual Managers for Corporate EntrepreneurshipCorporate Entrepreneurship Training Program (Corporate Breakthrough Training)The Breakthrough ExperienceBreakthrough ThinkingIdea Acceleration ProcessBarriers and Facilitators to Innovative ThinkingSustaining Breakthrough TeamsThe Breakthrough Plan
اسلاید 29: Corporate Entrepreneurship Assessment Instrument (CEAI)Key Internal Climate Factors in an Organization’s Readiness for Entrepreneurial ActivityManagement supportAutonomy/work discretionRewards/reinforcementTime availabilityInternal organizational boundaries
اسلاید 30: Facilitating Corporate Entrepreneurial BehaviorOrganizations foster entrepreneurial behavior by:Encouraging—not mandating—innovative activityHuman resource policies for “selected rotation”Committing to projects long enough for momentum to occur.Bet on people, not on analysis.Rewarding Entrepreneuring:Allow inventor to take charge of the new ventureGrant discretionary time to work on future projectsMake intracapital available for future research ideas
اسلاید 31: Corporate Innovator’s Commandments Come to work each day willing to give up your job for the innovation.Circumvent any bureaucratic orders aimed at stopping your innovation.Ignore your job description, do any job needed to make your innovation work.Build a spirited innovation team that has the “fire” to make it happen.Keep your innovation “underground” until it is prepared for demonstration to the corporate management.Find a key upper level manager who believes in you and your ideas and will serve as a sponsor to your innovation. Permission is rarely granted in organizations, thus always seek forgiveness for the “ignorance” of the rules that you will display.Always be realistic about the ways to achieve the innovation goals.Share the glory of the accomplishments with everyone on the team.Convey the innovation’s vision through a strong venture plan.
اسلاید 32: Sustaining Corporate EntrepreneurshipSustained Corporate Entrepreneurship ModelBased on theoretical foundations from previous strategy and entrepreneurship research.Considers the comparisons made at the individual and organizational level on organizational outcomes, both perceived and real, that influence the continuation of the entrepreneurial activity.Transformational triggerSomething external or internal to the company that initiates the need for strategic adaptation or change.
اسلاید 33: Developing Innovative (I) TeamsInnovative (I) TeamA semi-autonomous self-directing, self-managing, high-performing group of two or more people who formally create and share the ownership of a new organization.The leader is called a “product champion” or an “corporate entrepreneur.”Collective EntrepreneurshipIndividual skills are integrated into a group; this collective capacity to innovate becomes something greater than the sum of its parts.
اسلاید 34: A Model of Sustained Corporate EntrepreneurshipSource: Donald F. Kuratko, Jeffrey S. Hornsby, and Michael G. Goldsby, “Sustaining Corporate Entrepreneurship: Modeling Perceived Implementation and Outcome Comparisons at Organizational and Individual Levels,” International Journal of Entrepreneurship and Innovation 5(2) (May 2004): 79.
اسلاید 35: Corporate Entrepreneurship at IBMEmerging Business Opportunity (EBO) Program’s Key Rules:Think big . . . really big.Bring in the A-team.Start small.Establish unique measurement techniques.
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