Publications

Abstract

What drives entrepreneurial action to create a lasting impact? The creation of new ventures that aim at having an impact beyond their financial performance face additional challenges: achieving economic sustainability and at the same time addressing social or environmental issues. Little is known on how these new hybrid organizations, aiming for multiple impact dimensions, organize and prioritize for their social, environmental, and financial goals. A dataset of 4,125 early-stage ventures is used to gain insights into how blended values are converted into financial, social and environmental impacts, giving shape to different types of hybrid organizations. Our findings suggest new hybrid organizations might opt to sacrifice financial impact to achieve social impact, yet this is not the case when they aim to generate environmental or sustainable impact. Therefore, the tensions and sacrifices related to holding blended values are not homogeneous across all types of new hybrid organizations.

Abstract

We report the experience of the FucoSan InterReg project that had the ambition to generate commercialization opportunities for biotechnology research in a marine environment. Fucoidan, a promising biomarine polysaccharide extracted from seaweed, offers a broad array of potential applications; however, the supporting innovation value chain is still under development. We explore how the use of business modelling tools can contribute to building a shared understanding of commercialization opportunities across a diverse range of research and development actors. We analyze data (interviews, workshops, and surveys) from a German-Danish network of actors involved in the FucoSan InterReg project to identify how the tools contribute to setting up a base to support future activities across a potential innovation value chain. The results point towards the direct and indirect positive effects of engaging in the co-creation of a shared understanding of the functionality and possibilities of promising biomarine products. The findings support the idea that interdisciplinary and multilateral interactions help actors to identify the necessary connections and interdependencies to build a sustainability-driven innovation value chain.

Abstract

Understanding how a new digital technology can translate into a valuable innovation is a challenge for established players and new entrants. For industrial players in an ecosystem it can be both a threat or an opportunity. Furthermore, the new technologies open collaboration opportunities between corporates and startups. But, it is remains unclear what are the consequences of opening up, and whether it has an impact on the innovation dynamics in the industrial ecosystem. We use the case of the Wind Industry in Denmark, as a maturing industrial ecosystem, to study when and how the new entrants (technology entrepreneurs) have had an impact on the innovation dynamics. We first combine archival data with interviews to build an historical account of the evolution of the industrial ecosystem, then we incorporate data from the new entrants in the industry to specify the types of innovations that the most recent digital technology entrepreneurs have triggered. The results suggest differences in the innovation dynamics depending on the value chain position. While some activities have remained rather closed (for instance the technological development of the core elements in the wind turbines), the operations and maintenance activities have profited from digital technologies introduced by new entrants. Using these insights, we present and discuss suggestions to institutional actors interested in protecting the innovation leadership of their regional industrial ecosystems.

Abstract

Most of the firms currently in the S&P 500 will probably not be part of this list in 15 years. In times of great uncertainty managers are called to make the right choices in their strategy, they are asked to preserve the core businesses, and to prepare their organizations for an unclear future. How can managers make the right choices when the whole industry is under transformation? In this light, we explore how the popular VUCA framework can help to make sense of turbulent contexts and drive the decision-making of managers. We study the case of the energy industry, where, in a short period of time, traditional business models eroded, and dominant players lost their positions in the industry. Based on personal interviews with the CEOs from RWE (Germany) and NRG (USA) we analyze how they led the transformation of their organizations. We get immersed in their decision- making processes and depict how the VUCA framework help them to identify, map and prepare their organizations to respond to the volatility, uncertainty, complexity, and ambiguity in their industry. We propose a guide for executive managers to navigate through VUCA contexts, taking into account the necessity to introduce short and long-term responses that prepare organizations and stakeholders for an uncertain future

Abstract

These days, crowdfunding has become an established tool for entrepreneurial financing. Beyond that, it also established a new way of innovation marketing, especially for high-tech products: using crowdfunding to find out if there is a market for the product. Without the goal of collecting money for the start-up, this approach makes a new strategic approach necessary how to setup entrepreneurial commercialization strategies. This chapter offers insights into such crowdfunding behavior, and how technology entrepreneurs can make use of it. For this, a market theory perspective is taken on crowdfunding platforms, with implications for theory and practice.

Abstract

We use a longitudinal dataset on new ventures to assess the effects of human capital factors (education, work experience, and entrepreneurial experience) on new ventures' performance. Our results show how the influence of human capital factors are dependent on the context (high vs. non-high technology industries) and illustrate the different effects of general and specific human capital factors. The findings help to clarify the existing debate on the influence of human capital where we introduce a longitudinal perspective that contributes to uncover the influence of factors such as prior experience, in particular if in the same industry, as a positive influence on new ventures' future performance.

Abstract

We propose a model for the learning process in technology entrepreneurship based on the findings from an in-depth case study of an engineering degree that emphasizes technology entrepreneurship. Taking learning paradigms from entrepreneurship education into account, we specify the links between pedagogical approaches, activities, and learning contexts and specific technology entrepreneurship learning outcomes. For example, we examine how the use of existential learning with self-directed activities in real-world contexts contributes to achieving high-level entrepreneurial competencies such as the ability to critically self-reflect on the choices made by the technology-based venture. As such, we contribute to the definition of teaching models for technology entrepreneurship education.

Abstract

Technological innovations open opportunities for new entrants (techno-entrepreneurs) to transform and recreate industries, as they come as so called “innovation shocks”. These shocks can change technology trajectories and make irrelevant existing regulatory frameworks. It is unclear, however, what is the interplay between technology evolution, entrepreneurship, and regulation. We explore the case of the drone industry emergence to extract insights on how different profiles of new entrants respond to distinct regulatory frameworks, aiming to decipher the effect that those have on the exploration and development of new tech-based innovation opportunities. Our findings suggest that more attention should be given to the impact that regulatory responses can have on the short and long term development of emerging technological fields. We propose a process framework to make sense of the possible outcomes of distinct regulatory responses, elaborating on the consequences it has on entrepreneurial activity and overall market growth.

Abstract

Although technology entrepreneurship has recently received increased attention, the link between entrepreneurship education and the transfer and commercialization of technology has not been explored sufficiently so far. In this chapter the authors apply an explorative approach to investigate two cases of science and technology entrepreneurship education (STEE) by analysing documents and interviews regarding similarities and differences of the two educational programmes. Their findings suggest that open and problem-based pedagogical approaches are more applied in STEE-related courses compared to regular engineering courses. Additionally, STEE benefits greatly from taking place in a practical context with access to support structures that assist in developing technical and business aspects of start-ups. The findings hold implications for research, educational programmes, policy makers and entrepreneurs.

Abstract

This edited collection explores how digitalization is changing the management of innovation, and the subsequent implications for the next phases in its development. The authors identify and examine relevant phenomena which are related to the ongoing digital breakthrough in the context of innovation management such as user innovation, crowd sourcing and crowd funding, as well as social media. In line with the constant globalization of innovation, the first volume of Revolution of Innovation Management offers a variety of international perspectives on these topics with illustrations and analysis coming from Asia, America, and Europe.

Abstract

There is undoubtedly hype around drones and their applications for private and professional users. Based on a brief overview of the development of the drone industry in recent years, this article examines the co-evolution of drone technology and the entrepreneurial activity linked to it. Our results highlight the industry emergence described as concept validation, including product as well as market growth with different phases of technological meaning change. We argue that further steps are needed to develop drones from nice toys to professional tools–—from photography and filming applications to inspection services and large cargo logistics. For innovation managers and entrepreneurs, we describe what triggers the emer- gence of a technology and attracts the needed actors to unleash its transformative potential. Our research is based on industry reports, news, and market studies as well as interviews with four industry actors.

Abstract

Although entrepreneurial behavior is proposed as part of the solution to fragile labor markets, in particular in periods of economic and social change, policy makers are struggling to find the right levers to promote it. Despite the extant prior research on entrepreneurial behavior, little is known on the entrepreneurial behavior drivers for the individuals of working age with experience. Prior research explores the influence of entrepreneurial knowledge to study the drivers of experienced individuals evaluating whether or not to engage in an entrepreneurial behavior. This research introduces entrepreneurial knowledge to study the impact of prior experience on entrepreneurial intention. Based on the theory of planned behavior (TPB), this research work analyzes the relationship between entrepreneurial knowledge and entrepreneurial intention, and the mediating effects of the TPB perceptual variables: personal attitude (PA), social norm (SN), and perceived behavioral-control (PBC). A structural equation model (SEM) has been used to analyze the responses of a sample of 431 experienced individuals of working-age that completed a questionnaire based on Liñan & Chen's (2009) Entrepreneurial Intention Questionnaire (EIQ). The results showed that entrepreneurial knowledge positively influences entrepreneurial intention and that this influence is mediated by the perceptual variables of the TPB model (PA, SN, PBC). These findings contribute to the understanding of the entrepreneurial intention for experienced individuals and consolidate the use of the TPB model to study individual entrepreneurial intention. The findings suggest that policy makers should pay more attention to individual entrepreneurial knowledge, and strengthen the attractiveness of an entrepreneurial career, if they are interested in fostering entrepreneurial behavior among individuals of working age with experience.

Abstract

How do technology entrepreneurs use signals to help transform their ideas into viable businesses, regardless of their resource limitations and the complexity of the markets in which they operate? One way is to attend to the use of signals as a market communication strategy. An analysis of the experiences of three new technology firms in Spain looks beyond the traditional resource-based view of the firm to explain how an entrepreneur's actions can be interpreted as valuable market signals to mitigate uncertainty and increase the likelihood for success for the new venture. Highlighting the value of resources and actions as signaling elements, the study reveals that in highly competitive and dynamic markets, understanding how to signal essential information to customers and other stakeholders can be as important as the technological properties of the actual product or service.

Abstract

Objectives: This paper uses data generated by users to reflect on the emergent paradigm of lifelogging or quantified self as a lifestyle. It analyses the social and technological aspects of this phenomenon, focusing on data management, and it describes how the principles of big data enable us to understand the opportunities and complexities that quantified self is responsible for. Methodology: The paper revises the bibliography published on lifelogging and quantified self from its beginnings to the present. The bibliographic search was completed using bibliographic databases for the articles and general search engines for information on products and applications and for news articles in the local and international press. Results: The result is a taxonomy of uses, applications and tools for lifelogging and quantified self. The researchers conclude that the ability to generate quality information from user-generated data will be key in the development of this paradigm. It will also be necessary to establish standards and protocols to organize, manage and analyse the data so that the potentially positive impact of quantified self on society can be optimized.

Abstract

New technology-based firms have to deal with the technology development and market search challenges at the same time. The venture emergence in technology entrepreneurship symbolizes that the new venture has been able to find the right fit for its technology and becomes an operating business. The complex nature and dynamism of technology markets suggest the need to look beyond the venture resources in order to explain how new ventures overcomes the market uncertainty towards their technological products, and become operational businesses. We use a multiple case study of three new technology-based firms to explore the use of signals as market creation strategies in the context of venture emergence. The results suggest that entrepreneurs rely on market, technology and social capital signaling to reduce the uncertainty and advance towards venture emergence. This research holds implications for researchers interested in further exploring the integration of marketing, signaling and entrepreneurship theories and for entrepreneurs interested in overcoming the market uncertainty towards their technology, products and venture performance.

Abstract

How do technology-based entrepreneurs transform technological ideas into business opportunities? We explore how individual's self-regulatory focus and institutional forces influence in the opportunity construction process. This research addresses the apparent paradox between the exploration efforts of the entrepreneur to find a use for the technological idea, with the institutional pressure advance to opportunity exploitation. We use an inductive multiple- case study with a sample of three technology-based entrepreneurs to shed some light on the phenomena. The results suggest that there is a two-stage process in the transformation of an idea into an opportunity; entrepreneur's ability to moderate their self-regulatory focus is seen to play an important role in this process. These findings hold several implications for entrepreneurs and stakeholders interested in promoting technology-based entrepreneurship

Abstract

The transformation of business ideas into market opportunities is at the core of entrepreneurship. Nevertheless, the complexity of such a transformative process is seen to change depending on the variables influencing the opportunity-entrepreneur nexus. Although technology-entrepreneurship is regarded as a force of change and dynamism in socio-economic growth, it also depends upon an intricate process of opportunity development. The interest in understanding better how technology-based entrepreneurs simultaneously cope with technological uncertainty while trying to gain stakeholder support and access to resources, highlights a relevant research gap. The research described in this article uses the constructivist view to deepen our understanding of the technology-based entrepreneur's conceptualization of the opportunity as a process of social construction. Our results show how initial consensus-building efforts and iteration with knowledgeable peers are an essential part of the emergence of the opportunity, changing both entrepreneur's and stakeholders' perceptions of the early business idea. Consequently, our results provide evidence in support of policy programs and measures that favour social-construction sup- port mechanisms to foster technology-based entrepreneurship.