Lecture 10

Question 1

Corporate Entrepreneurship

Answer 1

Strategic Entrepreneurship + Venturing

Has three very broad types of activities
1. Emergence of new ideas form various levels in the organization
2. Development and implementation of entrepreneurial strategic thrusts
3. Creation of new business units by an established organization

Question 2

Corporate Venturing

Answer 2

Can be viewed as a series of tools or techniques that help bring out entrepreneurial outcomes. Larger companies (start) investing in and supporting entrepreneurs.

Question 3

How to make CV work

Answer 3

• Align goals with corporate objectives
• Streamline approvals
• Provide powerful incentives
• Create an experimental, failure-tolerant mind-set (fail early = fail cheap)
• Stick to your commitments
• Harvest valuable information

Question 4

Bell Mason Framework for CV Development

Answer 4

1. Concept - Inspiration
2. Seed - Reduction
3. Alpha - Integration
4. Beta - Testing
5. Market Calibration - Operational

Question 5

Internal Corporate Venturing

Answer 5

How the organization structures and manages its entrepreneurial activities internally. Concerned with hot to encourage and manage new, entrepreneurial business, whilst aligning them to the larger company’s existing business activities.

Question 6

External Corporate Venturing

Answer 6

How the organization structures and manages its entrepreneurial activities externally to encourage innovation and develop new business areas; through partnerships, strategic alliances, joint ventures.

> Acquiring other, usually smaller, companies that have the innovations that the acquiring company would like to own and have its portfolio.

Question 7

Intrapreneurship

Answer 7

Engaging in entrepreneurial activities and acting like an entrepreneur while working within a large organization
= the main driving force within internal corporate venturing

Question 8

Entrepreneurial traits

Answer 8

• Need for achievement, autonomy, leadership, aggression
• Self-discipline and perseverance, desire to succeed, energy level
• Interest in “money or fame”, locus of control, risk propensity, creativity, achievement
• Openness to innovation, self-esteem, locus of control

Question 9

Behavioral Approach (Katz & Green, 2009)

Answer 9

In reality your behavior and skills are more important than the personality characteristics buried in your psyche. Successful individual entrepreneurship builds on competency more than personality.

Competency > Personality
Nurture > Nture

Question 10

Measuring Creativity: HBDI

Answer 10

• Analytisch thinkers
• Sequential thinkers
• Interpersonal thinkers:
• Imaginative thinkers

Question 11

Analytical thinkers

Answer 11

Prefer analyzing data, understanding how things work & judging ideas based on facts

Question 12

Sequential thinkers

Answer 12

Can handle complexity, prefer following detailed directing, are good at organizing work & implementing ideas.

Question 13

Interpersonal thinkers

Answer 13

Prefer listening to & expressing ideas, group interaction & looking for personal meaning.

Question 14

Imaginative thinkers

Answer 14

Can synthesize different ideas - prefer looking at the big picture rather than dealing with detail, challenging assumptions & care good at creative problem solving and long term thinking

Question 15

Three major challenges for intrapreneurs

Answer 15

• Achieving credibility or legitimacy for the concept and the entrepreneurial team
• Obtaining resources
• Overcoming intertia and resistance

Question 16

Corporate accelerators & incubators

Answer 16

Aim is to facilitate rapid development of a project - conceptualization, prototyping, & business model development