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Summary of Innovation & Entrepreneurship EBM621A05
Comprehensive summary of all compulsory material for Innovation & Entrepreneurship EBM621A05
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lOMoAR cPSD| 233498Innovation & Entrepreneurship
Table of Contents
Lecture 1...................................................................................................................................................................1
Shane, S. and S. Venkataraman (2000), The Promise of Entrepreneurship as a Field of Research, Academy of
Management Review, 25(1), 217-226. .................................................................................................................1
Åstebro, (2003), The Return to Independent Invention: Evidence of Unrealistic Optimism, Risk Seeking or
Skewness Loving? .................................................................................................................................................6
Lecture 2...................................................................................................................................................................8
Alvarez, S.A., J.B. Barney, and P. Anderson (2013), Forming and exploiting opportunities: The impactions of
discovery and creation processes for entrepreneurial and organizational research. Organization Science,
26(1), 301-317. .....................................................................................................................................................8
Kerr, Nanda, Rhodes-Kropf (2014). Entrepreneurship as experimentation. ......................................................15
Hsu (2007). Experienced entrepreneurial founders, organizational capital, and venture capital funding. .......18
Lecture 3.................................................................................................................................................................22
Evanschitzky, H., Eisend, M., Calantone, R.J. and Jiang, Y. (2012), Success Factors of Product Innovation: An
Updated Meta-Analysis, Journal of Product Innovation Management. ............................................................22
The Innovation Value Chain (2007) – Hansen and Birkenshaw..........................................................................25
Is pay-for-performance detrimental to innovation? – Ederer and manso (2013) .............................................28
Lecture 4.................................................................................................................................................................32
Aldrich H.E. and C.M. Fiol, (1994), Fools rush in? The Institutional Context of Industry Creation, Academy of
Management Review, 19(4), 645-670. ...............................................................................................................32
Singh Rao, R., Chandy, R.K., and J.C. Prabhu (2008), The Fruits of ....................................................................37
Legitimacy; Why Some New Ventures Gain More From Innovation Than Others, Journal of Marketing, 72, 58-
75. ......................................................................................................................................................................37
Powell W.W. (1990). Neither Market nor Hierarchy: Network Forms of Organization. Research in
Organizational Behavior, 12, 295-336. ..............................................................................................................41
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Lecture 1
Shane, S. and S. Venkataraman (2000), The Promise of Entrepreneurship as a Field of
Research, Academy of Management Review, 25(1), 217-226.
Abstract
To date, the phenomenon of entrepreneurship has lacked a conceptual framework. In this article we
explain a set of empirical phenomena and predict a set of outcomes not explained or predicted by
conceptual frameworks already in existence in other fields.
Introduction
To have usefulness, a field of social science must have a conceptual framework that explains and
predicts a set of empirical phenomena not explained or predicted by conceptual frameworks already
in existence in other fields.
• However, entrepreneurship lacks such framework which creates doubts to why
entrepreneurship research is necessary.
Article Goal? attempt an integrating framework for the entrepreneurship field which will help
researchers recognize the relationship among multitude of necessary, but not sufficient, factors
that compose entrepreneurship and thereby advance the quality of empirical and theoretical
work.
Definition of entrepreneurship
Entrepreneurship involves the nexus of two phenomena:
1. The presence of lucrative opportunities
2. The presence of enterprising individuals
Entrepreneurship is the scholarly examination of how, by whom, and with what effects
opportunities to create future goods and services are discovered, evaluated, and exploited. Hereby,
the field involves the study of the sources of opportunities, the processes of discovery, evaluation,
and exploitation of opportunities, and the set of individuals who discover, evaluate, and exploit
them.
• Problem? Entrepreneurship researchers have generated incomplete definitions that do not
withstand the scrutiny of other scholars.
Three sets of research questions about entrepreneurship:
1. Why, when, and how opportunities for the creation of goods and services come into
existence
2. Why, when, and how some people and not others discover and exploit these opportunities
3. Why, when, and how different modes of action are used to exploit entrepreneurial
opportunities
4 Caveats on the research approach
1. In equilibrium models, entrepreneurial opportunities either do not exist or are assumed to
be randomly distributed across the population and who becomes an entrepreneur in these
models depends solely on the attributes of people.
1
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o However, as many diverse groups of people engage in entrepreneurship, it is
improbable that it can be explained solely by the characteristic of certain people
independent of the situation.
o Therefore, entrepreneurial behavior, is the tendency of certain people to respond to
the situational cues of opportunities - not a stable characteristic that differentiates
some people from others across all situations.
2. Entrepreneurship does not require, but can include, the creation of new organizations.
Moreover, opportunities can be sold to other individuals or to existing organizations.
3. this framework complements sociological and economic work in which researchers have
examined the population-level factors that influence firm creation. This framework differs
from others in that
a. The authors focus on the existence, discovery, and exploitation of opportunities
b. They examine the influence of individuals and opportunities, rather than
environmental antecedents and consequences
c. They consider a frame-work broader than firm creation.
4. this framework also complements research on the process of firm creation.
Why study entrepreneurship?
There are 3 reasons for studying entrepreneurship:
1. Much technical info embodied in products & services –
2. Entrepreneurship is a mechanism through which temporal and spatial inefficiencies are
discovered and mitigated.
3. Entrepreneurship is the crucial engine of change in society.
The existence, discovery, and exploitation of entrepreneurial opportunities
To have entrepreneurship, you need to have entrepreneurial opportunities: those situations in
which new goods, services, raw materials, and organizing methods can be introduced and sold at
greater than their cost of production.
• While opportunity recognition is subjective, the opportunities themselves are objective
phenomena that are not known to all parties at all times.
Entrepreneurial opportunities differ from the larger set of all opportunities for profit, particularly
opportunities to enhance the efficiency of existing goods, services, raw materials, and organizing
methods, because the former require the discovery of new means-ends relationships, whereas the
latter involve optimization within existing means-ends frameworks. Because the range of options
and the consequences of exploiting new things are unknown, entrepreneurial decisions cannot be
made through an optimization process in which mechanical calculations are made in response to a
given set of alternatives.
There are three different categories of opportunities:
1. The creation of new information, as occurs with the invention of new technologies;
2. The exploitation of market inefficiencies that result from information asymmetry, as occurs
across time and geography;
3. The reaction to shifts in the relative costs and benefits of alternative uses for resources, as
occurs with political, regulatory, or demographic changes.
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Entrepreneurial opportunities exist primarily because different members of society have different
beliefs about the relative value of resources, given the potential to transform them into a different
state. When buyers and sellers have different beliefs about the value of resources, both today and in
the future, goods and services can sell above or below their marginal cost of production.
An entrepreneurial discovery occurs when someone makes the conjecture that a set of resources is
not put to its "best use". If the conjecture is acted upon and is correct, the individual will earn an
entrepreneurial profit. If incorrect, the individual will incur an entrepreneurial loss.
Entrepreneurship requires that people hold different beliefs about the value of resources
1. Entrepreneurship involves joint production, where several different resources have to be
brought together to create the new product or service.
a For the resources to be profitable, entrepreneur price conjecture needs to be
different from the owners of those resources. Why? Otherwise owners would seek
to appropriate the profit from the opportunity by charging higher prices.
2. If all people (potential entrepreneurs) possessed the same entrepreneurial conjectures, the
incentive to pursue the opportunity would be eliminated (having to divide the profit).
o People make decisions on the basis of hunches, and accurate and inaccurate
information, causing their decision to be incorrect some of the time-> leading to
“errors”
Economies operate in a constant state of disequilibrium. Technological, political, social, regulatory,
and other types of change offer a continuous supply of new information about different ways to use
resources to enhance wealth.
• If economic actors obtain new information before others, they can purchase resources at
below their equilibrium value and earn an entrepreneurial profit by recombining the
resources and then selling them.
Entrepreneurial opportunities become cost inefficient to pursue because entrepreneurial
opportunities depend on asymmetries of information and beliefs.
1. The opportunity to earn entrepreneurial profit will provide an incentive to many economic
actors. As opportunities are exploited, others try imitating the innovator to profit.
o When the entry of additional entrepreneurs reaches a rate at which the benefits
from new entrants exceeds the costs, the incentive for entry reduces.
2. The exploitation of opportunity provides information to resource providers about the value
of the resources that they possess and leads them to raise resource prices over time, in order
to capture some of the entrepreneur's profit for themselves (reduces incentive of entry).
The duration of any given opportunity depends on a variety of factors:
• The provision of monopoly rights -> increases the duration.
• Slowness of information diffusion increases the duration.
• The "inability of others (due to various isolating mechanisms) to imitate, substitute, trade for
or acquire the rare resources required to drive down the surplus" increases the duration.
3
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