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Summary's Compulsory Readings Organizing Entrepreneurship 1ZSUC0
Summary's Compulsory Readings Organizing Entrepreneurship 1ZSUC0
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Summary’s Compulsory ReadingsMeeting the Challenge of Corporate Entrepreneurship
by David A. Garvin and Lynne C. Levesque
To be competitive, companies must grow innovative new businesses.
Corporate entrepreneurship, however, isn’t easy. New ventures face
innumerable barriers and seldom mesh smoothly with well-established
systems, processes, and cultures.
Nonetheless, success requires a balance of old and new organizational
traits—and unless companies keep those opposing forces in equilibrium,
their new businesses will flounder.
The authors describe the challenges companies face when they pursue
new businesses, as well as the usual problematic responses to those
challenges. Such companies, they say, must perform three balancing acts:
Develop strategy by trial and error, which includes narrowing
potential choices, learning from small samples, using prototypes to
test business models, tracking progress through nonfinancial
measures, and knowing how and when to pull the plug on a new
venture.
Find the best combination of old and new operational processes by
staffing new ventures with “mature turks,” changing veterans’
thinking, knowing which capabilities to develop and which to
acquire, and having old and new businesses share responsibility for
operating decisions.
Strike the right balance of integration and autonomy by assigning
both corporate and operating sponsors to new ventures, establishing
criteria for handoffs to existing divisions, and using creative
organizational structures.
The authors provide a detailed look at IBM’s Emerging Business
Opportunity system, which manages all these balancing acts
simultaneously.
,Engaging with Startups to Enhance Corporate Innovation
By Tobias Weiblen and Henry W. Chesbrough
On their websites, many large corporations’ engagements with the startup
world are presented as an almost altruistic activity. As our study shows,
however,
there are very specific motives and tangible benefits behind any of those
moves.
Four different models of engaging with startups allow large corporations to
tap
into the speed, innovativeness, and growth potential of entrepreneurial
activity.
Complementing traditional equity-based approaches, two new models
were
presented here. These two variants of startup programs (outside-in and
inside-out/
platform) implement standardized practices of working with a large
number of startups at the same time. They are enabled by the larger
startup support ecosystem available today, which provides the missing
pieces that help a new venture grow. Startups
Engaging with Startups to Enhance Corporate Innovation today can realize
their business idea by combining various building blocks provided to them
by supporting organizations. They get their funding from one source,
coaching from another, reside in a general co-working space from a third,
and shop around for further useful offerings. If corporations understand
this logic and clearly emphasize which unique building blocks they can
contribute, this can be a win-win situation for all parties involved. A similar
idea, the networked incubator, has been around since before the bust of
the dot-com bubble.29 It is coming back to life now,
but without necessarily requiring the central role of a coordinating
incubator.
, Equity-based models are not obsolete either. While equity is an obstacle
for
some startups and thus does not allow large-scale programs, it has its
benefits. Aside
from financial performance, investing in a new venture is a way to gain
deep insights into new technologies or strategic markets for which the
corporation is not able to provide a convincing support offering. It is also a
good means to hatch and control corporate spin-offs that profit from close
collaboration in the present and might become of strategic importance in
the future. Being aware of all the options and deciding about the right way
to engage with startups is decisive for program success, and running
multiple models in parallel is not a contradiction. Executives in charge of
corporate innovation are well advised to review their ways of working with
startups and take them to the next level. Once collaboration is established,
startups can be an important source of innovation and growth for large
corporations.
Although each of the four models identified provides its specific
mechanisms
to capture value for the sponsoring corporation, it is clear that they take
time to realize their benefits. A newly introduced program might take
several years in which it only produces costs and not much revenue.
Often, a large corporation’s expectations
are too impatient: even fast-growing startups need years to grow big
enough to show impact in corporate income statements. Corporate
incubators, for instance, are said to need five to seven years before they
provide tangible returns.30 We are aware of several cases of discontinued
programs where the time required for growth has not been granted, either
due to new leadership or strategy changes. We hope that with
this framework, a company’s expectations will be better aligned with its
choice of
engagement, leading to fewer such events in future.
How Apple Is Organized for Innovation
B Joel M. Podolny and Morten T. Hansen
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