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Nurturing Science-Based Ventures

An International Case Perspective

By: Ralf W. Seifert, BenoÃ®t F. Leleux, Christopher L. Tucci

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Hardcover | 29 January 2008

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Few would deny that small entrepreneurial firms play an important economic and social role. Not only do they generate a significant number of jobs but they also contribute a large proportion of gross national product (GNP). Not all small firms qualify as entrepreneurial entities, however. While "small" refers mostly to size, "entrepreneurial" refers to growth and a value-creation orientation. The vast - jority of small firms have no growth aspirations, nor do they have the means and skills to grow. As such, they may still provide employment and local value but would not embrace the high-potential aspirations of entrepreneurial ventures. This book clearly addresses those entrepreneurs who are interested in leading hi- growth-potential companies (Table 1). Table 1 Growth Typology of Small Firms [1] Type of venture Desired sales range Future employees Lifestyle 0 to $1 million 0 to 4 Smaller high potential $1 million to $20 million 5 to 50 High potential over $20 million Over 50 High-innovation technology-based startups assume a very special role in hi- growth entrepreneurship. Although these startups constitute a comparatively low number of small businesses, they produce proportionately far more jobs than their low- and medium-innovation counterparts. The aim of achieving rapid growth is typically referred to as high-expectation entrepreneurship. An area of major con- 1 cern to us is a fact revealed in the latest GEM report: The rate of European hi- expectation entrepreneurial activity is among the lowest in the world.

Industry Reviews

From the reviews:

"The challenge is to nurture entrepreneurial skills and ambitions in science and engineering academic students in the hope that they will consider the starting of a new business based on their research as a compelling alternative to more traditional employment opportunities. The book by Seifert, Leleux and Tucci addresses this challenge. ... designed as a teaching support for courses on science-based entrepreneurship and it primarily targets engineering and science students. ... designed to help students explore the most relevant issues in science-based start-ups." (Luca Iandoli, International Small Business Journal, Vol. 27 (5), November, 2009)

"The book focuses on science based ventures that originate in technological break throughs, but entrepreneurs from all backgrounds can learn from it. Nurturing Science-Based Ventures charts the development of a new venture through five chapters ... . provides a useful text to accompany teaching. ... accessible reference work for managers in knowledge-based industries, entrepreneurs from all business sectors, and stakeholders in business incubation processes. ... It would add value to postgraduate reading lists ... ." (Simon Stephens, The International Journal of Entrepreneurship and Innovation, Vol. 11 (3), 2010)

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You Can Find This Book In

Non-Fiction Business & Management Ownership & Organisation of Enterprises Science Science in General Impact of Science & Technology on Society Entrepreneurship / Start-ups Engineering & Technology Technology in General Engineering in General Management & Management Techniques Management of Specific Areas

Production of Quality Control Management Economics Economics of Industrial Organisation Development Economics & Emerging Economies Industry & Industrial Studies

Opportunity Recognition	p. 1
Starting from the Idea	p. 1
From Idea to Opportunity: A Deliberate Process	p. 2
Where Do Opportunities Occur?	p. 2
Unexpected Occurrences	p. 2
Incongruities	p. 3
Process Needs	p. 3
Industry and Market Changes	p. 3
Demographic Changes	p. 3
Changes in Perception	p. 4
New Knowledge	p. 4
Validating Opportunities	p. 4
Product/Service Feasibility	p. 5
Industry/Market Feasibility	p. 5
Organizational Feasibility	p. 5
Financial Feasibility	p. 6
Personal Fit	p. 6
The Window of Opportunity	p. 6
The Business Concept Proposal	p. 7
The Big Question: Should You Tell Anyone Else Your Idea?	p. 8
Cases in This Chapter	p. 8
Optima Environnement SA: Turning a Wonder Tree into an Eco-business	p. 11
Company Background	p. 12
PhytoflocÖ and the Water Treatment Industry	p. 13
Moringa Proteins	p. 17
Moringa Oil	p. 19
Licensing Moringa Technology	p. 20
Financial Investments	p. 21
Optima's Challenges and Options	p. 21
2004 and Beyond	p. 23
Cognosense SA: Validating an Opportunity	p. 27
The Company	p. 28
Product Portfolio	p. 30
Cognosense's Mobile Business Opportunity	p. 30
Understanding the Dynamics of the Mobile Market	p. 31
Developing the Appropriate Business Model	p. 34
Setting the Course for Growth	p. 38
Shockfish (A)	p. 47
Beginnings	p. 48
The Product	p. 48
What Was the Best Market for Spotme?	p. 50
The Contract	p. 52
Redigo: Putting a New Electric Vehicle on the Road	p. 53
History	p. 54
The Vehicle	p. 56
Market Developments in Urban Mobility	p. 58
Where to Go with Redigo	p. 65
Planning the New Venture	p. 85
What Is a Business Plan?	p. 85
Why Write a Business Plan?	p. 86
Who Should Write the Business Plan?	p. 86
Who Will Read the Business Plan?	p. 87
What Should Be in the Business Plan?	p. 87
Common Pitfalls	p. 88
Key Elements of the Business Plan	p. 89
New Venture Team	p. 89
Market Analysis and Sizing	p. 91
Industry and Competitor Analysis	p. 92
Intellectual Property	p. 93
The Business Model	p. 96
The Marketing Plan	p. 98
Financing the Venture	p. 102
Talking About Risk	p. 102
Cases in This Chapter	p. 103
Shockfish (B)	p. 107
Crossing the Chasm	p. 108
Funding	p. 109
IR Microsystems (A): June 2002	p. 111
InfraRed (IR) Microsystems in January 2002	p. 112
Infrared Spectrometry	p. 114
Market Analysis and Marketing Strategy	p. 116
Strategic Plan	p. 124
Time to Sign off on New Plan	p. 126
InMotion Technologies Ltd.	p. 131
Background	p. 132
Creation of the Company	p. 133
Development of the Company	p. 136
The Future	p. 140
Boblbee (D): The Urban Backpack	p. 143
Background	p. 144
Getting Boblbee to Market	p. 146
Industry Environment	p. 153
Working the Numbers	p. 156
VistaPapers (A): December 1994	p. 167
VistaPapers: Enabling Quality Printing for SOHO Market	p. 168
VistaPapers (B): September 1995	p. 179
Feedback Received on the Initial Business Plan	p. 180
Back to the Drawing Board: January to September 1995	p. 181
The Revised VistaPapers Business Plan: September 1995	p. 182
VistaPapers (B-2): November 1995	p. 187
VistaPapers (C): Going VistaPrint.com	p. 189
VistaPrint.com Business Plan: March 2000	p. 190
Lyncée Tec SA: Scaling up a Technology Venture	p. 199
Company Background	p. 200
The Product	p. 200
Competing Firms and Technologies	p. 202
Management Resources and Networking	p. 203
The Business Plan	p. 205
Funding the Venture	p. 210
Outlook	p. 211
Venture Financing	p. 219
Financing Ecotypes and Resource Maps: Matching Needs with Funders	p. 219
Debt Financing	p. 220
Equity Financing	p. 220
Mapping Resources: The General Framework	p. 221
Resource Maps and Financing Ecotypes	p. 224
Business Valuation - Science or Art?	p. 234
Valuation Techniques	p. 235
Cases in This Chapter	p. 238
Venture Capital Investment Contracts: A Primer and Taxonomy	p. 241
Introduction	p. 242
Conflicts Addressed in Venture Capital Contracts	p. 243
Conflict-Mitigation Strategies	p. 249
A Simple Taxonomy of Major Contract Clauses	p. 258
Conclusions	p. 282
AVIQ Systems AG: Creative Technology, Innovative Financing	p. 295
AVIQ Systems	p. 296
Tatis Limited	p. 311
Global Trade Patterns: A Data Management Nightmare	p. 312
Tatis: Bringing out the Smarts	p. 313
Market Entry Strategy	p. 316
Financing Tatis Limited	p. 316
Genedata	p. 323
Company Background	p. 324
Venture Valuation AG: The Genedata Assignment	p. 333
Company Background	p. 334
Venture Valuation Product Portfolio	p. 335
The Genedata Project	p. 338
The Valuation Exercise	p. 339
Novartis Venture Fund: Valuation Dilemmas	p. 355
Novartis Venture Fund	p. 356
Growing the Entrepreneurial Firm: Building Lasting Success	p. 365
Why Grow the Firm?	p. 365
Measuring Growth	p. 366
Challenges to Growth, or Why Some Entrepreneurs Don't Scale	p. 366
Strategies for Growth	p. 367
Internal Strategies: Organic Growth	p. 367
External Strategies: Partnering for Success	p. 369
Management Skills and Leadership	p. 371
Organizing Growth	p. 371
Organizational Blueprints	p. 373
Managing People	p. 375
Other Necessary Management Competences	p. 376
The Troubled Company	p. 377
Strategic Issues	p. 377
Cases in This Chapter	p. 378
IR Microsystems (B): Taking Tunable Diode Laser Spectrometry (TDLS) to Market in 2006	p. 383
New Product Offering	p. 384
Next Steps	p. 388
IR Microsystems (C): Epilogue	p. 395
IR Microsystems' Outlook for 2006	p. 395
IR Microsystems Acquired by Leister Process Technologies	p. 396
AC Immune SA: Taking Research into Development	p. 397
The Opportunity	p. 398
AC Immune SA	p. 398
The Venture's Assets	p. 399
Protecting Assets	p. 401
The Competitive Landscape	p. 401
Industry Characteristics	p. 403
Developing Options in a Dynamic Environment	p. 405
The Next Strategic Moves	p. 405
Handout AC Immune and Genentech: Exclusive Global License Agreement	p. 413
Covalys (A): Managing the Company's Growth and Development Strategy	p. 415
Company Background	p. 416
The Life Sciences Industry	p. 417
Shaping Covalys's Growth and Development Strategy	p. 419
Outlook	p. 423
Handout Covalys: Expansion Plans	p. 429
Technology Strategy at Dartfish	p. 431
The Technology	p. 432
Company History	p. 433
Application Domains and Business Models	p. 434
Where to Go from Here?	p. 438
Netcetera (A): Hiring an External CEO?	p. 443
Netcetera	p. 444
Netcetera's Development 1996-2000	p. 444
Changing the Management: Hiring a New CEO?	p. 448
Netcetera (B): Organizing for Sustainable Business Success	p. 453
Netcetera's Learning Points from the External CEO Decision	p. 454
Trying a Participative Approach to Organization	p. 454
Adapting to Market Developments	p. 455
Netcetera (C): Reflections and Outlook	p. 463
New Projects	p. 464
New Objectives	p. 464
New Challenges	p. 464
Boblbee (E): Inventing the Urban Nomad	p. 465
Marketing Strategy	p. 466
Trouble Begins	p. 468
The Crisis	p. 470
Product Development and Repositioning	p. 470
The Way Forward	p. 473
EndoArt SA: Creating and Funding a Medical Technology Startup (A)	p. 489
Company Overview	p. 490
Evolution of the Firm	p. 490
Turning the Tide	p. 497
Google Search Engine and Advertisement	p. 503
Creation	p. 504
The Technology and Original Idea	p. 505
Business Model	p. 506
Exploding Growth	p. 507
Market/Competition	p. 508
Google and Yahoo's Complex Relationship	p. 511
Microsoft's Intentions Revealed	p. 512
Current Actors in the Market	p. 513
Google's Investments	p. 514
Back to the Dilemma	p. 515
Harvesting	p. 521
Harvesting Options	p. 522
Milking the Cash Cow	p. 522
Trade Sale	p. 523
Merging or Being Acquired by a Larger Firm	p. 523
Buyouts	p. 524
Leveraged Recapitalization of the Company	p. 526
Initial Public Offering (IPO)	p. 526
Specific Challenges in the Harvesting Process	p. 529
Timing	p. 529
Valuation	p. 530
Cases in This Chapter	p. 530
EndoArt SA: Creating and Funding a Medical Technology Startup (B)	p. 533
Handout Allergan Announces its Acquisition of EndoArt	p. 535
Forward-looking Statements	p. 536
About Allergan, Inc.	p. 537
About EndoArt S.A.	p. 537
Sentron at the Crossroads (A)	p. 539
Company History	p. 540
Sentron's Business Model and Operations	p. 541
The Sensor Technology Market	p. 544
Competitors' Technologies and Products	p. 546
Alternative Future Strategies	p. 546
Decision Looming	p. 547
Sentron at the Crossroads (B)	p. 553
The Proposed Merger	p. 554
Afterthoughts	p. 554
4M Technologies and the Optical Disk Revolutions	p. 557
Company Background	p. 558
Optical Storage Media: A Short Introduction	p. 559
4M Technologies: Integrated Manufacturing Solutions for the Digital Ag	p. 562
The Future	p. 565
Generics	p. 577
The Genesis of Generics	p. 578
A Culture of Innovation	p. 579
Consulting Activities: Creating Value Through Intellectual Property	p. 581
Optimizing the Creation of Value	p. 582
Managing a Complex Process	p. 588
Growth Challenges	p. 589
Moving On	p. 591
GigaTera Inc: Pulling the Plug?	p. 597
Optoelectronics: the Soaring Opportunity	p. 598
Company Background	p. 599
Brakes on the Development of the Optoelectronics Market	p. 601
How GigaTera Dealt with the Market Changes	p. 604
Deciding on the Future	p. 607
Corporate Entrepreneurship	p. 611
Why Do Large Corporations Pursue Entrepreneurship?	p. 611
How Can Corporations Promote Entrepreneurship?	p. 612
Encouraging Corporate Entrepreneurs	p. 612
Designing the Entrepreneurial Organization	p. 613
Cases in This Chapter	p. 614
Rebuilding a Passion Brand: The Turnaround of Ducati (A)	p. 617
Federico Minoli	p. 618
Situation at Ducati in 1996	p. 618
Quick Fixes	p. 626
Priorities for the Next Few Years	p. 627
Rebuilding a Passion Brand: The Turnaround of Ducati (B)	p. 633
Phase 1: Build the Brand	p. 634
Phase 2: Rationalize the Factory	p. 641
Phase 3: Refocus on R&D	p. 641
Results	p. 642
Innovation Leadership at Logitech	p. 643
Company Background	p. 644
Company Organization	p. 645
Innovation Philosophy and Drivers	p. 646
Corporate Culture and Values	p. 649
Innovation Process	p. 655
Future Challenges	p. 660
Logitech: Getting the ioÖ Digital Pen to Market	p. 667
Logitech's Entry into the Digital Pen Environment	p. 668
Logitech's Digital Pen Project	p. 668
Logitech's ioÖ Launch	p. 677
Evaluation Phase	p. 682
Looking Ahead	p. 683
The ""mi adidas"" Mass Customization Initiative	p. 695
Global Footwear Market	p. 696
adidas-Salomon AG	p. 696
mi adidas	p. 697
Phase I: The mi adidas Pilot	p. 697
Competitors' Footwear Customization Initiatives	p. 699
Phase II: The mi adidas Retail Tours	p. 700
The Future of mi adidas	p. 707
New Business Creation at Tetra Pak: Reinventing the Food Can	p. 721
Company Background	p. 722
Starting Project Phoenix: Genesis (October 1993 - March 1996)	p. 723
Restarting and Reorienting Phoenix (April 1996 - May 1997)	p. 726
Clarifying the Value Proposition	p. 728
Starting a Partnership with Nestlé (Project Arizona)	p. 730
Reinforcing the Project Organization and Visibility	p. 731
Starting a Second Partnership with Bonduelle (Project Edix)	p. 732
Moving to Real Life Field Tests and the Creation of Tetra RecartÖ	p. 732
Developing the Tetra RecartÖ Organization and Business	p. 734
Addressing Tetra Recart Growth Challenges	p. 735
Index	p. 777
Table of Contents provided by Publisher. All Rights Reserved.

Nurturing Science-Based Ventures

An International Case Perspective

At a Glance

Hardcover

Industry Reviews

Shipping

How to return your order

Defective items

You Can Find This Book In

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