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Nurturing science-based ventures: an international case perspective

Author: Seifert, Ralf W. ; Leleux, Benoît F. ; Tucci, Christopher L.Publisher: Springer, 2008.Language: EnglishDescription: 787 p. : Graphs/Ill./Photos ; 25 cm.ISBN: 9781846288739Type of document: BookBibliography/Index: Includes bibliographical references and index
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Item type Current location Collection Call number Status Date due Barcode Item holds
Book Europe Campus
Main Collection
Print HD62.5 .S45 2008
(Browse shelf)
001274875
Available 001274875
Book Middle East Campus
Main Collection
Print HD62.5 .S45 2008
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500002658
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Includes bibliographical references and index

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Nurturing Science-based Ventures An International Case Perspective Contents 1 Opportunity Recognition ............................................................................ 1 1.1 Starting from the Idea ............................................................................... 1 1.2 From Idea to Opportunity: A Deliberate Process ...................................... 2 1.3 Where Do Opportunities Occur? ............................................................... 2 1.3.1 Unexpected Occurrences ................................................................ 2 1.3.2 Incongruities.................................................................................. 3 1.3.3 Process Needs ................................................................................ 3 1.3.4 Industry and Market Changes ........................................................ 3 1.3.5 Demographic Changes ................................................................... 3 1.3.6 Changes in Perception .................................................................... 4 1.3.7 New Knowledge............................................................................. 4 1.4 Validating Opportunities............................................................................ 4 1.4.1 Product/Service Feasibility ............................................................ 5 1.4.2 Industry/Market Feasibility ........................................................... 5 1.4.3 Organizational Feasibility .............................................................. 5 1.4.4 Financial Feasibility ...................................................................... 6 1.4.5 Personal Fit..................................................................................... 6 1.5 The Window of Opportunity ..................................................................... 6 1.6 The Business Concept Proposal ................................................................. 7 1.7 The Big Question: Should You Tell Anyone Else Your Idea? .................. 8 1.8 Cases in This Chapter ................................................................................ 8 CASE 1-1 Optima Environnement SA: Turning a Wonder Tree into an Eco-business................................................................. 11 1 Company Background............................................................... 12 2 PhytoflocTM and the Water Treatment Industry ...................... 13 3 Moringa Proteins....................................................................... 17 4 Moringa Oil............................................................................... 19 5 Licensing Moringa Technology................................................ 20 6 Financial Investments ............................................................... 21 7 Optima's Challenges and Options ............................................ 21 8 2004 and Beyond....................................................................... 23 CASE 1-2 Cognosense SA: Validating an Opportunity ................................ 27 1 The Company............................................................................ 28 2 Product Portfolio ....................................................................... 30 3 Cognosense's Mobile Business Opportunity ............................ 30 4 Understanding the Dynamics of the Mobile Market ................ 31 5 Developing the Appropriate Business Model ........................... 34 6 Setting the Course for Growth .................................................. 38 CASE 1-3 Shockfish (A)................................................................................ 47 1 Beginnings................................................................................ 48 2 The Product............................................................................... 48 3 What Was the Best Market for Spotme? .................................. 50 4 The Contract ............................................................................. 52 CASE 1-4 Redigo: Putting a New Electric Vehicle on the Road .................. 53 1 History...................................................................................... 54 2 The Vehicle............................................................................... 56 3 Market Developments in Urban Mobility ................................. 58 4 Where to Go with Redigo......................................................... 65 2 Planning the New Venture................................................................................ 85 2.1 What Is a Business Plan? ......................................................................... 85 2.1.1 Why Write a Business Plan9 ....................................................... 86 2.1.2 Who Should Write the Business Plan? ......................................... 86 2.1.3 Who Will Read the Business Plan?.............................................. 87 2.1.4 What Should Be in the Business Plan? ........................................ 87 2.1.5 Common Pitfalls........................................................................... 88 2.2 Key Elements of the Business Plan ......................................................... 89 2.2.1 New Venture Team...................................................................... 89 2.2.2 Market Analysis and Sizing......................................................... 91 2.2.3 Industry and Competitor Analysis ................................................ 92 2.2.4 Intellectual Property ..................................................................... 93 2.2.5 The Business Model..................................................................... 96 2.2.6 The Marketing Plan...................................................................... 98 2.2.7 Financing the Venture ................................................................ 102 2.2.8 Talking About Risk.................................................................... 102 2.3 Cases in This Chapter ............................................................................ 103 CASE 2-1 Shockfish (B) .............................................................................. 107 1 Crossing the Chasm................................................................ 108 2 Funding................................................................................... 109 CASE 2-2 IR Microsystems (A): June 2002 ................................................ 111 1 InfraRed (IR) Microsystems in January 2002 ........................ 112 2 Infrared Spectrometry ............................................................. 114 3 Market Analysis and Marketing Strategy ............................... 116 4 5 Strategic Plan........................................................................... 124 Time to Sign off on New Plan................................................. 126 131 132 133 136 140 CASE 2-3 InMotion Technologies Ltd......................................................... 1 Background.............................................................................. 2 Creation of the Company......................................................... 3 Development of the Company................................................. 4 The Future................................................................................ CASE 2-4 Boblbee (D): The Urban Backpack............................................. 143 1 Background.............................................................................. 144 2 Getting Boblbee to Market...................................................... 146 3 Industry Environment.............................................................. 153 4 Working the Numbers.............................................................. 156 CASE 2-5 VistaPapers (A): December 1994................................................ 167 1 VistaPapers: Enabling Quality Printing for SOHO Market..................................................................... 168 CASE 2-6 VistaPapers (B): September 1995............................................... 1 Feedback Received on the Initial Business Plan..................... 2 Back to the Drawing Board: January to September 1995 ....... 3 The Revised VistaPapers Business Plan: September 1995..... 179 180 181 182 CASE 2-7 VistaPapers (B-2): November 1995............................................ 187 CASE 2-8 VistaPapers (C): Going VistaPrint.com...................................... 189 1 VistaPrint.com Business Plan: March 2000............................ 190 CASE 2-9 Lyncée Tec SA: Scaling up a Technology Venture.................... 1 Company Background............................................................. 2 The Product.............................................................................. 3 Competing Firms and Technologies........................................ 4 Management Resources and Networking................................ 5 The Business Plan.................................................................... 6 Funding the Venture................................................................ 7 Outlook.................................................................................... 3 199 200 200 202 203 205 210 211 Venture Financing...................................................................................... 219 3.1 Financing Ecotypes and Resource Maps: Matching Needs with Funders......................................................................................... 219 3.1.1 Debt Financing............................................................................ 220 3.1.2 Equity Financing......................................................................... 220 3.1.3 Mapping Resources: The General Framework .......................... 221 3.1.4 Resource Maps and Financing Ecotypes..................................... 224 3.2 Business Valuation ­ Science or Art?..................................................... 234 3.2.1 Valuation Techniques ................................................................. 235 3.3 Cases in This Chapter............................................................................. 238 NOTE 3-1 Venture Capital Investment Contracts: A Primer and Taxonomy.......................................................... 241 1 Introduction............................................................................. 242 2 Conflicts Addressed in Venture Capital Contracts ................. 243 3 Conflict-Mitigation Strategies................................................. 249 4 A Simple Taxonomy of Major Contract Clauses.................... 258 5 Conclusions............................................................................. 282 CASE 3-1 AVIQ Systems AG: Creative Technology, Innovative Financing................................................................ 295 I AVIQ Systems......................................................................... 296 CASE 3-2 Tatis Limited............................................................................... 1 Global Trade Patterns: A Data Management Nightmare ........ 2 Tatis: Bringing out the Smarts................................................ 3 Market Entry Strategy............................................................. 4 Financing Tatis Limited.......................................................... 311 312 313 316 316 CASE 3-3 Genedata..................................................................................... 323 1 Company Background............................................................. 324 CASE 3-4 Venture Valuation AG: The Genedata Assignment................... 1 Company Background............................................................. 2 Venture Valuation Product Portfolio...................................... 3 The Genedata Project.............................................................. 4 The Valuation Exercise........................................................... 333 334 335 338 339 CASE 3-5 Novartis Venture Fund: Valuation Dilemmas............................ 355 1 Novartis Venture Fund............................................................ 356 4 Growing the Entrepreneurial Firm: Building Lasting Success............ 365 4.1 Why Grow the Firm?.............................................................................. 365 4.1.1 Measuring Growth...................................................................... 366 4.1.2 Challenges to Growth, or Why Some Entrepreneurs Don't Scale............................................................................... 366 4.2 Strategies for Growth.............................................................................. 367 4.2.1 Internal Strategies: Organic Growth........................................... 367 4.2.2 External Strategies: Partnering for Success ............................... 369 4.3 Management Skills and Leadership....................................................... 371 4.3.1 Organizing Growth..................................................................... 371 4.3.2 Organizational Blueprints .......................................................... 373 4.3.3 Managing People........................................................................ 375 4.3.4 Other Necessary Management Competences ............................ 376 4.4 The Troubled Company.......................................................................... 377 4.4.1 Strategic Issues........................................................................... 377 4.5 Cases in This Chapter............................................................................. 378 CASE 4-1 IR Microsystems (B): Taking Tunable Diode Laser Spectrometry (TDLS) to Market in 2006....................................................... 383 1 New Product Offering............................................................. 384 2 Next Steps................................................................................ 388 CASE 4-2 IR Microsystems (C): Epilogue................................................... 395 1 IR Microsystems' Outlook for 2006........................................ 395 2 IR Microsystems Acquired by Leister Process Technologies............................................................................. 396 CASE 4-3 AC Immune SA: Taking Research into Development.......................................... 397 1 The Opportunity...................................................................... 398 2 AC Immune SA....................................................................... 398 3 The Venture's Assets............................................................... 399 Protecting Assets..................................................................... 401 4 5 The Competitive Landscape.................................................... 401 6 Industry Characteristics .......................................................... 403 7 Developing Options in a Dynamic Environment.................... 405 The Next Strategic Moves....................................................... 405 8 CASE 4-3 Handout AC Immune and Genentech: Exclusive Global License Agreement.................................................................... 413 CASE 4-4 Covalys (A): Managing the Company's Growth and Development Strategy ....................................................... 415 1 Company Background............................................................. 416 2 The Life Sciences Industry...................................................... 417 3 Shaping Covalys's Growth and Development Strategy.......... 419 4 Outlook.................................................................................... 423 CASE 4-4 Handout Covalys: Expansion Plans............................................. 429 CASE 4-5 Technology Strategy at Dartfish.................................................. 431 1 The Technology....................................................................... 432 Company History.................................................................... 433 2 3 Application Domains and Business Models............................ 434 4 Where to Go from Here?......................................................... 438 CASE 4-6 Netcetera (A): Hiring an External CEO? ...................................... 443 1 Netcetera.................................................................................. 444 2 Netcetera's Development 1996-2000...................................... 444 3 Changing the Management: Hiring a New CEO?................... 448 CASE 4-7 Netcetera (B): Organizing for Sustainable Business Success....................................................................... 453 1 Netcetera's Learning Points from the External CEO Decision.............................................. 454 2 3 Trying a Participative Approach to Organization................... 454 Adapting to Market Developments......................................... 455 CASE 4-8 Netcetera (C): Reflections and Outlook ..................................... 463 1 New Projects............................................................................ 464 2 New Objectives....................................................................... 464 3 New Challenges....................................................................... 464 CASE 4-9 Boblbee (E): Inventing the Urban Nomad.................................. 465 1 Marketing Strategy.................................................................. 466 2 Trouble Begins........................................................................ 468 3 The Crisis................................................................................. 470 4 Product Development and Repositioning................................ 470 5 The Way Forward.................................................................... 473 CASE 4-10 EndoArt SA: Creating and Funding a Medical Technology Startup (A)........................................... 489 1 Company Overview................................................................. 490 2 Evolution of the Firm.............................................................. 490 3 Turning the Tide...................................................................... 497 CASE 4-11 Google Search Engine and Advertisement............................... 503 1 Creation................................................................................... 504 2 The Technology and Original Idea.......................................... 505 3 Business Model....................................................................... 506 4 Exploding Growth................................................................... 507 5 Market/Competition................................................................ 508 6 Google and Yahoo's Complex Relationship............................ 511 7 Microsoft's Intentions Revealed.............................................. 512 8 Current Actors in the Market.................................................. 513 9 Google's Investments............................................................... 514 10 Back to the Dilemma............................................................... 515 5 Harvesting................................................................................................... 521 5.1 Harvesting Options............................................................................... 522 5.1.1 Milking the Cash Cow............................................................... 522 5.1.2 Trade Sale.................................................................................. 523 5.1.3 Merging or Being Acquired by a Larger Firm.......................... 523 5.1.4 Buyouts...................................................................................... 524 5.1.5 Leveraged Recapitalization of the Company............................ 526 5.1.6 Initial Public Offering (IPO)..................................................... 526 5.2 Specific Challenges in the Harvesting Process..................................... 529 5.2.1 Timing..................................................................................... 529 5.2.2 Valuation................................................................................... 530 5.3 Cases in This Chapter........................................................................... 530 CASE 5-1 EndoArt SA: Creating and Funding a Medical Technology Startup (B)............................................................ 533 CASE 5-1 Handout Allergan Announces its Acquisition of EndoArt....................................................... 1 Forward-looking Statements................................................... 2 About Allergan, Inc................................................................. 3 About EndoArt S.A................................................................. 535 536 537 537 CASE 5-2 Sentron at the Crossroads (A).................................................... 539 1 Company History.................................................................... 540 2 Sentron's Business Model and Operations.............................. 541 3 The Sensor Technology Market.............................................. 544 4 Competitors' Technologies and Products................................ 546 5 Alternative Future Strategies................................................... 546 6 Decision Looming................................................................... 547 CASE 5-3 Sentron at the Crossroads (B)..................................................... 553 1 The Proposed Merger.............................................................. 554 2 Afterthoughts........................................................................... 554 CASE 5-4 4M Technologies and the Optical Disk Revolutions.................. 1 Company Background............................................................. 2 Optical Storage Media: A Short Introduction......................... 3 4M Technologies: Integrated Manufacturing Solutions for the Digital Age................................................................... 4 The Future............................................................................... 557 558 559 562 565 CASE 5-5 Generics...................................................................................... 577 1 The Genesis of Generics.......................................................... 578 2 A Culture of Innovation.......................................................... 579 3 Consulting Activities: Creating Value Through Intellectual Property................................................................. 581 4 Optimizing the Creation of Value........................................... 582 5 Managing a Complex Process................................................. 588 6 Growth Challenges.................................................................. 589 7 Moving On............................................................................... 591 CASE 5-6 GigaTera Inc: Pulling the Plug?................................................. 1 Optoelectronics: the Soaring Opportunity.............................. 2 Company Background............................................................. 3 Brakes on the Development of the Optoelectronics Market................................................. 4 How GigaTera Dealt with the Market Changes...................... 5 Deciding on the Future............................................................ 597 598 599 601 604 607 6 Corporate Entrepreneurship.................................................................... 6.1 Why Do Large Corporations Pursue Entrepreneurship? ....................... 6.2 How Can Corporations Promote Entrepreneurship?............................. 6.2.1 Encouraging Corporate Entrepreneurs....................................... 6.2.2 Designing the Entrepreneurial Organization.............................. 6.3 Cases in This Chapter............................................................................ 611 611 612 612 613 614 CASE 6-1 Rebuilding a Passion Brand: The Turnaround of Ducati (A)................................................. 617 1 Federico Minoli....................................................................... 618 2 Situation at Ducati in 1996...................................................... 618 3 Quick Fixes.............................................................................. 626 4 Priorities for the Next Few Years............................................ 627 CASE 6-2 Rebuilding a Passion Brand: The Turnaround of Ducati (B)................................................. 633 1 Phase 1: Build the Brand......................................................... 634 2 Phase 2: Rationalize the Factory............................................. 641 3 Phase 3: Refocus on RandD....................................................... 641 4 Results..................................................................................... 642 CASE 6-3 Innovation Leadership at Logitech............................................. 643 1 Company Background............................................................. 644 2 Company Organization............................................................ 645 3 Innovation Philosophy and Drivers......................................... 646 4 Corporate Culture and Values................................................. 649 5 Innovation Process.................................................................. 655 6 Future Challenges.................................................................... 660 CASE 6-4 Logitech: Getting the ioTM Digital Pen to Market.................... 1 Logitech's Entry into the Digital Pen Environment................ 2 Logitech's Digital Pen Project................................................. 3 Logitech's ioTM Launch......................................................... 4 Evaluation Phase..................................................................... 5 Looking Ahead........................................................................ 667 668 668 677 682 683 CASE 6-5 The "mi adidas" Mass Customization Initiative......................... 695 1 Global Footwear Market......................................................... 696 2 adidas-Salomon AG................................................................ 696 3 mi adidas.................................................................................. 697 4 Phase I: The mi adidas Pilot.................................................... 697 5 Competitors' Footwear Customization Initiatives................... 699 6 Phase II: The mi adidas Retail Tours...................................... 700 7 The Future of mi adidas........................................................... 707 CASE 6-6 New Business Creation at Tetra Pak: Reinventing the Food Can....................................................... 721 1 Company Background............................................................. 722 2 3 4 5 6 7 8 9 10 Starting Project Phoenix: Genesis (October 1993--March 1996).................................................. 723 Restarting and Reorienting Phoenix (April 1996--May 1997)......................................................... 726 Clarifying the Value Proposition............................................. 728 Starting a Partnership with Nestle (Project Arizona) .............. 730 Reinforcing the Project Organization and Visibility .............. 731 Starting a Second Partnership with Bonduelle (Project Edix)........................................................................... 732 Moving to Real Life Field Tests and the Creation of Tetra Recart'......................................................................... 732 Developing the Tetra Recart Organization and Business............................................................................. 734 Addressing Tetra Recart Growth Challenges ......................... 735 Index..................................................................................................................... 777

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