Thomas H. Byers Stanford University. Richard C. Dorf University of California, Davis. Andrew J. Nelson University of Oregon

Transcription

1 ' - ' ' " - Technology Ventures From Idea to Enterprise Thomas H. Byers Stanford University Richard C. Dorf University of California, Davis Andrew J. Nelson University of Oregon ^Connect Me I \ Learn 1 I Succeed Graw Hill

2 CONTENTS Foreword, XIII Preface, > I PART ±VENTURE OPPORTUNITY, CONCEPT, AND STRATEGY 3.4 The Business Model Business Model Innovation in Challenging Markets Core Competencies Sustainable Competitive Advantage AgraQuest Summary 72 Chapter 1 Economic Growth and the Technology Entrepreneur The Entrepreneur's Challenge The Entrepreneur Economics and the Firm Creative Destruction Innovation and Technology The Sequential Case: AgraQuest Summary 22 Chapter 2 Opportunity and the Concept Summary 2.1 Opportunity Identification Trends and Convergence Opportunity Evaluation The Concept Summary AgraQuest Summary 48 Chapter 3 Vision and the Business Model 3.1 The Vision The Mission Statement The Value Proposition Chapter 4 Competitive Strategy Venture Strategy 76 The Industry and Context for a Firm 79 Strengths and Opportunities SWOT Analysis 83 Barriers to Entry 85 Achieving a Sustainable Competitive Advantage 86 Alliances 89 Matching Tactics to Markets 94 The Socially Responsible Firm 97 AgraQuest Summary 102 Chapter 5 Innovation Strategies First Movers Versus Followers Imitation Creativity and Invention Types and Sources of Innovation Technology and Innovation Strategy New Technology Ventures AgraQuest Summary 132 ix

3 Contents PART XX II VENTURE FORMATION AND PLANNING Chapter 6 Risk and Return Risk and Uncertainty Scale and Scope Network Effects and Increasing Returns Risk Versus Return Managing Risk AgraQuest 157, 6.7 Summary 158 Chapter 7 The Business Plan Creating a New Business The New Venture Story The Business Plan An Annotated Table of Contents AgraQuest Summary 176 Chapter 8 Types of Ventures Independent Versus Corporate Ventures Nonprofit and Social Ventures Family-Owned Businesses and Franchising Corporate New Ventures The Innovator's Dilemma Incentives for Corporate Venture Success Building and Managing Corporate Ventures AgraQuest Summary 205 Chapter 9 Knowledge, Learning, and Design The Knowledge of an Organization Managing Knowledge Assets Learning Organizations Product Design and Development Product Prototypes Scenarios AgraQuest Summary 228 Chapter 10 Legal Formation and Intellectual Property Legal Form of the Firm Company Name Intellectual Property Trade Secrets Patents Trademarks Copyrights Licensing AgraQuest Summary 245 PART III XXX DETAILED FUNCTIONAL PLANNING FOR THE VENTURE Chapter 11 The Marketing and Sales Plan Marketing Marketing Objectives and Customer Target ' Segments Product and Offering Description Market Research and Customer Development 257

4 Contents xi 11.5 Brand Equity Marketing Mix Customer Relationship Management Diffusion of Technology and Innovations Crossing the Chasm Personal Selling and the Sales Force AgraQuest Summary 278 Chapter 12 The New Enterprise Organization The New Venture Team Organizational Design Leadership Teams Management Emotional Intelligence Organizational Culture Social Capital Attracting and Retaining Talent Ownership and Stock Options Board of Directors AgraQuest Summary 305 Chapter 13 Acquiring and Organizing Resources Acquiring Resources and Capabilities Influence and Persuasion Location and Cluster Dynamics Facility Planning Telecommuting and Teleconferencing The Internet Vertical Integration and Outsourcing Innovation and Virtual Organizations Acquiring Technology and Knowledge AgraQuest Summary 326 Chapter 14 Management of Operations The Value Chain Processes and Operations Management The Value Web Strategic Control and the Balanced Scorecard Scheduling and Operations AgraQuest Summary 346 Chapter 15 Acquisitions and Global Expansion Acquisitions and the Quest for Synergy Acquisitions as a Growth Strategy Global Business AgraQuest Summary 363 PART IV X Y FINANCING AND BUILDING THE VENTURE Chapter 16 Profit and Harvest The Revenue Model The Cost Model The Profit Model Managing Revenue Growth The Harvest Plan Exit and Failure AgraQuest Summary 388

5 xii Contents Chapter 17 The Financial Plan Building a Financial Plan Sales Projections Costs Forecast Income Statement Cash Flow Statement Balance Sheet Results for a Pessimistic Growth Rate Breakeven Analysis Measures of Profitability AgraQuest Summary 411 Chapter 18 Sources of Capital Financing the New Venture Venture Investments as Real Options Sources of Capital Bootstrap and Seed Financing Debt Financing Grants Angels Venture Capital Corporate Venture Capital Valuation Terms of the Deal Initial Public Offering AgraQuest Summary Negotiating the Deal Critical Issues for the Business Plan AgraQuest Summary 464 Chapter 20 Leading Ventures to Success Execution of the Business Plan Stages of a Business The Adaptive Enterprise Ethics AgraQuest Summary 486 References 489 Appendices A. Sample Business Plan 509 I-MOS Semiconductors 510 B. Cases 539 Trexel 540 Biodiesel Incorporated 565 Yahoo! Barbara's Options 585 SolidWorks 589 Artemis Images 602 Sirtris Pharmaceuticals 623 Cooliris 649 C. Information Sources on the Internet 655 Glossary 656 Index 666 Chapter 19 Presentations and Deal Negotiations The Elevator Pitch The Presentation 457