chap05 - Technology Ventures : From Idea to Opportunity...

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Unformatted text preview: Technology Ventures : From Idea to Opportunity Chapter 5: Summary Theres a better way to do it, Find it! Thomas Edison How can an entrepreneur build an effective strategy based on innovation that will lead to a sound technology venture? An innovation strategy is structured to effectively commercialize new products and services for its customers. Using an idealized model of a window of opportunity, the entrepreneur can decide when to act. The entrepreneur needs to maintain a sense of urgency but avoid being too early or too late to market. Entrepreneurs establish and build a network of partners who work with them to achieve the new ventures goals. Summary Technology Ventures : From Idea to Opportunity Chapter 5: Concept Emergent industries: Newly created or newly recreated industries formed by product, customer, or context changes [Barney 2002]. Technology Ventures : From Idea to Opportunity Chapter 5: Table 5.2 Possible Advantages Possible Disadvantages Create the Standard and the Rules Short-Lived Advantages Are Com peted Away Low Cost Position Higher Developm ent Costs Create and Protect Intellectual Property Established Firm s Circum vent or violate patents and intellectual property Tie Up Strategic Resources Cost of Attaining the Resources Increase Switching Costs for the Producer High Uncertainty of Designing the Right Product. If vision is wrong, then large costs to switch Increase Switching Costs for the Custom er Custom er is reluctant to buy when a large cost to switch m ay be incurred First Mover Potential Advantages and Disadvantages Technology Ventures : From Idea to Opportunity Chapter 5: Table 5.1 T YPE OF I NDUSTRY Mature Growing Emergent Revenue Growth Slow Moderate Potentially Fast...
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chap05 - Technology Ventures : From Idea to Opportunity...

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