Summarizing and relating

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Entrepreneurship encompasses acts of organizational creation, renewal, or innovation that occur within or outside an existing organization.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Entrepreneurs are individuals or groups of individuals, acting independently or as part of a corporate system, who create new organizations, or instigate renewal or innovation within an existing organization.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Independent entrepreneurship is the process whereby an individual or group of individuals, acting independently of any association with an existing organization, create a new organization.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Corporate entrepreneurship is the process whereby an individual or a group of individuals, in association with an existing organization, create a new organization or instigate renewal or innovation within that organization.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Strategic renewal refers to the corporate entrepreneurial efforts that result in significant changes to an organization's business or corporate level strategy or structure. These changes alter pre-existing relationships within the organization or between the organization and its external environment and in most cases will involve some sort of innovation. Renewal activities reside within an existing organization and are not treated as new businesses by the organization.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Corporate venturing refers to corporate entrepreneurial efforts that lead to the creation of new business organizations within the corporate organization. They may follow from or lead to innovations that exploit new markets, or new product offerings, or both. These venturing efforts may or may not lead to the formation of new organizational units that are distinct from existing organizational units in a structural sense (e.g., a new division).

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) External corporate venturing refers to corporate venturing activities that result in the creation of semi- autonomous or autonomous organizational entities that reside outside the existing organizational domain.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Internal corporate venturing refers to the corporate venturing activities that result in the creation of organizational entities that reside within an existing organizational domain.

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999)

10 Definitions of Corporate Entrepreneurship Burgelman (1983) Corporate entrepreneurship refers to the process whereby the firms engage in diversification through internal development. Such diversification requires new resource combinations to extend the firm's activities in areas unrelated, or marginally related, to its current domain of competence and corresponding opportunity set. Chung & Gibbons (1997) Corporate entrepreneurship is an organizational process for transforming individual ideas into collective actions through the management of uncertainties. Covin & Slevin (1991) Corporate entrepreneurship involves extending the firm's domain of competence and corresponding opportunity set through internally generated new resource combinations. Guth & Ginsberg (1990) Corporate entrepreneurship encompasses two types of phenomena and the processes surrounding them: (1) the birth of new businesses within existing organizations, i.e., internal innovation or venturing; and (2) the transformation of organizations through renewal of the key ideas on which they are built, i.e. strategic renewal. (Sharma and Chrisman, 1999)

Corporate Entrepreneurship (cont.) Jennings & Lumpkin (1989) Corporate entrepreneurship is defined as the extent to which new products and/or new markets are developed. An organization is entrepreneurial if it develops a higher than average number of new products and/or new markets. Schendel (1990) Corporate entrepreneurship involves the notion of birth of new businesses within on-going businesses, and... The transformation of stagnant, on-going businesses in need of revival or transformation. Spann, Adams, & Wortman (1988) Corporate entrepreneurship is the establishment of a separate corporate organization (often in the form of a profit center, strategic business unit, division, or subsidiary) to introduce a new product, serve or create a new market, or utilize a new technology. (Sharma and Chrisman, 1999)

Corporate Entrepreneurship (cont.) Vesper (1984) Corporate entrepreneurship involves employee initiative from below in the organization to undertake something new. An innovation which is created by subordinates without being asked, expected, or perhaps even given permission by higher management to do so. Zahra (1993) Corporate entrepreneurship is a process of organizational renewal that has two distinct but related dimensions: innovation and venturing, and strategic renewal. Zahra (1995, 1996) Corporate entrepreneurship -- the sum of a company's innovation, renewal, and venturing efforts. Innovation involves creating and introducing products, production processes, and organizational systems. Renewal means revitalizing the company's operations by changing the scope of its business, its competitive approaches or both. It also means building or acquiring new capabilities and then creatively leveraging them to add value for shareholders. Venturing means that the firm will enter new businesses by expanding operations in existing or new markets. Risk taking, innovativeness, and proactiveness (Sharma and Chrisman, 1999)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Hagedoorn Kirzner Shane Introduction: Schumpeter and the microeconomics vs. the Austrian school information entrepreneurial discovery entrepreneurial rent possibilities of individual entrepreneurial act equilibrium vs. disequilibrium Introduction: Schumpeter and the microeconomics vs. the Austrian school information entrepreneurial discovery entrepreneurial rent possibilities of individual entrepreneurial act equilibrium vs. disequilibrium

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Dess et al. Kanter Corporate Entrepreneurship as a Phenomenon: organizational learning, and knowledge leadership and management internationalization measuring performance Corporate Entrepreneurship as a Phenomenon: organizational learning, and knowledge leadership and management internationalization measuring performance

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Delman and Shane Gartner New Business: business plan legal entity symbolic values individuals – environment – organization - process New Business: business plan legal entity symbolic values individuals – environment – organization - process

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Degree of relatedness Aldrich and Fiol Amit and Zott New Markets: legitimacy Trust value social context (organizational, intraindustrial, interindustrial, institutional) e-business (novelty, lock-in, complementaries, efficiency) New Markets: legitimacy Trust value social context (organizational, intraindustrial, interindustrial, institutional) e-business (novelty, lock-in, complementaries, efficiency)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Volberda New Business Structures: hypercompetition paradox of flexibility internal and external speed and variety types of flexibility (steady-state, operational, structural, strategic) New Business Structures: hypercompetition paradox of flexibility internal and external speed and variety types of flexibility (steady-state, operational, structural, strategic)

Hierarchy of Terminology in Corporate Entrepreneurship Entrepreneurship Independent Entrepreneurship Independent Entrepreneurship Corporate Entrepreneurship Corporate Entrepreneurship Corporate Venturing Corporate Venturing Innovation Strategic Renewal Strategic Renewal Internal Corporate Venturing Internal Corporate Venturing External Corporate Venturing External Corporate Venturing (Sharma and Chrisman, 1999) Ahuja and Lampert Garud et al. Zahra Technological Innovation and Product Development: traps (familiarity, maturity, propinquity) technologies (Novel, emerging, pioneering) concentration, rivalry, growth rate market scope, vertical integration, internal growth institutional entrepreneurship Technological Innovation and Product Development: traps (familiarity, maturity, propinquity) technologies (Novel, emerging, pioneering) concentration, rivalry, growth rate market scope, vertical integration, internal growth institutional entrepreneurship

Written Examination >Results from Assignment 2 in the beginning of next week >Written examination, Friday 29 th October, 9:00-13:00, Sal 7 >Written re-examination, Saturday 20 th November, 9:00-13:00, Sal 1 >Available points on exam - 75 (50% to pass) >Exam based on course literature >Language: English (preferred), Swedish, Norwegian, Danish, Icelandic >Presentation of results from exam, 1 November, 8-10, s214