UNIVERSITY OF BERGAMO Department of Economics and Technology Management. Entrepreneurial Strategy. The Research Group on Entrepreneurship

(1)

UNIVERSITY

OF

BERGAMO

Department of Economics and Technology Management

PhD Program in Economics and Management of Technology XXV 2009/2010

XXV – 2009/2010

prof. Lucio Cassia

Entrepreneurial

Strategy

(2)

In

search

of

the

meaning

of

Entrepreneurship

(Hébert

and

Link,

1989)

•

Hébert e Link (“In Search of the Meaning of Entrepreneurship,” 1989, Small Business

Economics, 1(1), 39‐49) have identified distinct intellectual traditions in the scientitic literature on Entrepreneurship

•

Entrepreneurship as innovation (German tradition)

Schumpeter stands the entrepreneur at the center's role as an innovator and

h l i b hi d h i h h

stresses the relation between entrepreneurship and the economic growth. The

entrepreneur is a "creative destroyer" and entrepreneurship is based on

discontinuity rather than on the search for equilibrium.

•

Entrepreneurship as uncertainty (Chicago School)

according to Knight the entrepreneur faces risk (measurable) and uncertainty

(unmeasurable) and distinguishes between them ; uncertainty explains many (unmeasurable) and distinguishes between them ; uncertainty explains many

characteristics of the innovation process and is at the basis of the motivation of the

entrepreneur (“Post equitem sedet atra cura”, Horace)

•

Entrepreneurship as alertness (Austrian Tradition)

according to Kirzner the fundamental characteristic of entrepreneurship s the state

of alertness. Alertness is not the mere ownership of greater knowledge of market

i i b i i h di i h i f i h d

prof. Lucio Cassia University of Bergamo DEeMT : PhD Program in

Economics and Management of Technology

Entrepreneurial Strategy 2

(3)

What

Entrepreneurship

is

about?

•

Entrepreneurship is about change David Audretsch

•

Entrepreneurship is about taking risk Frank Knight

•

Entrepreneurship is about dealing with complexEntrepreneurship is about dealing with complex ambiguityambiguity Michael LewkowitzMichael Lewkowitz

•

Entrepreneurship is about being opportunity driven William Sahlman

•

Entrepreneurship is about possibility François Michelin

h b h d h l

•

Entrepreneurship is about change and growth Cassia, Minola, De Massis

behaviorial factors related

•

Entrepreneurship is about dream Fernando Dolabela

•

Entrepreneurship is about youth Cassia Minola De Massis

•

Entrepreneurship is about youth Cassia, Minola, De Massis

(4)

Our

research

activity

on

Entrepreneurship

•

Entrepreneurship and Growth

– Linking Entrepreneurship to Firm Growth

– Linking Entrepreneurship to Regional Economy GrowthLinking Entrepreneurship to Regional Economy Growth

– Entrepreneurship along the Corporate Life Cycle

•

Entrepreneurship and Technology Change

•

Entrepreneurship and Technology Change

•

Young and Family Entrepreneurship

(5)

Entrepreneurship

is

about

change,

novelty

and

growth

k d f f

A spark under specific circumstances starts a fire.

Entrepreneurship is the spark that, in certain contexts,

(6)

Linking

Entrepreneurship

to

Firm

Growth

(empirical

papers)

•

Cassia Lucio, Alessandra Colombelli, 2010, Growth factors in medium‐sized

enterprises: the case of an Italian region, International Entrepreneurship and

Management Journal, New York.

•

Cassia Lucio, Alessandra Colombelli, Stefano Paleari, 2009, Firms’ growth: does the

innovation system matter?, Journal Structural Change and Economic Dynamics –

innovation system matter?, Journal Structural Change and Economic Dynamics

Special Issue on Regional Dimensions of Innovation, Elsevier, 20‐3, 211‐220.

•

Cassia Lucio Alessandra Colombelli 2008 Do universities knowledge spillovers

•

Cassia Lucio, Alessandra Colombelli, 2008, Do universities knowledge spillovers

impact on new firm’s growth? Empirical evidence from UK, International

Entrepreneurship and Management Journal, Special Issue "The Institutional Approach

to Entrepreneurship Research New York 2‐4

to Entrepreneurship Research, New York, 2‐4.

(7)

Linking

Entrepreneurship

to

Regional

Economy

Growth

(empirical

papers)

•

Brioschi Mariasole, Lucio Cassia, Alessandra Colombelli, 2009, “Common Frameworks

for Regional Competitiveness: Insights from a Number of Local Knowledge

Economies”, Rivista di Scienze Regionali, 8‐2, 45‐68.

•

Cassia Lucio, Alessandra Colombelli, Stefano Paleari, 2008, “Regional transformation

processes through the universities, institutions and industry relationship”, Industry

p g , y p , y

and Higher Education, London, 22‐2, 105‐118.

•

Brioschi Maria Sole Lucio Cassia 2006 “Common Trajectories of Regional

•

Brioschi Maria Sole, Lucio Cassia, 2006, Common Trajectories of Regional

Competitiveness in the Knowledge Economy”, Industry and Higher Education,

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Entrepreneurship

along

the

Corporate

Life

Cycle

•

Cassia Lucio, Fattore Michael, Paleari Stefano, 2006, Entrepreneurial Strategy:

Emerging Businesses in Declining Industries, Edward Elgar, Cheltenham.

•

Cassia Lucio, Michele Meoli, 2009, The entrepreneurial process along the corporate

life cycle, Piccola Impresa /Small Business, 2 and Rent XXII Research in

Entrepreneurshipp p and Small Business Conferencef 2008,, Covilhã (Portugal).( g )

(9)

Do

common

factors

exist

among

Emerging

Businesses

in

Declining

Industries?

• Striving to growth > adoption of growth strategy

Capturing new market opportunities through the expansion in adjacent business area and searching for

alliances.

d k

• Expansion in adjacent market

In many cases growth occurred through expansion in adjacent markets, in the perspective of expanding sales

without abandoning the firm’s core business.

• Use of the technologies > user not producer cross industry tech transfer • Use of the technologies > user not producer, cross‐industry tech transfer

Strategic adoption and use of enabling technologies. Pursuit of ever higher levels of competitiveness

translated into the continuous adoption of newly available technologies. • Increasing the firm’s reputation > mass market approachIncreasing the firm s reputation mass market approach

This is not referred to the idea of brand, but rather to the ideas of trust, reliability and confidence. • The presence of entrepreneur

Presence of a leading reference for the entire organization setting the direction. • Leverage on human resources

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Entrepreneurship

and

change

in

the

technological

domain

•

“Entrepreneurship is about change” and “Entrepreneurs are agents of change”

(Audretsch, 1995). Change is a distinguishing element of entrepreneurship, there is

no entrepreneurship without change, and factors generating a change create the

condition for entrepreneurship to flourish.

•

Does a bidirectional causal relationshipp between entrepreneurshipp p and changeg in

technological domains exist?

How do technological changes generate opportunities that entrepreneurs or

entrepreneurial organization can properly exploit? And how can entrepreneurial

behaviour be a promoter of change in both technology‐intensive and technology‐

adopting businesses?

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Entrepreneurship

and

change

in

the

technological

domain

•

Among all change promoters, we focus on technology because inherently pervasive.

– Technology as an agent of change generates opportunities that can be caught be

an entrepreneurialp organization,g , therefore technologygy can supportpp

entrepreneurship.

– At the same time entrepreneurial posture may be able to generate significant

push in technological advancement and innovation, through change.

p g , g g ENTPREPRENURSHIP U NITIE S TU

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Entrepreneurship

is

about

youth

Entrepreneurship is about youth

(13)

A

Center

for

Young

and

Family

Entrepreneurship

is

about

youth

To

set

‐

up

a

Research

and

Education

Center

(14)

A

Center

for

Young

and

Family

Entrepreneurship

University Research Community Co u ty (University) Education C it Business Community Community (Youngs) Community (Business professionals) Community