Uncertainty is inherent in the process of entrepreneurial activities and has caused a high failure rate of startups. In fact, 46% of new ventures run out of business within 4 years of operation, according to Statistic Brain Research Institute. On the other hand, a type of uncertainty that entrepreneurs need to prioritize varies depending on the industry. In high technology industries, severe problems are frequently caused especially by market uncertainty due to continuous technological developments and industries’ volatile characteristic. In entrepreneurship research, Sarasvathy introduced the concept of effectuation in 2001. Since then, the theory of effectuation has been studied by a number of researchers, as successful entrepreneurs have incorporated this theory. However, empirical evidence of effectual processes covering the applicability in high technology industries has not been testified yet. Therefore, the main purpose of this research is to fill this gap and find an answer to our research question, how do entrepreneurs effectuate in decision-making to respond to market uncertainty in high technology industries? We implemented a quantitative investigation by conducting an online survey of entrepreneurs in high-technology industries. The main findings and conclusions are that entrepreneurs in high-technology industries apply both causation and effectuation. However, causation is slightly more implemented than effectuation. Additionally, we found that experimentation-driven approach helps entrepreneurs in high-technology industries deal with market uncertainty as supplementation of effectuation.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management with specialisation in Entrepreneurship and New Venture Creation. University of the Witwatersrand, Johannesburg, March 2016 / New technology-based firms (NTBFs) or technopreneurs are assumed to be one of the most important sources of economic value creation and development. Apart from bringing innovation with high growth and impact potential, NTBFs are faced with high uncertainty and demand a supporting environment that enhances firm’s performance. It can be concluded that new firms or new incubatees operate in competitive settings and demand systems that aid them to realize sustainable growth. Globally, there is a well-established body of knowledge that scrutinizes factors and relationships between factors that enhance NTBFs innovation performance. Majority of existing literature concurs that there are numerous variables of factors that can influence the product or service performance in respect to turnover. Within sub-Saharan Africa, technology incubation support programmes are seen as factors that affect a firm’s performance. However, the rise of NTBFs, the startups concept and technology incubator practices are all very much in their infancy in South Africa. From this point of view, it is significant to qualify the existing global body of knowledge to Gauteng’s context in order to identify the right mix factors impacting innovation performance of new technology-based firms. Factors such as survival, research and development (i.e. R&D propensity) and technological capability are seen as levers that impact new technology-based firm’s innovation performance. In a narrow sense, in this study, we aim to extend existing research by identifying determinant factors related to survival, R&D propensity and technological capability as independent variables; and analyse the nexus of these factors and innovation performance, the independent variable. We prudently identify startup firms that are in technology and embrace innovations while most of these new startups are still in an early development stage and receive comprehensive investment from university or government innovation in Gauteng. A total of 206 NTBFs were surveyed. Initially, the study employs exploratory factor analysis to first estimate the underlying variables and estimate of latent loadings. Subsequently, the correlations between survival, technological capability, R&D propensity and innovation performance measurements were tested. ii The findings suggest that there is no relationship between the number of years under the incubation management and producing new products and services that firms can launch to new market to gain profits in order to survive. Particular, in South Africa, the technology incubator movement is still in an infancy stage; hence for firms starting new ventures and producing products, it is difficult. The evidence from this study also found no relationship between survival (i.e. access to knowledge and collaboration) and innovation performance i.e. turnover. On the other hand, it was expected that investing vigorously in R&D would create patents, publications, products and services which would impact turnover. In opposition, the empirical results found no statistical relationship between R&D propensity and turnover. Our results should also be interpreted in the broad sense; measuring R&D propensity should be viewed with the understanding of complexity in measuring R&D impact to turnover. The study also found no relationship between marketing and firm turnover. Although theoretical studies suggest applying marketing capability is a key in launching and commercialising innovations, these firms tend to place more focus on product developments and pay less attention to marketing capabilities. Consistent with existing literature, the study found that there is a positive relationship between technological capability - innovativeness and innovation performance i.e. turnover. This is in line with the researcher’s position that generation, developing and implementation of new ideas leads successful performance of innovation, while we have contended that adapting or modifying existing technologies, emphasising introduction of new products, marketing of tried and true technologies and using previous research to implement technologies as determinant factors to technological capability (i.e. Technology Adaptation) impacts innovation performance. The results of the study concluded that there is a relationship between Technology Adaptation and innovation performance. In regards, competitive environment, the study found that no relationship between introducing innovation ahead of competitors and innovation performance. It was expected that these firms would avoid taking risks, these firms are not equipped with resources to experiment innovation methods or lead in new market identification. The empirical evidence generated from this study is significant and contributes to the existing body of knowledge for this reason: the study advances literature of measurements of innovation performance which varies from one study to the other. / GR2018

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management specialising in Entrepreneurship and New Venture Creation, 2016 / The successful commercialisation of high-tech products and services require an appreciation of the social context in which such products and services are introduced. The market for high-tech products and services in emerging markets are drawing increasing involvement of small and medium sized firms that are either developing high-tech products and services, or selling such products and services imported from developed markets. The need for basic services at the citizen level in emerging markets necessitate firms to adapt the commercialisation strategies and ultimate sales of products and services to address basic needs. Drawing on the theory of social impact measurement, social enterprise selfefficacy and entrepreneurial orientation, this research aims to assess the way in which emerging market firms – using primarily South African firms in the research sample offering high-tech products and services - have had to adjust commercialisation strategies, so as to take cognisance of the social context specific to the target markets. Data was collected from a number of high-tech firms operating in, or offering hightech products and services to emerging markets. The data was subsequently analysed based on the social impact measures, social enterprise self-efficacy and entrepreneurial orientation constructs found in literature, to assess the overall social impact of high-tech SMEs in an emerging market, being predominantly South Africa. The researcher introduced a tailor-made variable, Success by drawing on various data items collected from respondents, such as the age of the firm, and changes in recent employment and turnover figures. The results point to a positive and statistically meaningful relationship between the Success of such firms in the final sample, and the need to demonstrate social impact considerations in the business strategies of such firms offering high-tech products and services in an emerging market. The research outputs align with theory in so far as social impact not being the primary driver of such high-tech firms, but rather a necessary by-product of ensuring sustainability and success, and the need to adapt to the contextual realities present in an emerging market. This is one of the first studies to test the social impact of high-tech firms in an emerging market, especially in so far as outlining the need to expand commercialisation strategies to incorporate social impact awareness. By applying the theory of self-efficacy to social impact, the findings point to the need for hightech firms in emerging markets to not only take note of social needs, but to adapt firm strategy to integrate social impact considerations into the commercialisation strategies, so as to be successful. In other words, to be successful, such high-tech firms need to both talk-the-talk, and walk-the-walk. The implications of the research extend to the way high-tech SMEs approach commercialisation in emerging markets, as well as the team composition of such high-tech firms in order to integrate the necessary skills and experienced resources beyond those necessary for technological commercialisation, thereby having also human resources with the necessary skills and experience needed to take cognisance of, and adapt to relevant social impact contexts. / XL2018

A key precept in work place motivation theory is that management knows what job attributes are valued by the employee. Management can benefit by asking employees what they want from their work experience (i.e., job attribute preferences), rather than assume they know. This is particularly important to Polish high technology companies that are in transition to a free-market economy and to Polish workers who must be appropriately motivated to compete globally. This study attempts to better understand the job attribute preferences of Polish managers and workers, the potential gaps between Polish managers' perception of their workers' preferences (system), and how these preferences are affected by the worker's personal economic situation (sub system) and by business organization type (supra system). Managers and workers from five Polish high technology enterprises were surveyed on-site regarding their job attribute preferences. The results compared to a similar survey done with six American high technology firms(Eder 1988). Consistent with Maslow's prepotentcy theory, workers who tended to be optimistic about their personal economic situation rated all five extrinsic job attributes higher and four of the five intrinsics lower than those workers who tended to be pessimistic. Polish workers at firms that operated under central planning had only a few differences in their job attribute preferences indicating a strong supra-system or organizational effect on individuals in the firm. Contrary to what was expected, the Polish managers and workers rated a number of intrinsic attributes higher than their American counterparts suggesting a pent up need for intrinsic-type motivational policies. Polish managers appeared to be closer and more in touch with their workers than their American counterparts. American managers clearly underestimated the importance of intrinsic job attributes and overestimated the importance of the extrinsics, while Polish managers accurately predicted most of the workers' job attribute preferences. The results also raised questions regarding the stability of job attributes and the concept of clusters of extrinsic and intrinsic groups of job attributes.

The paradigms that examine and describe the nature of the entrepreneurship process have generally been linear, following the lead of the more mature management and physical sciences. This emulation of linear methodologies has occurred despite indications from authors such as Bygrave, Shaver and Mitton of their being less appropriate at this relatively early stage of the social science of entrepreneurship. When examining the nature of a phenomenon such as entrepreneurship, statistical correlations and linear descriptions are limited to confirmation of existing hypotheses. The underlying assumption is that the correct questions are known. However this assumption becomes moot when seeking to include the many unpredictable, non-linear aspects that add the key human vitality of entrepreneurship. This research seeks to move toward a more complete description than linearity alone is able to capture. The research presents a non-linear paradigm, being a holistic combination of the rational evidence of entrepreneurship and what might be termed the spiritual or intangible aspects that together constitute the observed craft of entrepreneurship. The research highlights the dynamic skill-set used by entrepreneurs to balance key elements in the entrepreneurial process, in a way that achieves a relational coherence. The focus is on the high-tech industry which is especially prone to the use of linear descriptions of the entrepreneurship process which takes a new idea and leads it to become a successful product. Interviews with entrepreneurship practitioners involved in the creation of new ventures in the high-tech industry form the database against which this non-linear paradigm is investigated. The results confirm that the success of the entrepreneurial process depends on far more than the linear descriptions that are commonly used to describe the process. Once the basics are in place, entrepreneurs appear to shift their focus to achieving a multi-dimensional integration among what they identify as the key elements in the entrepreneurial process. This is achieved despite apparent disorder and chaos being evident in the process of new venture creation. Entrepreneurs appear to make sense of the confusing non-linearity by focussing on the relational attributes among elements in the new venture. The use of the non-linear relational paradigm (NLRP) developed from the results of this research, enables a more holistic understanding of the empirically observed process of entrepreneurship. This has some significant implications for the management and evaluation of nascent technology enterprises. The NLRP's additional fix on the entrepreneurship process, can be used to inform the venture capital industry when trying to predict the likelihood of success of prospective ventures vying for funds. The NLRP's alternative view could also translate into more appropriate new venture management once funded, and thus better success rates for nascent ventures. The NLRP's insights on the way in which entrepreneurs create and grow new ventures, can improve best-practice techniques for entrepreneurs and influence the way in which entrepreneurship education is approached. Describing innovation and entrepreneurship more holistically also has important implications for all facets of industry that include a process of design, or seek to create wealth.

The purpose of this study is to investigate the relationship between knowledge capital (including research & development (R&D), Automation capital stock (AICT), Electronic system (EICT)) diffusion and productivity. We used translog production function to estimate for all six Taiwan high-technology industries. And we also construct the diversification (DIV) and vertical indicator (VIC) to analysis the relationship with organization using the AICT and EICT.

In markets with cyclical fluctuations, firms may have different dynamic decision rules facing upturns and downturns of industry cycles. This paper extends the dynamic factor demand model to consider industry cycles. Because investment behavior could be endogenous uncertainty involved on industry dynamics, the current industry dynamic models with state-of-the-art would not appropriately interpret industry dynamics. In order to solve the uncertain problem, we utilize the idea of transfer probability in Markov switching model to catch the industry cyclical behavior. Explicitly incorporating the Markov regime switching mechanism based on Nelson and Kim (2000), this paper measures the firm¡¦s dynamic adjustments when facing upturns and downturns of industry cycles. The empirical work is based on firm level data of Taiwan high-technology industries. The empirical results show that the expansionary strategy in labor and capital usage may not have positive impacts on output when considering uncertainty that may be casued by business cycles. To have correct prediction in cyclical fluctuation becomes important task for high-technology firms. However, the positive contribution of exogenous technology to output growth is so significant. This proves why every industry tries to impel technology in recent years. The industry dynamic model integrated with cyclical fluctuation and demand uncertainty allows us to examine how sharp changes in financial factors might affect investment behavior, technological nature and adjustment effects for industries in facing demand and investment shocks.

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With the development of multinational corporations, the United Kingdom has experienced increasing penetration of its economy by foreign affiliates. This is particularly noticeable in high technology industries such as Electrical and Instrument Engineering. The thesis identifies the mechanism by which direct foreign investment can influence industrial structure in such an industry; charts the effects within the UK Electrical and Instrument Engineering Industry; and identifies the extent to which this impact varies with the nationality of the investor. The study begins with a synthesis of the comprehensive and complex material available upon industrial/market structure and direct foreign investment. Chapters 2 and 3 demonstrate that the structure of Electrical and Instrument Engineering has changed significantly since the inter-war years. Productive capacity has expanded faster than that of any other UK industry. Throughout the minimum-list-headings of the industry market power has become more concentrated in the hands of the largest companies. Individual affiliates now display greater product specialisation and vertical integration, whilst the level of entry barriers has risen steadily. The model presented in chapter-3 hypothesises that direct foreign investment can be related to industrial structure in three distinct ways. Firstly, that a relationship exists between the distribution of foreign affiliates 11 25 I and the structural characteristics of the industries in which they operate. Secondly, that a similar relationship exists across the minimum-list-headings of each individual industry. Thirdly, that the operating characteristics of foreign affiliates in any individual minimum-list-heading differ from those of domestic companies. The first two of these are termed the Destination impact, and the third the Behavioural impact of direct foreign investment. The results of a survey of over 500 British and foreign owned companies, sub-divided by origin and size, suggest that foreign affiliates have contributed significantly to the changing structure of Electrical and Instrument Engineering both in their destination and behaviour. The destination of foreign investors was significantly related to areas displaying the fastest growth of productive capacity; imperfection of competition; technologically specialised and vertically integrated operations; and high barriers to entry. The behaviour of individual foreign affiliates was found to differ significantly from that of their UK counterparts (including affiliates of UK multinationals). Foreign owned companies exhibited high levels of sales. growth and efficiency; a disproportionate impact upon the distribution of market power; greater product specialisation and levels of vertical integration; and a significant contribution to the level of entry barriers. This influence was compounded by a greater productivity and profitability in the foreign affiliate; a differing pattern of geographical location to that of UK owned establishments; and a domestic reaction by UK companies and the government to foreign penetration. Variations within the foreign group were related to geographical origin. The total operations of US affiliates were most significant, but investors from EEC countries displayed characteristics which varied most from those of UK companies. The study concludes by relating changes in industrial structure to the presence of foreign affiliates, and outlining the implications of further foreign involvement

The high-tech industry is an extremely fast-paced and highly competitive one with constant changes and with companies entering and exiting the playing field in a matter of months. Within this ruthless environment Dell Inc. emerged as a singular player in January 1984 and rose to be the world’s largest personal computer maker in just seventeen years in 2001. One has to ask what made Dell so special and how did Michael Dell make his fortune from his dormitory room at the University of Texas at Austin. Furthermore, what explains Dell’s decline from its number one position in the world in 2001 to barely number three now as it stands behind Acer and clearly behind the current industry leader Hewlett-Packard? This paper is an attempt to take the reader through the history of the rise and fall of Dell. More importantly, it seeks to identify the weaknesses as well as strengths, and advantages as well disadvantages of the business model of this company. Finally, the paper will outline the necessary steps that Dell must take to reclaim the crown of the largest and most successful computer manufacturer in the world. / text