This study investigates the impacts of regional characteristics on the early-stage performance of New Technology-Based Firms (NTBFs) in catch-up regions where a mature industrial cluster has yet to be formed. It hypothesized that the average NTBF performance in a region is a function of its scientist job market conditions, cultural diversity, venture capital, academic research, industrial structure, and local entrepreneurial climate. Using the events of Initial Public Offerings (IPO) and Merger & Acquisitions (M&A) as an indicator of early-stage success of NTBFs, this study constructs a set of Zero-Inflated-Negative-Binomial (ZINB) models to predict the spatial distribution of such events in the U.S. biopharmaceutical and Information Technology (IT) service industries during the period from 1996 to 2005. Several empirical findings emerge from this study. First, the local entrepreneurial climate plays a significant and positive role on NTBF performance in both industries. Second, the positive impact of cultural diversity is more significant in the IT service industry than in the biopharmaceutical industry. Third, the scientist job market size and absolute salary level have positive impacts on NTBF performance, but the effect of relative salary level is negative. Fourth, proximity to venture capital firms has positive but non-linear effects, but the adverse effect of excess venture capital is stronger in the IT service industry. Fifth, there is little evidence of the direct effects of academic research in determining the NTBF performance in both industries. Finally, industrial specialization is significant and positive only in the IT service industry. The results suggest that promoting local entrepreneurial climate and cultural diversity are two effective policy instruments for catch-up regions to foster their NTBF growth.

We consider a risk averse entrepreneur who approaches a diversified venture capitalist (VC) for financing of a project with positive potential return. We develop several models that capture key features of the venture financing, including staged investment, VC oversight costs and agency conflicts. The contract between the VC and the EN includes risk-free and pay-performance sensitive compensation. Moral hazard arises because the EN must exert effort for the project to succeed. Our model is novel in that it also allows for asymmetric beliefs about project quality due to the EN's optimism even when the VC and EN face symmetric information. We first analyze the VC-EN relationship when the VC has bargaining power. We characterize the equilibrium levels for the pay-performance sensitivities, investment and effort over time and show they can be either increasing or decreasing or initially increasing and then decreasing. We find that asymmetric beliefs and risk aversion have opposite effects on the VC-EN relationship. When the EN is moderately more optimistic than the VC, he accepts more risk and exerts more effort and the VC responds with more investment. In contrast, risk aversion reduces effort and investment. Our model predicts a performance-sensitive investment policy where critical milestones must be achieved for investment to continue. These milestones increase with the risk aversion and decrease with the asymmetry in beliefs. Consequently, project duration increases with asymmetric beliefs and decreases with risk aversion. We calibrate this core model to empirical data and use numerical analysis to demonstrate that the technical and systematic risks have opposite effects. The VC's payoff and the project's value and duration increase with technical risk and decrease with systematic risk. We analyze the relationship when the EN has bargaining power, and find that the equilibrium and the corresponding implications for venture financing do change. In this setting, the negative effects due to risk aversion are more pronounced. We also find that if the EN's effort cannot be observed by the VC, then the pay-performance sensitivities, investment and effort all increase.

This thesis proposes and estimates a model of university scientists interactions with the private sector; in this model students are conceptualized as an important enabler of such interactions. The results of the study show that university scientists student-related behaviors such as grant support of students and research collaboration with students, and student-related attitudes such as mentoring orientation positively affect the probability that scientists will enter interactions with industry as well as the intensity of such interactions. Behaviors such as teaching and advising of students are not related to interactions with industry. This study is motivated by the increased emphasis on closer relationships between universities and industry as a means to facilitate the commercial application of university research. Today, numerous policies and programs attempt to achieve such goals. As a result, university scientists are called on to perform many tasks which on the surface seem misaligned. There is substantial study of conflict between the teaching and research missions of universities, and a growing body of study on conflict related to university based commercial and technology transfer related activities. Fewer, there are studies suggesting that these activities are not so misaligned after all. This study falls into the latter category as it posits a complementary relationship between university scientists student related activities and their work related interactions with industry, research and otherwise. Speculations regarding the importance of students in university industry relations and indirect evidence are scattered through the relevant literature, but little or no systematic empirical tests of their importance exist. This study uses data from a national survey of university researchers to discern the centrality of students to university-industry interactions. Theoretically, students are conceptualized as a dimension of university scientists respective research capacities that enable cross-sectoral processes of accumulative advantage and thereby help to enable their interactions with industry. As a component of scientists scientific and technical human capital, students help university scientists to identify and act upon on research opportunities originating in the private sector. Moreover, students increase the appeal of university scientists to industry agents seeking research partners in academe. Implications for theory and policy are discussed.

當企業面臨內部的規模與範疇擴張及外部的市場需求轉變時，在本業中的成長機會將日漸減少。因此，如何透過開創新事業來回應這些挑戰，往往是企業成長的重要課題。在推動新事業的過程中，如何調整組織架構，並從中萃取出深層的動態能力，以因應後續一波波的環境考驗、持續運用於下一個新事業，更是企業存亡的關鍵。然而，新事業的外部力量、內部變革、及動態能力形成的連結並未被過往研究有效建立。有鑑於此，本研究以明基材料為主軸，探討企業如何在引入外部合作下建構動態能力，並持續演進以因應外部挑戰。 明基材料由光碟事業起家，回應明基友達集團的面板原料需求，而發展偏光片事業。建立起深厚的技術與人才布局後，明基材歷經了偏光片的跌價趨勢及材質瓶頸，進而在金融海嘯後投入成長穩定的生醫產業。在生醫事業中所建構的堅實品牌與通路，更成為明基材後續投入隱形眼鏡事業的動能與後盾、進軍全球市場。本研究依光碟、偏光片、生醫、及隱形眼鏡四大階段作為產業及事業探討的架構，以解構出中每個新事業發展事件背後蘊藏的動態能力基礎。 本研究發現：在導入外部合作模式的情形下，動態能力的養成更能突破內部創新的限制及盲點。在引入垂直或水平的外部力量後，更須將力量挹注到組織內部，在結構、技術、任務、或人員等構面產生變革，方能進一步產生市場預測、技術製程、人才匯流、通路後勤、品牌行銷、及技術互補能力等六大動態能力。在早期的光碟及偏光片事業中，明基材倚重集團的垂直支援，養成了技術製程、技術互補、與人才能力，強調內部定位並掌握動、靜態程序，具有高度路徑相依性。於近期的生醫及隱形眼鏡事業中，明基材則更重視異業水平合作，更完整了品牌行銷、通路後勤、與市場預測能力，著重外部定位並協調動、靜態程序，更彈性掌握技術機會。透過動態能力在定位、程序、及路徑的持續演進，企業方能一次次化解產業危機，在新事業中穩健發展、開創新局。 / When confronted with internal expansion of scale and scope as well as external alteration of market demands, enterprises are bound to face fewer and fewer opportunities of growth in their original businesses. Hence, how to cultivate new businesses in reply to these challenges is usually a crucial issue for enterprise growth. In the process of new business development, the survival of the enterprise lies in the way of modulating organizational framework and extracting profound, dynamic capabilities therein to tackle subsequent environmental trials as well as to exert them on the next new business. Nonetheless, the connection among external strengths, internal organizational transformations, and the formulation of dynamic capabilities wasn’t effectively established in prior research. Accordingly, this study is rooted upon the case study of BenQ Materials Corp. in the aim of looking into how enterprises incorporate external collaborations to construct their dynamic capabilities, which can constantly evolve to cater to external challenges. BenQ Materials was initiated as a disc manufacturer, while differentiating into the polarizer business in response to the demand for panels of the BenQ Group. While establishing solid technical and personnel allocations, BenQ Materials underwent the price-declining trend and bottlenecks in textures, which make it in turn resort to the steadily growing biomedical industry after the financial tsunami. The robust channels and brands built in the biomedical business not only served as the backing and momentum, but further steering BenQ Materials into the contact lens industry and global markets. This thesis classifies both the industry and business analysis into four categories: discs, polarizers, biomedicine, and contact lens, which helps dissect every new business incident, excavate the foundation of dynamic capabilities behind. Throughout the research, this study reveals that under the introduction of external collaborations, the formulation of dynamic capabilities can further break though the blind spots and limits from internal innovations. After importing vertical or horizontal external forces, enterprises should then translate the external forces into internal organization changes in the aspects of the structure, techniques, tasks, and personnel, giving rise to the six dynamic capabilities: market predicting, technique procedural, talent streaming, channel logistical, brand marketing, and technique complementary capability. In the disc and polarizer business, BenQ Materials depended heavily on the vertical support from the BenQ Group and generated the technique procedural, technique complementary, and talent streaming capability, laying emphasis on internal positioning, dynamic and static processes, and high-level path dependency. While in biomedical and contact lens business, BenQ Materials further treasured inter-industry horizontal cooperation, from which the brand marketing, channel logistical, and more comprehensive market predicting capability were nurtured, valuing external positioning, dynamic and static processes coordinating, and elastic technological opportunity managing. The consecutive evolution of dynamic capabilities on positions, processes, and paths not only facilitates enterprises to get through industry crises time after time, but fuels new businesses’ sturdy growth and innovation.

Thesis (M.Tech.: Entrepreneurship)-Dept. of Entrepreneurial Studies, Durban Institute of Technology, 2003 ix, 90 leaves / The South African economy is unable to support the employment needs of the growing number of graduates. In an attempt to address these needs, the proposed study focuses on the development of an incubator system to nurture young entrepreneurs (graduates), until they are able to survive independently – usually in two to three years.

Poverty is caused by inadequate income. Effective assistance to small-scale enterprises may benefit the urban and rural poor. Small enterprises have the potential to create employment, reduce poverty and support sustainable livelihoods, as small enterprises satisfy local needs, provide employment opportunities in local areas, increase income, ensure food security and improve health. The Department of Land Affairs has recently introduced policies such the Land Reform Policy to correct the injustices of South Africa’s past. During 2005, the KwaZulu-Natal Department of Agriculture and Environmental Affairs introduced the Agrarian Revolution Programme, in an effort to close the gap between the first and second economy. The Agrarian Revolution and the LRAD programmes encourage agribusinesses through the formation of co-operatives or trusts. The purpose of this study was to investigate the potential of an envisaged processing enterprise with a group of women from an LRAD project, within the Engadini Community Trust. An action research methodology was followed. A training manual was developed and training conducted with the Engadini women’s group through which they prepared a business plan, developed prototype products; conducted market research; estimated prices for the products and developed a marketing plan. The study results indicate that the group would have the technical skills to make a good quality product. The group is likely to face problems ensuring a sustainable supply of raw materials as the current supply of milk would hardly be sufficient to supply the target market sampled during the consumer survey. The success of the dairy processing enterprises depends heavily on the ability of the Engadini Trust to overcome internal social problems. Conflict between the Engadini dairy processing enterprise members and conflict within the larger Engadini Community Trust had a crippling effect on the dairy processing enterprise. The main recommendations for the group are that the group needs to secure a sustainable supply or fresh milk. A dairy processing facility that will meet food safety standards needs to be erected for the enterprise. The location of the dairy processing enterprise needs to be re-considered. To overcome internal conflict within the group, the women’s group needs to gain representation on the Engadini Community Trust’s Executive Committee, to ensure that the dairy processing enterprise interests are considered by the Trust. The main recommendations for small-scale enterprises are that they should ensure to have sustainable supply of good-quality raw materials and a reliable, sustainable market, even if the market is relatively small. Policy recommendations are that Government Departments such as the KwaZulu-Natal Departments of Agriculture and Environmental Affairs and Economic Development should consider adapting policies that will focus on funding individual enterprises, rather than group enterprises. A directorate or sub-directorate dedicated to the development of small and medium sized food processing enterprises should be created. The marketing section of the KwaZulu- Natal Department of Agriculture and Environmental Affairs should provide marketing information for small-scale food processing enterprises available to extension officers and small-scale enterprises.

This study builds an integrative framework to delineate the process of growing entrepreneurial firms in developing countries. Deriving from the existing entrepreneurship literature, this thesis uses two notions to delineate the process of growth of indigenous firms: entrepreneurial intent and entrepreneurial capability. Then, drawing on the literature of economic development, it identifies three key sectors, the state, the market and the social sector, that foster entrepreneurial intent and cultivate entrepreneurial capability. / The research setting is the information technology (IT) industries in China and Taiwan, each of which has had impressive performance when compared with their counterparts in other developing countries. This study differentiates the growth of entrepreneurial firms into three stages, getting started, getting there, and staying there, and proceeds to analyze the comparative-historical experiences of six IT firms, three in China and three in Taiwan. The firms in China are the Advanced Technology Service Division (ATSD), Lenovo Computer, and Great Wall Computer. The firms in Taiwan are United Microelectronics Corporation (UMC), Acer, and Vanguard International Semiconductor (VIS). / It is found that at the stage of getting started, the government tends to be key among the three sectors, and can broadly influence the firms' entrepreneurial intent by building the national institution context, and more specifically through industrial policies. At the stage of getting there, the domestic social sector becomes more salient, and can transfer technology to entrepreneurial firms either from abroad or from their own research; they can also help defend entrepreneurial firms in intellectual property disputes with multinational firms. At the stage of staying there, due to their advanced technology, multinationals as forces in the market become more prevalent, and can enhance or destroy the capability of entrepreneurial firms. Overall, the state can act as context builder, champion and confronter; the social sector can play the roles of capability builder and capability defender, while the market, via multinational firms, can play the roles of capability destroyer and capability enhancer.

Mémoire (M.P.M.O.)--Université du Québec à Chicoutimi, 1997. / Document électronique également accessible en format PDF. CaQCU

The thesis documents findings of a study conducted to develop a project based financial management system (PBFMS) whose role was viewed as a contributor to the successful delivery of projects leading to improved financial performance of small and medium construction enterprise (SMCEs). In particular, the PBFMS was viewed as a facilitator {function) for the efficient and effective conduction of the strategic management, project planning and control processes. Thus an adequate PBFMS was seen as one which, facilitates the efficient and effective delivery of projects with a view to provide enhanced enterprise performance. In pursuit of this aim, theory and practices relating to the development, operation and use of a PBFMS were investigated and analysed from both literature and field work leading to findings being reported in the thesis. In addition, the actual financial management systems of SMCEs were investigated to determine the extent to which their attributes match those of the proposed PBFMS model. The motivation for embarking on the study was brought about by three aspects observed in Botswana. Firstly, was the frequently documented poor delivery of projects, that is, for a sustained period of time, projects were being delivered beyond stipulated times, above agreed cost, and below specified quality. In some worst scenarios, projects were being abandoned at various stages execution but before completion. Secondly, the investigation was also prompted by the frequent financial failures of enterprises that were being recorded in the construction industry. Thirdly, the conduct of the proprietors of the construction enterprises was also frequently circumspect, particularly in matters relating to financial management. Thus in pursuing the study, a number of premises were made. Firstly, the financial management systems of the SMCEs were considered inadequate to fulfil their functions, that is, they were incapable of facilitating the strategic management, project planning and control process. It was also speculated that management of SMCEs were not committed to the PBFMS i.e. they did not participate, get involved and did not comply with the policies regarding the planning, developing, and operation of financial management systems. As a result, PBFMS were unable to play their role of facilitating to the successful delivery of projects for improved contribution to the financial performance of SMCEs. The second premise was that financial models available are either too generic to guide SMCEs in financial management matters or the strategic component is not linked to the operational plans to execute the strategy. For those which are meant for construction enterprises, they normally prescribe practices for project planning and control without including the strategic element and vice versa. In essence there is a gap in each of the models available for use by the SMCEs. It is the closing of this perceived gap in knowledge that the results of the thesis contribute in finding a solution to the mentioned problem. Thus the study aimed at answering two research questions: (i) Do SMCEs have adequate PBFMS that facilitate the effective delivery of projects for enhanced financial performance? and (ii) Is there a relationship between the adequacy PBFMS and poor performance of SMCEs? To facilitate the answering of these two question two hypothesis were formulated namely: Hoi: The PBFMS of SMCEs are adequate to facilitate the delivery of projects; and Ho2: The adequacy of the PBFMS is positively correlated with the performance of SMCEs. To test the two questions a research process was planned and executed in several steps. Firstly, a survey strategy using the questionnaire was selected as the most appropriate method to provide a snap shot of the existence of attributes of PBFMS and to investigate associated practices relating to their development and operation. The method was considered more appropriate and effective in gathering large data in a short space of time in line with the doctoral time framework. Construction enterprises registered with Public Procurement and Asset Disposal Board (PPADB) for building and civil work in classes A, B, C and D were surveyed. The internal quantity surveyor, estimator or accountant were requested to respond on matters relating PBFMS on behalf of the SMCEs. The sampling frame from which the SMCEs considered for study were obtained from the two government departments which work closely with PPADB, the Department of Building and Engineering Services (DBES) and Department of Roads (DR). The sample sizes for each group category (small and medium) were determined using Krajcie and Morgan (1970) table. Stratified and systematic random sampling was used to select the identity of the members to form a sample fro study from the sampling frame. The second step was to design the questionnaire to probe the three aspects identified as constituting the PBFMS namely the strategic management; project planning and control; and management commitment. Essentially the questionnaire sought to investigate the knowledge, tools, techniques, practices, opinions and attitudes of those who design, develop, operate and use the PBFMS in the SMCEs. To ensure a high quality design, the questionnaire was given to experts in the subject area to provide some comments on its suitability and was also piloted on four enterprises. Data collected was analysed using mainly the SPSS software and involved application of various statistical techniques including cross-tabs, ratio analysis, ttests and correlational tests. A total of 101 completed questionnaires were received, made up of 55% and 46% small and medium enterprises, respectively. The demographic profile of SMCEs confirmed some of the expected results, for example, majority (59%) of the respondents were owner/managers confirming the dominance of the owner in SMCEs. Majority of SMCEs (59%) were more than 9 years old, with medium enterprises being more mature (60% older than 9 years) than the small sized enterprises (49% older than 9 years). Majority (56%) of SMCEs had 10 or more employees, with medium sized enterprises having more employees (75% with 10 or more) than the small sized enterprises (42% with 10 or more). SMCEs performed more of building work alone (48%) than both building and civil work (48%) or maintenance (11%) and no enterprise performed civil work (0%) alone. Majority of SMCEs (65%) acted as main contractors as opposed to sub-contractors, though as expected sub-contracting was seen more in small (20%) than medium (10%) enterprises. Lastly, the public sector (central and local authorities) provided majority (65%) of the SMCEs jobs. However, if parastatals which are wholly owned by government were added, the public sector job market adds up to 73% (65%+8%). The testing of the major two major hypothesis resulted in the following conclusion. The results indicated that the first hypothesis was supported, that is, in a majority of SMCEs operating in Botswana the PBFMS were found to be adequate in facilitating the delivery of projects. The results were therefore not in agreement with the basic premise made at the commencement of the study. In view of the finding, it suggests that SMCEs in Botswana have adequate systems that support the efficient and effective project planning and control. Secondly, management is committed to the 'welfare' of the PBFMS in terms of complying and supporting their development and operation. However, like any human endeavour, there are weaknesses in the PBFMS, for example, they were found inadequate in facilitating the strategic management process, including lack of linking the process to the operational process in order to execute the strategy. They were also found weak in one of the most crucial process of project management; that of project control. The second major investigation showed a weak link between the adequacy of a PBFMS and performance. Secondly, the results also indicated that the SMCEs which had adequate PBFMS performed better than their counterparts. The first results were not surprising since the cause of poor performance were shown as three pillars (business environment, client/representatives and enterprise factors). However, the second results emphasise that SMCEs with adequate PBFMS posted better performance than their counterparts with inadequate systems. In this way the role of PBFMS in contributing to better performance was illustrated by the results. Some recommendations are proposed resulting from the findings and how to achieve a deeper understanding of the subject. Firstly, SMCEs should pay more attention to matters pertaining to strategic management to ensure a long-term view of their enterprises. Secondly, when a strategic plan is developed, it must be implemented through operational plans as a means of executing the strategy. Thirdly, concerted effort should made in ensuring that the projects are controlled as it is the only way to achieve sustained profitability and satisfied customers. Fourthly, as a way of providing a deeper understanding of the subject, it is suggested a longitudinal study could be undertaken to yield a more encompassing investigation than a cross sectional study which captured only one business cycle of the industry (down turn). Lastly, the study could be replicated in another industry with a similar profile like the construction industry in Botswana, for example, Namibia or/and the study could include large enterprises to provide means of comparing the different profiles of enterprises. / Business Management / D. B. L.

Esta dissertação apresenta a abordagem da importância da interação universidade empresa no ambiente acadêmico, com foco na descrição da construção da edificação do Escritório Verde da Universidade Tecnológica Federal do Paraná, campus de Curitiba, que foi viabilizado a partir de parcerias com empresas. Analisa as bases históricas das relações universidade-empresa no Brasil, e evidencia as vantagens e necessidades advindas de tal interação do meio acadêmico com o setor produtivo. Discute as motivações que despertaram nas empresas o interesse em investir nesta relação, ofertando produtos e serviços para a viabilização do projeto de construção do Escritório Verde. Demonstra a importância de tal projeto para a universidade, bem como analisa as bases de criação de uma empresa Junior multidisciplinar que terá como sede o Escritório Verde, a qual prestará consultoria verde. Complementando a análise descritiva de como se deu o processo de interação, o estudo verificou por meio de um questionário enviado às principais empresas parceiras quais as expectativas destas quanto a sua participação em um projeto acadêmico e o que elas esperam desta relação após a conclusão da edificação. Traz como resultado as análises destas parcerias, as quais demonstraram que desde que se tenha um ambiente propício com ganhos mútuos, as empresas mostram-se solidárias e agregam-se a projetos acadêmicos. Evidencia o desejo das mesmas em capacitar profissionais em suas tecnologias e serviços ainda na universidade, enxergando a mesma como formadora de mão de obra. Em termos de responsabilidade socioambiental, verificou-se que as empresas desejam vincular seu nome a projetos que remontam a tais iniciativas, tendo em vista que estes trabalham com produtos e serviços que possuem apelo ambiental. O Escritório Verde mostrou-se uma vitrine no ramo da sustentabilidade e conscientização para com o meio ambiente, sendo alvo de inúmeras reportagens em mídias diversas. / This dissertation presents the approach of the importance of university-industry interactions in the academic environment, focusing on the description of the construction of building the Green Office Federal Technological University of Parana, Curitiba campus, which was made possible through partnerships with companies. Analyzes the historical basis of university-business relations in Brazil, and highlights the advantages and requirements arising from this interaction of academia with the productive sector. Discusses the reasons that sparked the interest in the companies to invest in this relationship, offering products and services for the feasibility of the construction of the Green Office. Demonstrates the importance of such a project for the university, as well as examines the foundations of creating a multidisciplinary junior company will be based at the Green Office, which will advise green. To complement the descriptive analysis of how was the process of interaction, the study found through a questionnaire sent to key business partners such as the expectations for their participation in an academic project and they expect this relationship after completion of the building. Bring the analyzes as a result of these partnerships, which demonstrate that since it has an environment conducive to mutual gains, companies appear to be supportive and add to academic projects. It highlights the desire of those in training professionals in their technologies and services still in college, seeing it as a trainer of labor. In terms of social and environmental responsibility, it was found that companies want to link your name to projects that go back to such initiatives, given that they work with products and services that have environmental appeal. The Green Office proved to be a showcase in the field of sustainability and awareness for the environment, the target of numerous articles in various media.