Theme 7

Creating Innovative New Firms

Managing Innovation

STARTUP IS AN ORGANIZATION FORMED TO SEARCH FOR A REPEATABLE AND SCALABLE BUSINESS MODEL

СТАРТАП ЦЕ БІЗНЕС, ЩО РОСТЕ ВІД5% В МІСЯЦЬ І В ЯКОМУ ВІДСУТНІ БІЗНЕС ПРОЦЕСИ.

© 2009 John Wiley & Sons Ltd.www.wileyeurope.com/college/tidd

7

PROFILE OF A TECHNICAL ENTREPRENEUR

A person with a high n-Ach (achievement ):

• Likes situations where it is possible to take personal responsibility for finding solutionsto problems;• Has a tendency to set challenging but realistic personal goals and to take calculatedrisks;• Needs concrete feedback on personal performance.

PROFILE OF A TECHNICAL ENTREPRENEUR

SMART Goals

• Specific – target a specific area for improvement.

• Measurable – quantify or at least suggest an indicator of progress.

• Assignable – specify who will do it.

• Realistic – state what results can realistically be achieved, given available resources.

• Time-related – specify when the result(s) can be achieved.

Research over the past decade or so suggests that the innovative activities of SMEs exhibit broadly similar characteristics across sectors. They:

• are more likely to involve product innovation than process innovation;

• are focused on products for niche markets, rather than mass markets;

• will be more common amongst producers of final products, rather than producers of components;

• will frequently involve some form of external linkage;

• tend to be associated with growth in output and employment, but not necessarily profit.