Nurturing Science-Based Ventures An International Case Perspective

Table 1 Growth Typology of Small Firms [1] Type of venture Desired sales range Future employees Lifestyle 0 to $1 million 0 to 4 Smaller high potential $1 million to $20 million 5 to 50 High potential over $20 million Over 50 High-innovation technology-based startups assume a very special role in hi- growth entrepreneurship.

The number of students who wish to learn about entrepreneurship and actively engage in entrepreneurial activities - either by creating their own companies or by spurring innovation within a large organization - has grown greatly in recent years. Motivating engineers and scientists to become entrepreneurial has particular appeal in light of the abundance of technological knowledge that lurks hidden in today's research institutes and technology-based enterprises, waiting for commercialization.

However the expanding number of teaching programs fail to address the particular challenges and opportunities for starting up viable businesses based on science and engineering.

Nurturing Science-based Ventures: An International Case Perspective presents case studies of more than 30 businesses in scientific fields such as biotechnology, biomedicine, high-tech engineering and information technology. The case studies are arranged in modules tracking the typical life cycle of creating and growing new ventures. The book is a value-adding teaching device that will greatly enhance the learning experience of future high-tech entrepreneurs. The case studies will also foster a general appreciation of technological venturing among current and future business leaders.

Module topics include recognizing and evaluating opportunities, creating viable business plans, securing financial resources, managing growth and eventually harvesting the value created. The view of large firms is also taken into account, with studies on corporate entrepreneurship and the integration of internal and external knowledge to successfully seize business opportunities. Each module of the book is completed by a topic primer and a concluding summary of key learning points.

Case studies include: Google, Logitech, adidas, Ducati, EndoArt, 4M Technologies, Novartis and Nespresso and many more university spin-offs and new start-up enterprises.

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Praise for Nurturing Science-based Ventures: An International Case Perspective

While timing and luck are important factors for entrepreneurs, they are certainly no substitute for perseverance, hard work, and the ability to spot opportunities before others. Opportunity springs from many sources, not the least of which are breakthroughs in science and engineering. To close this gap is a critical issue, and that is why I am enthusiastic about this book, which I think will help entrepreneurs in their journey. In fact, this book will be a key resource for scientists and engineers looking to take research into development by creating exciting growth ventures.

Dietmar Hopp, Co-Founder SAP

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Major R&D organizations in Europe and around the world increasingly adopt a venture mindset to manage internal and external technologies within a common innovation pipeline. Therefore, this is a timely and practical book. The work provides case studies of both market-based and corporate-venture initiatives, appropriately bridging the two sources of financing into a common theme. 'Nurturing Science-based Ventures' will surely provide an effective teaching guide to the subject of modern science and technology management.

Werner Bauer, Chief Technology Officer, Nestlé SA

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While there is no blueprint for success, this book should be compulsory reading for entrepreneurs, ready to embark in the thrilling world of high-tech ventures! With its unique European focus, readers will learn through an impressive set of real world examples. If "the journey is the reward", this book will give readers a host of useful hints on how to "travel" best!

Daniel Borel, Founder and President of Logitech International

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This bookwill be a practical resource -- and an inspiration -- to a new breed of global entrepreneurs interested in starting science- and engineering-based businesses. It takes an easy to follow step-by-step approach to starting a company and has a host of stimulating, well-researched international cases that illustrate the key concepts in a clear, succinct fashion.

Mary Tripsas, Harvard Business School

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Moving science out of the labs and into the markets has always been one the tallest challenges; managers often disregard the basic science under the products or services, while scientists dismiss the contribution of the business people. Success requires the best of both worlds and the ability to work together over time. This book offers invaluable insights in the difficult Art of transforming science into successful businesses, building on the experiences of various European technology companies. Must read for anyone involved in or considering technology ventures.

Martin Velasco, Business Angel, Chairman & CEO, Speedlingua SA

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There is a growing consensus in Europe that its future lies in knowledge, technology and innovation. That is why politicians call so much on scientists and engineers to be entrepreneurial and to transform the results of their research work into commercial success. This book is not only showing that Europe has its success stories and very inspiring ones, it gives above all a methodical view on how to go about setting up a successful science or technology-based venture. It is recommended reading for all those who want to contribute to overcoming Europe's (in)famous innovation paradox.

Janez Potocnik, Commissioner for Science & Research, European Commission