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L1 Team Building EC10: Innovation & Commercialisation What it takes to build a successful Venture Team.

Dec 19, 2015

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Page 1: L1 Team Building EC10: Innovation & Commercialisation What it takes to build a successful Venture Team.

L1 Team BuildingL1 Team Building

EC10: Innovation & EC10: Innovation & CommercialisationCommercialisation

What it takes to build a successful What it takes to build a successful Venture TeamVenture Team

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Team Building OutlineTeam Building Outline

Entrepreneurs, Intrapreneurs Entrepreneurs, Intrapreneurs & Managers& Managers

Project Stages Project Stages Building the TeamBuilding the Team Entrepreneurial TeamsEntrepreneurial Teams

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Entrepreneurs, Entrepreneurs, Intrapreneurs & ManagersIntrapreneurs & Managers

The different role, approaches The different role, approaches and executive responsibilitiesand executive responsibilities

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CreativityCreativity

(Enterprising) people tend to have more originality than others and are able to produce solutions that fly in the face of established knowledge. They are also inclined to be more adaptable, and are prepared to consider a range of alternative approaches. They challenge the status quo, which can sometimes conflict withtheir colleagues. Bridge et al.(1998: 46)

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Entrepreneurs, Intrapreneurship & Entrepreneurs, Intrapreneurship & ManagersManagers

Manager’s RoleManager’s Role– InterpersonalInterpersonal– InformationalInformational

He or she can act:He or she can act:– as an entrepreneur- to launch a new idea;as an entrepreneur- to launch a new idea;– as a disturbance handler- e.g. of internal strive and as a disturbance handler- e.g. of internal strive and

disagreementsdisagreements– as a resource allocator - he/she decides to allow as a resource allocator - he/she decides to allow

important decisions and allocates resources of important decisions and allocates resources of organisation;organisation;

– as a negotiator, e.g. drawing up contracts with as a negotiator, e.g. drawing up contracts with supplier. Managers have all information and authority, supplier. Managers have all information and authority, therefore they may be heavily engaged in negotiation.therefore they may be heavily engaged in negotiation.

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Innovation Leadership Innovation Leadership

Leadership and management are two Leadership and management are two notions that are often used notions that are often used interchangeablyinterchangeably Leadership is just one of the many assets Leadership is just one of the many assets a successful innovator must possessa successful innovator must possess– The aim of a manager is to maximise the The aim of a manager is to maximise the

output of the organisation through output of the organisation through administrative implementationadministrative implementation

– Managers think incrementally, whilst leaders Managers think incrementally, whilst leaders think radically think radically

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Innovation & EntrepreneurshipInnovation & Entrepreneurship

Selecting the Innovation StrategySelecting the Innovation Strategy– Revolutionary rather than evolutionary Strategies Revolutionary rather than evolutionary Strategies – Strategy is focused on core technologies, ability to commercialise, Strategy is focused on core technologies, ability to commercialise,

compressing time for prototype, emerging technology.compressing time for prototype, emerging technology.– High risk, high returnHigh risk, high return

Creating the Climate & CommitmentCreating the Climate & Commitment– Entrepreneurial development, visible commitment, sustained over time, Entrepreneurial development, visible commitment, sustained over time,

assigning people & resources, empowerment.assigning people & resources, empowerment.Define Venture selection criteriaDefine Venture selection criteria– Fit, size, position, investment, ROI, time horizons.Fit, size, position, investment, ROI, time horizons.

Manage output in a turbulent environmentManage output in a turbulent environment– Focus on learning, redirecting resources, supporting the wounded, Focus on learning, redirecting resources, supporting the wounded,

distinguishing between good and bad decision.distinguishing between good and bad decision.Reflected in physical structure of the organisation and its allocation Reflected in physical structure of the organisation and its allocation of resources.of resources.

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Questions: Entrepreneurs Intrapreneurs & Managers

Managers do things right, while leaders do the right thing." Pascale, ‘ Managing on the Edge’, 1990

Venture management is not (just) about new technologies or processes - it is about how people and their organisations manage innovation and how those processes add value to customers. Piercy 2005

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2. Project Stages2. Project Stages

Understanding the Understanding the innovation process innovation process

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Project StagesProject Stages

Proof of ConceptProof of Concept– Development of prototypesDevelopment of prototypes– Early stage testingEarly stage testing

Technology DemonstrationTechnology Demonstration– Move towards full scale testing Move towards full scale testing – Ironing out production & operational difficultiesIroning out production & operational difficulties

Commercial TransitionCommercial Transition– Forward planning & supply chain developmentForward planning & supply chain development– Development partnersDevelopment partners

DeliveryDelivery– Consolidation of suppliers & Customer BaseConsolidation of suppliers & Customer Base

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New-Product Development ProcessNew-Product Development ProcessIdea

Generation

Ideas from:Customers and usersMarketing

researchCompetitorsOther

marketsCompany

peopleIntermediaries

Screening

Strengthsand

weaknessesFit with

objectivesMarket

trendsRough ROI

estimate

IdeaEvaluation

Concepttesting

Customerreactions

Roughestimatesof cost, sales,

profits

Development

R & DDevelop

model orserviceprototype

Testmarketingmix

Revise plansas needed

ROI estimate

Commercial-isation

Finalizeproduct andmarketingplan

Startproduction

and marketing

“Roll out” in selectmarkets

Final ROIestimate

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Long-RunConsumer

Welfare

Immediate Satisfaction

DesirableProducts

PleasingProducts

SalutaryProducts

DeficientProducts

High Low

High

Low

Types of New Product OpportunitiesTypes of New Product Opportunities

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Critique of Stage ModelsCritique of Stage Models

Phased sequence of events in not Phased sequence of events in not inevitable.inevitable.

Technology products often jump stages.Technology products often jump stages. Process planning cannot be controlled Process planning cannot be controlled

because of external environmental factors.because of external environmental factors. Personal attitudes towards risk affect Personal attitudes towards risk affect

stages progress.stages progress. Access to resources can slow down phasesAccess to resources can slow down phases Access to information disrupts the linkages Access to information disrupts the linkages

between stages.between stages.

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3. Building the Team3. Building the Team

Putting together the right balance Putting together the right balance of skills and competences to of skills and competences to

control innovations.control innovations.

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Team Building BlocksTeam Building Blocks

Tasks FunctionsTasks Functions– Leader is responsible for planning the work, allocating Leader is responsible for planning the work, allocating

resources within the team, organising duties and resources within the team, organising duties and responsibilities and monitoring SLA and meeting targets.responsibilities and monitoring SLA and meeting targets.

Maintenance FunctionsMaintenance Functions– Building team cohesiveness, setting standards through Building team cohesiveness, setting standards through

personal examples, maintaining discipline, allocating personal examples, maintaining discipline, allocating project leaders and protecting your team's interest within project leaders and protecting your team's interest within the division or organisation. the division or organisation.

Individual Development Needs.Individual Development Needs.– Mentoring and personal development.Mentoring and personal development.

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Situation ApproachSituation Approach

Directing Directing – new policy or new software system has been implemented and the new policy or new software system has been implemented and the

lead entrepreneur needs to give a team clear consistent instruction lead entrepreneur needs to give a team clear consistent instruction and direction.and direction.

Delegating Delegating – A team member who is high achiever and understands A team member who is high achiever and understands

performance statistics, can become a "change master", performance statistics, can become a "change master", disseminating key information to colleagues showing them how disseminating key information to colleagues showing them how successfully achieved targets. successfully achieved targets.

Supporting Supporting – When delegating, a supportive role normally follows to ensure When delegating, a supportive role normally follows to ensure

guidance and support are given to facilitate the success of the guidance and support are given to facilitate the success of the task / function.task / function.

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Engendering TrustEngendering Trust

IntegrityIntegrity TrustTrust ConsistencyConsistency Positive EnergyPositive Energy DissentionDissention Sharing InformationSharing Information

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Key Questions

In an Entrepreneurial team, what gets people engaged?

How should a motivational leader get an individual to engage in desired behaviour (direction or choice of behaviour)?

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3. Entrepreneurial Teams3. Entrepreneurial Teams

How to manage and motivate a How to manage and motivate a team in a fast growth organisationteam in a fast growth organisation

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Motivational LeadersMotivational Leaders

The dictionary definition of motivational leadership is The dictionary definition of motivational leadership is ‘to give incentive to move or create action’. ‘to give incentive to move or create action’.

In developing a culture, understanding the Company In developing a culture, understanding the Company Values is essential. Values is essential. If team members are aware of the values and understand If team members are aware of the values and understand

the vision then they may buy into sharing the visionthe vision then they may buy into sharing the vision If their values are in alignment with the company’s then an If their values are in alignment with the company’s then an

immediate incentive is created. immediate incentive is created. This is the starting point to building the foundations that This is the starting point to building the foundations that

will lead to an organisation with staff who are self will lead to an organisation with staff who are self motivated to innovatemotivated to innovate

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Decision Making Decision Making ApproachesApproaches

‘‘The Prescriptive Approach, can be described as a The Prescriptive Approach, can be described as a linear and rational process, starting with where we linear and rational process, starting with where we are now and then developing new strategies for the are now and then developing new strategies for the future. future. Objective has been defined in advanced and main elements Objective has been defined in advanced and main elements

have been developed before the strategy commences.have been developed before the strategy commences.

The Emergent Approach can be defined as a corporate The Emergent Approach can be defined as a corporate strategy, which emerges, adapting to needs and strategy, which emerges, adapting to needs and continuing to develop over time. continuing to develop over time. It is evolving, incremental and continuous, and therefore It is evolving, incremental and continuous, and therefore

cannot be easily or usefully summarised in a plan which cannot be easily or usefully summarised in a plan which then requires to be implemented. then requires to be implemented.

Emergent corporate strategy whose final objective is unclear Emergent corporate strategy whose final objective is unclear and whose elements are developed during the course of its and whose elements are developed during the course of its life as the strategy proceeds’. life as the strategy proceeds’. Lynch, Richard – Corporate Strategy, Lynch, Richard – Corporate Strategy, Second Edition (2000)Second Edition (2000)

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Fair Process Management Fair Process Management

Have ample opportunity to express their views and to Have ample opportunity to express their views and to discuss how and why they disagree with other group discuss how and why they disagree with other group members. members.

Feel that that decision-making process has been Feel that that decision-making process has been transparent, i.e., that deliberations have been relatively transparent, i.e., that deliberations have been relatively free of secretive, behind-the-scenes manoeuvring. free of secretive, behind-the-scenes manoeuvring.

Believe that the leader listened carefully to them and Believe that the leader listened carefully to them and considered their views thoughtfully and seriously before considered their views thoughtfully and seriously before making a decision. making a decision.

Perceive that they had a genuine opportunity to Perceive that they had a genuine opportunity to influence the leader's final decision. influence the leader's final decision.

Have a clear understanding of the rationale for the final Have a clear understanding of the rationale for the final decision. decision.

Lagace, HBS, 2005

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Building RapportBuilding Rapport

Don’t criticise condemn or complainDon’t criticise condemn or complain Give honest & sincere appreciationGive honest & sincere appreciation Arouse in the other person an eager wantArouse in the other person an eager want Become genuinely interested in othersBecome genuinely interested in others SmileSmile A persons name is the sweetest most Important sound A persons name is the sweetest most Important sound

in any languagein any language Be a good listener encourage others to talkBe a good listener encourage others to talk Talk in terms of others interestsTalk in terms of others interests Make the others feel important & do it sincerely.Make the others feel important & do it sincerely.

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Gaining Co-operationGaining Co-operation

The only way to win an argument is to avoid itThe only way to win an argument is to avoid it Respect other opinion’s. Never say “Respect other opinion’s. Never say “you’re wrongyou’re wrong”” If you are wrong admit it quickly and emphaticallyIf you are wrong admit it quickly and emphatically Begin in a friendly wayBegin in a friendly way Get the other person saying “Get the other person saying “yes, yesyes, yes” immediately” immediately Let the other person do a great deal of the talkingLet the other person do a great deal of the talking Let the other person think its their ideaLet the other person think its their idea Try honestly to see things from others point of viewTry honestly to see things from others point of view Be sympathetic to others ideas or desiresBe sympathetic to others ideas or desires Appeal to the nobler motivesAppeal to the nobler motives Dramatise your ideasDramatise your ideas Throw down a challengeThrow down a challenge

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Team Leadership StylesTeam Leadership Styles

Traits ApproachTraits Approach Functional or Group ApproachFunctional or Group Approach BehaviouralBehavioural SituationalSituational Transformational (Mullins, 2002)Transformational (Mullins, 2002)

"the process of creating higher levels of motivation and commitment." "the process of creating higher levels of motivation and commitment." Emphasis on generating a vision for the organisation. The leader Emphasis on generating a vision for the organisation. The leader affects the followers by communicating the organisational purpose affects the followers by communicating the organisational purpose with a view to them having shared purpose, values and beliefs for the with a view to them having shared purpose, values and beliefs for the benefit of themselves and the organization." benefit of themselves and the organization."

Opposite, is transactional leadership "based on legitimate authority Opposite, is transactional leadership "based on legitimate authority within the bureaucratic structure of the organisation.” With an within the bureaucratic structure of the organisation.” With an emphasis on clearly defining goals and objectives, work task and emphasis on clearly defining goals and objectives, work task and outcomes, organisational rewards and punishments. This is based on outcomes, organisational rewards and punishments. This is based on a relationship of mutual dependence and exchange". a relationship of mutual dependence and exchange".

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Inventors & promotersInventors & promoters

Inventors are noted for their creativity. They Inventors are noted for their creativity. They may be highly innovative people yet many of may be highly innovative people yet many of their ideas may never become commercial their ideas may never become commercial reality because they lack the management and reality because they lack the management and business skills to bring a new product to business skills to bring a new product to market. market.

Promoters are quite creative but these are Promoters are quite creative but these are typically short-term business propositions with typically short-term business propositions with a bias towards "getting rich quickly". a bias towards "getting rich quickly".

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Leader’s RoleLeader’s RoleThe Leader’s Role

Traits, Power, ValuesInterpersonal skills

TaskStructured or unstructuredThe problem Constraints/

requirements

The TeamStructure, MaturityStage of

development

Individual’s NeedsExpectations, KnowledgeConfidence, Experience

Motivation, Commitment

Organisation CultureStage of developmentStructure, SystemsConstraints, Culture

External EnvironmentPolitical, Social, Economic,

Technological

Leadership

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Leadership StylesLeadership Styles

the conductor the conductor Formal hierarchy of authorityFormal hierarchy of authority Role of leader is to coordinateRole of leader is to coordinate

the developer (Bradford and Cohen, the developer (Bradford and Cohen, 1984). 1984).

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Coaching ModelCoaching Model

REALITY

WRAPUP

GOAL

OPTIONSCommit to action

Identify possible obstaclesDefine specific steps and timingAgree support

Cover range of options

Invite suggestions Offer suggestions

Ensure choices made

Agree topic for discussionAgree objectives for the sessionSet long term aim, if appropriate

Invite self assessmentOffer examples of feedback

Avoid/check assumptionsDiscard irrelevant history

Adapted from Eaton & Johnson, 2001, GROW Model,, Coaching Successfully

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Organisational Development Organisational Development StrategyStrategy Is the method compatible with the objectives? Is the method compatible with the objectives? Individual, team & Co. What development are we aiming Individual, team & Co. What development are we aiming

to achieve?to achieve? What training, learning or personal development needs What training, learning or personal development needs

to be undertaken in workplace?to be undertaken in workplace? What internal resources are available? What internal resources are available? Money, time, equipment and people.Money, time, equipment and people. What factors about the learner need to be considered?What factors about the learner need to be considered? Motivation to learn, preference for learning method, Motivation to learn, preference for learning method,

readiness to learn, relationship with the developer, readiness to learn, relationship with the developer, personal commitments etc. personal commitments etc.

Coaching optionsCoaching options

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Training Strategies (1)Training Strategies (1) Training on the jobTraining on the job –watching someone else do the job –watching someone else do the job

and trying to reach that standard. Can be high in learning and trying to reach that standard. Can be high in learning transfer and inexpensive in terms of resources.transfer and inexpensive in terms of resources.

Planned Organisational ExperiencePlanned Organisational Experience – could include – could include secondments; work shadowing; assignment of special secondments; work shadowing; assignment of special responsibilities; problem solving groups; developing responsibilities; problem solving groups; developing some aspect of work; action learning; Mentoring. With some aspect of work; action learning; Mentoring. With organisational support these will provide a positive organisational support these will provide a positive transfer of learning.transfer of learning.

In-house coursesIn-house courses – can include cover induction; skills – can include cover induction; skills development; updating skills and knowledge, legislation, development; updating skills and knowledge, legislation, company practice; courses leading to qualifications company practice; courses leading to qualifications tailored for the organisation or industry. Learning tailored for the organisation or industry. Learning transfer more likely than with generic external courses. transfer more likely than with generic external courses. More resources needed than with options 1 and 2.More resources needed than with options 1 and 2.

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Training Strategies (2)Training Strategies (2) Planned external experiencesPlanned external experiences –visits to other –visits to other

organizations, customers or suppliers; professional body organizations, customers or suppliers; professional body roles, participating in committees, CPD activities; external roles, participating in committees, CPD activities; external projects. Learning transfer depends on the experience and projects. Learning transfer depends on the experience and its relevance to learning objectives. Costs may be high in its relevance to learning objectives. Costs may be high in time lost from the employee rather than resources. time lost from the employee rather than resources.

External CoursesExternal Courses – usually of two forms: short skills – usually of two forms: short skills development courses and course leading to a qualification.development courses and course leading to a qualification.

Transfer of learning can be low unless the organisational Transfer of learning can be low unless the organisational climate is supportive. Costs can be high in terms of time climate is supportive. Costs can be high in terms of time and money. Individual benefits need to be translated into and money. Individual benefits need to be translated into organisational benefits. organisational benefits.

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Course Reading

• Goffin, K, Mitchell, R, Innovation Management, Chapter 8, Organisation & Management, pp282 – 305, Palgrave, 2005