Creating Value Winners in the New Business

In this volume, leading experts from the fields of entrepreneurship and strategy explain how to identify entrepreneurial opportunities and how to exploit these opportunities in the context of today's turbulent and volatile business environment. At a time when new winners are emerging quickly and unexpectedly, while established leaders are declining or disappearing, the contributors illustrate how to tackle current business challenges with effective strategies that create value. The volume is divided into two parts: the first focuses on identifying entrepreneurial opportunities; the second on exploiting these opportunities for wealth creation. Within each part, individual chapters address emerging issues in strategic management and entrepreneurship, such as value drivers for new business models, and the use of real options and knowledge creation in high velocity environments. The strength of the book is that it focuses on the cutting edge ideas and imaginative strategies that are being employed by the new winners in the current economic climate.

Michael A. Hitt is a Distinguished Professor and holds the Joseph Foster Chair in Business Leadership and the C.W. and Dorothy Conn Chair in New Ventures at Texas A&M University. He received his Ph.D. from the University of Colorado. Recently, he has co-authored Mergers and Acquisitions: A Guide to Creating Value for Stakeholders (2001) and Strategic Management: Competitiveness and Globalization (Fourth Edition, 2001). He is also the co-editor of many volumes, including The Handbook of Strategic Management (Blackwell Publishers, 2001) and ‘Creating Value' (Blackwell Publishers, 2002). He is a Past President of the Academy of Management and has served as Editor of the Academy of Management Journal.

Raphael Amit is Robert B. Goergen Professor of Entrepreneurship at the Wharton School, University of Pennsylvania. He is a founding Director of the Wharton e-Business Initiative, a unique academic-industry partnership established to create e-business knowledge through the integration of state-of-the-art academic e-business research, e-business management practice and curriculum development. He serves on the editorial boards of Strategic Management Journal, Organization Science and the Journal of Business Venturing and was previously Associate Editor of Management Science.

Charles E. Lucier is Senior Vice-President and Chief Growth Officer of Booz Allen Hamilton. In his nineteen years at Booz Allen, he has assisted clients in developing and implementing corporate and business unit strategies. As Chief Growth Officer, he is a member of Booz Allen Leadership Teams responsible for the firm's innovation and marketing.

Robert D. Nixon holds the Fischer Family Chair in Family Entrepreneurship at the University of Louisville. He has co-edited Winning Strategies in a Deconstructing World (2000), Dynamic Strategic Resources: Development, Diffusion and Integration (1999), New Managerial Mindsets: Organizational Transformation and Strategy Implementation (1998) and Managing Strategically in an Interconnected World (1998). His extensive industrial experience encompasses work for international, high-technology firms and the founding and management of more than a dozen entrepreneurial firms.

List of Contributors

vii

Strategies for the Entrepreneurial Millennium

1

(12)

Raphael Amit

Charles E. Lucier

Michael A. Hitt

Robert D. Nixon

Part I Wealth-Creating Business Models and Identifying Opportunities

13

(116)

Value Drivers of e-Commerce Business Models

15

(33)

Raphael Amit

Christoph Zott

An Intermediation-Based View of Entrepreneurship

48

(13)

Mike W. Peng

Heli Wang

How Real are Real Options? The Case of International Joint Ventures

61

(24)

Jeffrey Reuer

More Good Things are Not Necessarily Better: An Empirical Study of Strategic Alliances Experience Effects and New Product Development in High-Technology Start-ups

85

(19)

Frank T. Rothaermel

David L. Deeds

Knowledge Creation and Utilization: Promoting Dynamic Systems of Creative Routines

104

(25)

Ikujiro Nonaka

Patrick Reinmoeller

Part II Exploiting Opportunities for Wealth Creation

129

(134)

An Optimal Stopping Model for the Exploration and Exploitation of a New Venture Opportunity

131

(18)

Young Rok Choi

Moren Levesque

Dean Shepherd

Competition and the Electronic World: Does e-Commerce Require the Recognition of Channel as a Type of Diversification?

149

(15)

Esmeralda Garbi

Peggy Golden

Brenda Richey

Corporate Venture Capital and the Creation of US Public Companies: The Impact of Sources of Venture Capital on the Performance of Portfolio Companies

164

(24)

Markku Maula

Gordon Murray

Strategic Decision-Making in the Entrepreneurial Millennium: Competition Crisis and ``Expert'' Risk Assessment of Emerging Market Sovereigns

188

(25)

Gerry McNamara

Paul Vaaler

Strategic Decision-Making in High Velocity Environments: A Theory Revisited and a Test

213

(27)

Kevin Clark

Chris Collins

The Ties that Bind: Managing Supplier Relationships in the High-Growth Firm

240

(23)

Amy Beekman

Richard Robinson

Index

263

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Creating Value Winners in the New Business Environment

Summary

Author Biography

Table of Contents

Supplemental Materials