Technology Entrepreneurship (eBook)

Creating, Capturing, and Protecting Value

Thomas N. Duening, Robert A. Hisrich, Michael A. Lechter (Autoren)

eBook Download: PDF | EPUB

2009 | 1. Auflage
590 Seiten
Elsevier Science (Verlag)
978-0-08-092288-1 (ISBN)

Infos

Recognizing the unique needs of the technology startup, Duening focuses on intellectual property development, funding, and marketing/selling more than other texts in this market. Extensive use of technology examples, case studies, and assignments keeps the book relevant and motivating for engineering students. A full supplements package, including instructor manual and lecture notes, makes it easy to get the course up and running.
* Rich in case studies, examples, and in-chapter elements that focus on the challenges of launching and operating a technology venture
* In-depth examination of intellectual property development, valuation, deal structuring, and equity preservation, issues of most relevance to technology start-ups
* Extensive discussion of technology management and continuous innovation as a competitive advantage
* Addresses the issue of leading, managing, motivating, and compensating technical workers
* More time on the fundamentals of marketing and selling, as these are elements of entrepreneurshipcommonly most neglected by engineers and scientists

Thomas Duening previously was the director of entrepreneurial programs for the Ira A. Fulton Schools of Engineering at Arizona State University. He obtained his undergraduate degree from the University of Wisconsin-Stevens Point and then attended the University of Minnesota, where he received his master's degree in philosophy of science and his doctorate in higher education administration. While completing his Ph.D., Duening was a consultant at Robert S. Banks, Associates, Inc., an international consulting firm serving the electric utility industry. He also has served in many executive positions, including president of U.S. Learning Systems, LLC, vice president for Content Development at Edgia, Inc., and still remains owner and CEO of the consulting firm INSYTE Business Research Group. Before joining ASU in September 2004, Duening successfully launched the Entrepreneurial and Venture Development Center at the University of Houston-Downtown. For nine years, he was the assistant dean for administration, and international and executive programs at the C.T. Bauer College of Business at the University of Houston main campus. Duening is the author of numerous journal articles, and he is the author of 12 books on investing in entrepreneurship, including Technology Entrepreneurship released Aug. 19, 2009.

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Recognizing the unique needs of the technology startup, Duening focuses on intellectual property development, funding, and marketing/selling more than other texts in this market. Extensive use of technology examples, case studies, and assignments keeps the book relevant and motivating for engineering students. Rich in case studies, examples, and in-chapter elements that focus on the challenges of launching and operating a technology venture In-depth examination of intellectual property development, valuation, deal structuring, and equity preservation, issues of most relevance to technology start-ups Extensive discussion of technology management and continuous innovation as a competitive advantage Addresses the issue of leading, managing, motivating, and compensating technical workers More time on the fundamentals of marketing and selling, as these are elements of entrepreneurship commonly most neglected by engineers and scientists

Inhalt

Front Cover 1
Technology Entrepreneurship 4
Copyright Page 5
Contents 8
Preface 18
Acknowledgments 24
About the Authors 26
PART I: FUNDAMENTALS OF BUSINESS AND ECONOMICS 30
CHAPTER 1 Fundamentals of Business 32
1.1 What is a Business? 35
1.1.1 Business as an Organized Activity 36
1.1.2 Business as a Purposeful Activity 36
1.1.3 Business as a "Going Concern" 37
1.1.4 Value 37
1.2 Value and the Market 38
1.2.1 Value Creation 38
1.2.2 Value Protection 40
1.2.3 Value Capture 40
1.2.4 Value Proposition 40
1.3 Business and Society 41
1.3.1 Business and Social Responsibility 43
1.3.2 The Mechanics of a "Going Concern" 44
1.4 Business Dynamics 46
1.4.1 Change and Competition 46
1.4.2 Change and Globalization 47
1.4.3 Engineering Creative Solutions 47
1.5 The Future of Business 50
CHAPTER 2 Fundamentals of Economics in a Global Context 58
2.1 Economic Resources 59
2.1.1 Goods and Services 60
2.1.2 Resource Allocation 60
2.1.3 Product Distribution 62
2.2 Supply, Demand, and Pricing 62
2.2.1 Price and Market Equilibrium 63
2.2.2 Price and Competition 65
2.2.3 Price and Gross Margin 66
2.2.4 Inflation 67
2.2.5 Price in a Compromised Market 68
2.2.6 Interest and the Price of Money 69
2.3 Economic Systems 70
2.3.1 Socialism 70
2.3.2 Communism 70
2.3.3 Mixed Market Economies 71
2.3.4 The U.S. Economic System 73
2.4 International Trade 75
2.4.1 Exporting and Importing 76
2.4.2 Balance of Trade 76
2.4.3 Balance of Payments 76
2.5 International Monetary System 76
2.5.1 International Monetary Fund 77
2.5.2 The World Bank 78
2.6 Elements of Global Trade 78
2.6.1 The WTO 79
2.6.2 Trade Blocs and Free Trade Areas 80
2.6.3 Currency Exchange Rates 81
CHAPTER 3 Technology Ventures in a Global Context 88
3.1 Globalization and Technology Ventures 90
3.1.1 Technology Venture Drivers 91
3.1.2 Capital Intensity 92
3.1.3 Knowledge Intensity 95
3.1.4 Accelerated Pace of Change 96
3.1.5 The Network Effect 97
3.2 Value Creation in the Global Economy 101
3.2.1 Creating Market Value 101
3.2.2 Creating Enterprise Value 102
3.2.3 Value Protection in Technology Ventures 104
3.3 Value Capture in the Global Economy 107
3.3.1 Capturing Market Value 107
3.3.2 Capturing Enterprise Value 109
3.4 Global Market Entry Strategies 110
3.4.1 Exporting 111
3.4.2 Licensing 111
3.4.3 Joint Ventures 112
3.4.4 Strategic Alliances 112
3.4.5 Trading Companies 113
3.4.6 Countertrading 113
3.4.7 Direct Ownership 113
PART II: LEGAL STRUCTURE AND CAPITAL 122
CHAPTER 4 Legal Structure and Equity Distribution 124
4.1 Ownership and Liability Issues 126
4.1.1 Limited versus Unlimited Liability 127
4.1.2 The Extent of Limited Liability 128
4.2 Choice of Legal Structure 130
4.2.1 Sole Proprietorship 131
4.2.2 General Partnership 132
4.2.3 Limited Partnership 134
4.2.4 Corporation 137
4.2.5 Limited Liability Company 145
4.3 Limited Liability Entities—A Comparison 147
4.3.1 Expense 148
4.3.2 Shareholder Options 148
4.3.3 Taxation 148
4.3.4 Profits and Losses 148
4.3.5 Partnerships 149
4.4 Equity and Equity Types 149
4.4.1 Equity and Stocks 149
4.4.2 Common Stock 150
4.4.3 Preferred Stock 151
4.4.4 Preferred Stock Distributions 151
4.4.5 Convertibility 152
4.4.6 Participating Preferred Stoch 152
4.4.7 Voting Rights 153
4.4.8 Founder's Stock 153
4.5 Equity Distribution in the Nascent Venture 154
4.5.1 Employee Stock Options 156
CHAPTER 5 Capital and Deal Structuring 168
5.1 Role of Capital in Technology Ventures 170
5.2 Capital Sources 171
5.2.1 Angel Investors 172
5.2.2 Venture Capital 173
5.3 Equity and Debt Financing 175
5.3.1 Equity Financing 175
5.3.2 Costs of Equity Financing 179
5.3.3 Debt Financing 180
5.3.4 Institutional Lender Requirements 181
5.4 Loan Rates, Payment Methods, and Lender Types 181
5.4.1 Small Business Administration Loans 184
5.5 Fund-Raising Tools and Techniques 185
5.5.1 Private Placement Memorandum 187
5.5.2 Subscription Agreement 187
5.5.3 "Elevator Pitch" 188
5.6 Alternatives to Debt and Equity Financing 188
5.6.1 SBIR Program 188
5.6.2 Small Business Technology Transfer Program 189
5.6.3 Bootstrap Financing 190
CHAPTER 6 Exit Strategies for Technology Ventures 200
6.1 Acquisition 202
6.1.1 Due Diligence 203
6.1.2 The Acquisition Deal 206
6.2 Mergers 207
6.3 Venture Valuation 209
6.4 Going Public 212
6.4.1 Advantages of Going Public 212
6.4.2 Disadvantages of Going Public 213
6.4.3 Timing 215
6.4.4 Underwriter Selection 215
6.4.5 Registration Statement and Timetable 217
6.4.6 The Prospectus 217
6.4.7 The Red Herring 218
6.4.8 Reporting Requirements 220
PART III: INTELLECTUAL PROPERTY AND CONTRACTS 230
CHAPTER 7 Intellectual Property Management and Protection 232
7.1 Intellectual Property and Technology Ventures 234
7.2 Intellectual Property Protection 234
7.2.1 Recognizing Intellectual Property 236
7.2.2 Record Keeping 236
7.2.3 Record-Keeping Procedures 239
7.3 Trade Secrets 240
7.3.1 Trade Secret Protection 241
7.3.2 Maintaining Trade Secrets 241
7.4 Patents 244
7.4.1 Patentability 245
7.4.2 Requirements for Novelty and Nonobviousness 245
7.4.3 Exclusive Right 246
7.4.4 The Patent Application Process 247
7.4.5 The Patent Examination Process 250
7.4.6 Patent Pending 251
7.5 Patent Ownership 251
7.6 International Patent Protection 251
7.7 Copyrights 253
7.7.1 Considerations with Respect to Software 254
7.7.2 Notice 255
7.7.3 The Term 255
7.7.4 Copyright Registration 255
7.7.5 Copyright Ownership 256
7.8 Mask Works 257
7.9 Trademarks 257
7.9.1 Acquiring Trademark Rights 258
7.9.2 Registering a Trademark 258
7.9.3 Principal Register 260
7.9.4 Supplemental Register 260
7.9.5 Application Based on "Intent to Use" 261
7.9.6 The Strength of a Mark 261
7.9.7 Choosing a Mark 263
7.9.8 Term of the Registration 264
7.9.9 Maintaining Trademark Rights 264
CHAPTER 8 Contracts 276
8.1 Sources of Contract Law 278
8.2 Contract Formation 279
8.2.1 The Offer 279
8.2.2 The Counteroffer 280
8.2.3 Acceptance 281
8.2.4 Revocation of Offer or Acceptance 282
8.2.5 Consideration 282
8.3 Defenses against Contract Enforcement 282
8.4 Performance and Breach 283
8.4.1 Damages 285
8.4.2 Rescission and Restitution 286
8.4.3 Specific Performance 286
8.4.4 Quasi-contract 287
8.4.5 Reformation 287
8.5 Anatomy of a Contract 287
8.5.1 Preamble 288
8.5.2 Recitals 288
8.5.3 Definitions 288
8.5.4 Performance 288
8.5.5 Ownership and Use of Intellectual Property 290
8.5.6 Consideration 290
8.5.7 Representations and Warranties 291
8.5.8 Indemnity 292
8.5.9 Term and Termination 293
8.5.10 Miscellaneous Provisions 293
8.6 Operating Agreements 294
8.6.1 Employment Agreements 295
8.6.2 Noncompete Agreements 295
8.6.3 Confidentiality Agreements 295
8.6.4 Consulting and Development Agreements 297
8.6.5 Maintenance and Support Agreements 298
8.6.6 Manufacturing Agreements 298
8.6.7 Assignment Agreements 299
8.7 License Agreements 299
8.7.1 Patent Licenses 300
8.7.2 Know-How Licenses 300
8.7.3 Trademark Licenses 300
8.7.4 Franchise Agreements 301
8.7.5 Technical Services Agreements 301
8.7.6 Distribution Agreements 301
8.7.7 VAR and OEM Agreements 302
8.7.8 Purchase Agreements 302
CHAPTER 9 Negotiating Fundamentals 314
9.1 Negotiation Fundamentals 316
9.1.1 Process, Behavior, Substance 317
9.1.2 Preparation 317
9.1.3 Mindset 317
9.1.4 Emotions 319
9.1.5 Position versus Interest 319
9.1.6 Establishing Your BATNA 320
9.2 Negotiation Approaches 322
9.3 Integrative versus Distributive Bargaining 323
9.3.1 Integrative Bargaining 323
9.3.2 Distributive Bargaining 324
9.4 Negotiation Outcome Types 326
9.4.1 Lose-Win Negotiating 326
9.4.2 Lose-Lose Negotiating 326
9.4.3 Win-Win Negotiating 327
9.5 Negotiating Gambits 328
9.5.1 Opening Gambits 328
9.5.2 Bargaining Gambits 329
9.5.3 Closing Gambits 331
9.5.4 Vendor Tactics 331
9.5.5 Negotiations after the Fact 332
9.6 Negotiating Contracts 332
9.6.1 Sales Contracts 332
9.6.2 Complex Project Contracts in Technology 334
PART IV: TECHNOLOGY VENTURE STRATEGY AND OPERATIONS 344
CHAPTER 10 Launching the Technology Venture 346
10.1 The Business Plan 348
10.1.1 Writing a Business Plan 349
10.1.2 Company Information 351
10.1.3 Product/Service Description 352
10.1.4 Competitive Analysis 353
10.1.5 Market Analysis 353
10.1.6 Industry Analysis 355
10.1.7 The Management Team 357
10.1.8 The Marketing Plan 358
10.1.9 Financial Projections 359
10.2 Networking 360
10.2.1 Serendipity 362
10.2.2 Using the Internet to Network 362
10.2.3 The Primary Objective of Networking 363
10.3 Resource Aggregation 363
10.3.1 Capital Resources 364
10.3.2 Human Resources 364
10.3.3 Organizational Resources 365
10.3.4 Technology Resources 366
10.4 New-Venture Operations 366
10.4.1 Performance Standards 367
10.4.2 Information and Measurement 367
10.4.3 Quality Standards 368
10.4.4 Managing for Quality 370
CHAPTER 11 Going to Market and the Marketing Plan 380
11.1 Marketing 382
11.1.1 The Marketing Concept 384
11.1.2 Market Segmentation 384
11.2 Product 387
11.2.1 Product Planning and Development 387
11.2.2 Product Life Cycle 389
11.3 Price 390
11.3.1 Economic Dimension of Pricing 390
11.3.2 Pricing Objectives 390
11.4 Distribution 392
11.4.1 Functions of Physical Distribution 393
11.4.2 Modes of Transportation 393
11.4.3 Types of Transport Services 395
11.4.4 Managerial Practices in Physical Distribution 395
11.5 Promotion 396
11.5.1 The Marketing Mix 397
11.6 The Marketing Plan 402
11.6.1 The Marketing Budget 403
11.6.2 Determining a Marketing Budget 404
11.6.3 The Marketing Message 405
CHAPTER 12 Financial Management and Control 416
12.1 Accounting—Definition and Practices 418
12.1.1 The Accounting Cycle 419
12.1.2 The Accounting Equation 421
12.1.3 Working with Accountants 421
12.2 Finance—Definition and Practices 422
12.2.1 The Financial Manager 422
12.2.2 The Financial Plan 423
12.3 Financial Statements 424
12.3.1 Sales Forecast 425
12.3.2 Income Statement 428
12.3.3 Cash Flow Statement 431
12.3.4 Balance Sheet 431
12.4 Financial Statement Analysis 434
12.4.1 Breakeven Analysis 434
12.4.2 Ratio Analysis 435
12.4.3 Types of Ratio Analyses 436
12.5 Financial Management 438
12.5.1 Start-up Costs 438
12.5.2 Working Capital 438
12.5.3 Accounts Receivable 439
12.5.4 Credit and Collections 440
12.5.5 Inventory Management 443
12.5.6 Purchase of Capital Assets 443
12.5.7 Payment of Debt 443
12.5.8 Payment of Dividends 444
12.6 Capital Budgeting 444
CHAPTER 13 Venture Management and Leadership 454
13.1 Entrepreneur Managers 456
13.2 Basic Management Skills 457
13.2.1 Analytical Skills 457
13.2.2 Decision-Making Skills 459
13.2.3 Communication Skills 460
13.2.4 Conceptual Skills 461
13.2.5 Team Building Skills 462
13.3 Entrepreneurial Leadership 463
13.3.1 Influence 464
13.3.2 Leadership versus Management 465
13.4 Effectuation and Entrepreneurial Expertise 466
13.5 Entrepreneurial Ethics 468
13.6 Entrepreneurial Strategy 471
13.6.1 Real Options Approach 472
13.6.2 Resource-Based Theory 473
13.7 Competitive Strategy Model 474
13.7.1 Differentiation 474
13.7.2 Cost Leadership 475
13.7.3 Niche Strategy 475
PART V: MANAGING RISK AND CAREER DEVELOPMENT 486
CHAPTER 14 Venture Risk Management 488
14.1 Venture Risk Management 490
14.2 Hazard Risks 491
14.2.1 Product Liability 492
14.2.2 Liability Insurance 492
14.3 Operational Risks 493
14.3.1 Venture Governance 493
14.3.2 Investor Relations 497
14.3.3 Human Resources Management 498
14.3.4 Legal Risk Management 500
14.4 Laws Affecting Start-up Ventures 503
14.4.1 Law of Torts 503
14.4.2 Law of Sales 503
14.4.3 Law of Bankruptcy 504
14.4.4 Law of Negotiable Instruments 504
14.5 Obtaining and Working with Legal Counsel 505
14.6 Managing Failure Risk 507
14.6.1 Developing Resilience 507
14.6.2 Overcoming Cognitive Biases 508
CHAPTER 15 Your Entrepreneurial Career 520
15.1 Your Entrepreneurial Career 522
15.1.1 The Individual Entrepreneur 522
15.1.2 Conceptual Model of Entrepreneurial Careers 523
15.1.3 Finding a Mentor 525
15.2 The Entrepreneurial Personality 525
15.2.1 Characteristics of Growth-Oriented Entrepreneurs 526
15.2.2 Emotional Intelligence 527
15.3 Intrapreneurship 528
15.4 Five Entrepreneurial Careers 530
15.4.1 Paul Baran 530
15.4.2 Marc Andreessen 531
15.4.3 Pierre Omidyar 531
15.4.4 Craig Newmark 532
15.4.5 Robert Metcalfe 533
15.5 The Franchising Option 534
15.5.1 Franchising: A Brief History 535
15.5.2 Uniform Franchise Offering Circular 535
15.5.3 Ten-Day Rule 536
15.5.4 Franchising Agreement 536
15.5.5 Advantages of Owning a Franchise 538
15.5.6 Disadvantages of Owning a Franchise 539
15.5.7 Franchisor Disclosure 540
15.6 Launching Your Entrepreneurial Career 541
Appendix 550
Index 574
A 574
B 575
C 575
D 577
E 578
F 580
G 580
H 581
I 581
J 582
K 582
L 582
M 583
N 584
O 585
P 585
Q 586
R 586
S 587
T 588
U 589
V 590
W 590
X 591
Y 591
Z 591

Produkt-Details

• Erscheint lt. Verlag: 21.10.2009
• Sprache: englisch
• Themenwelt: Technik ► Bauwesen
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management
• ISBN-10: 0-08-092288-0 / 0080922880
• ISBN-13: 978-0-08-092288-1 / 9780080922881