Sarah Lubik
Simon Fraser University, Beedie School of Business, Faculty Member
ABSTRACT Business models of many types have received attention in recent management research but less work has focused on models suited to the commercialization of scientific research in areas such as biotech, green tech and advanced... more
ABSTRACT Business models of many types have received attention in recent management research but less work has focused on models suited to the commercialization of scientific research in areas such as biotech, green tech and advanced materials. University spin-outs (USOs) are often required to demonstrate the potential value and viability of generic new technologies. This study investigates how the business models of advanced material USOs often develop by trial and error in response to their unique challenges. Many of the most commonly recommended strategies and resultant models did not translate directly into practice for ventures with generic, early stage technologies, particularly those that have to commit considerable resources and attract funds and partners early on. Case exemplars reveal business models and strategies that have been more and less successful in creating value from science-based innovations in advanced materials; this evidence informs our recommendations. We show that the business model provides a critical bridging concept for linking internal resource building with externally-focused strategy.
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In this chapter, we present the emergence and evolution of an organization as a response to the demands faced by the newly created firm, shaped by the problemsolving required to deal with change emerging both from the environment and from... more
In this chapter, we present the emergence and evolution of an organization as a response to the demands faced by the newly created firm, shaped by the problemsolving required to deal with change emerging both from the environment and from the firm itself. Successful firms are those that adapt as demands evolve, here, specifically with respect to their organization. Such adaptation requires flexibility and diversity within the firm, attributes which must be shaped by the firm’s managers.
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This paper provides an overview of experiences to date in developing and delivering the Technology Entrepreneurship @ SFU program - an interdisciplinary program in which Mechatronic Systems Engineering and Business students at Simon... more
This paper provides an overview of experiences to date in developing and delivering the Technology Entrepreneurship @ SFU program - an interdisciplinary program in which Mechatronic Systems Engineering and Business students at Simon Fraser University collaborate on market-driven, entrepreneurial initiatives that simultaneously satisfy their respectivecapstone project requirements. The paper includes a discussion of program scope and objectives, design, implementation and revisions. The role of the program in providing experiential, interdisciplinary learning for Engineering and Business students through an immersive experience is discussed. Qualitative and quantitative program results to date are reviewed, with program enrollment and completion trends, course evaluation data and key stakeholder metrics indicating a level of successin: (1) creating an interdisciplinary, entrepreneurial culture amongst the students, (2) preparing students for future career paths that may include entre...
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Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, and the need for both significant complementary assets and... more
Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, and the need for both significant complementary assets and substantial financing. Advanced materials ventures are a sparsely studied type of science-based business, though sufficiently different from others, such as biotech, to merit individual study. What strategies do advanced materials ventures use to overcome their daunting commercialization ...
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ABSTRACT Matching a new technology to an appropriate market is a major challenge for new technology-based firms (NTBF). Such firms are often advised to target niche-markets where the firms and their technologies can establish themselves... more
ABSTRACT Matching a new technology to an appropriate market is a major challenge for new technology-based firms (NTBF). Such firms are often advised to target niche-markets where the firms and their technologies can establish themselves relatively free of incumbent competition. However, technologies are diverse in nature and do not benefit from identical strategies. In contrast to many Information and Communication Technology (ICT) innovations which build on an established knowledge base for fairly specific applications, technologies based on emerging science are often generic and so have a number of markets and applications open to them, each carrying considerable technological and market uncertainty. Each of these potential markets is part of a complex and evolving ecosystem from which the venture may have to access significant complementary assets in order to create and sustain commercial value. Based on dataset and case study research on UK advanced material university spin-outs (USO), we find that, contrary to conventional wisdom, the more commercially successful ventures were targeting mainstream markets by working closely with large, established competitors during early development. While niche markets promise protection from incumbent firms, science-based innovations, such as new materials, often require the presence, and participation, of established companies in order to create value.
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Matching a new technology to an appropriate market is a major challenge for new technology-based firms (NTBF). Such firms are often advised to target niche-markets where the firms and their technologies can establish themselves relatively... more
Matching a new technology to an appropriate market is a major challenge for new technology-based firms (NTBF). Such firms are often advised to target niche-markets where the firms and their technologies can establish themselves relatively free of incumbent competition. However, technologies are diverse in nature and do not benefit from identical strategies. In contrast to many Information and Communication Technology (ICT) innovations which build on an established knowledge base for fairly specific applications, technologies based on emerging science are often generic and so have a number of markets and applications open to them, each carrying considerable technological and market uncertainty. Each of these potential markets is part of a complex and evolving ecosystem from which the venture may have to access significant complementary assets in order to create and sustain commercial value. Based on dataset and case study research on UK advanced material university spin-outs (USO), w...
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Abstract: How do advanced materials ventures overcome the daunting commercialization challenges of the sector: high technology and market uncertainty over long time frames, and the need for significant complementary assets and substantial... more
Abstract: How do advanced materials ventures overcome the daunting commercialization challenges of the sector: high technology and market uncertainty over long time frames, and the need for significant complementary assets and substantial financing? Does uncertainty enhance or obstruct value creation?
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Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, the need for significant complementary assets and require... more
Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, the need for significant complementary assets and require substantial financing. Advanced materials ventures are a sparsely studied type of science-based business, though sufficiently different from others, such as biotech, to merit individual study. What strategies do advanced materials ventures use to overcome their daunting commercialization challenges? To address this question, this paper draws on literature on value creation and advanced materials commercialization, and presents new evidence from a sample of 43 advanced materials ventures from 3 countries. Through a hierarchical cluster analysis, the sample is subdivided into nanomaterials, performance materials, and fuel cell ventures and subgroup commercialization characteristics are described and compared.
We find empirical support for an earlier model of value creation by advanced materials ventures, and identify successful commercialization strategies according to subgroup. Our findings suggest that embracing uncertainty enhances value creation for nanomaterials and performance materials ventures but can diminish value creation for ventures commercializing fuel cell technologies. Successful firms commercializing nanomaterials and performance materials leveraged the generic nature of their technologies to achieve higher value creation, but tailored the technology to each target market. In contrast, successful fuel cell firms integrated further forward along their value chains and standardized their products across target markets.
We find empirical support for an earlier model of value creation by advanced materials ventures, and identify successful commercialization strategies according to subgroup. Our findings suggest that embracing uncertainty enhances value creation for nanomaterials and performance materials ventures but can diminish value creation for ventures commercializing fuel cell technologies. Successful firms commercializing nanomaterials and performance materials leveraged the generic nature of their technologies to achieve higher value creation, but tailored the technology to each target market. In contrast, successful fuel cell firms integrated further forward along their value chains and standardized their products across target markets.
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Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, and the need for both significant complementary assets and... more
Science-based businesses have become the main drivers of commercialization for radical technological advances, but face high technology uncertainty over long time frames, and the need for both significant complementary assets and substantial financing. Advanced materials ventures are a sparsely studied type of science-based business, though sufficiently different from others, such as biotech, to merit individual study. What strategies do advanced materials ventures use to overcome their daunting commercialization ...
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Nanotechnology is frequently heralded as the next wave of technological advance, poised to enableradical innovation across many industries. But as yet little is known about how firms will ultimatelycreate that value. We do know that... more
Nanotechnology is frequently heralded as the next wave of technological advance, poised to enableradical innovation across many industries. But as yet little is known about how firms will ultimatelycreate that value. We do know that nanotechnology is based on process innovation, a category of innovation less well understood than product innovation. And we know that new ventures are animportant vehicle for commercializing radical technology. As new ventures seek to commercialize nanotechnology, they evolve value creation strategies to better link fundamental scientific advancewith the creation of value for users and investors. This paper asks ‘‘How do the successful value creationstrategies of technology ventures differ in process vs. product-based innovation?’’
An investigation of 12 ventures representing the extremes of value creation through process-based (nanotech) and product-based (fuel cell) innovation reveals significant differences in their valuecreation challenges, in the mechanisms of technology–market matching and alliance building, and intheir levels of experimentation. Ventures exploiting process innovation faced greater uncertainty intheir value chain positioning, market breadth, customization, and the changes required of theircustomers in contrast to product-based ventures. Our evidence shows that nanotechnology venturesbenefit from prioritizing technology–market matching, alliance building and experimenting withtechnologies in new value networks.
An investigation of 12 ventures representing the extremes of value creation through process-based (nanotech) and product-based (fuel cell) innovation reveals significant differences in their valuecreation challenges, in the mechanisms of technology–market matching and alliance building, and intheir levels of experimentation. Ventures exploiting process innovation faced greater uncertainty intheir value chain positioning, market breadth, customization, and the changes required of theircustomers in contrast to product-based ventures. Our evidence shows that nanotechnology venturesbenefit from prioritizing technology–market matching, alliance building and experimenting withtechnologies in new value networks.