In this paper, I will try to explain how the Bird-in-the-Hand principle and the Resource- Based View can be used to analyze the creation and future direction of NanoGene Technologies.
The Bird-in-the-Hand principle is one of the five principles of effectuation. When expert entrepreneurs set out to build a new venture, they start with their means: who I am, what I know, and whom I know. Then, the entrepreneurs imagine possibilities that originate from their means. So firstly, I will use the Bird in the Hand Principle to illustrate how NanoGene Technologies was created by the founders. Bird-in-the-Hand principle and its components can be found in this case. Firstly, who are the founders? The CEO Tompkins was a scientist in the biophysics group at AMSL. Mark Masterson was a senior scientist in biophysics group. Ravi Rhoota was a scientist in the biology group. Gary Garfield was s post-doctoral fellow in biology. Don Rupert was the director of AMSL. Secondly, what do they know? They have educational background in biophysics and biology. The team comprises of people with different experience and expertise level in nanotechnology. Lastly, who do they know? They know Paige Miller, a Harvard Business School graduate who has been doing some consulting for NanoGene. The CEO Tompkins knows Susan Stone, a venture capitalist who he hoped would become a lead investor for NanoGene’s Series A funding. And one of Tompkins’s contacts was a former CEO of a biotech company who was an active angel investor. Don also has wide contacts in biotech industry.
So the NanoGene founders have some means to start something new. But are they starting with means rather than goals? Can the Bird-in-Hand principle be applied in their business? My answer is NO. Bec...
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.... Indeed, NanoGene’s technology has promise, but the most creative ideas and cutting-edge innovations are not sufficient to set up a business venture. Without resources to exploit an opportunity, even the best opportunity cannot create an entrepreneur (Barney, 2001).
In summary, the Bird-in-the-Hand principle and the Resource- Based View offered a theoretical basis for the importance of being means driven to the creation and future direction of NanoGene Technologies. The NaneGene founders have a set of means and resources. However, so much research and testing is still needed before product release. And their business plan is somewhat goals-driven rather than means-driven and some necessary resources are missing.
Reference:
Barney, J., Wright, M., Ketchen, D.J. (2001) The resource-based view of the firm: Ten years after 1991, Journal of Management, 27, 625-641
On the issue how to link his idea to his organization or business, Kerr simply collected and gained quick feedback and recommendation about how to present or make use of the idea or creativity to his sixty-five top executives in GE; he would assessed and examined his idea with his top management team first before link it to GE (Davenport et al). Davenport, Prusak & Wilson (2003) analyzed and claimed that getting instant comment or criticism is very critical and vital for a idea, as Kerr in his interview argued: “Gaining quick feedback and translating it into action and results is what advocating ideas is all about” (p. 207). In strategic planning, management must measure or evaluate the courses of idea and creativity or development and expansion to ensure they obtain the best and maximum returns from platforms (Davenport). In ideas and organizational management, feedback, criticism and suggestion not only could turn or develop into the guidance, objective and direction or target and focus of innova...
Lovgren, Stefan. Can Art Make Nanotechnology Easier t Understand? 23 December 2003. Web. 3 May 2014. .
In the article “Pinpointing Cancer Fight,” Liz Szabo states the uses of nanotechnology and how researchers are attempting to use this advancement to fight cancer. She defines that nanotechnology is a type of technology that creates devices on an atomic level; this equipment can allow people such as researchers to use its ability to detect cancerous cells as well as treat them. Szabo remains a neutral tone as she states that while some are against the idea of using nanotechnology since there are many risks, others are optimistic that it may lead to transformational results. She presents a list of some products developed through nanotechnology and explains its usage in addition to mentioning the failure of those nanotech products. Szabo provides
The Nimsoft project plan will be derived using discovery-driven planning and by discovering what has already been discovered. Discovery-driven planning offers firms an organized approach to planning for new ventures in emerging markets. Given the uncertainty of new disruptive technology markets, discovery-driven planning drives firms to make assumptions about the organization and the emerging markets, then revise these assumptions as the market develops. Unlike conventional approaches, which focus on projections and prematurely define specific targets, discovery-driven planning focuses on meeting assumptions at key milestones and continually planning and adapting while the emerging market evolves. Thus, firms are able incrementally invest in the project.
First things first, what exactly are nanotechnology and biotechnology? There has been some less than mild discussion of late about what constitutes legitimate nanotechnology, and suffice it to say that it doesn’t include things like laundry detergents, chemical additives, makeup micro-beads or anything of the like that may be claimed by some companies that are looking for an advantage over their competitors. Also, neither of these growing scientific disciplines includes any of the many terrifying, often alien technologies that swarm and smother, seek and destroy, or otherwise attempt to eradicate the human race from the face of the earth, ad nauseam. Here is a concise definition from The American Heritage Science Dictionary: “Nanotechnology is the science and technology of precisely manipulating the structure of matter at the molecular level. The term nanotechnology embraces many different fields and specialties, including engineering, chemistry, electronics, and medicine, among others, but all are concerned with bringing existing te...
We agree with that as ONSET funds seed capital to many start-up companies so there must be a certain limit to the investment cost. Th... ... middle of paper ... ... ide and product design while the other doing the market research was an excellent step to minimize efforts and save time.
Pitts and Koufopoulos (2012) argue that resources and capability are highly important internal factors that should be taken into account by the organization in order to obtain the successful performance in the long run.
“…molecular machines of nanotechnology will increase, by orders of magnitude, our individual and collective capacity to transform desires into material reality”
S, Tywoniak 2007, Making sense of resource based view, Academy of Management Conference, University of Technology, Australia.
Lengnick-Hall M.L.; Lengnick-Hall, C.A.; Andrade, L.S.; Drake, B. 2009. “Strategic human resource management: The evolution of the field.” Human Resource Management Review, 19, pp. 64-85.
My group’s case study on Entrepreneurial Capitalism in the United States proved very informative; with many of our findings tying directly back to concepts and themes we have discussed and studied throughout the semester. The main source we used in our case study was Steven Klepper’s Experimental Capitalism: The Nanoeconomics of America’s High-Tech Industries, which discussed how & why industries become successful, how government involvement impacts the success of a high-tech industry, and how free trade and competition is involved with American high-tech capitalism. Much of our case study focused on six distinct industries in the United States: penicillin, tires, automobiles, semiconductors, TV receivers, and lasers.
Acedo F.J 2006, ‘The Resource Based Theory: Dissemination and main trends’, Strategic Management Journal, Vol. 27, pp. 621-636.
requires a precise mix of intellectual and technical resources. Seed is the first stage of venture capital
I have chosen nanotechnology as my topic area of choice from the food innovation module.
The most interesting part of this career is developing nanotechnology. They may cure diseases or slow the aging progress. Most nano-devices are as small as 100 nanometers across so, they are built on the atomic scale. If put into the human body and designed pro...