1 CHAIR REPORT 2015
Chair Report 2015 Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship
2 CHAIR REPORT 2015
3 CHAIR REPORT 2015
PREFACE
“The heart and soul of the company is creativity and innovation.” Bob Iger, CEO Disney
4 CHAIR REPORT 2015
CONTENT
PREFACE
3
CONTENT
4
1 PHILOSOPHY
6
2 TEAM
7
2.1 Chairholder
7
2.2 Post-Docs and Research Associates
7
2.3 Doctoral Students
11
2.4 Chair Assistant
11
2.5 Student Assistants
11
3 RESEARCH
12
3.1 Startup Research
12
3.1.1 Advisory Boards in Startups
12
3.1.2 Entrepreneurial Landscape in Bioeconomy
12
3.2 Financing of Entrepreneurial Firms
12
3.3 Innovation Research
15
3.3.1 Trust Issues in Open Innovation
15
3.3.2 New Approaches in Innovation Management Higher Education
15
3.3.3 Employee Involvement in Open Innovation
16
3.4 Innovation & Change Management
16
3.5 Innovation Policy and Systems
17
3.5.1 National Innovation Systems
17
3.5.2 Science-Business Collaboration
17
4 TEACHING
18
4.1 Entrepreneurship
18
4.2 Course Business Plan Development
18
5 CHAIR REPORT 2015
4.3 Course Innovation Management
19
4.4 Course Specialized Innovation Management
19
4.5 Field Projects
21
4.6 Supervision of Master Theses
21
4.7 Guest Speakers
23
5 TRANSFER
24
5.1 Leipzig Entrepreneurship Lecture
24
5.2 2
nd
HHL International Investors Day
25
5.3 Accelerate – International Entrepreneurship Conference 2015
27
5.4 Cooperation with Hasso Plattner Institute (HPI)
27
5.5 Innovation in Higher Education
28
5.6 Assistance for Scholarship Applications
28
5.7 Establishing the Center for Entrepreneurial and Innovative Management
29
5.8 Emphasizing Local Technology Transfer
30
5.9 Presentation of the Project “Strategic Risk Management in Early Stage Venture Capital Funds“at the NRW.Bank
30
6 EXTERNALLY FUNDED PROJECTS
31
6.1 SMILE
31
6.2 Innovation in Bioeconomy and Project GISBERT
31
6.3 Strategic Risk Management in Early Stage Venture Capital Funds
32
6.4 Center for Entrepreneurial and Innovative Management
32
7 CONFERENCES
33
8 PUBLICATIONS
34
9 ACKNOWLEDGEMENT
36
IMPRINT
37
6 CHAIR REPORT 2015
1 PHILOSOPHY
Following the mission of HHL the Chair contributes to educate effective, responsible and entrepreneurial business leaders. Here, the capacity for renewal of people and organisations is the main focus in research, teaching and transfer. The fascination of innovation and its power to improve human beings life and increase the wealth of nations is key driver for the members of the chair and all stakeholders. In times of permanent change the research is focused on entrepreneurial innovation if it is performed by startup companies or by incumbants. Both types of companies are facing different advantages and obstacles in the innovation process, on the one hand. On the other hand, there are a lot of concepts and instruments which work on both sides. Therefore the Chair is doing research on entrepreneurial innovation for both groups separately as well as for hybrids like spin-ins and spin-outs and their spefic ecosystems. Accordingly the Chair cooperates intensively with founders and decision makers in fast growing young startups as well as with executives and innovation managers in big companies. In order to keep track with the newest research findings, the chairholder and all research associates present their research results regularly at international scientific conferences. The teaching programs are scientific based, interactive and practical; our lectures are supported by our wide network of entrepreneurs and innovators in the market who are engaged in stimulating co-teaching with our professors. We are very much engaged in using the new opportunities of digitizing for further improvements in research and teaching.
7 CHAIR REPORT 2015
2 TEAM
2.1 Chairholder Prof. Dr. Andreas Pinkwart Born in 1960, Prof. Dr. Pinkwart is Dean of HHL and the Chairholder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship at HHL. After becoming a banker at Dresdner Bank he studied business economics at the University of Münster and economics at the University of Bonn, where he also earned his doctorate (summa cum laude) in 1991. In 1998, he accepted a full-professorship at the University of Siegen, where he was Professor for Business Economics esp. small and medium-sized enterprises. Because of his membership in the German Bundestag from 2002 to 2005 and in the German Bundesrat from 2005 to 2010 he got a sabbatical. He served as the Minister for Innovation, Science, Research & Technology and Deputy Prime Minister of the State of North Rhine-Westphalia from 2005 to 2010. Before he started his new positions at HHL in April 2011 he was Fellow at AICGS, Johns-Hopkins-University Washington. He has been active for years in various supervisory boards and advisory committees. He is, for example, member of the scientific board of the Center for Advanced Studies (CASiM) at HHL and member of the board of trustees of the DAAD. In addition, since 2013 he is a visiting professor at EADA Business School in Barcelona. To profile research, teaching and transfer Prof. Pinkwart established in 2014 the new Center for Entrepreneurial and Innovative Management (CEIM) and acts as a member of the Executive Board.
2.2 Post-Docs and Research Associates Dr. Nagwan Abu El-Ella After receiving a Bachelor of Commerce with a GPA of Excellent with Honors Degree and rated as best student, Dr. Abu-El-Ella attained her Master’s degree in Business Administration in 2010 at Ain Shams University, Egypt. She has worked for several years as university lecturer in addition to her previous work as a Human Resources Manager at the subsidiary of AMS GmbH located in Mannheim. From 2007 to 2011 she has worked in parallel as a Management Trainer at International Training Centers. She has also experience as a Coordinator and Student Advisor for the MBA and M.Sc. programs of Edinburgh Business School, UK. In addition, she studied at Albert-Ludwigs Universität - Freiburg in 2007. Ms. Abu El-Ella started her work as a research associate at the Chair in January 2012. In addition to her responsibilities at the chair, she has worked as a SMILE coach till the end of 2014. In November 2014, she successfully completed her doctoral thesis in the area of employee involvement in open innovation that was evaluated with a “summa cum laude”. Currently, she continues her work at the chair as a post-doc.
8 CHAIR REPORT 2015
Dr. Dorian Proksch Dr. Dorian Proksch completed his Master’s degree in Business Information Systems at Technische Universität München (Technical University of Munich) as top student in 2008. He received the TUMexchange scholarship and spent a semester at Oklahoma State University, USA. In addition to his studies, he was co-founder of the startup company toptv.de and president of a Toastmasters International public speaking club. After his studies he received the EXIST entrepreneurial scholarship and worked in marketing and sales before he joined amiando GmbH to work as a sales manager responsible for US customers. In September 2011, he has joined HHL and also works part-time as a trainer for speed reading techniques. His research interests are risk management, internationalization of new technologybased companies and national innovation systems. He successfully completed his doctoral thesis in the area of the development of new technology-based firms in January 2015 with the degree “summa cum laude”. Currently, he works as a postdoc and fulfills the position as Executive Director of the Center for Entrepreneurial and Innovative Management (CEIM).
Julia Busch, M.Sc. Ms. Busch completed her Bachelors degree in Business Administration at the University of Leipzig and University of Vaasa, Finland. After graduating, she joined HHL’s M.Sc. program in General Management in 2010 and specialized in Entrepreneurship and Finance. During her studies, she spent a term abroad at the University of Victoria, Canada, and compeleted two internships at Flaconi and Surgical Process Institute. After graduating in 2012, she went on to work as a project manager at Surgical Process Institute, consulting German and European health care institutions and helping to build the growing startup by working on internal processes and controlling instruments. Ms. Busch joined the Stiftungsfonds Deutsche Bank Chair of Innovation Management in October 2015. She is project coordinator of the German Federal Ministry of Education and Research (BMBF)funded project “GISBERT”, which aims at supporting technology transfer, innovation and founding businesses in the region of the Spitzencluster BioEconomy. Her research focuses on innovation management in healthcare such as adopting personalized medicine in hospitals and innovation processes in German as well as in international hospitals. She also researches the impact of national innovation systems on healthcare.
9 CHAIR REPORT 2015
Marcus Haberstroh, LL.M., LL.M. (MCI) Mr. Haberstroh holds three academic degrees in business administration and law from international business and law schools. In this context, he is regularly contributing to various books and relevant publications in fields of professional education. Before his occupation at HHL, he was a managing consultant at principal level with different consultancies. He was an integral part of PwC’s Strategy & Operations Consulting, a professional services unit based in London and Frankfurt. Moreover, with his expertise in digital transformation, he accompanied the German market entry of Infosys Consulting, a global player from India. Aged 31, he has more than 4 years of international experience in management consulting, particularly in the areas of business strategy and performance for financial services companies. In addition, through various positions at major international banks, he also gathered more than 6 years of relevant industrial experience. Nowadays, the innovative capacity of nations is his major field of thinking, innovation management as academic home. Derived from growth theory, he demands to contribute impulses for public policy optimization. Besides his scholarly work, Mr. Haberstroh significantly supports the work of HHL’s executive management.
Dipl.-Kffr. Anja Hagedorn Ms. Hagedorn studied Business Administration at the University of Leipzig with the subjects banking, insurance and international economic relations. Before she started working for HHL, she worked in corporate banking in Commerzbanks’ Mittelstandsbank. She joined the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship in August 2011, where she was a founders’ coach till mid-2012 for the cooperative-project SMILE. Afterwards she started supporting the “Excellence Cluster BioEconomy”, which aims to derive sustainable produced chemicals from wood by conducting several innovation potential analysis in the field of extractives from wood and researching the question how stakeholders cooperate in order to innovate in the cluster. With the end of the project Ms. Hagedorn left the chair as staff member in summer 2015. Besides that, she did research projects in the field of crowdfunding with focus on the decision making processes of the crowd. In her doctoral project she is working in the field of entrepreneurial education, where she discusses the question how founders’ coaching contributes to the competence development of founders.
10 CHAIR REPORT 2015
Wiebke Stranz, M.Sc. Ms. Stranz studied Business Administration in a dual intergrated system at DHBW Mannheim in cooperation with Aldi Süd as trainee for area sales management. After graduating with a B.A. in 2012 Wiebke Stranz joined the M.Sc. Programm of HHL Leipzig Graduate School of Management. During this time Ms. Stranz spent a semester abroad at the University of North Texas, Denton, before she graduated in 2014 at HHL. From 2014 to 2015 Ms. Stranz worked for the former HSH Private Equity Fund, CAPCELLENCE Mittelstandspartner as an analyst. In April 2015 she came back to HHL as research associate and doctoral student at Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Besides that Ms. Stranz is student representative in the Doctoral Committee and the MBA Examination Committee at HHL. Furthermore, she is responsible for the project coordination of the SMILE initiative at HHL. Also, Wiebke Stranz does research projects in the field of venture capital with focus on management functions of venture capital companies like the investment decision making process, risk management and value adding activities.
11 CHAIR REPORT 2015
2.3 Doctoral Students Beside the research associates the following internal and external doctoral students are supervised by Prof. Dr. Pinkwart: • • • • • • • • • • •
Mr. Anirban Ash, Research associate at CASIM at HHL, “The role of trust in firms and with its stakeholders” Mr. Ulrich Bremer, Career Partner Group Munich, “Internationalization strategies for universities on the basis of HHL scenario planning“ Ms. Julia Busch, Research associate at HHL, “Innovation management in healthcare” Ms. Katja Grzebiela, Doctoral student and startup-coach at the Hasso Plattner Institut (HPI) Potsdam, “Turnaround possibilities of high tech IT start-ups based on a value driver analysis” Mr. Christoph Günther, Senior process expert at BASF, “On the role of relevant stakeholders and their interrelation during the founding process” Ms. Anja Hagedorn, Doctoral student at HHL, “Crowdinvestment als alternative Finanzierungsmöglichkeit in der Frühphase von Unternehmensgründungen” Mr. Marcus Haberstroh, Head of Dean’s and Chancellor’s office, „National innovative capacity – established concepts revisited.” Mr. Alexander Hiller, Entrepreneur and startup-coach in the SMILE project, “The potential of crowdfunding for Eventures in Africa” Mr. Martin Keßler, Daimler AG, “An analysis of the know-how adjustment between OEM and providers within the automotive industry” Mr. Patrick Steinhagen, Doctoral student at HHL, “The influence of venture capital characteristics on the premoney valuation, success, and capital structure of investment targets” Ms. Wiebke Stranz, Research associate at HHL, “How do venture capital firms create value in their portfolio companies?”
2.4 Chair Assistant Franziska Greim, M.A.
Since August 2012 Ms. Greim has been supporting the Chair as assistant. She is the general contact person representing the chair and is also involved in the administration and organization of chair projects such as SMILE, HTGF, CEIM and the Excellence Cluster Bioeconomy. Furthermore she is organizing the chair events such as the Leipzig Entrepreneurship Lecture and the Investors Day. Ms. Greim made her master in Cultural Studies of Science and Eastern Slavonic Studies at the University of Leipzig.
2.5 Student Assistants The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship also has three positions of student assistants, which are currently staffed by Mr. Lars Radscheidt, student in Economics and African Studies at the University of Leipzig, Ms. Coralie Dierkes, a Master Student in General Management at the HTWK Leipzig - University of Applied Sciences and Ms. Tina Kussin, a Master of Science student in Business Administration at the University of Leipzig with focus on management in sustainability.
12 CHAIR REPORT 2015
3 RESEARCH
3.1 Startup Research 3.1.1 Advisory Boards in Startups Since entrepreneurs might lack in sufficient capabilities and resources during the early phases of new ventures, the efficient utilization of external assets is critical. Besides coaches and consultants institutionalized boards can contribute to overcome entrepreneurial disadvantages of smallness, newness and adolescence or those weaknesses that come along with personal traits of entrepreneurial teams. Theory mainly focuses on boards of directors in (mature) family businesses. Only a few publications deal with advisory boards and virtually none with advisory boards in startups. We want to close this research gap, since those boards have a lot of advantages and first estimations claim that 10 to 20 percent of startups use it.
3.1.2 Entrepreneurial Landscape in Bioeconomy One major factor for establishing a successful business is the external environment and the so called entrepreneurial ecosystem, in which a start-up operates. As bioeconomy is a very interesting and locally important field for technology startups, this research project assesses the entrepreneurial ecosystem in central Germany. Bioeconomy has been established an important part of the economy of the region. It is being emphasized by BioSax2030 or regional strategies for innovation. This research project takes a deeper look into the human resources and financial perspectives of founding a business. It indicates, that the region is well equipped with young, highly educated people due to a high density of universities, universities for applied sciences and other scientific research institutes such as Fraunhofer or Max Planck. Several of those institutions incorporate chairs for entrepreneurship education and special institutions, such as SMILE or Univations for fostering entrepreneurship and young businesses. In addition to strategic support, there are also opportunities for public funding provided by institutions such as Hightech Gründerfonds or Technologiegründerfonds Sachsen. However, the study also indicated that there is a lack of private funding such as venture capital in Central Germany. The conducted SWOT analysis shows that there are three main pillars that should be addressed in the future: (1) increasing the inclination of students and researchers to found a business, (2) integrate missing resources and (3) increase networking between already existing institutions for founder’s support.These implications will be tackled by a federally funded project GISBERT.
3.2 Financing of Entrepreneurial Firms 3.2.1 Venture Capital Financing In a joint research project run together with TU Dresden, the chair aims to find out more about the venture capital financing of German high-tech startups.The researchers therefore look at different perspectives.On the one hand, the team studies how venture capital firms are managed and which improvements can be made.On the other hand, they also look on the side of the entrepreneurs and try to derive success factors for the establishment of young firms. Thereby, taking a holistic view to the different aspects of venture capital financing, their interdependencies can be studied in detail. Earlier studies were solely focused on a certain area and therefore may have overlooked the influences of other aspects.This research gap was also previously pointed out by many studies. For this reason, the focus is on the six areas internationalization, personal characteristics, management support, risk management, networks and technology; both from the side of the entrepreneurs and the venture capital firms.
13 CHAIR REPORT 2015
To test the research propositions empirically, a comprehensive and unique data set was collected. It was possible to collect the data directly from the original deal documents (e. g. business plans, investor decision files of the founders) of venture capital companies and therefore attained a very high reliability. The data was gathered from 128 high-tech startups financed by nine venture capital firms. Therefore, the researchers overcame the further limitations of many studies which rely only on the same publicly available data of VentureXpert which primarily focuses on the US market. This project created one of the few venture capital datasets in the European Union. First results from the study led to national and international publications (e. g. Thunderbird International Business Review; Credit and Capital) as well as various conference presentations (e. g. at the G-Forum, the ICSB and IECER). Further, the results are being discussed with people from practice and presented to the investment-managers of venture funds. In the upcoming year, further analysis of the risk management process of venture capital companies will be made. A more detailed understanding of the process might lead to a better understanding of the possible risks and improvements for the monitoring as well as the establishment of countermeasures.In addition, the research will further study the value-adding role of venture capital funds. Often, they not only supply the company with financial funds but also can bring in non-monetary value, e. g. in the form of business contacts or consulting.
3.2.2 Private Equity Financing For the next years we aim to also conduct studies on private equity financing which is often an exit channel for startups in the growth phase. A first study was already written together with the Sparkassen Finanzgruppe Juniorprofessur für M&A im Mittelstand at HHL. In that course a single case study was written together with SME private equity firm analyzing the differences of value creation measures pursued by the private equity firm between SME and large buy-outs. The results indicate that value creation measures like operational and governance improvements are common value creation measures in all buy-outs. The results suggest a lower leverage for smaller private equity deals indicating that financial engineering is less important. Furthermore, in small and mid-size deals the strategic focus is growth contrary to downsizing and refocusing in large buy-outs. For the future, we target to investigate on the differences between venture capital and private equity financing on different perspectives.
14 CHAIR REPORT 2015
15 CHAIR REPORT 2015
3.3 Innovation Research 3.3.1 Trust Issues in Open Innovation Trust has always been important for innovation. The knowledge management literature has previously established trust as an antecedent of knowledge sharing showing that trust promotes knowledge sharing, which in turn promotes innovation. Conversely without trust, people may hesitate to share knowledge especially within a group for many different reasons. Therefore, our research aims at developing frameworks to explore both the role and enabling mechanisms to facilitate the creation of trust in open innovation activities.
The Role of the Honorable Merchant The model of the honorable merchant (HM) is a cultural construct which combines the positive behaviors of a businessman towards his society. It implies a certain philosophy in life. Our research relates the ethically-based view of trust to the historical construct of the Honorable Merchant which is mainly built around safe disclosure of information. This research also shows how trust is still being highly reshaped to better suit the growingly open innovation environment.
Science-Business Collaboration and Managing Trust University-industry exchange and its impact on innovation processes has been a longstanding object of investigation in different scholarly communities in management studies. Two main challenges of science-to-business collaboration are the marketing of scientific results and competences, and the development of trust-based knowledge transfer mechanisms. Nowadays, open innovation has been reshaping the university-industry collaboration rules and prerequisites. Arguably, businesses and research institutes who are convinced by and adopt open innovation models are better at facing the above challenges than their counterparts who adopt closed innovation models. Our research focuses on developing applicable models around trust intermediaries that enhance collaborative open innovation practices between market-oriented universities and satisfied business partners, or what we refer to as the trust incubators.
3.3.2 New Approaches in Innovation Management Higher Education These days there is extensive discussion around the use of different models, tools and technologies to support creating an alternative learning experience for students. This wave raises some important questions around curriculum and delivery might represent a significant disruptive innovation in the education space.
Flipping the Classroom: Promoting Education to a more active Learning Process The flipped classroom structure changes learning in a radical way, where students prepare for upcoming lessons outside of class and then engage intensively in learning challenges inside the class. This preparation includes pre-readings, short videos, case presentations and other approaches. The bottom line is to enhance the traditional lecture to much more interactive, theory- and practice-based discussions. The core principle is to deliver much of the material in the form of online resources made available early. Class time is more productively used in workshop format, with extensive discussion and interaction. The lecturer role moves from being just a ‘broadcaster’ to being additionally a coach who is able to connect with particular student questions. For students, this mode of learning provides flexibility and actively integrating experience with concepts.
16 CHAIR REPORT 2015
In that field, we conduct experimental research, based on our experiences in running management courses using the flipped classroom whether using live or case-based projects. This research aims at providing a useful review, together with exploring the enablers as well as the disablers to make flipped learning an enriching learning and teaching experience.
3.3.3 Employee Involvement in Open Innovation Innovation matters - unless organizations change what they offer the world (their products and services) and the ways they create and deliver them, there is a real risk that they won't survive. Our research explores extensively the current context of involving employees in innovation in organizations as an exploitative open innovation strategy for harnessing internal innovations. Whilst long-term strategic benefits could flow from organizing enough participation across the workforce, creating structures that sustain such a culture is a highly complex process. The introduction of new information and communications technologies seems to create a new momentum for disseminating high involvement, yet evokes a multitude of new challenges and emerging issues. Reacting to these requires a conscious adjustment of established organizational routines and cultural habits.
The highly qualified external Employees and Innovation: Is what Organizations think they know enough? In recent years, there has been a special interest and much controversy about the flexibility of organizations. This stand of research sheds light on two interrelated key trends that help organizations attain flexibility, although from different standpoints: open innovation and labor market flexibility. Therefore, we aim to explore the nature of highly qualified external employees’ involvement in innovation within an open innovation culture; a culture in which employees on the organization’s periphery are also recognized with their diverse knowledge bases as valuable sources of innovation.
Change Management through Employee Innovation and Co-Creation Core prescriptions for managing organizational change typically focus on careful preparation and communication throughout a change program. By having the infrastructure for involving employees, organizations enhance the absorptive capacity of employees for change. For example in an organization planning to make a major change to its systems it becomes possible to alert employees quickly and in detail to the plans and to invite their comments and constructive suggestions to shape that change.
3.4 Innovation & Change Management In recent decades, the exponential growth of world knowledge has rapidly accelerated technological and social progress. As a result, innovation and flexibility in management as well as the best possible design of change management within companies had become a dynamic field of research with high relevance for management practice. In addition to earlier concepts of change management in organisations, numerous other concepts and paradigms from the fields of consultancy and management practice as well as from scientific research have found their way into change management literature. All approaches differ but are highly similar in relation to one of the pivotal challenges of change management. That is, the elevated pace with which companies, their employees and executives must be able to meet changing requirements resulting from change processes on various levels. This creates both the need and the opportunity for establishing and embedding professional change management on the management and executive level with a corporate culture aligned towards innovation and change.
17 CHAIR REPORT 2015
The Chair is doing research on the impact of the boundaryless company on innovation and growth as well as on change. This is shown in the framework of Chesboroughs´ concept of „Open Innovation“. New ideas and inventions and better ways to implement them can be reached by using new forms of partnership, joint ventures, licensing and strategic alliances. The openess and easier access to best minds and ideas helps to improve the speed, quality and cost of innovation and change.
3.5 Innovation Policy and Systems 3.5.1 National Innovation Systems The research on national innovation systems from growth theory took major step forwards within the last two decades. Its main focus is about finding the relevant factors of increasing innovative output of countries. The innovative capacity is widely considered as one of three major forces determining a nation’s wealth and prosperity. As a consequence, the goal of many countries is to increase its innovative output. Endeavors like Germany’s High-Tech Strategy, deployed in 2014, or the Chinese Agenda 2049 are just two examples. A better understanding of the determinants of the national innovative capacity offers new insight to policy makers. The current literature heavily deals with studies focussing on OECD countries only, whereas a comparable amount of studies focusing on EU countries is still missing. Therefore, we created an empirical study analyzing the determinants of European countries’ innovative capacity. Thereby, we applied a rather new methodical approach called Fuzzy Set Qualitative Comparative Analysis. First results were presented at the Global Innovation and Knowledge Academy (GIKA) in Valencia, Spain in April 2016.
3.5.2 Science-Business Collaboration The R&D process of businesses has changed over many years, moving from technology-centered to a more interactionfocused and globalized view. On the other hand, there has been a parallel shift in the role of universities to become engines of innovation and entrepreneurial hubs. The Deutsche Bank Stiftungsfonds Chair for Innovation Management and Entrepreneurship has published several articles and held several presentations on this current topic. - Universities as Drivers of Innovation In a highly dynamic environment with new ideas, products, and services coming into the market every day, universities had to develop. Although universities nowadays do not seem very different than their predecessors, their role has dramatically shifted in the last few decades. Their role has developed from being mainly a provider of human resources to being an innovation that transfers knowledge across generations and throughout the global scientific community. Without investigating thoroughly the influence of the developing role of universities on innovation and knowledge flow, a main component in the society’s innovation cycle would remain unclear. - The Challenges of Science-to-Business Marketing A fruitful collaboration between science and business naturally means that each party perceives the outcome of such collaboration beneficial. However, research shows that many universities supply businesses with scientific results and competences that are not equally demanded by businesses. More research is needed to optimize the way in which both sides can best cooperate in the process of knowledge transfer for the welfare of global societies.
18 CHAIR REPORT 2015
4 TEACHING
The structure of the lectures is composed of theoretical and empirical elements, practical know how and capacity building. Academic methods for a better understanding of the theoretical foundations and recent empirical findings of entrepreneurship and innovation management as well as methods that are appropriate to strengthen the practical skills through an action-oriented approach are used. This will be assured by interactive case study work, team assignments and action learning as well as by a team-teaching concept. Therefore guest lecturers from entrepreneurial and innovation companies and/or facilitators as consulting companies or venture capitalists are invited. Through fostering and supporting the participation in additional activities like the case study competition “EXIST Campus Cup” or the creation of own projects in the field of Innovation Management and Entrepreneurship like the “Accelerate Conference on Entrepreneurship”, we want the students to think and act like an Entrepreneur or Intrapreneur and be innovative.
4.1 Entrepreneurship In the course Entrepreneurship two part-time MBA classes gained first insights into the topic of entrepreneurship. Learning objective of the course is that students learn concepts and tools to be successful in building new businesses, whether as a startup or in a business development position in an established company. Thereby, topics like the theoretical and conceptual foundations of entrepreneurship and intrapreneurship, concepts of idea generation and idea spotting for business opportunities in the market place and key points before starting a business (e.g. strategy and structure) were covered. We invited two founders to share their practical experiences with the students how to start a business. In addition, we had Jun.Prof. Dr. Alexander Lahmann with us in a co-teaching session, who made a case study on VC financing and startup valuation with the students. Teaching method: An interactive lecture is used along with extensive student group participation. The course combines lectures, case-study discussions, and action learning. Students were engaged in a variety of exercises to apply the theoretical concepts discussed in class, e.g. students had to develop and present an own business idea in an elevator pitch which was developed using idea generation techniques. In addition, students had to conduct a strategic due diligence for an existing startup during the course which they presented afterwards to the class and supervisors. As preparation for the course, students had to prepare a presentation on a given current issue in entrereneurship based on academic literature.
4.2 Course Business Plan Development In the Business Plan Development Seminar the students gain the competency to develop business ideas into valid business opportunities. For this they are familiarized with the concepts and tools to use when developing a business plan and to critically evaluate the validity of a business idea. The students form small groups to work on real business ideas, refine them and finally write and present a business plan presentation. To keep the situation as realistic as possible and to encourage an open teaching style the students will present their business ideas in front of real business angels and investors from venture capital companies. Some of our guests were for example Sören Schuster - Head or Early-Stage Financing at CFH Beteiligungsgesellschaft mbH or Daniel Gollmann, CEO of Gollmann Komissionierungssysteme GmbH. In the past some students founded their own companies based on the ideas they have developed in the seminar. The most famous example is the founder of Spreadshirt and CEO of Team Europe Ventures Lukasz Gadowski. The Business Plan Development Seminar is part of the Co-Ceation lab of CEIM.
19 CHAIR REPORT 2015
Teaching Method: In the course a combination of presentations and active exercises are used. The students present their business model in different stages and get feedback from the lectures and guest speakers. So, they will refine it throughout the lecture. To motivate the students HHL alumni entrepreneurs present their success stories. The final presentation is a simulation of a real investor pitch including guests from venture capital firms. This prepares the students to present their ideas in front of investors and to actually found their companies. The best team will be awarded.
4.3 Course Innovation Management The successful management of innovation is a strategic issue for all types of firms (and not only high-tech), and poses important management challenges. The course always starts with a general overview of the concept of innovation and related terms such as imitation, reverse innovation and others. It provides the students with practical tools and examples on how to scan the environment in search for change signals, select the different options for change, provide the resources needed for innovation, put into practice the selected options, and enhance continuous learning within the organization. We are offering this course in different full- and part-time study programs. For M.Sc. classes (Master Program in Management) we arrange the course around the innovation management process on the basis of state-of-the-art research. It is built around the different activities needed to improve the innovation processes in a company: scanning the environment, developing the innovative strategy, implementing the strategy and the learning process. Furthermore, we offered this course slightly adapted to the full-time MBA class focusing on the topic of innovation management in the context of leadership issues. Main topics of the course were the relevance of leadership in the innovation process, the difference between management and leadership, people management, innovation strategy and innovation culture. In contrast we put a higher weighting on innovation culture and leadership aspects in MBA programs, such as the Global Executive MBA – a highly international program for senior managers. Therefore, special emphasis is put on the global dimension of innovation management, e.g. the decision to offshore or to outsource R&D, the strategic partnership for development of innovations, and the role of new emerging economies in the global landscape of innovation. Teaching Method: The course combines lectures, case-study discussions, and action learning. Students are engaged to apply the theoretical concepts discussed in class in a variety of exercises. In addition, a number of guests from theory and practice are invited to the course where they share their interesting and beneficial experiences with the students.
4.4 Course Specialized Innovation Management For the first time, we organized two specialized innovation managemet courses. In this new format, students were taught the academic fundamentals of innovation management and could directly confront the learning with real challenges of companies. This way, students not only learn the theory but also how to transfer the knowledge into practice. The course involved a kick-off workshop with the development of new ideas, an innovation workshop to further elaborate on the ideas and a final presentation. The students were devided in teams of three to five students and worked closely together with a representative of the partner company.
20 CHAIR REPORT 2015
The first Specialized Innovation Management Course was organized together with Postbank. Five student teams worked on business model innovations in the field of financial services. The developed solutions included ideas for new apps as well as improvements of current services. The course involved a visit of the students of the innovation lab of Postbank in Bonn. The final ideas were also presented to Franz Strauß, CEO of Deutsche Postbank. The second Specialized Innovation Management Course was organized with E.ON connecting energies. The goal was to find new digital solutions in the area of construction. Five teams worked together on ideas for business model innovation. In the end, teams merged and three new solutions were presented. Both companies positively evaluated the Specialized Innovation Management Course and were thankful of the creativity brought in by the students. Postbank decided to continue working together with the Chair of Innovation Management and Entrepreneurship as well as CEIM and to participate again in a Specialized Innovation Management Course.
Visit of the students of the Specialized Innovation Management Course at the Postbank in Bonn
21 CHAIR REPORT 2015
4.5 Field Projects Our chair organizes field projects for the “Master of Science in Management” and “Master of Business Administration” program. Within the field projects students solve the real problems that companies face. Therefore corporate partners are invited to propose tasks and questions to us. In 2015/2016 we had three field projects. In the winter term 2015 the chair supervised a project with “Wunderflats”, a startup that has been founded at the Hasso Plattner Institute in Potsdam. “Wunderflats” is a platform for long-time rental of furnished apartments and therefore tailored to the needs of exchange studends and consultants. The students performed a market analysis and surveyed potential customers.
In spring 2015 the chair supervised a field project with “PSG Procurement Services GmbH”, a firm providing procurement processes and services like operational purchasing services, eprocurement solutions and supplier and invoice consolidation for large cooperations. The field project team worked on the topic “SpotBuy4all” to analyze how the current business model can be transferred to a new target market, the SME market.
Also in spring 2015 our students worked in the project “Evaluation of Marketing and Sales Strategies for a Business Simulation Platform” with the HPI startup Valsight. Valsight uses big data analysis to simulate the impact of decisions. The field project team interviewed 30 potential customers from the HHL network and were able to derive recommendations for which customer group should be best targeted on.
In spring 2016 started our field project with arvato, one of the subsidiaries of Bertelsmann. The business unit based in Leipzig focuses on strategy and IT consulting for utilities industry.
4.6 Supervision of Master Theses The following master theses were supervised by the chairholder and scientific staff members of our chair in 2015 and 2016. Entrepreneurship-related master theses: _ Aron Ogbayohanes (PMSc5C) – Financial engineering as a method to increase value in venture capital-backed firms _ Pascal Bühler (P10) – Categorization and evaluation of different business models of online marketplaces for local services
22 CHAIR REPORT 2015
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Tim Kuntze (MSc11) – The relevance of human capital criteria for the investment decision process of venture capital Gereon Glaser (MSc10)– Reward based crowdfunding: Analysis of success factors in Europe and America Helen Tacke (MSc12) – Failures of serial entrepreneurship – case analysis of Doo in cooperation with e42 Andrés Pareja Làzaro (MSc9) – Early internationalizing firms: A comparison between Brazilian and German startups Maximilian Eichinger (MSc12) – Fintech industry in the tension between banking regulation and new forms of competition with the incumbents Jana Andrea Vogel (MSc11) – Measuring the degree of internationalization in high-tech startups Thomas Knaup (MSc10)– Crowdfunding for young startups: Analyzing success factors Claudia Horn (P9) – Comparision of the strategic objectives of young professional service firms and their influence on further business development – case study analysis of 3 German architecture offices Oscar Corrales (MSc9) – Internationalization of German fin-tech startups: Barriers within the lending industry of key European countries Ademola Taiwo (M14) – An examination of business incubators @accelerators in Germany Michael Sacilowski (M14) – Comparison between US and European accelerators Christoph Stangel (P10) – Virtual learning methods for educating intrapreneurship in companies Susanne Lossow (MSc10) – Influencing factors of financing success in the venture capital industry Christian Knott (PMSc3) – Identifying the right time for an exit, based on valuation, operational and constructional rights Prof. Dr. med. Habil. Peter Egbert Hermann Schwarz (GEMBA2) – Development of business concepts to encourage clients to walk 10.000 steps a day.
Innovation Management-related master theses: _ Jöchen Hörlin (P10) – Requirements to enable innovation in German law firms _ Maria Oliva (P19) – Innovation management in the optoelectronics industry _ Maria Seidel (MSc11) – How to build the innovative company – the case of Spreadshirt _ Maximilian Raabe (MSc11) – Innovation management in healthcare – A comprehensive literature review _ Alexander Weipert (PMSc4) – Innovation management in consulting – Development of an innovation management framework at the example for MHP – A Porsche company _ Dr. Karsten Schulze (P9) – An examination of the potential of qualified temporary employees to contribute to innovation _ Srikant Sathish (M13) – Innovation strategies in biotechnology clusters _ Dr. Andreas Berger (P10) – Innovation hubs of established European companies in the Silicon Valley _ Charlotte Niemeyer (MSc10) – Top management involvement as a success factor for product innovation to induce a strategic change – The case of the Porsche Panamera & Cayenne _ Justine Michel (MSc10)– Top management as a success factor for product innovation – The case of the BMW iCars _ Luisa Wasilewski (MSc10) – Differences in value creation measures _ Hung-Yu Lin (Msc8) – Innovative pedagogy for higher education: Current application of flipped classroom, challenges and recommendations _ Matthias Fuchs (Msc9) – Dealing with disruptive innovation in the watch industry
23 CHAIR REPORT 2015
4.7 Guest Speakers The 2015 Leipzig Entrepreneurship Lecture about “Fundraising and syndication in the venture capital industry” was held by Prof. Dr. Andreas Kuckertz, Professor of Entrepreneurship at the University of Hohenheim, Germany. For the purposes of our understanding of rigore and relevance, we invited again several excellent academic practitioners and experts in special fields of entrepreneuship and innovation. In April 2016 we welcomed Prof. Dr. Katharina Hölzle, Professor of Innovation Management and Entrepreneurship at the University of Potsdam. She talked about “„How to make an elephant dance - Can accelerators be the translator between startups and corporations in the Internet of Things?“ During their Innovation Management lectures in 2015 the Global Executive MBA students were delighted to get insights from theory and practice from: _ Daniel Gollmann, CEO Gollmann Kommissionierungssystem _ Samuel Kermelk, CEO Heiterblick GmbH In our Innovation & Leadership Lecture in our full-tim MBA in May 2015 we welcomed: _ Prof. Dr. Jörg Dederichs, Country business leader industrial business group, in a virtual guest lecture; _ Joris Hensen, Innovation manager from Deutsche Bank _ Jörg Frohberg, Booking advisor at Merolt as guest speakers. In our M15 Business Plan Development Seminar in the summer term 2015 we were glad to welcome the following experts: _ Eric Weber, CEO SpinLab _ Daniel Gollman, CEO Gollmann Kommissionierungssysteme _ Sören Schuster, Head or early-stage financing at CFH Beteiligungsgesellschaft mbH During the P11 Entrepreneurship Lecture in our part-time MBA-Program in February 2016 were the following speakers at HHL: _ Jun.-Prof. Alexander Lahmann, HHL _ Christian Hetke, CEO of Futalis _ Klaus Mochaski, CEO of Rhebo. In the part-time class P11C for the MBA-program we welcomed the following speakers in our Entrepreneurship Lecture in March 2016: _ Christian Hetke, CEO of Futalis _ Dr. Merle Fuchs, CEO of TechnologieContor. We were glad to welcome the following experts in our part-time MSc Innovation Management Lecture (PMSc5C) in Cologne in March 2016: _ Rolf Schrömgens, Co-founder of trivago _ Katrin Zeiler, DHL Customer Solutions & Innovation, Head of customer engagement, DHL Innovation Center _ Dr. Jan Wiedei, COO Geschäfts- und Firmenkunden, Postbank.
24 CHAIR REPORT 2015
5 TRANSFER
5.1 Leipzig Entrepreneurship Lecture The Leipzig Entrepreneurship Lecture Series was established in 2011 by Prof. Dr. Andreas Pinkwart, Chairholder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Within this series HHL Leipzig Graduate School of Management invites distinguished speakers in the discipline of entrepreneurship to interact with students, faculty members and business leaders to talk about their latest research projects once a year. The aim of the series is to foster the dialogue between entrepreneurship theory and practice. For our 1st Leipzig Entrepreneurship Lecture in 2011 we welcomed Prof. Dr. Friederike Welter from the University Siegen with the topic “Women as entrepreneurs – insights from research”. In 2012 we discussed “Female founders and success?” at our 2nd Leipzig Entrepreneurship Lecture rd with Prof. Dr. Christine Volkmann from the University of Wuppertal. The 3 Leipzig Entrepreneurship Lecture was organized with HHL’s Accelerate@HHL student initiative as a part of the 2013 Accelerate Conference and discussed the latest trends of high-tech startup financing under the topic “Venture capital for new high-technology firms”. In 2014 we welcomed Prof. Dr. Alexander Brem, Professor for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg, with his lecture: “How can you organize creativity within a start-up?”.
Panelists of the 5th Leipzig Entrepreneurship Lecture at HHL: S. Schmincke; M. Backes; A. Pinkwart; A. Kuckertz; D. Kohlen, D. Proksch
25 CHAIR REPORT 2015
The 5th Leipzig Entrepreneurship Lecture took place on April 10, 2015, within the Accelerate@HHL 2015 Entrepreneurship Conference. The event’s focus was put on the increasing significance of the venture capital industry for startups and innovations in the FinTech sector. The guest speaker was Prof. Dr. Andreas Kuckertz, Professor of Entrepreneurship at the University of Hohenheim, Germany. He spoke about the factors of success in the VC industry, which is increasingly important for employment and economic growth. The lecture was followed by a panel discussion. It was led by Prof. Dr. Andreas Pinkwart, Dean and Holder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship and included Prof. Dr. Andreas Kuckertz, Simon Schmincke (earlybid VC), Michael Backes (liquid labs), Dirk Kohlen (eCapital) as well as Dr. Dorian Proksch (HHL). The question concerning the success factors of VC investments was answered with the scheme of syndication. According to Prof. Kuckertz the principle of co-working was most important: “Business life is always concerning people. We are only successful, if we work together with others.” However, in Germany there is still not sufficient venture capital offered. Especially startups in later stages of the financing process are challenged by the deficient supply. Concluding, the participants expressed the wish for a more flexible and dynamic VC industry and startups that are not afraid of a rapid internationalization. th
The 6 Leipzig Entrepreneurship Lecture regarding “How to make an elephant dance – Can accelerators be the translator between startups and corporations in the Internet of Things?” with Prof. Dr. habil. Katharina Hölzle, MBA from the Chair of Innovation Management and Entrepreneurship from the University of Potsdam as our distinguished guest speaker is planned within the HHL-Entrepreneurship Conference Accelerate in April 2016.
5.2 2nd HHL International Investors Day The 2nd HHL International Investors Day took place on June 17, 2015. This unique event brought together founders with potential investors, established enterprises, and successful startups from HHL to promote an active exchange. Amongst the 200 guests from Germany and abroad were Dr. Michael Otto (Head of the Supervisory Board of the Otto Group), Stefan Groschupf (CEO Datameer Inc, San Francisco, CA, USA) and Daniel Zimmermann (Partner WilmerHale, Palo Alto, CA, USA). The event revolved around the topics of new opportunities and challenges of digital business models for the finance and mobility sectors. In additon, a business idea competition was held and the best ideas were awarded. The winner of the HHL Best Founders Award, which included EUR 2.000, was the team of Carl Ferdinand Hauer with its business idea "VermietButler". The mobile app relieves tenants from hours of apartment viewing which is then often without a result. It provides the landlord with suitable prospective tenants at the viewing and save them several hours of administrative tasks. The second prize, which received EUR 500 and was also funded by the Association of Friends of HHL went to the team of Ekoio. The connected-car startup, which currently works in the “SpinLab - The HHL Accelerator”, makes vehicle data utilizable for the business and private consumer market. The KARL-KOLLE Award with EUR 1.500 for the best technical idea went to ConBox. This startup - also from the “SpinLab- The HHL Accelerator” merges TV and the internet. Via a cloud platform, internet data and TV pictures can be synchronized and mobile devices can be connected to the TV. Prior to the main event, the “Entrepreneurial Network Event sponsored by KPMG” took place with a panel discussion and a get-together at the “Leipziger Baumwollspinnerei” (Leipzig Cotton Mill) in cooperation with “SpinLab - The HHL Accelerator”. The next HHL International Investors’ Day will take place on June 15, 2016.
26 CHAIR REPORT 2015
Speaker of the 2nd HHL International Investors’ Day: Michael Otto; Andreas Pinkwart
We thank our sponsors:
27 CHAIR REPORT 2015
5.3 Accelerate – International Entrepreneurship Conference 2015 The annual Accelerate Entrepreneurship Conference is mainly organized by students of the Accelerate@HHL student initiative and supported by the Chair and SMILE. The conference took place on April 10 and 11, 2015, and was organized th together with the 5 Leipzig Entrepreneurship Lecture (see above). While the latter - under the topic “Fundraising and syndication in the venture capital industry” discussed the increasing significance of the venture capital industry for startups and innovations in the FinTech sector, the Accelerate Conference dealt with “FinTech – The future of finance?!”, which attracted around 200 guests from Germany and above to join the conference. For sure, a business idea pitching contest was one highlight of the day, which closed with a get-together also organized by the students.
5.4 Cooperation with Hasso Plattner Institute (HPI) In 2014, the Chair initiated a deeper collaboration with the Hasso Plattner Institute (HPI) in Potsdam, Germany. The common goal is to bring students and researchers from computer science and business together to create interdisciplinary projects. This can lead to common research projects or the creation of new interdisciplinary ventures. In the past, HHL previously supported different entrepreneurial teams of HPI through student consulting projects. In addition, the chair and HPI organized a startup boot camp together. The winning team received funding from Hasso Plattner ventures and is executing an idea in the field of computer science. In the future, HPI and HHL plan to strengthen their collaboration efforts, in both research and practice.
Student team working on the field project with Valsight from HPI
28 CHAIR REPORT 2015
5.5 Innovation in Higher Education Education has an overarching and long-lasting global impact on the economic, social and cultural growth of each nation, on inclusion and competitiveness across the European countries and beyond. The ‘innovation imperative’ today is as valid for higher education as for other areas; and while it is perhaps still less visible and tangible in the higher education sector, there is a clear benefit of addressing the potential of innovation in higher education. Due to the belief at HHL Leipzig Graduate School of Management - as a leading educating business school - in the constant development of its teaching methods and the delivery of useful content to both academia and practice, it is planned to offer our courses starting spring 2015 (the innovation management courses as a start) using the flipped learning approach. This agreement is to be administered through the collaboration between Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig Graduate School of Management, Prof. John Bessant, renowned professor of innovation management with vast experience in new teaching techniques, and Dr. Nagwan Abu El-Ella from HHL. The flipped classroom structure basically changes learning in a radical way, where students prepare for upcoming lessons outside of class and then engage in learning challenges inside the class. This preparation might include pre-readings, short videos, case presentations and other approaches. The bottom line is to enhance the traditional lecture to a much more interactive, theory- and practice-based discussions, with high reliance on digital media. th
In this regard, Prof. Dr. Andreas Pinkwart contributed an interesting article in the FAZ of the 16 of March in 2015 with the title „Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre“, showing the significant opportunites digitization has offered business economics.
5.6 Assistance for Scholarship Applications The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is supporting HHL students with the application for an EXIST scholarship. In 2015 Sensape GmbH offering interactive infotainment got the EXIST scholarship to finance their market introduction. The team was before that in the Spinlab and successfully completed the program. Also in 2016 we are glad to accompany a startup team in the application process of EXIST.
29 CHAIR REPORT 2015
5.7 Establishing the Center for Entrepreneurial and Innovative Management (CEIM) The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship was deeply involvend in the design, foundation and development of the new HHL Center for Entrepreneurial and Innovative Management (CEIM). CEIM supports the creation of business model innovations either through the founding of new companies or the creation of business venturing teams and spin-offs for large corporations. Therefore, CEIM is organized in two labs: the Co-Creation Lab and the Open Innovation Lab.
Co-Creation Lab The goal of the Co-Creation Lab is to support potential founders from HHL and the region of Leipzig to successfully transform their ideas into a comprehensive business concept and make a valid decision about further pursuing their endeavors as a startup.The potential founders can, for example, partake in multiple events and programs like the HHL International Investors Day, the Accelerate Conference and the HHL Startup Boot Camp as well as the Open Business Plan Seminars and several other programs. To provide the best support for founders, CEIM implements various measures for the different phases of the founding process.
Open Innovation Lab The Open Innovation Lab focuses on business model innovations for established companies. Representatives of a firm together with students develop new business models to ensure the future competiveness of the firm. For this purpose, they use the method of creativity and design thinking. Later, teams of students and representatives can be established and these teams can work further on the ideas at “SpinLab - The HHL Accelerator”. Potentially, spin-offs can be created. In the first year, CEIM successfully worked together with Postbank and E.ON Connecting Energies as partners for the Open Innovation Lab.
SpinLab – The HHL Accelerator SpinLab offers co-working space for up to six months as well as multiple coaching and mentoring opportunities. It is open to teams which run through the Co-Creation Lab and Open Innovation Lab as well as external teams. The goal of SpinLab is that the teams legally establish their company, develop their product further and enter the market. Up to now, twelve teams have already worked or are working in SpinLab. Several of them were able to win business plan competitions and receive external funding. SpinLab is strongly supported by CEIM in both establishing sustainable funding as well as supporting founders. Further, CEIM fosters the transfer of technologies into valid business opportunities. Therefore, CEIM works in strong collaboration with networks and institutions in the region like SMILE as well as over regional institutions like the Hasso Plattner Institute in Potsdam. The creation of business model innovations is a part of the research focus of CEIM. Therefore, CEIM and HHL will host the G-Forum of the Förderkreis Gründungs-Forschung e. V. (Society for the Promotion of Entrepreneurship Research) in October of 2016. It is the largest scientific conference on entrepreneurship research in Germany and the focus this time is the creation of business model innovations through spin-offs and spin-ins. Further, CEIM will use the innovation projects with corporations to scientifically study the innovation process and the opportunities to integrate external stakeholders into it.
30 CHAIR REPORT 2015
5.8 Emphasizing Local Technology Transfer In December 2015, HHL in cooperation with the Leipziger Stiftung für Innovation und Technologietransfer (Leipzig Foundation for Innovation and Technology Transfer) hosted the first meeting of all the local technology transfer managers in Leipzig at SpinLab. After a short introduction of CEIM, GISBERT and Spinlab, we had a lively discussion on possible topics for cooperation and best practices on how to achieve successful technology transfer from research institutions into companies or spin-offs. The participants encouraged follow up meetings to be organized by HHL for 2016, of which the first took place on March 15, 2016. Further, a first successful cooperation has been established with the DBFZ.
Teams working together in SpinLab
5.9 Presentation of the Project “Strategic Risk Management in Early Stage Venture Capital Funds“at the NRW.Bank On February 16, 2016, we presented together with our colleagues from TU Dresden current results of the project „Strategic Risk Management in Early Stage Venture Capital Funds“ at the NRW.Bank. The meeting was moderaded by the CEO of High-Tech Gründerfonds, Dr. Michael Brandkamp. The presentation resulted in a lively discussion with the investment mangers of different funds and showed the high relevance of our research for practice.
31 CHAIR REPORT 2015
6 EXTERNALLY FUNDED PROJECTS
6.1 SMILE As one of five cooperating institutions in the region of Leipzig, HHL Leipzig Graduate School of Management hosts an office of the SMILE project at the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. SMILE stands for the “Self-Management Initiative Leipzig” and supports academic founders in the science and innovation region of Leipzig. Students, alumni and academic staff from Saxonian universities, who are interested in starting their own business, can attend various seminars, workshops and coachings around the topic entre-preneurship. The research associates Wiebke Stranz, Alexander Hiller and Tim Kutzker organized and implemented these trainings, workshops and coachings, bringing in their academic expertise of their research topics. Hence, Alexaner Hiller offered innova-tion management courses, while Wiebke Stranz focused on financing and marketing issues. Also Tim Kutzker provided various courses on the topic finance. Like in previous years founders coached at the HHL’s SMILE office were granted again the popular EXIST founder scholarship and reached very good positions at entrepreneurial competitions. SMILE is a cooperation of the University of Leipzig, HHL Leipzig Graduate School of Management, Helmholtz Centre for Environmental Research - UFZ and AKAD. SMILE is financed by the European Social Fund, the Saxon State Ministry for Economic Affairs, Labour & Trans-port and the Saxon State Ministry for Science and Arts.
6.2 Innovation in Bioeconomy and Project GISBERT By focusing on entrepreneurial innovation, the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship aims to adapt its research results to innovation driven industry sectors such as Bioeconomy. The Excellence Cluster BioEconomy is taking part in the current Leading-Edge Cluster Competition of the German Federal Ministry of Education and Research (BMBF) that aims at taking Germany to the top of the league of technologically advanced nations. It is one of five Excellence Clusters throughout Germany which are being funded by the Ministry. The BioEconomy Cluster in central Germany focuses on the integrated material and energetic use of non-food biomass for the production of materials, chemicals, energy carriers and products from new materials. A cross-cluster material flow management as well as the development, scaling and implementation of production procedures by the industry allow the optimization of the value adding process in bio-mass production. With Helmholtz-Zentrum für Umweltforschung, the Deutsche Biomasse-Forschungs- Zentrum as partners HHL's Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship, Heinz Nixdorf Chair of IT-based Logistics, the Chair of Marketing Management is responsible for the accompanying research within the cluster focusing on the development of competitive strategies and tools. The Chair is involved in the analyzing and optimization of the innovation management on cluster and company level and supports the founding of new ventures through its knowledge and network. The Chair also succeeded in receiving funding for GISBERT, an innovative project aimed at connecting scientists, researchers, potential founders and investors in the Bioeconomy sector. Within GISBERT, the Chair together with its partners will devise a pilot concept for developing and strengthening the entrepreneurial environment in the cluster region Central Germany. The project aims at centralizing existing offers and helping founders connect with the people and resources they need. www.bioeconomy.de/innovation
32 CHAIR REPORT 2015
6.3 Strategic Risk Management in Early Stage Venture Capital Funds The project “Strategic Risk Management in Early Stage Venture Capital Funds” is a joint research project from TU Dresden und HHL Leipzig Graduate School of Management. The goal is to derive new findings in the area of venture capital. Due to a lack of sufficient data there were only few new results in the last decade. We try to bridge this gap by conducting a longitudinal study collecting the data from the venture capital funds. We had access to the original deal documents, like business plans or monthly reporting. This enabled us to get an in-depth few on each investment. The project already led to various scientific contributions which were presented at national and international conferences. It is kindly supported by the Savings Banks Finance Group (Wissenschaftsförderung der Sparkassen-Finanzgruppe) and the NRW.Bank.
6.4 Center for Entrepreneurial and Innovative Management The Center for Entrepreneurial and Innovative Management (CEIM) is an interdisciplinary transfer and research center established at HHL Leipzig Graduate School of Management in Feburary of 2016. It has two main goals: • to foster the creation of successful new companies and spin-offs • to support established companies to innovate their business model. CEIM consists of two parts: the Co-Creation Lab and the Innovation Lab. The Co-Creation Lab is the one-stop agency for founders and fosters the creation of interdisciplinary founder teams. It supports potential founders in further developing their ideas into a business concept. The founders can then afterwards apply for the “SpinLab - The HHL Accelerator” to develop their business concept into successful startups. The Innovation Lab offers established companies the possibility to develop new business models with the support of students. This enables the companies to get new insights and to get ideas out of the box of the company borders. After identifying promising business concepts, students can further develop them in the “SpinLab - The HHL Accelerator”. The companies can decide afterwards to integrate them into their business or further develop them in a form of subsidiary. CEIM is kindy supported by the Leipziger Stiftung für Innovation und Technologietransfer.
33 CHAIR REPORT 2015
7 CONFERENCES
Pinkwart, Andreas: Business economics in the twenty-first century: how digitalization is shaping the role of business schools; AACSB-Conference; Frankfurt, Germany, October, 26th, 2015 Abu El-Ella, Nagwan: A hidden/forbidden source of innovation? Organizational enablers for involving qualified externals; 13th Annual Open and User InnovationWorkshop (OUI); Lisboa, Portugal, July 13–15, 2015 Abu El-Ella, Nagwan: The involvement of highly qualified freelancers: an opportunity for innovation?; 26th International Society for Professional Innovation Management (ISPIM); Budapest, Hungary, June 14–17, 2015 Proksch, Dorian; Marcus, Haberstroh; Pinkwart, Andreas: A fsQCA model for the determinants of national innovative capacity: New results and limitations”; 5th Global Innovation and Knowledge Academy, Valencia, Spain, March 20-23, 2016 Proksch, Dorian; Stranz, Wiebke; Pinkwart, Andreas: Risk management in venture capital funds: the perspective of portfolio companies; 3rd Annual Conference on Risk Governance, University of Siegen; Siegen, Germany, October 14–15, 2015 Proksch, Dorian; Pinkwart, Andreas; Stranz, Wiebke: Risk management in venture capital companies: the use of risk reducing measures for successful and less successful German high-technology companies; 19th Interdisciplinary Annual Conference on Entrepreneurship, Innovation and SME, G-Forum; Kassel, Germany, October 8–9, 2015 Stranz, Wiebke: Value creation measures in the VC industry; Doctoral Colloqium at the 19th Interdisciplinary Annual Conference on Entrepreneurship, Innovation and SME, G-Forum; Kassel, Germany, October 8–9, 2015 Pinkwart, Andreas; Proksch, Dorian: “The internationalization process of research-based spin-offs”, Presentation at the 13th Interdisciplinary European Conference on Entrepreneurial Research (IECER), Montpellier (France), February 26th, 2015 Proksch, Dorian: “Risk management in venture capital companies: A portfolio perspective”, Presentation at the 19 Interdisziplinary Annual Conference of the FGF e.V. (G-Forum), Odlenburg, November 13, 2015
th
34 CHAIR REPORT 2015
8 PUBLICATIONS
Abu El-Ella, Nagwan; Bessant, John; Pinkwart, Andreas: “Revisiting the honorable merchant: the reshaped role of trust in open innovation”, In: Thunderbird International Business Review, (2015), DOI 10.1002/tie.21774 Abu El-Ella, Nagwan: “Employee involvement in open innovation: the role of new technologies, external employees and trust issues”, Leipzig: HHL Leipzig Graduate School of Management, 2015 (dissertation) Abu El-Ella, Nagwan; Bessant, John; Pinkwart, Andreas: “Changing change management: the new innovation imperative” In: Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf (Eds.).Management of permanent change.Wiesbaden: Springer Gabler, 2015, 105–120 Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf; von Eiff, Wilfried (Eds.): “Boundaryless hospital: rethink and redefine health care management”, Berlin: Springer, 2016 Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf: “Management of permanent change”, Wiesbaden: Springer Gabler, 2015 Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf: „Management of permanent change: new challenges and opportunities for change management”, In: Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf (Eds.).Management of permanent change.Wiesbaden: Springer Gabler, 2015, 3–21 Abu El-Ella, Nagwan; Bessant, John, Pinkwart, Andreas: “Changing change management – The new innovation imperative”, In: Albach, Horst et al. (Eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, 2015, 105-120 Haberstroh, Marcus: „Business Schools und Jura – praxisnah & doch akademisch“, In: e-fellows.net GmbH & Co. KG (2016): Der LL.M. 2016. Das Expertenbuch zum Master of Laws. 10. Auflage, revidierte Ausgabe. München: e-fellows.net (e-fellows.net-Wissen). 2016, S. 148-149 Hagedorn, Anja: “Using repertory grid technique to explore the relationship between business founders and support agents”, In: Neergarard, Helle; Leitch, Claire M. (Eds.): Handbook of Qualitative Research Techniques and Analysis in Entrepreneurship, Cheltenham, UK: 2015, 367-392 Hagedorn, Anja; Pinkwart, Andreas: “The financing process of equity-based crowdfunding: an empirical analysis”, In: Brüntje, Dennis; Gajda, Oliver (Eds.).Crowdfunding in Europe: state of the art in theory and practice. Cham: Springer International Publishing Switzerland, 2015, 71–85 Lichtenberg, Andrej; Hagedorn, Anja; Rudolph, Katja: “Clusterprozesse in der Bioökonomie: eine Bestandsaufnahme in den Bereichen Logistik- und Supply Chain Management, Innovations-, Marketing und Clustermanagement von ausgewählten Bioökonomie-Clustern“, HHL Working Paper 149, Leipzig: HHL Leipzig Graduate School of Management, 2015 Pinkwart, Andreas; Proksch, Dorian: „Venture Capital-Finanzierung im Mittelstand“, In: Fahrenschon, Georg; Kirchhoff, Arndt Günter; Simmert, Diethard B. (Eds): Mittelstand – Motor und Zukunft der deutschen Wirtschaft. Erfolgskonzepte für Management, Finanzierung und Organisation, Wiesbaden: Springer Gabler 2015, 351-358 Pinkwart, Andreas; Proksch, Dorian; Schefczyk, Michael; Fiegler, Torsten; Ernst, Cornelia: “Reasons for the failure of new technology-based firms: a longitudinal empirical study for Germany”, In: Credit and Capital Markets, 48 (2015) 4, 597-627
35 CHAIR REPORT 2015
Pinkwart, Andreas: “Eugen Schmalenbach and the Leipzig School of Commerce”, In: Albach, Horst; Waragai, Tomoki (Eds.) Business economics in Japan and Germany, München: Iudicium, 2015, 195–209 Pinkwart, Andreas: “Digitalisierung ist eine Chance für die Business Schools“, In: FAZ (Wirtschaft), 16.März 2015 (63), 18 Pinkwart, Andreas; Weber, Eric: “Steigerung der Ressourceneffizienz als Königsweg nachhaltiger Wohlstandssicherung“, In: Franz, Otmar (Ed.).Innovationstreiber Ressourceneffizienz: RKW-Kuratorium.Sternenfels: Verl.Wissenschaft & Praxis, 2015, 18–31 Pinkwart, Andreas: “Patent sucht Gründer”, in: Life Sciences-Serie 3-2015, Biotechnologie, 17. Jg, 112-113 Proksch, Dorian: “The development of German new technology-based firms from a resource-based view”, Leipzig: HHL Leipzig Graduate School of Management, 2015
36 CHAIR REPORT 2015
9 ACKNOWLEDGEMENT
For the support of our chair we thank the Stiftungsfonds Deutsche Bank and the Stifterverband für die Deutsche Wissenschaft.
37 CHAIR REPORT 2015
IMPRINT Publisher: HHL Leipzig Graduate School of Management Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship
Chairholder: Prof. Dr. Andreas Pinkwart Jahnallee 59 04109 Leipzig T +49 341-9851-828 F +49 341-9851-679
[email protected] www.hhl.de/innovation
Photos: HHL Publication Date: th April 29 , 2016
38 CHAIR REPORT 2015
HHL Leipzig Graduate School of Management Jahnallee 59 04109 Leipzig, Germany T +49 341 9851-60 F +49 341 9851-679 www.hhl.de
