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L1 Team Building. EC10: Innovation & Commercialisation What it takes to build a successful Venture Team. Team Building Outline. Entrepreneurs, Intrapreneurs & Managers Project Stages Building the Team Entrepreneurial Teams. Entrepreneurs, Intrapreneurs & Managers.

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L1 Team Building

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    1. L1 Team Building EC10: Innovation & Commercialisation What it takes to build a successful Venture Team

    2. Team Building Outline • Entrepreneurs, Intrapreneurs & Managers • Project Stages • Building the Team • Entrepreneurial Teams 1. Team Building

    3. Entrepreneurs, Intrapreneurs & Managers The different role, approaches and executive responsibilities

    4. Creativity • (Enterprising) people tend to have more originality than others and are able to produce solutions that fly in the face of established knowledge. They are also inclined to be more adaptable, and are prepared to consider a range of alternative approaches. They challenge the status quo, which can sometimes conflict with • their colleagues. Bridge et al.(1998: 46) 1. Team Building

    5. Entrepreneurs, Intrapreneurship & Managers • Manager’s Role • Interpersonal • Informational • He or she can act: • as an entrepreneur- to launch a new idea; • as a disturbance handler- e.g. of internal strive and disagreements • as a resource allocator - he/she decides to allow important decisions and allocates resources of organisation; • as a negotiator, e.g. drawing up contracts with supplier. Managers have all information and authority, therefore they may be heavily engaged in negotiation. 1. Team Building

    6. Innovation Leadership • Leadership and management are two notions that are often used interchangeably • Leadership is just one of the many assets a successful innovator must possess • The aim of a manager is to maximise the output of the organisation through administrative implementation • Managers think incrementally, whilst leaders think radically 1. Team Building

    7. Innovation & Entrepreneurship • Selecting the Innovation Strategy • Revolutionary rather than evolutionary Strategies • Strategy is focused on core technologies, ability to commercialise, compressing time for prototype, emerging technology. • High risk, high return • Creating the Climate & Commitment • Entrepreneurial development, visible commitment, sustained over time, assigning people & resources, empowerment. • Define Venture selection criteria • Fit, size, position, investment, ROI, time horizons. • Manage output in a turbulent environment • Focus on learning, redirecting resources, supporting the wounded, distinguishing between good and bad decision. • Reflected in physical structure of the organisation and its allocation of resources. 1. Team Building

    8. Questions: Entrepreneurs Intrapreneurs & Managers • Managers do things right, while leaders do the right thing."Pascale, ‘ Managing on the Edge’, 1990 • Venture management is not (just) about new technologies or processes - it is about how people and their organisations manage innovation and how those processes add value to customers. Piercy 2005 1. Team Building

    9. 2. Project Stages Understanding the innovation process

    10. Project Stages • Proof of Concept • Development of prototypes • Early stage testing • Technology Demonstration • Move towards full scale testing • Ironing out production & operational difficulties • Commercial Transition • Forward planning & supply chain development • Development partners • Delivery • Consolidation of suppliers & Customer Base 1. Team Building

    11. Idea Generation Screening Idea Evaluation Development Commercial -isation Strengths and weaknesses Fit with objectives Market trends Rough ROI estimate Concept testing Customer reactions Rough estimates of cost, sales, profits R & D Develop model or service prototype Test marketing mix Revise plans as needed ROI estimate Finalize product and marketing plan Start production and marketing “Roll out” in select markets Final ROI estimate Ideas from: Customers and users Marketing research Competitors Other markets Company people Intermediaries New-Product Development Process 1. Team Building

    12. Immediate Satisfaction Desirable Products High Low Salutary Products High Pleasing Products Long-Run Consumer Welfare Deficient Products Low Types of New Product Opportunities 1. Team Building

    13. Critique of Stage Models • Phased sequence of events in not inevitable. • Technology products often jump stages. • Process planning cannot be controlled because of external environmental factors. • Personal attitudes towards risk affect stages progress. • Access to resources can slow down phases • Access to information disrupts the linkages between stages. 1. Team Building

    14. 3. Building the Team Putting together the right balance of skills and competences to control innovations.

    15. Team Building Blocks • Tasks Functions • Leader is responsible for planning the work, allocating resources within the team, organising duties and responsibilities and monitoring SLA and meeting targets. • Maintenance Functions • Building team cohesiveness, setting standards through personal examples, maintaining discipline, allocating project leaders and protecting your team's interest within the division or organisation. • Individual Development Needs. • Mentoring and personal development. 1. Team Building

    16. Situation Approach • Directing • new policy or new software system has been implemented and the lead entrepreneur needs to give a team clear consistent instruction and direction. • Delegating • A team member who is high achiever and understands performance statistics, can become a "change master", disseminating key information to colleagues showing them how successfully achieved targets. • Supporting • When delegating, a supportive role normally follows to ensure guidance and support are given to facilitate the success of the task / function. 1. Team Building

    17. Engendering Trust • Integrity • Trust • Consistency • Positive Energy • Dissention • Sharing Information 1. Team Building

    18. Key Questions • In an Entrepreneurial team, what gets people engaged? • How should a motivational leader get an individual to engage in desired behaviour (direction or choice of behaviour)? 1. Team Building

    19. 3. Entrepreneurial Teams How to manage and motivate a team in a fast growth organisation

    20. Motivational Leaders • The dictionary definition of motivational leadership is ‘to give incentive to move or create action’. • In developing a culture, understanding the Company Values is essential. • If team members are aware of the values and understand the vision then they may buy into sharing the vision • If their values are in alignment with the company’s then an immediate incentive is created. • This is the starting point to building the foundations that will lead to an organisation with staff who are self motivated to innovate 1. Team Building

    21. Decision Making Approaches ‘The Prescriptive Approach, can be described as a linear and rational process, starting with where we are now and then developing new strategies for the future. Objective has been defined in advanced and main elements have been developed before the strategy commences. The Emergent Approach can be defined as a corporate strategy, which emerges, adapting to needs and continuing to develop over time. It is evolving, incremental and continuous, and therefore cannot be easily or usefully summarised in a plan which then requires to be implemented. Emergent corporate strategy whose final objective is unclear and whose elements are developed during the course of its life as the strategy proceeds’. Lynch, Richard – Corporate Strategy, Second Edition (2000) 1. Team Building

    22. Fair Process Management • Have ample opportunity to express their views and to discuss how and why they disagree with other group members. • Feel that that decision-making process has been transparent, i.e., that deliberations have been relatively free of secretive, behind-the-scenes manoeuvring. • Believe that the leader listened carefully to them and considered their views thoughtfully and seriously before making a decision. • Perceive that they had a genuine opportunity to influence the leader's final decision. • Have a clear understanding of the rationale for the final decision. Lagace, HBS, 2005 1. Team Building

    23. Building Rapport • Don’t criticise condemn or complain • Give honest & sincere appreciation • Arouse in the other person an eager want • Become genuinely interested in others • Smile • A persons name is the sweetest most Important sound in any language • Be a good listener encourage others to talk • Talk in terms of others interests • Make the others feel important & do it sincerely. 1. Team Building

    24. Gaining Co-operation • The only way to win an argument is to avoid it • Respect other opinion’s. Never say “you’re wrong” • If you are wrong admit it quickly and emphatically • Begin in a friendly way • Get the other person saying “yes, yes” immediately • Let the other person do a great deal of the talking • Let the other person think its their idea • Try honestly to see things from others point of view • Be sympathetic to others ideas or desires • Appeal to the nobler motives • Dramatise your ideas • Throw down a challenge 1. Team Building

    25. Team Leadership Styles • Traits Approach • Functional or Group Approach • Behavioural • Situational • Transformational (Mullins, 2002) • "the process of creating higher levels of motivation and commitment." Emphasis on generating a vision for the organisation. The leader affects the followers by communicating the organisational purpose with a view to them having shared purpose, values and beliefs for the benefit of themselves and the organization." • Opposite, is transactional leadership "based on legitimate authority within the bureaucratic structure of the organisation.” With an emphasis on clearly defining goals and objectives, work task and outcomes, organisational rewards and punishments. This is based on a relationship of mutual dependence and exchange". 1. Team Building

    26. Inventors & promoters • Inventors are noted for their creativity. They may be highly innovative people yet many of their ideas may never become commercial reality because they lack the management and business skills to bring a new product to market. • Promoters are quite creative but these are typically short-term business propositions with a bias towards "getting rich quickly". 1. Team Building

    27. Leader’s Role • The Leader’s Role • Traits, Power, Values • Interpersonal skills • Task • Structured or unstructured • The problem • Constraints/requirements • The Team • Structure, Maturity • Stage of development Leadership • Organisation Culture • Stage of development • Structure, Systems • Constraints, Culture Individual’s Needs Expectations, Knowledge Confidence, Experience Motivation, Commitment • External Environment • Political, Social, Economic, Technological 1. Team Building

    28. Leadership Styles • the conductor • Formal hierarchy of authority • Role of leader is to coordinate • the developer (Bradford and Cohen, 1984). 1. Team Building

    29. Coaching Model Agree topic for discussion Agree objectives for the session Set long term aim, if appropriate Invite self assessment Offer examples of feedback Avoid/check assumptions Discard irrelevant history Cover range of options Invite suggestions Offer suggestions Ensure choices made Commit to action Identify possible obstacles Define specific steps and timing Agree support Adapted from Eaton & Johnson, 2001, GROW Model,, Coaching Successfully 1. Team Building

    30. Organisational Development Strategy • Is the method compatible with the objectives? • Individual, team & Co. What development are we aiming to achieve? • What training, learning or personal development needs to be undertaken in workplace? • What internal resources are available? • Money, time, equipment and people. • What factors about the learner need to be considered? • Motivation to learn, preference for learning method, readiness to learn, relationship with the developer, personal commitments etc. • Coaching options 1. Team Building

    31. Training Strategies (1) • Training on the job –watching someone else do the job and trying to reach that standard. Can be high in learning transfer and inexpensive in terms of resources. • Planned Organisational Experience – could include secondments; work shadowing; assignment of special responsibilities; problem solving groups; developing some aspect of work; action learning; Mentoring. With organisational support these will provide a positive transfer of learning. • In-house courses – can include cover induction; skills development; updating skills and knowledge, legislation, company practice; courses leading to qualifications tailored for the organisation or industry. Learning transfer more likely than with generic external courses. More resources needed than with options 1 and 2. 1. Team Building

    32. Training Strategies (2) • Planned external experiences –visits to other organizations, customers or suppliers; professional body roles, participating in committees, CPD activities; external projects. Learning transfer depends on the experience and its relevance to learning objectives. Costs may be high in time lost from the employee rather than resources. • External Courses – usually of two forms: short skills development courses and course leading to a qualification. • Transfer of learning can be low unless the organisational climate is supportive. Costs can be high in terms of time and money. Individual benefits need to be translated into organisational benefits. 1. Team Building

    33. Course Reading • Goffin, K, Mitchell, R, Innovation Management, Chapter 8, Organisation & Management, pp282 – 305, Palgrave, 2005