Innovative Ventures Research Articles

Knowledge and New Venture Innovation

Knowledge and New Venture Innovation

Three incumbents restructuring the Swedish energy and steel regimes: the case of Hybrit

ABSTRACT This paper addresses the role of incumbent firms in driving transitions that entail multiple sectors, conditioned by multiple regimes. We analyse the case ‘HYBRIT’, a radical innovation venture championed by three incumbents from the steel and energy regimes. We investigate what conditions the incumbents’ agency and how they enacted their agency targeting restructuring of the regime elements – actors, institutions, and materiality. We find that eight endogenous and exogenous factors coincide and condition the incumbents’ agency, from which they act in a novel direction of change. We contribute by showing how the collaboration within and across regimes enabled the accomplishment of actions that would have been challenging for individual incumbents to achieve alone. In this setting of scale-intensive industries, incumbents have characteristics that give them a significantly larger capacity to stimulate change than newcomers. The timing and combination of endogenous and exogenous factors, enabling incumbents to collectively drive a transition.

From rupture to disruptive innovation: the colonial subcontinent’s ‘Devil’s Wind’; the Mughal Bagh (garden) and the English-style public park

ABSTRACT Set against the backdrop of the 1857 uprising against British colonial rule in the Indian subcontinent, the article examines the impact of this tumultuous event on the Mughal era Bagh (garden). The uprising, while causing a sudden and unprecedented rupture in the subcontinent’s political, cultural and urban landscape, also led to a form of disruptive innovation that displaced the well-established Bagh, a private space for leisure or veneration of the deceased, by a novel garden type, an English-style public park. More often than not, this new garden type emerged from remodelling the Bagh, to result in a Bagh-turned-Public Park. This innovative venture not only physically replaced the original Bagh but also changed the notion of leisure from the Mughal-to-the-metropole-inspired variant. Concurrently, this landscape endeavour served the agenda of empire to stamp British authority. To make its case, the city of Delhi, whose large corpus of Mughal- era Baghs underwent remodelling, is selected. As the epicentre of the uprising, Delhi was the recipient of the colonial regime’s spatially tumultuous military and civic interventions to turn it into a tamed modern city, among whose new spatial icons was the English-style public park. Two gardens are examined to demonstrate the rupture and disruptive innovation, as colonial civic actors overlaid an English-style landscape on the Bagh. This seemingly innocuous landscape intervention was as disruptive and efficacious as its spatially violent military counterpart in transforming Delhi into a colonial modern city. The article concludes by taking stock of the Bagh-turned-Public Park in the present as a colonial legacy that continues to be an integral part of the leisure landscape of Indian cities.

Investigating Financial Resource Sufficiency for Entrepreneurial Growth: A Case of SMEs in Pakistan

This research paper delves into the critical nexus between entrepreneurship and finance, focusing on entrepreneurs' challenges and strategies in accessing and utilizing financial resources to increase growth. The study highlights the fundamental role of finance in enabling small entrepreneurial ventures to thrive and contribute to economic development. It then proceeds to identify key challenges, including access to capital, financial literacy gaps, and regulatory barriers that hinder entrepreneurial finance. Through a comprehensive review of existing literature and case studies, the paper explores the various strategies entrepreneurs employ to overcome these challenges, including traditional financing methods, alternative funding sources such as crowdfunding, venture capital, and financial management techniques. Additionally, the research discusses the evolving landscape of fintech solutions and their impact on facilitating access to finance for entrepreneurs. Moreover, it examines the role of government policies and institutional support in fostering an enabling environment for entrepreneurial finance. The results of this study present valuable recommendations for policymakers, financial institutions, and entrepreneurs seeking to understand the complex landscape of entrepreneurial finance and focus on strategies to exploit the full potential of innovative ventures.

Theory and practice of cooperation in conducting scientific research and commercializing their results in the agroindustrial sector of the economy

The work examines nonlinear models of the innovation process (triple helix model and four-link helix model). The experience of the USA, EU, UK and Brazil in cooperation between science and the real sector of the economy in conducting scientific research and commercializing their results is presented. The features of the functioning of innovative venture funds founded by international agri-food corporations have been studied. In conclusion, directions for using promising foreign experience in the Republic of Belarus are proposed.

HUMAN FOLLOWER ROBOT

The development of a Human Follower Robot incorporating IR and Ultrasonic Sensors represents an innovative venture in robotics and automation, aimed at creating a versatile machine capable of tracking and following targets while navigating obstacles. This project is fuelled by the vision of combining sensor technology, microcontroller programming, and robotic design to birth a robot capable of graceful traversal and intelligent target pursuit. At its core, the project relies on the integration of two essential sensor technologies: Infrared (IR) and Ultrasonic sensors. IR sensors, functioning akin to human eyesight, detect objects by emitting and receiving infrared light, enabling the robot to recognize the presence of a target within its line of sight. Concurrently, ultrasonic sensors enhance the robot's perception by determining distances through sound waves, facilitating obstacle avoidance and maintaining a safe tracking distance from the target. The project's foundation comprises key components working in tandem to fulfil the robot's objectives. A microcontroller, such as Arduino or Raspberry Pi, orchestrates actions by processing sensor data and regulating movements. IR sensors act as vigilant eyes, detecting the target, while ultrasonic sensors serve as the echolocation system, enabling seamless navigation in cluttered environments. Motors and wheels propel the robot, providing motion and directional control, while a reliable power supply, such as batteries, sustains its operations. Four pivotal milestones define the project's core goals. Firstly, the development of algorithms and code for effective object detection using IR sensors enables the robot to discern the presence of a target. Secondly, obstacle avoidance mechanisms are implemented through ultrasonic sensors, ensuring adept manoeuvring around barriers and hazards. Thirdly, proximity control is prioritized to maintain an optimal and safe following distance from the target, preventing collisions. Lastly, efforts focus on enabling smooth and precise movement to ensure accurate and responsive tracking behaviour. The potential applications of such a robot are diverse. Apart from assisting visually impaired individuals by guiding and avoiding obstacles, these robots can serve as automated tour guides, offering informative experiences in museums or exhibitions. Additionally, their utility extends to surveillance and security, where they can monitor areas and track intruders. Ultimately, this project holds promise for a future where intelligent robots seamlessly follow, guide, and protect, enriching lives with their remarkable capabilities. Key Words: Human Follower Robot, IR Sensors, Human Follower Robot, IR Sensors, Ultrasonic Sensors, Robotics, Automation, Sensor Technology etc

The gendered effect of populism on innovation

This research addresses the impact of the remarkable rise in populism on innovative new ventures. Integrating institutional theory with gender role congruity theory, we reason that the surge of populist discourse by a nation's top political leaders decreases the innovativeness of new ventures, and this negative relationship is more pronounced for women entrepreneurs. We also consider two critical yet overlooked institutions, gender inequality and grammatical gender marking in the dominant languages that entrepreneurs speak, and propose that they reinforce this negative relationship. Data from 69,406 observations of entrepreneurs across 40 countries during the period of 2005–2018, analyzed with a difference-in-differences (DiD) design, support our hypotheses. Theoretical and policy implications are discussed for the challenges of promoting innovation among women entrepreneurs, in countries with greater gender inequality and where the dominant language exhibits greater intensity of grammatical gender marking, with populism on the rise worldwide.

Design and governance of international joint venture innovation strategy: Evidence from China

Using the exploitation-exploration framework to conceptualize international joint ventures (IJVs)’ innovation strategy, this study develops a contingent governance view to posit that the effectiveness of exploitative and explorative innovation strategies depends critically on the governance mechanisms between IJV partners. Based on empirical analyses of 187 IJVs in China, our results reveal that explorative innovation strategy generates a greater positive effect on IJV new product performance than exploitative innovation strategy. Furthermore, exploitative innovation strategy has a positive impact on IJV new product performance at high levels of contractual governance but has a negative effect at high levels of relational governance. In contrast, explorative innovation strategy contributes more to IJV new product performance at high levels of relational governance but shows a negative effect at high levels of contractual governance. This study offers important implications for IJVs to better design and manage their innovation strategies.

Virtual Painting through Hand Gestures: A Machine Learning Approach

The hand gesture paint application represents an innovative venture in the realm of computer vision, harnessing the capabilities of the MediaPipe library and OpenCV to develop a sophisticated painting tool driven by hand gestures. By leveraging these powerful frameworks, the application enables users to express their creativity through intuitive gestures captured by a webcam. At its core, the work seeks to redefine the conventional painting experience by providing users with a seamless interface controlled entirely by hand movements. Through the integration of the MediaPipe library and OpenCV, users can effortlessly draw, erase, and switch between various drawing tools, all with the fluidity of natural hand gestures. By eliminating the need for traditional input devices, the hand gesture paint application offers a novel approach to digital art creation, empowering users to engage directly with their canvas in a more intuitive and immersive manner. Through this innovative blend of technology and creativity, the application opens up new avenues for artistic expression, inviting users to explore the boundless possibilities of digital painting through the simple movement of their hands.

The two faces of hierarchy: CEO power and TMT learning diversity in technology venture innovation

AbstractThe relationship between top management team (TMT) members’ learning behavior and the innovation strategy of technology ventures remains unclear, especially when complicated by social hierarchies within the team. We draw on organizational learning theory to theorize that diversity in TMT members’ learning behavior has both positive and negative latent effects that produce an inverted U-shaped relationship between TMT learning diversity and a firm’s radical innovation strategy. Building on the social hierarchy literature, we also suggest that CEO power moderates this relationship by altering the latent forces: structurally powerful CEOs neutralize the benefits of TMT learning diversity, turning the link between learning diversity and radical innovation strategy predominantly negative, whereas prestigiously powerful CEOs neutralize the costs of TMT learning diversity, turning its relationship with the firm’s radical innovation strategy predominantly positive. Longitudinal, multi-source data from 77 TMTs support our model. The findings contribute to the research on learning and social hierarchies by illustrating how hierarchies rooted in different sources of power have different effects on the relationship between TMT learning diversity and innovation strategy.

Beyond Bootstrapping a Comprehensive Analysis of Entrepreneurial Finance Strategies in the Contemporary Business Landscape

The intricate landscape of entrepreneurial finance, extending its focus beyond traditional bootstrapping methods. In an era characterized by diverse funding options, this study conducts a comprehensive analysis of the myriad strategies employed by entrepreneurs to finance their business ideas. The investigation encompasses an examination of established methods such as angel investment, venture capital, crowd funding, and traditional bank loans, as well as emerging trends in decentralized finance (DeFi) and other innovative financial models. The research adopts a multifaceted approach, considering regional variations, regulatory influences, and cultural dynamics shaping entrepreneurs' financing choices. Through extensive data collection and analysis, the study aims to discern the nuanced factors influencing the selection of specific financing avenues by entrepreneurs operating in various sectors and geographical locations. Furthermore, the research assesses the long-term implications of different financing strategies on business performance, sustainability, and growth. By exploring success factors in crowd funding campaigns, the study contributes valuable insights into the dynamics of contemporary entrepreneurial finance, shedding light on the role of marketing, pitch quality, and social engagement in funding success. In addition to quantitative analysis, the research delves into qualitative aspects, investigating psychological factors that play a role in entrepreneurial decision-making. The study aims to uncover the intricate interplay of risk tolerance, overconfidence, and decision biases in the financing choices made by entrepreneurs. As technological innovation continues to reshape the entrepreneurial landscape, this research explores the impact of emerging technologies, including blockchain and decentralized finance, on funding models. By examining the opportunities and challenges presented by these innovations, the study provides a forward-looking perspective on the evolving nature of entrepreneurial finance. "Beyond Bootstrapping" strives to offer a holistic understanding of entrepreneurial finance in the contemporary business environment, providing stakeholders, policymakers, and entrepreneurs themselves with valuable insights into the diverse strategies shaping the financial foundation of innovative ventures.

Explainable text-based features in predictive models of crowdfunding campaigns

AbstractReward-Based Crowdfunding offers an opportunity for innovative ventures that would not be supported through traditional financing. A key problem for those seeking funding is understanding which features of a crowdfunding campaign will sway the decisions of a sufficient number of funders. Predictive models of fund-raising campaigns used in combination with Explainable AI methods promise to provide such insights. However, previous work on Explainable AI has largely focused on quantitative structured data. In this study, our aim is to construct explainable models of human decisions based on analysis of natural language text, thus contributing to a fast-growing body of research on the use of Explainable AI for text analytics. We propose a novel method to construct predictions based on text via semantic clustering of sentences, which, compared with traditional methods using individual words and phrases, allows complex meaning contained in the text to be operationalised. Using experimental evaluation, we compare our proposed method to keyword extraction and topic modelling, which have traditionally been used in similar applications. Our results demonstrate that the sentence clustering method produces features with significant predictive power, compared to keyword-based methods and topic models, but which are much easier to interpret for human raters. We furthermore conduct a SHAP analysis of the models incorporating sentence clusters, demonstrating concrete insights into the types of natural language content that influence the outcome of crowdfunding campaigns.

The impact of the green economy on the sustainable development of Kazakhstan

The authors in this study noted that, the world economy is faced with the realities of depletion of natural resources, water, and environmental pollution. The global course around the world today is the “green economy”, which provides not only a careful attitude to nature, but also the introduction of innovative technologies. In addition to the high level of physical and moral depreciation of equipment, which worsens the issue of irrational consumption of raw materials and energy, there is also a lack of innovation due to low demand and restricted funding. The current implementation of the Invest EU investment program aims to attract a minimum of 650 billion rubles between 2021 and 2027 in long-term public and private investments to support the sustainable revitalization of the European economy. A significant portion, 30%, of these funds are earmarked for climate-related projects. This presents a unique chance for funding innovative ventures that carry higher financial risks, with the added security of a $26.2 billion euro EU budget guarantee. The Public Sector Loan Facility offers a unique financing option, serving as a credit line to enhance public funding in specific areas. This facility, offered by the European Investment Bank, combines grants from the European Union with loans to support projects in targeted regions. It also extends assistance to projects that may not generate profits. The Center for Green Finance was founded in Kazakhstan in 2018 at the Astana International Financial Center with the aim of advancing and advocating for environmentallyfriendly financial practices.

Making new drugs the hard way.

A new drug can have its origin in either pharma, biotech or academia. In general, discovery scientists working in pharma and biotech are advantaged over their academic counterparts and the relative advantages and disadvantages associated are discussed in depth. Against all odds, an increasing number of important drugs have had their origins in academia. This article reports three case studies from the Liotta Research Group (LRG), which explores the special circumstances that allowed these drug development campaigns to be successful. The first involves the antiretroviral agent, emtricitabine. In this case efficient synthetic methodology, developed in the LRG, coupled with some key university and commercial sector partnerships, enabled a group of academic collaborators to discover and develop a highly effective HIV reverse transcriptase inhibitor. The second case study involves the discovery and development of the breakthrough hepatitis C drug, sofosbuvir. Based on key input from Professors Schinazi and Liotta at Emory University, scientists at the Emory startup, Pharmasset, identified the nucleoside core of the drug that would become sofosbuvir. Subsequent analysis of its phosphorylation profile by Pharmasset scientists suggested that converting it to its corresponding monophosphate prodrug would circumvent a kinase block and enable it to be an effective hepatitis C polymerase inhibitor. The third case study describes the formation of DRIVE (Drug Innovation Ventures at Emory)/EIDD (Emory Institute for Drug Development), which were created to circumvent unintended impediments for carrying out academic drug discovery and development. Although DRIVE/EIDD is a wholly-owned, not-for-profit subsidiary of Emory University, it contains many attributes that enables it to operate much more nimbly than a typical academic laboratory. With an experienced drug development team and no shareholders to distract them, DRIVE/EIDD was able to focus its attention of the development of drugs to address viral diseases of global concern. In particular, their strategy to identify and develop an antiviral agent active against multiple single-stranded RNA viruses led to molnupiravir, a broadly active, oral drug that received Emergency Use Authorization for the treatment of SARS-CoV-2 infections (i.e., COVID-19).

Venture Aging: A Process Model of Legitimacy, Routinization, and Competitor Imitation of Venture Innovation Capabilities

This study proposes a process model that delineates how venture aging results in legitimacy and routinization, and subsequent venture performance. This model addresses the gap between new venture literature and organizational management literature. The resource-based view of the firm and competitive rivalry models are used to develop the theory behind the process model. The model shows that venture aging enhances legitimacy, which is shown to increase competitor attacks and imitation attempts of venture innovation capabilities. Venture routinization increases the inimitability of a venture’s innovation capabilities, which decreases the success of competitors trying to imitate the new venture. The resulting effects on venture performance identify approaches that entrepreneurs can take to increase their chances of successfully navigating the venture aging process. The model assists researchers in further developing the competitive rivalry literature by explaining how factors such as awareness, motivation, and capability of competitors influence venture success.

The Poets of Myanmar

Since this field is required for the submission to continue, I am including the same biography as in previous screen:
 Biography
 Paul Cummins’ Poems have appeared in numerous publications including The New Republic, Poetry LA, Whole Notes, Exquisite Corpse, Coracle, Black Buzzard Review, Rattle, Cooweescoowee, Cloudbank, Rockhurst Review, South Loop Review, Absoloose and Perfume River. Also he has won several poetry prizes and has appeared in many anthologies.
 In addition, Cummins is an educator, writer and social entrepreneur. From Stanford (B.A.) to Harvard (M.A.T.) to USC (Ph.D.) to classroom teaching 1960-71, he went on to the founding and co-founding of six schools — including private schools such as Crossroads School and TREE Academy, plus Camino Nuevo Public Charter School. From the creation of educational outreach programs such as P.S. Arts and The Coalition for Engaged Education to all his groundbreaking and innovative ventures, Cummins has been a champion for quality education, especially for at-risk, foster and incarcerated youth.
 His publications include an autobiography, Confessions of a Headmaster, three other books on education, two children’s books, four collections of essays, a biography of a holocaust survivor, Dachau Song, and three volumes of poetry.

Innovation Culture as a Driver of a Firm’s Innovation Excellence: Evidence from Apple and Huawei

Innovation culture is a pivotal driver of a firm’s innovation excellence. This inspires employees to think and do the unthinkable. In that context, this case study uses Apple and Huawei as examples to analyse how innovation culture drives innovation excellence in firms. In such analysis, critical content analysis was integrated with unstructured interviews with product managers from Apple-Glasgow Stores in Scotland and Huawei’s Authorised Stores in Dubai-United Arab Emirates. The study aimed to extract critical information on Apple and Huawei’s innovation behaviours, culture and practices as well as their competition enhancing effects. Outcomes of such analysis were triangulated with the results of systematic review of core theories and literature on innovation culture creation and its leveraging effects on a firm’s performance. Findings revealed innovation culture to unlock employees’ overall improved creativity to think and do the unimaginable. This creates higher product, process, position and paradigm differentiations to leverage a firm’s overall competitiveness. Huawei’s innovation culture catalyses the embracement of higher level of employee creativity and innovativeness across different business functions as a daily business practice and way of life that defines how each and every activity is accomplished. This was found to drive improved quality, cost minimisation and creation of process efficiency advantages that are passed to customers through lower prices to bolster Huawei’s overall process and position competitiveness. Likewise Apple’s entrenched innovation practices and behaviours were found to create higher premium values that customers are willing to acquire even if the products are of significantly higher premium prices. Combined with Apple’s higher commitment to quality excellence as an innovation culture that delights employees to think and do the unthinkable, this was found to bolster Apple’s competitive edge to fetch higher returns as a leader in the global premium telecommunication and consumer electronics segment. Despite its competitive edge, Apple still faces challenges of lowering prices to fill gaps in the lower-income segments that Huawei and Samsung are using as the attack base, inspite suffering from the phenomenon of ‘Made in China are Cheap”. From these findings, the paper extracted an innovative culture development model that can be emulated by the emerging innovation ventures.

Digital finance and green innovation efficiency: empirical data from Chinese listed manufacturing companies.

Amid the flourishing digital economy, digital finance overcomes the constraints of the conventional financial model and largely improves the supply efficiency and use of funds. This provides new opportunities for manufacturing corporations to improve their green innovation efficiency. Employing Chinese Shenzhen and Shanghai A-share listed manufacturing corporations between 2011 and 2021, this paper conducts an empirical analysis to study the effect of digital finance on corporate green innovation efficiency. Discoveries suggest that digital finance significantly improves manufacturing corporations' green innovation efficiency. After a few robustness tests, the results are still accurate. According to a mechanism analysis, digital finance increases the effectiveness of green innovation in manufacturing corporations by removing financing constraints. According to the heterogeneity analysis, the impact of digital finance on manufacturing corporations exhibits distinctive financial and geographical regional heterogeneity, particularly accentuated in Zhejiang Province and the central and western regions. This paper can provide a valuable reference for digital finance in supporting manufacturing corporations in green innovation ventures and improving the level of green innovation in the context of digitalization.

Analysis of the Integrated Basic Sanitation Concession Model Adopted by the Municipality of São Simão, Goiás

Objective: To assess the integrated concession model adopted by São Simão, a municipality in the state of Goiás, which encompasses water supply, sanitary sewage, and urban solid waste management services. Theoretical Framework: Law 14,026 established the year 2033 for the universalization of water supply and sanitation services and the year 2024 for the implementation of environmentally adequate final disposal in Brazilian municipalities (Brasil, 2020a). Due to reduced federal funding for investment, the federal government has sought the involvement of private entities to ensure the capacity for investment, operation, and maintenance of these services. Method: Information about the federal government's strategy was obtained from the websites of the Ministries of Regional Development and Economy and the Caixa Econômica Federal. For the case study of the integrated concession, research was conducted on the reference studies of the modeling and the bidding notice, made publicly available by the municipality on its website. Results and Conclusion: The tariffs obtained in the concession modeling indicate an average commitment of 4.12% of the household income, in line with international benchmarks for expenditure on basic sanitation and consistent with market-practice values. Tariff affordability and the economic-financial feasibility of the project were enhanced by the synergy among the three sanitation sectors. Research implications: The model enables the achievement of the goals set by the new legal framework for sanitation through a standard concession, without any counterpart or additional input from the municipality. Originality/Value: The integrated concession model represents an innovative venture with the potential to boost the economic and financial sustainability of universal access to basic sanitation in the country.

Unraveling the impact of bank loan spread on corporate innovation: Evidence from China

This research explores the innovation dilemmas inherent in large listed companies and state-owned enterprises that are often marred by suboptimal innovation outputs due to a deficiency of intrinsic motivation. It aims to unravel the intricate role of loan spreads as the cardinal influencers of innovation within such entities. Dissecting the nuances of loan spreads the disparity between corporate bank loan rates and the benchmark rate set by the People’s Bank of China reveals that alterations in loan spreads directly influence firms’ inclinations to launch high-risk, high-reward innovative ventures by manipulating investment trajectories through cash flow modifications. The empirical findings corroborate that ascending loan spreads have a stifling effect on innovation, particularly for firms with high debt or financial leverage.