External corporate venture capital investment: Towards a framework for capturing and measuring strategic value

This paper presents the initial results of on-going research in the field of external Corporate Venture Capital (CVC) investments, i.e. equity investments of large corporations in entrepreneurial ventures which originated outside the corporation. The research is motivated by the fact that external CVC plays an increasingly important role within the strategy of corporations. Driven by a general trend towards a more open approach to innovation, companies see particular value in external corporate venturing as a tool to gain, for example, access to complementary technologies and a general window on technology developments. The review of literature in the field of external corporate venturing clearly reveals that theoretical gaps exist in understanding mechanisms for capturing value and measurements of this value. To help close these gaps, the research addresses the underlying question "How do corporations and start-ups capture and measure strategic value through external CVC investments" by using embedded, multiple case studies. Following an initial set of case studies, steps towards the development of a framework for capturing and measuring strategic value from CVC investments are outlined within this paper and the resulting preliminary framework is presented. The paper closes with an outlook on ongoing and future research steps. © 2009 PICMET.

Which diagrams and when? Health workers' choice and usage of different diagram types for service improvement

Diagrammatic representations, such as process mapping and care pathways, have been often used for service evaluation and improvement in healthcare. While a broad range of diagrammatic representations exist, their application in healthcare has been very limited. There is a lack of understanding about how and which diagrams could be usable and useful to health workers. In this study, ten mental health workers were asked to discuss positive and negative issues around their service delivery using one or two diagrams of their choice out of seven different diagrams representing their service: care pathway diagram; organisation diagram; communication diagram; service blueprint; patient state transition diagram; free form diagram; geographic map. Their interactions with diagrams were video-taped for analysis. The patient state transition diagram was the most popular choice in spite of relatively low previous familiarity. The overall findings provided insight into a better use of diagrams in healthcare. © 2012 Springer-Verlag.

Towards a modular toolkit for strategic technology management

Many strategic technology management methods and tools have been proposed and deployed by academics and practitioners. Each approach, with its advantages and disadvantages, provides a particular perspective for supporting understanding, analysis, decision and action. Many approaches overlap in function, the interfaces with other methods are not clear, and many variants of tools are often available with little guidance provided for their application. As a step towards the construction of a flexible toolkit for supporting strategic technology management, this paper sets out a workshop-based approach that comprises functional modules that can be combined to address a range of management challenges. Copyright © 2012 Inderscience Enterprises Ltd.

Striatal activity underlies novelty-based choice in humans.

The desire to seek new and unfamiliar experiences is a fundamental behavioral tendency in humans and other species. In economic decision making, novelty seeking is often rational, insofar as uncertain options may prove valuable and advantageous in the long run. Here, we show that, even when the degree of perceptual familiarity of an option is unrelated to choice outcome, novelty nevertheless drives choice behavior. Using functional magnetic resonance imaging (fMRI), we show that this behavior is specifically associated with striatal activity, in a manner consistent with computational accounts of decision making under uncertainty. Furthermore, this activity predicts interindividual differences in susceptibility to novelty. These data indicate that the brain uses perceptual novelty to approximate choice uncertainty in decision making, which in certain contexts gives rise to a newly identified and quantifiable source of human irrationality.

Key principles for developing industrially relevant strategic technology management toolkits

When considering the potential uptake and utilization of technology management tools by industry, it must be recognized that companies face the difficult challenges of selecting, adopting and integrating individual tools into a toolkit that must be implemented within their current organizational processes and systems. This situation is compounded by the lack of sound advice on integrating well-founded individual tools into a robust toolkit that has the necessary degree of flexibility such that they can be tailored for application to specific problems faced by individual organizations. As an initial stepping stone to offering a toolkit with empirically proven utility, this paper provides a conceptual foundation to the development of toolkits by outlining an underlying philosophical position based on observations from multiple research and commercial collaborations with industry. This stance is underpinned by a set of operationalized principles that can offer guidance to organizations when deciding upon the appropriate form, functions and features that should be embodied by any potential tool/toolkit. For example, a key objective of any tool is to aid decision-making and a core set of powerful, flexible, scaleable and modular tools should be sufficient to allow users to generate, explore, shape and implement possible solutions across a wide array of strategic issues. From our philosophical stance, the preferred mode of engagement is facilitated workshops with a participatory process that enables multiple perspectives and structures the conversation through visual representations in order to manage the cognitive load in the collaborative environment. The generic form of the tools should be configurable for the given context and utilized in a lightweight manner based on the premise of 'start small and iterate fast'. © 2012 Elsevier Inc.

Mapping experience in organizations: A learning process for strategic technology planning

Today's fast-paced, dynamic environments mean that for organizations to keep "ahead of the game", engineering managers need to maximize current opportunities and avoid repeating past mistakes. This article describes the development study of a collaborative strategic management tool - the Experience Scan to capture past experience and apply learning from this to present and future situations. Experience Scan workshops were held in a number of different technology organizations, developing and refining the tool until its format stabilized. From participants' feedback, the workshop-based tool was judged to be a useful and efficient mechanism for communication and knowledge management, contributing to organizational learning.