Developing a methodology for co-creation using extended reality technologies.

Amid the remarkable growth of innovative technologies, particularly immersive technologies like Extended Reality (XR) (comprising of Virtual Reality (VR), Augmented Reality (AR) & Mixed Reality (MR)), a transformation is unfolding in the way we collaborate and interact. The current research takes the initiative to explore XR’s potential for co-creation activities and proposes XR as a future co-creation platform. It strives to develop a XR-based co-creation system, actively engage stakeholders in the co-creation process, with the goal of enhancing their creative businesses. The research leverages XR tools to investigate how they can enhance digital co-creation methods and determine if the system facilitates efficient and effective value creation during XR-based co-creation sessions. In specific terms, the research probes into whether the XR-based co-creation method and environment enhances the quality and novelty of ideas, reduce communication challenges by providing better understanding of the product, problem or process and optimize the process in terms of reduction in time and costs. The research introduces a multi-user, multi-sensory collaborative and interactive XR platform that adapts to various use-case scenarios. This thesis also presents the user testing performed to collect both qualitative and quantitative data, which serves to substantiate the hypothesis. What sets this XR system apart is its incorporation of fully functional prototypes into a mixed reality environment, providing users with a unique dimension within an immersive digital landscape. The outcomes derived from the experimental studies demonstrate that XR-based co-creation surpasses conventional desktop co-creation methods and remarkably, the results are even comparable to a full mock-up test. In conclusion, the research underscores that the utilization of XR as a tool for co-creation generates substantial value. It serves as a method that enhances the process, an environment that fosters interaction and collaboration, and a platform that equips stakeholders with the means to engage effectively.

Corporate Venture Capital: How established firms use external resources to create new competencies

This Doctoral Dissertation is triggered by an emergent trend: firms are increasingly referring to investments in corporate venture capital (CVC) as means to create new competencies and foster the search for competitive advantage through the use of external resources. CVC is generally defined as the practice by non-financial firms of placing equity investments in entrepreneurial companies. Thus, CVC can be interpreted (i) as a key component of corporate entrepreneurship - acts of organizational creation, renewal, or innovation that occur within or outside an existing organization– and (ii) as a particular form of venture capital (VC) investment where the investor is not a traditional and financial institution, but an established corporation. My Dissertation, thus, simultaneously refers to two streams of research: corporate strategy and venture capital. In particular, I directed my attention to three topics of particular relevance for better understanding the role of CVC. In the first study, I moved from the consideration that competitive environments with rapid technological changes increasingly force established corporations to access knowledge from external sources. Firms, thus, extensively engage in external business development activities through different forms of collaboration with partners. While the underlying process common to these mechanisms is one of knowledge access, they are substantially different. The aim of the first study is to figure out how corporations choose among CVC, alliance, joint venture and acquisition. I addressed this issue adopting a multi-theoretical framework where the resource-based view and real options theory are integrated. While the first study mainly looked into the use of external resources for corporate growth, in the second work, I combined an internal and an external perspective to figure out the relationship between CVC investments (exploiting external resources) and a more traditional strategy to create competitive advantage, that is, corporate diversification (based on internal resources). Adopting an explorative lens, I investigated how these different modes to renew corporate current capabilities interact to each other. More precisely, is CVC complementary or substitute to corporate diversification? Finally, the third study focused on the more general field of VC to investigate (i) how VC firms evaluate the patent portfolios of their potential investee companies and (ii) whether the ability to evaluate technology and intellectual property varies depending on the type of investors, in particular for what concern the distinction between specialized versus generalist VCs and independent versus corporate VCs. This topic is motivated by two observations. First, it is not clear yet which determinants of patent value are primarily considered by VCs in their investment decisions. Second, VCs are not all alike in terms of technological experiences and these differences need to be taken into account.