ACE research vignette 030 : Is venture capital investment the key to success?

This series of research vignettes is aimed at sharing current and interesting research findings from our team of international Entrepreneurship researchers. This vignette, written by Professor Per Davidsson, reports on a paper which synthesizes available research on the effects of VC funding on the performance of the funded firm.

Rating defense mega-project success : the role of personal attributes and stakeholder relationships

In this paper, we develop and test a model of the relationships between mega-project leaders’ personal attributes and their ratings of project success in the context of the Australian defense industry. In our model, emotional intelligence, cognitive flexibility, and systemic thinking were hypothesized to be related to project success ratings, mediated by internal and external stakeholder relationships. We tested the model in an online survey study of 373 mega-project leaders. Results were that emotional intelligence and cognitive flexibility were found to be related to the quality of mega-project leader’s relationships with both internal and external stakeholders; and that these relationships in turn were found to be associated with the project leaders’ ratings of project success. We found however that systemic thinking had no relationship with either stakeholder relationships or ratings of project success. We conclude with a discussion of the implications of these findings and make recommendations for future research. In particular, additional research is needed to examine the contribution of a wider range of competencies on stakeholder relationships and project success in mega-projects, and that there is also a need for research in future to attempt to use more objective ratings of project success.

Defining mega project success in Australian defence : a relation-based framework for value co-creation with project stakeholders

Defining success in mega projects has been a challenging exercise for Australian Defence. The inherent conflict between nation capability building and cost efficiency raises questions about how to appropriately define mega project success. Contrary to the traditional output-focused project methodology, the value creation perspective argues for the importance of creating new knowledge, processes, and systems for suppliers and customers. Stakeholder involvement is important in this new perspective, as the balancing of competing needs of stakeholders in mega projects becomes a major challenge in managing the value co-creation process. In our earlier study reported interview data from three Australian defence mega projects and reported that those senior executives have a more complex understanding of project success than traditional iron triangle measures. In these mega defence projects, customers and other stakeholders actively engage in the value creation process, and over time both content and process value are created to increase defence and national capability. Value created and captured during and post projects are the key to true success. We aim to develop a comprehensive theoretical model the capture the value co-creation process as a way of re-conceptualising success in mega projects. We propose a new framework redefine project value as multi-dimensional, contextual and temporal construct that emerges from the interactions among multiple stake holders over the complete project life cycle. The framework distinguishes between exploitation and exploration types of projects, and takes into consideration the requisite governance structures.

Rating defence major project success : the role of personal attributes and stakeholder relationships

In this paper we develop and test a model of the associations between major project managers' personal attributes and project success in the context of the Australian Defence industry. In our model, emotional intelligence, cognitive flexibility and systemic thinking were hypothesised to relate to project success, mediated by internal and external stakeholder relationships. The model was tested in an online survey with 373 major project managers. Emotional intelligence and cognitive flexibility were found to be related to the development, quality and effectiveness of major project managers' relationships with both internal and external stakeholders; and these in turn were associated with their ratings of project success. Systemic thinking, however, had no relationship with either stakeholder relationships or project success. Additional research is needed to examine the contribution of a wider range of personal attributes to stakeholder relationships and project success, and to assess whether this model is applicable in other industries and types of projects.

The Relation between work motivation and project management success in case of temporary organizations : theoretical lenses

The purpose of this paper is to present theoretical lenses that explain the relation between work motivation and project management success in case of temporary organizations such as projects. This paper is a part of the larger research study that first empirically identifies the constructs of work motivation in case of temporary organizations, and then empirically determines the relation between work motivation, and project management success. In the current paper, we have briefly reviewed the theories of work motivation from the work design school. These theories are predominantly drawn from the industrial/ organizational psychology literature. Then, we have considered the recent research on Nine Schools of Project Management as a point of departure to review theory on project management success. These theoretical perspectives are drawn from project management literature. We then illustrate the points of overlap for the theories drawn from these two disciplines. This review helps us to position our research study within the industrial/ organizational psychology, and project management literature as a cross-discipline study.

NRM engagement between remote dryland communities and government agencies : success factors from Australia

The management of dryland environments involves the interaction of multiple government agencies and citizens, and is required to respond to a wide range of responsibilities and aspirations for a given region. This paper focuses on the characteristics of engagement between management agencies and citizens in a dryland region, presented here as a series of success factors. These factors are based on empirical research carried out in the Lake Eyre Basin in Australia, one of the world’s largest inwardly draining basins. The results reinforce generic and dryland-specific factors supporting successful community engagement. The former, such as building trust, working in partnership, supporting community champions, and maintaining transparency, are necessary but insufficient for achieving successful community engagement in the case study region. In addition, community engagement in the case study region also required respecting the extreme conditions and extraordinary variability of the Basin and committing to longer timeframes even if the outcomes of community engagement are slow to accrue, in order to take advantage of opportunities in more prosperous times.

Defence industry projects : investigating the impact of major project manager attributes on stakeholder relationships and project success

This thesis identifies attributes, skills and behaviours that major project managers require for stakeholder relationships competence and project success within a major project environment. It develops valid and reliable measures of internal and external stakeholder relationships competence, tests a complex conceptual model and explores the effectiveness of the QUT Executive Masters of Complex Project Management and Strategic Procurement in developing major project managers' stakeholder relationships competence. Implications of this thesis are for government and industry in identifying factors associated with major project success, as this will lead to better major project outcomes potentially resulting in time and monetary savings of years and billions of dollars.

Entrepreneurship education in non-business schools : best practice for Australian contexts of knowledge and innovation communities (Final Report)

In the current era of global economic instability, business and industry have already identified a widening gap between graduate skills and employability. An important element of this is the lack of entrepreneurial skills in graduates. This Teaching Fellowship investigated two sides of a story about entrepreneurial skills and their teaching. Senior players in the innovation commercialisation industry, a high profile entrepreneurial sector, were surveyed to gauge their needs and experiences of graduates they employ. International contexts of entrepreneurship education were investigated to explore how their teaching programs impart the skills of entrepreneurship. Such knowledge is an essential for the design of education programs that can deliver the entrepreneurial skills deemed important by industry for future sustainability. Two programs of entrepreneurship education are being implemented at QUT that draw on the best practice exemplars investigated during this Fellowship. The QUT Innovation Space (QIS) focuses on capturing the innovation and creativity of students, staff and others. The QIS is a physical and virtual meeting and networking space; a connected community enhancing the engagement of participants. The Q_Hatchery is still embryonic; but it is intended to be an innovation community that brings together nascent entrepreneurial businesses to collaborate, train and support each other. There is a niche between concept product and business incubator where an experiential learning environment for otherwise isolated ‘garage-at-home’ businesses could improve success rates. The QIS and the Q_Hatchery serve as living research laboratories to trial the concepts emerging from the skills survey. The survey of skills requirements of the innovation commercialisation industry has produced a large and high quality data set still being explored. Work experience as an employability factor has already emerged as an industry requirement that provides employee maturity. Exploratory factor analysis of the skills topics surveyed has led to a process-based conceptual model for teaching and learning higher-order entrepreneurial skills. Two foundational skills domains (Knowledge, Awareness) are proposed as prerequisites which allow individuals with a suite of early stage entrepreneurial and behavioural skills (Pre-leadership) to further leverage their careers into a leadership role in industry with development of skills around higher order elements of entrepreneurship, management in new business ventures and progressing winning technologies to market. The next stage of the analysis is to test the proposed model through structured equation modelling. Another factor that emerged quickly from the survey analysis broadens the generic concept of team skills currently voiced in Australian policy documents discussing the employability agenda. While there was recognition of the role of sharing, creating and using knowledge in a team-based interdisciplinary context, the adoption and adaptation of behaviours and attitudes of other team members of different disciplinary backgrounds (interprofessionalism) featured as an issue. Most undergraduates are taught and undertake teamwork in silos and, thus, seldom experience a true real-world interdisciplinary environment. Enhancing the entrepreneurial capacity of Australian industry is essential for the economic health of the country and can only be achieved by addressing the lack of entrepreneurial skills in graduates from the higher education system. This Fellowship has attempted to address this deficiency by identifying the skills requirements and providing frameworks for their teaching.

STOF Model : critical design issues and critical success factors

In this chapter we will make the transition towards the design of business models and the related critical issues. We develop a model that helps us understand the causalities that play a role in understanding the viability and feasibility of the business models, i.e. long-term profitability and market adoption. We argue that designing viable business models requires balancing the requirements and interests of the actors involved, within and between the various business model domains. Requirements in the service domain guide the design choices in the technology domain, which in turn affect network formation and the financial arrangements. It is important to understand the Critical Design Issues (CDIs) involved in business models and their interdependencies. In this chapter, we present the Critical Design Issues involved in designing mobile service business models, and demonstrate how they are linked to the Critical Success Factors (CSFs) with regard to business model viability. This results in a causal model for understanding business model viability, as well as providing grounding for the business model design approach outlined in Chapter 5.

Business planning in emerging firms : uses and effects

Business planning is at the core of entrepreneurship as it has implications for opportunity discovery and exploitation. This thesis' objectives are to disentangle the relationships between business planning and venture emergence to reconcile previous inconsistent findings. It reveals that the formalization of planning, the effort invested in the venture and the revision of the plan influence success for entrepreneurs in the process of launching their firm. This thesis provides generalizable results about the phenomenon of business planning by using a longitudinal random sample of emerging firms.

Challenges to ES Success : A Critical Need for Knowledge Integration

Recent literature on Enterprise System (ES) implementation projects highlights the importance of Knowledge Integration (KI) for implementation success. The fundamental characteristics of ES - integration of modules, business process view, and aspects of information transparency - necessitate that all frequent end-users share a reasonable amount of common knowledge and integrate their knowledge to yield new knowledge. Unfortunately, the importance of KI is often overlooked and little about the role of KI in ES success is known. In this chapter, the authors study the KI impact on ES success that is relevant to the ES post-implementation in support of organizations' returns on their ES investments. They adopt the ES post-implementation segment of ES utilization to explore whether the KI approach is causally linked to ES success. The research model was tested in a multi-industry sample in Malaysia from which data was gathered from managerial and operational employees spread across six large organizations. Consistent with the explanation by knowledge-based theory, the results show that KI was valid and significantly related to the outcome of ES that relates to an organization's performance, which the authors refer to as ES success. The KI positive impact on the success of ES drives one to highlight the importance of ontological KI in the complexity of the ES environment. The authors believe that focusing on an ontology through the KI perspective can make significant contributions to current ES problems.

Evaluating operational cloud enterprise systems success : an organizational perspective

This paper presents a formative measurement index to assess cloud enterprise systems success. The scale development procedure is based on Moore and Benbasat (1991), including newer scale development elements which focus on the creation and assessment of formative constructs. The data is analysed using SmartPLS with a sample of 103 IT decision makers. The results show that the perception of net benefits is shaped not only by enterprise-system-specific factors like productivity improvements and higher quality of business processes, but also by factors which are specifically attributed to cloud systems, such as higher strategic flexibility. Reliability, user requirements and customization contribute most to the overall perception of system quality. Information quality shows no cloud-specific facets and is robust in the context of cloud enterprise systems.

A critical success factors model for enterprise resource planning implementation

Enterprise Resource Planning (ERP) systems are integrated enterprise-wide standard information systems that automate all aspects of an organisations’ business processes. The ERP philosophy is that business systems incorporating sales, marketing, manufacturing, distribution, personnel and finance modules can be supported by a single integrated system with all of the company’s data captured in a central database. The ERP packages of vendors such as SAP, Baan, J.D. Edwards and Intentia represent more than a common systems platform for a business. They prescribe information blueprints of how organisation’s business processes should operate. In this paper, the scale and strategic importance of ERP systems is identified and the problem of ERP implementation is defined. Five company examples are analysed using a Critical Success Factors (CSFs) theoretical framework. The paper offers a framework for managers which provides the basis for developing an ERP implementation strategy. The case analysis identifies different approaches to ERP implementation, highlights the critical role of legacy systems in influencing the implementation process, and identifies the importance of business process change and software configuration in addition to factors already cited in the literature such as top management support and communication. The implications of the results and future research opportunities are outlined.

The implications of educational and methodological background for the career success of Nobel Laureates : an investigation of major awards

Nobel laureates have achieved the highest recognition in academia, reaching the boundaries of human knowledge and understanding. Owing to past research, we have a good understanding of the career patterns behind their performance. Yet, we have only limited understanding of the factors driving their recognition with respect to major institutionalized scientific honours. We therefore look at the award life cycle achievements of the 1901–2000 Nobel laureates in physics, chemistry, and physiology or medicine. The results show that Nobelists with a theoretical orientation achieved more awards than laureates with an empirical orientation. Moreover, it seems their educational background shapes their future recognition. Researchers educated in Great Britain and the US tend to attract more awards than other Nobelists, although there are career pattern differences. Among those, laureates educated at Cambridge or Harvard are more successful in Chemistry, those from Columbia and Cambridge excel in Physics, while Columbia educated laureates dominate in Physiology or Medicine.