The New Economy Approach to Business
1. Course Rationale
Organizations worldwide have experienced dramatic structural changes in an effort to find the magic bullet of sustainable growth. Today we have witnessed a variety of best practices all aimed at transforming the competitive and productive nature of the organization; from Six- Sigma, TQM, Just- in- Time, ISO, Quality Teams, Right- sizing to Re-engineering and more. However as Michael Porter the business strategist has suggested, all these improvements are necessary but not sufficient for the transforming the organization. Porter submits that companies must develop innovative strategies or alter existing strategies with innovative tactics to re-energize the company. To this end, it is becoming apparent to many organizations that unleashing the entrepreneurial spirit within each employee towards innovative organizational strategies, and corporate start-ups can transform the entire organization. New entrepreneurial businesses from Silicon Valley in the West to the Medical Alley in the East and have sprung up to capture customer value by applying the new entrepreneurial business model. Business writers have coined the word new economy for many of these upstart firms. Established organizations too are developing new economy growth strategies. Many companies have learned that entrepreneurial thinking can coexist and thrive within the corporate structure. Gifford Pinchot originally coined the word intrapreneuring, the pursuit of innovation and entrepreneurship within a company, in his 1985 book on organizational innovation. Building on these ideas, author Gary Hammel has proclaimed that the secret to today’s wealth creating companies is through radically changing the basis of competition through innovation. Corporate Venturing, which encompasses many of the new economy strategies, is now so meaningful to larger organizations that the term has become an integral part of the language of business. This course will explore factors that define Corporate Venturing and can lead to organizational transformation including; intrepreneurship, entrepreneurial corporate culture, corporate startups, innovation strategy, and new economy leadership/ business approaches.
2. Instructor’s Biography
Gary Biernat is an adjunct instructor in Entrepreneurial Strategy and Marketing at the University of St. Thomas. His career has focused on marketing strategy and business start-ups in corporate and entrepreneurial settings. He has served as Director of Business Development at Conwed Corporation and achieved executive marketing positions at Honeywell, ITT and Motorola. He presently leads Corporate Ventures at BMC Industries and lectures in the St. Thomas Mini-MBA Series. . He received his MBA from the University of St. Thomas in 1979 and CO-founded Adele’s Frozen Custard, a fast food restaurant business in the 1980’s. 3. Course Objectives and Methodology
This course will rely on a balance between applied and theoretical learning experiences. We will use guest speakers, lectures, videos, case discussions, textbooks, Internet programs and group discussions and projects to develop a personal understanding of the Corporate Venturing process. Objectives
A. Familiarity with readings and case study analysis leading to a thorough understanding of five components of corporate venturing: Intrapreneurship, Corporate Startups, New Economy Leadership, Corporate Culture and. Innovation. Special attention will be given to new economy business models as they relate to today’s established businesses. B. Develop an overall understanding of issues and risks facing intrepreneurs. This awareness improves intrapreneurial success rates through the creating and evaluating of opportunities, measuring risk, recognizing cultural barriers and opportunities, overcoming internal obstacles and institutionalizing entrepreneurial change....
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