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"West, G. Page"
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The Impact of Knowledge Resources on New Venture Performance
A new venture's strategy-and thus its performance-is based upon the knowledge the firm has about its market, its opportunity in that market, and its appropriate conduct to take advantage of that opportunity. Resource-based theory underscores knowledge as a type of resource that confers competitive advantage and the potential for sustainability, two factors that are critical for start-ups. Three types of procedural knowledge are considered to be important at start-up: (1) about the industry in which the venture competes; (2) about the type of business approach the venture is pursuing; and (3) about creating, building, and harvesting new ventures. Knowledge useful to the new venture is developed either through relevant personal experiences or by accessing relevant knowledge possessed by others. Hypotheses are developed regarding the impact on the performance of new ventures as a result of these sources of knowledge, and these relationships are explored in a study of new technology-based firms.
Journal Article
Making wine and making successful wineries: resource development in new ventures
Purpose
– Most research on new organizations drawing on resource-based theory examines firms in discrete development stages with resources that already exist. The purpose of this paper is to articulate a broader view of changing resource requirements over the life of new organizations. The authors propose four phases of resources development, arguing that new resources and capabilities must develop as new strategic challenges emerge. The paper identifies salient resources in these phases and finds that internal resource development is context dependent, interacting with the external stage of industry development.
Design/methodology/approach
– After developing the theoretical model, the authors use an exploratory qualitative study involving extensive case studies of new ventures in the wine industry. Key personnel at a sample of firms were interviewed, supplemented with secondary data from published reports.
Findings
– The paper finds that a linear stage development model for new organizational ventures is inappropriate. The various combinations of early/later new ventures in a formative/developed industry suggest that some may proceed rapidly in a linear fashion through phases of development, while others may find progress slow, difficult, stalled or occasionally regressive. A combination of resources developed simultaneously in a non-linear pattern appears to be critical to the success of new ventures. In other words, combinations must evolve as the strategic challenges evolve, thus bringing an important contextual view to the examination of dynamic resource development efforts for new organizations. Attempts to focus in a piecemeal fashion on individual aspects of resource development, without accounting for resource interactions at a systemic level or the nature of the strategic demands, is likely to leave researchers and practitioners with incomplete insights.
Originality/value
– Existing studies have failed to grasp the dynamic and interactive process of resource development as organizations evolve in a new industry setting. The model presented in this paper provides a heuristic device for conceptualizing these changes.
Journal Article
Capitalism 2.0: implications for management 2.0
Purpose - The purpose of this paper is to introduce a collection of articles representing the best papers and invited contributions from attendees at the 4th Annual Global Drucker Forum, an international conference focused on future challenges facing management.Design methodology approach - The recent financial crisis has presented twin challenges confronting the next generation of management: a transformation toward a new environment in which market-driven efficiency and the concern for a functioning society are better aligned, and the nature of management practice that successfully addresses this alignment. Dimensions of these challenges are discussed in five articles in this special issue. This summary of the articles and underlying themes is provided by a professor whose teaching and research focus on strategy and entrepreneurship in free markets.Findings - The articles in this issue discuss the need in organizations for adaptive flexibility, new ways of thinking, leadership behaviour at the individual and system level, and systems thinking to overcome short termism. Themes underlying these challenges include the challenges of managing in the present for the future, the need to create a learning organization, and the complexity of managing holistically.Research limitations implications - The paper suggests themes that might benefit from future management research.Originality value - This paper summarizes cutting-edge issues for management that were discussed at a recent international conference, and synthesizes six authors' research contributions that address dimensions of these issues.
Journal Article
Creating a technology-based entrepreneurial economy: a resource based theory perspective
Academic research has identified a broad array of resources that exist in communities that have an established technology-based entrepreneurial venture population. These studies have focused upon well-known areas such as the Silicon Valley, the 128 loop in Boston and Austin, Texas. Yet even in these relatively homogeneous environments the studies have been highly inconsistent in their findings as to what bundle of resources might be critical in attracting new ventures. Many other communities have either been unsuccessful or only marginally successful in their efforts to recreate the magic of Silicon Valley. We utilize a Resource-Based model to suggest that communities develop unique bundles over time and that the development of these bundles in a particular geographic area is neither linear nor easily replicable.
Journal Article
Responding to opportunity and need
An entrepreneur takes advantage of knowledge and resources to identify and pursue opportunities that initiate change and create value in one's life and those of others. Here, Gatewood and West detail the Ewing Marion Kauffman Foundation's definition of a successful entrepreneur.
Journal Article
COMMUNICATED KNOWLEDGE AS A LEARNING FOUNDATION
Organizational learning capabilities are embedded in organizational communication systems and processes related to knowledge creation and articulation. The emergence of new organizational forms (such as horizontal organizations) in rapidly-changing environments and hyper-competitive markets underscores the need to better understand these foundational sources of learning. In fact, the reason horizontal organizations may find success is that their structure is intended to promote communications systems and processes which enhance a knowledge-response sequence similar to a stimulus-response sequence associated with learning. These systems permit managers to quickly gather information, respond with agility in making decisions, and continue to make ongoing adjustments. Firms which understand the need to build their communications capabilities may be characterized as meta-learning organizations. Resource-based theory suggests that communications systems and processes are thus sources of competitive advantage. Future empirical research on organizational learning may progress by evaluating specific measures of communication process as proxies for learning processes.
Journal Article
Communicated knowledge as a learning foundation
Organizational learning capabilities are embedded in organizational communication systems and processes related to knowledge creation and articulation. The emergence of new organizational forms (such as horizontal organizations) in rapidly-changing environments and hypercompetitive markets underscores the need to better understand these foundational sources of learning. In fact, the reason horizontal organizations may find success is that their structure is intended to promote communications systems and processes which enhance a knowledge-response sequence similar to a stimulus-response sequence associated with learning. These systems permit managers to quickly gather information, respond with agility in making decisions, and continue to make ongoing adjustments. Firms which understand the need to build their communications capabilities may be characterized as meta-leaning organizations. Resource-based theory suggests that communications systems and processes are thus sources competitive advantage. Future empirical research on organizational learning may progress by evaluating specific measures of communication process as proxies for learning processes.
Journal Article