Entrepreneurial Profiles of Creative Destruction

Entrepreneurial Profiles of Creative Destruction

Entrepreneurial Profiles of Creative Destruction Courage, Imagination and Creativity in Action Elias G. Carayannis George Washington University, Washington, DC, USA McDonald R. Stewart Independent Consultant and Entrepreneur, Colorado Springs, CO, USA Caroline Sipp Inter-American Development Bank (IADB), Washington, DC, USA Thanos Venieris Venieris Enterprises, Thessaloniki, Greece

Elias G. Carayannis, McDonald R. Stewart, Caroline Sipp and Thanos Venieris 2014 Individual chapters Respective authors 2014 Softcover reprint of the hardcover 1st edition 2014 978-0-230-00203-6 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6 10 Kirby Street, London EC1N 8TS. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2014 by PALGRAVE MACMILLAN Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan in the US is a division of St Martin s Press LLC, 175 Fifth Avenue, New York, NY 10010. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave and Macmillan are registered trademarks in the United States, the United Kingdom, Europe and other countries. ISBN 978-1-349-28040-7 ISBN 978-1-137-42983-4 (ebook) DOI 10.1057/9781137429834 A catalogue record for this book is available from the British Library. A catalog record for this book is available from the Library of Congress. Transferred to Digital Printing in 2014

Contents List of Figures and Tables vi 1 Introduction and Definition of Terms 1 Elias G. Carayannis 2 Theory and Literature 29 Elias G. Carayannis and McDonald R. Stewart 3 Obsessed Maniacs and Clairvoyant Oracles: Empirically Validated Patterns of Entrepreneurial Behavior 131 Elias G. Carayannis and McDonald R. Stewart 4 Dystechnia: A Model of Technology Deficiency and Implications for Entrepreneurial Opportunity 160 McDonald R. Stewart and Elias G. Carayannis 5 Knowledge-Driven Creative Destruction: Strategic Knowledge Arbitrage and Serendipity 183 Elias G. Carayannis 6 Real Technology Options and Venture Creation 209 Elias G. Carayannis and Caroline Sipp 7 From the Zoo to the Jungle and Back in a Second: The Profile of a Serial Entrepreneur in Action 262 Thanos Venieris Index 346 v

Figures and Tables Figures 2.1 Map of literature review and theoretical framework 30 2.2 Scott s institutional pillars and analytic levels: illustrative schools amended with overlay of technology entrepreneurship 44 2.3 A triple-layered architecture of technological learning: the SMOTL topology 65 2.4 The cone of strategic technological hyperlearning, illustrating concentric levels of technological learning 66 2.5 Modified spiral of organizational learning, cognition and knowledge 67 2.6 The creativity-innovation-competitiveness double helix and value-added chain 68 2.7 The basic S-curve model of system productivity 81 2.8 The technology lifecycle S-curve 82 2.9 Continuous and discontinuous innovation: technology performance roadmap 86 2.10 Four modes of Schumpeterian firm evolution dynamics 87 2.11 The 21st-century fractal innovation ecosystem 89 2.12 Heterogeneity dynamics: the microlevel stages, drivers and determinants 92 2.13 Conceptual model of multidimensional sociotechnological network structure 98 2.14 Network imperfections connote dystechnic regimes 99 2.15 The clairvoyant oracle of entrepreneurship sees opportunity in dystechnic regimes 100 2.16 The obsessed maniac of entrepreneurship persistently hones the venture initiative 101 2.17 The entrepreneur s technology venture remediates the targeted dystechnic regime 101 3.1 Heterogeneity dynamics the microlevel stages, drivers and determinants 137 3.2 Heterogeneity dynamics co-opetition, co-evolution and co-specialization 137 5.1 The lifecycle of creative destruction: an ecosystem perspective 184 5.2 Analyzing knowledge impact on M&A benefits by timeframe 193 vi

List of Figures and Tables vii 5.3 From one ecosystem to the next: OCS in C3 196 5.4 Pushing the performance envelop with SKARSE 205 5.5 SKARSE dimensions place and content 205 6.1 New venture formation levels across configurations and subpopulations 217 6.2 Survival rates for new ventures, expressed as the probability of formation occurring across configurations and subpopulations 218 A.V.1 Conceptual model of heterogeneous agent landscape of simulation 248 A.V.2 System model of new venture formation simulation 253 Tables 2.1 Stewart s reinterpretation of evolutionary relevance of Scott s institutional pillars 45 2.2 Stewart s technology entrepreneurship perspective of Scott s cultural-cognitive pillar 75 2.3 Summary of phylogenic relationships within the innovation theoretical framework 85 2.4 Summary of classified constituents of technology entrepreneurship theoretical framework 93 3.1 Interpreted grounded theory of the entrepreneur: entrepreneurial constitution what the entrepreneur might have 142 3.2 Interpreted grounded theory of the entrepreneur: entrepreneurial behaviors what the entrepreneur might do 144 5.1 Knowledge dynamics 195 5.2 SKARSE and C3 implications for M&A 198 5.3 M&A Maturity Model: Company A is integrated 199 5.4 M&A Maturity Model: Company B is managed 201 5.5 M&A Maturity Model: Company C is integrated to self-optimizing 203 5.6 M&A Maturity Model: Company D is self-optimizing 204 6.1 Statistical difference between TD and TB for options in co-opetition 211 6.2 Statistical difference between TD and TB for options in strategic co-evolution 212 6.3 Statistical difference between TD and TB for options in non-strategic co-evolution 212 6.4 Statistical difference in options use between strategic and non-strategic investments for TD 213 6.5 Statistical difference between TD and TB for options in co-specialization 214

viii List of Figures and Tables 6.6 Characteristics of interview participants 214 6.7 ANOVA for levels of new venture formation across regions 220 6.8 ANOVA for the age of new venture formation across regions 221 6.9 ANOVA for the probability of new venture formation across regions 221 A.V.1 Demonstration of knowledge matching method for thresholds 256