CHAIR REPORT Chair Report Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship

Transcription

1 CHAIR REPORT Chair Report 2014 Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship

2 2 CHAIR REPORT 2014

3 CHAIR REPORT PREFACE Innovation distinguishes between a leader and a follower. Steve Jobs

4 4 CHAIR REPORT 2014 CONTENT PREFACE 3 CONTENT 4 1. PHILOSOPHY 7 2. TEAM Chair Holder Research Associates and Post-Docs Doctoral Students Chair Assistant Student Assistents RESEARCH Startup Research Crowdinvestment as a new Financing Instrument for Startups Founders Coaching in Entrepreneurship Education Advisory Boards in Startups Internationalization of high-tech Startups Venture Financing Research Strategic Management in Early Stage Venture Capital Funds Risk Management in Venture Capital Funds Failure of New Technology-based Firms Business Model Innovation Research Innovation Research Employee Involvement in Innovation Innovation in the Context of Resource Efficiency Science-business Collaboration Innovation & Change Management Trust Research 18

5 CHAIR REPORT Trust in Open Innovation Trust in Venture Capital Companies & Financing TEACHING Course Business Plan Development Course Innovation Management Field Projects Supervision of Master Theses Guest Speakers TRANSFER Leipzig Entrepreneurship Lecture st HHL International Investors Day Accelerate International Entrepreneurship Conference Cooperation with Hasso Plattner Institute (HPI) Innovation in Higher Education Assistance for Scholarship Applications Development of CEIM concepts for HHL / SpinLab Presentation at Bonner Akademischer Sommer Cooperation with Wirtschaftswoche EXTERNALLY FUNDED PROJECTS SMILE Excellence Cluster Bioeconomy Strategic Management in Early Stage Venture Capital Funds CONFERENCES PUBLICATIONS AWARDS ACKNOWLEDGEMENT 35

6 IMPRINT 36 6 CHAIR REPORT 2014

7 CHAIR REPORT PHILOSOPHY Entrepreneurship has been a cornerstone of the educational program at HHL for many years. With over 165 start-ups founded by HHL graduates so far, we are one of the premier breeding grounds for future entrepreneurs. In 2014 HHL was awarded for the second time as one of the best German Universities in the field of Entrepreneurship by the Stifterverband für die Deutsche Wissenschaft. Our work centers on Innovation Management in new business creation as well as in established companies. The focus is on intellectual venturing and the transfer of created knowledge from academia into businesses. The focus of this year s work was the creation and successful establishment of the two pioneering institutions The HHL International Investors Day and the SpinLab The HHL Accelarator. They both aim to further strengthen the strength of HHL and sharpen its profil in the field of entrepreneurship and innovative leadership. The chair s goal is to realize an intensive theory-practice transfer both in research and teaching. The teaching programs are interactive and practical; our lectures are supported by our wide network of entrepreneurs and innovators in the market who are engaged in stimulating co-teaching with our professors. We are very much engaged in using the new opportunities of digitizing for further improvements in research and teaching. In order to keep track with the newest research findings and trends in industry, the chairholder is i.a. member of the following institutions: German Academic Association for Business Research (VHB), Board of the Association for the Promotion of Entrepreneurial Research (FGF), Erich Gutenberg Working Group, Working Group for Technology Transfer and European Council for Small Business and Entrepreneurship (ECSB), Board of the Excellence Cluster BioEconomy, Board of CASIM (Center of Advanced Studies in Management at HHL). In addition, the chairholder and all research associates present their research results regularly at international scientific conferences.

8 8 CHAIR REPORT TEAM 2.1. Chair Holder Prof. Dr. Andreas Pinkwart Born in 1960, Prof. Dr. Pinkwart is Dean of HHL and the Chairholder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship at HHL. After becoming a banker at Dresdner Bank he studied business economics at the University of Münster and economics at the University of Bonn, where he also earned his doctorate (summa cum laude) in In 1998, he accepted a full-professorship at the University of Siegen, where he has been Professor for Business Economics esp. small and medium-sized enterprises. Because of his membership in the German Bundestag from 2002 to 2005 and in the German Bundesrat from 2005 to 2010 he got a sabbatical. He served as the Minister for Innovation, Science, Research & Technology and Deputy Prime Minister of the state of North Rhine-Westphalia from 2005 to Before he started his new positions at HHL in April 2011 he was Fellow at AICGS, Johns- Hopkins-University Washington. He has been active for years in various supervisory boards and advisory committees. He is, for example, member of the scientific board of the Center for Advanced Studies (CASiM) at HHL and member of the board of trustees of the DAAD. In addition, since 2013 he is a visiting professor at EADA Business School in Barcelona Research Associates and Post-Docs Dipl.-Kffr. Anja Hagedorn Ms. Hagedorn studied Business Administration at the University of Leipzig with the subjects Banking, Insurance and International Economic Relations. Before she started working for HHL, she worked in corporate banking in Commerzbanks Mittelstandsbank. She joined the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship in August 2011, where she was a founders coach till mid-2012 for the cooperative-project SMILE. Afterwards she started supporting the Excellence Cluster BioEconomy, which aims to derive sustainable produced chemicals from wood by conducting serveral innovation potential analysis in the field of extractives from wood and researching the question how stakeholders cooperate in order to innovate in the cluster. Besides that, she does research projects in the field of crowdfunding with focus on the decsision making processes of the crowd. Also she is working on her PhD at the Chair in the field of entrepreneurial education, where she discusses the question how founders coaching contributes to the competence development of founders.

9 CHAIR REPORT Dr. Nagwan Abu El-Ella After receiving a Bachelor of Commerce with a GPA of Excellent with Honors Degree and rated as best student, Dr. Abu-El-Ella attained her Master s degree in Business Administration in 2010 at Ain Shams University, Egypt. She has worked for several years as university lecturer in addition to her previous work as a Human Resources Manager at the subsidiary of AMS GmbH located in Mannheim. From 2007 to 2011 she has worked in parallel as a Management Trainer at International Training Centers. She has also experience as a Coordinator and Student Advisor for the MBA and M.Sc. programs of Edinburgh Business School, UK. In addition, she studied at Albert-Ludwigs Universität - Freiburg in Ms. Abu El-Ella started her work as a research associate at the chair in January In addition to her responsibilities at the chair, she has worked as a SMILE coach till the end of In November 2014, she successfully completed her PhD in the area of the employee involvement in open innovation that was evaluated with a summa cum laude. Currently, she continues her work at the chair as a post-doc. Dr. Dorian Proksch Dr. Dorian Proksch completed his Master s degree in Business Information Systems at Technische Universität München (Technical University of Munich) as top student in He received the TUMexchange scholarship and spent a semester at Oklahoma State University, USA. In addition to his studies, he was co-founder of the start-up company toptv.de and president of a Toastmasters International public speaking club. After his studies he received the EXIST entrepreneurial scholarship and worked in marketing and sales before he joined amiando GmbH to work as a sales manager responsible for US customers. In September 2011, he has joined HHL and also works part-time as a trainer for speed reading techniques. His research interests are risk management and internationalization of new technologybased companies. He successfully completed his PhD in the area of the development of new technology-based firms in January 2015 with the degree summa cum laude. Follwing, he continued as a post-doc. Eric Weber, M.Sc. On September 2012, Eric Weber took up his position as a Research Associate at the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Additional to teaching and doing research at the chair, he worked at the project SMILE (Self-Management Initiative Leipzig) till end of the year Since 2015 he is leading SpinLab - The HHL Accelerator. He holds a Bachelor of Arts in Service and Marketing Management from the University of Cooperative Education Saxony as well as a Master of Science in Management Science from the University of Leipzig. In both studies he was awarded among the best in class. He gained 5 years of work experience in the fields of sales and controlling in a mediumsized wholesaler for the business-to-business sector and more recently he worked for a consulting and software provider in the energy sector, which is an entrepreneurial spin-off of one of the big market actors. His research interests are the use of advisory boards in startups as well as innovation management in energy companies.

10 10 CHAIR REPORT Doctoral Students Beside the research associates the following internal and external doctoral students are supervised by Prof. Dr. Pinkwart: Mr. Ulrich Bremer, Career Partner Group Munich, Internationalization Strategies for Universities Mr. Martin Keßler, Daimler AG, An analysis of the know-how adjustment between OEM and providers within the automotive industry Mr. Anirban Ash, Research Associate at CASIM at HHL, The role of trust in firms and with its stakeholders Ms. Katja Grzebiela, PhD student and startup-coach at the Hasso Plattner Institut (HPI) Potsdam, Turnaround possibilities of high tech IT start-ups based on a value driver analysis Mr. Patrick Steinhagen, PhD student at HHL, The influence of venture capital characteristics on the premoney valuation, success, and capital structure of investment targets Mr. Alexander Hiller, entrepreneur and startup-coach in the SMILE project, The potential of crowdfunding for E- ventures in Africa 2.4. Chair Assistant Franziska Greim, M.A. Ms. Greim studied Cultural Studies of Science and Eastern Slavonic Studies at the University of Leipzig and worked at least at the Dean s Office of HHL before joining the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship at HHL in August 2012 as a Chair Assistant. She is the general contact person representing the Chair and is also involved in the administration and organization of Chair projects such as SMILE, HTGF, CEIM and the Excellence Cluster Bioeconomy Student Assistents The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship also has three positions of student assistants, which were/are currently staffed by Mr. Lars Radscheidt until February 2015, student in Economics and African Studies at the University of Leipzig, Mr. Jonas Donath, a Bachelor Student in Economics ath the University of Leipzig and Mr. Fabian Terbeck, a Master of Science student in Social and Economic Geography at the University of Leipzig.

11 CHAIR REPORT RESEARCH 3.1. Startup Research Crowdinvestment as a new Financing Instrument for Startups Our initial research was analyzing the eleven so far existing crowdinvesting platforms in Germany and compared usage as well as pitfalls in order to provide a comprehensive overview over the market. At this juncture the advantages for founders and investors predominates the usage, because a fast capital acquirement and capital investment for small amounts is provided, while the revenue for the investor remains uncertain. The financing of new ventures proves to be occasionally difficult, especially for small amounts. Therefore crowdinvestment is becoming more and more popular. This reflects the need of the founders for new ways to obtain small amounts of money but also the need for investors to invest in times of low credit rates and high economic uncertainty. It is characteristical of a systemical weakness of the German market - the missing financial support especially for small and medium sized startups. Empirical research on the decision making process of investors in crowfunding and crowdinvesting followed. Together with the German crowdinvesting platform Seedmatch we conducted an online-survey among investors with 349 participants, which is being currently published. Also a study which analysis the crowdfunding process of HHL s own campaign from 2013 has been conduceted. Here we examine the questions a) how the crowd can be characterized b) whether the crowd has to be attracted by a project or is an existing part of a platform c) which motives trigger the investment decision and d) if a herding bias influences the investment decision. The data is currently analyzed and will be published in forthcoming papers. First results have been presented to practitioners in cooperation with the Industrie- und Handelskammer zu Leipzig at the Designers Open in October 2014 and the Chamber of Commerce Finanzmarktforum in February Anja Hagedorn, Research Associate at the chair, presents the field of crowdfunding at the Designers Open 2014 in Leipzig

12 12 CHAIR REPORT Founders Coaching in Entrepreneurship Education The research project examines the role of founders coaching, which is a cornerstone of public and private entrepreneurship education in Germany. Nascent entrepreneurs have a need for external expertise due to high responsibilities in various management fields. At the same time the German market is providing manifold possibilities to support a young Entrepreneur, provided by many different experts like Business Angels, Venture Capital Investors, Business Consultants or governmental institutions supporting founders with their problems.thereby the activities vary widely from counseling to coaching to mentoring. Especially in the case of nascent entrepreneurs a coach can help the founder by identifying and closing learning gaps as well as the organisation by helping setting a structure and asking strategic questions. He essentially supports the building of entrepreneurial and managerial competencies. Despite the fact that it plays an important role for the support of startups and thus has been financed among others by public money, founders-coaching itself is not regulated in Germany. This means that various institutions, companies and single persons can offer the service, for instance public and private banks, self-employed founder-consultants or business incubators. Professional titles are not lawfully protected and demands as well the professional qualifications are not defined. As a consequence we face an intransparent market structure with widely varying methods, which reduces the comparability. At the same time the founders, who are obtaining support in terms of coaching are also a very heterogeneous group, with different life courses and consequently different capabilities and needs. In conclusion the professional practice of founders coaching is determined by a wide range of questions addressed by the founders and different methods as an answer from the supporters. During the research we expect to discover advantages and disadvantages, potentials and pitfalls of founder s coaching and by this contribute to theory development as well as give action recommendations for founders and coaches. We conduct qualitative and quantitative studies by conducting interviews with coaches and founders as well as submitting questionaires to founders in order to validate the qualitative findings. The latter has been done in cooperation with the Chamber of Commerce(IHK) in Leipzig Advisory Boards in Startups Since entrepreneurs might lack in sufficient capabilities and resources during the early phases of new ventures, the efficient utilization of external assets is critical. Besides coaches and consultants institutionalized boards can contribute to overcome entrepreneurial disadvantages of smallness, newness and adolescence or those weaknesses that come along with personal traits of entrepreneurial teams. Theory mainly focuses on boards of directors in (mature) family businesses. Only a few publications deal with advisory boards and virtually none with advisory boards in startups. We want to close this research gap, since those boards have a lot of advantages and first estimations claim that 10 to 20 percent of startups use it Internationalization of high-tech Startups Although, Germany is one of the leading countries regarding the export of products and innovations, the internationalization rate of new ventures and SMEs in general is low. We wanted to find out why and therefore focus on the high-tech industry. Companies from this industry usually internationalize much faster and with different market entry strategies than in other industry. In a previous study, we analyzed which resource factors hinder or foster the internationalization process using an empirical data set. Therefore, we looked at the role of the technology, of the financing and the entrepreneurial team. We found out that whether the financing and the technology had a significant role the enterpereneurial team had no influence on an early internationalization. The results were published in the Thunderbird International Business Review Vol. 56 No 1. In current studies, we want to find out more about the internationalization process itself and focus on the steps a high-tech startup goes through upon internationalization and which barriers they have to overcome. Further results were presented at the 13th Interdisciplinary European Conference on Entrepreneurial Research in Montpellier, France in the February of 2015.

13 CHAIR REPORT Venture Financing Research In the last decades only few new findings were generated in the venture capital research. A reason for that are difficulties in getting reliable data. Most studies are based on commonly and easy-accessible data sets like VentureXpert or rely on surveys. Both methods lead to a high number of cases but a low depth of the data. This strictly limits the possible results. We want to address these challenges by collecting in depth data directly from venture capital companies Strategic Management in Early Stage Venture Capital Funds In the early stage of the development of newly founded technology-based firms (NTBF) intensive non-financial support is often required in order to cope with the range of existing restrictions and risks. In this stage the additional value created by Venture Capital Funds (VCF) apart from covering capital requirements is mainly based on management support and a balanced risk management. So far, empirical academic studies of the early stage financing are mostly cross-sectional and look at a set of investments based just on the notion of the investment manager in charge. There is a lack of longitudinal studies more objectively considering the decisions and characteristics of a set of investments over time. TU Dresden and HHL are doing a combined research project to overcome these challenges. The newness of the approach is to analyze the VCFs original deal documentation and surveying investment managers and NTBF only regarding those pieces of information, which cannot be found in the VCFs files. These files e.g. include business plans, due diligences, investment reports, company reports and evaluation reports by investors. We therefore already collected data at nine venture capital funds and additional funds will follow throughout the year. First results of this project were already presented at the NRW.Bank in Düsseldorf, on the annual meeting of the German Equity Capital Association (Bundesverband Deutscher Kapitalbeteiligungsgesellschaften e.v.), at the Business Angels research Symposium Berlin and multiple times at the G-Forum in Koblenz. The project is kindly supported by Science Funding of the Savings Banks Finance Group (Wisssenschaftsförderung der Sparkassen- Finanzgruppe) and the NRW.Bank Risk Management in Venture Capital Funds Determining risk and weighing it against potential profits is one of the main tasks of a venture capitalist. Therefore, we analyze how risk can be measured and which factors influences the risk. Also, we research what measures a venture capitalist (VC) can partake to minimize the risk and which ones lead to results. Our empirical data base enables us to test the findings from the current literature and derive and test new hypothesis. They might help VC companies to better evaluate and manage their risk while investing. This might lead to more successful investments. First results were presented at the G-Forum in Oldenburg in 2014.

14 14 CHAIR REPORT Failure of New Technology-based Firms The area of business failure is underresearched as most of the current studies focus on the success factors. We conducted a study looking at the causes of business failure. We therefore were able to empirical show the relevance of the four areas market, technology, financing and human capital as the main determinants of business failure. Further, we showed that the factors differ throughout the development stages of new technology-based firms. Our results were accepted for being published in the double-blind reviewed Journal Credit and Capital Markets in September of Business Model Innovation Research NTBFs often create business model innovation in the early development stages. Reasons for that can be that the business model was not sufficiently tailored to the market needs or they need to adapt their business model as a way to further grow. An important question is what enables these business model innovations. We tried to close this research gap by conducting an empirical study focusing on the resources which might enable business model innovation for German NTBFs. The resourcebased view was identified as one of the six main research streams for business model innovation or new ventures. Further, the acquiring of key resources is stated to be one of the main factors influencing a business model. Hence, a change in the business model often needs sufficient resources. We therefore take on the resource based view. Analyzing the literature we identified five main drivers for business model innovation from the resource perspective. We tested if these five areas influence the business model innovation of the companies. To measure business model innovation we used the nine areas of the business model canvas by Osterwalder. We used qualitative data to identify if changes happened with the areas of business model innovation. As business model innovation itself and the five enabling areas could not be measured directly we used a structural equation modeling approach. Therefore, we used partial least squares (PLS) as this is the first choice for explorative models.

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16 16 CHAIR REPORT Innovation Research Employee Involvement in Innovation Development of a culture which recognizes and supports widespread employee participation is a main purpose for modern innovative organizations, as well as an established theme in the literature. However, while the concept might seem simple, its implementation in practice poses several challenges. Therefore, we published research work that aims at exploring different enablers, disablers and emerging challenges of sustaining a high involvement innovation corporate culture. - New technologies for accelerating high involvement innovation New technological tools are regarded as a main enabler of employee involvement. There appears to be significant acceleration in the use of new technologies to enhance the suite of enablers available to implement high involvement innovation. In particular social software and corporate social networks offer great opportunities for better internal networking, collaboration and co-creation of new ideas and innovations. These new technical enablers potentially extend both the reach of high involvement programs and also the richness of the type of innovation activity engaged upon. Still, much depends on the ways in which implementation of systems deploying these new approaches is undertaken and the development of appropriate behavioral routines to support them. - Employees as user-innovators Seeing innovations generated from employees as user-led innovations has been rarely discussed. In our research, we focus on employees as users of companies process innovations and explore the extent to which the landscape for engaging employees as user innovators is changing. - Change management through employee innovation and co-creation Core prescriptions for managing organizational change typically focus on careful preparation and communication throughout a change program. By having the infrastructure for involving employees, organizations enhance the absorptive capacity of employees for change. For example in an organization planning to make a major change to its systems it becomes possible to alert employees quickly and in detail to the plans and to invite their comments and constructive suggestions to shape that change. - External highly qualified employees engagement in innovation Although the use of the flexible workforce has been an integral part of many firms employment strategies, this category of employees have been rarely linked to any innovation processes. On the other hand, gaining new knowledge for innovation is an underexplored area in the area of flexible contracting, especially with regard to the highly qualified external employees. Therefore, interesting questions arise regarding how their involvement in the innovation process occurs in real business contexts, or how companies perceive such involvement and how this perception is reflected in their practices towards them Innovation in the Context of Resource Efficiency Resource efficiency has become increasingly important as a driver of innovation. The German industry has huge potentials to export resource-efficient technologies (cleantech) worldwide and at the same time local companies have to secure their resource supply and to reduce emissions. The energy sector has one key role, since utilities must provide effortable energy from environmental-friendly resources and simultaneously change their business models. In general, this research project focusses on the relationship between innovation and efficiency. In particular, energy utilities are one of the main market

17 CHAIR REPORT participants that struggle to adapt their business models, matching the technological change in energy supply from centralized fossil fuel technologies to decentralized, renewable energies. Several determinants like the technological development, changes on the demand-side and regulation (market liberalization initiated by the EU legislation) brought a growing need to adapt innovation. Seldom smaller utilities such as municipalities introduced an institutionalized and systematic innovation management. Our goal is to contribute a business perspective through the analysis of innovation and change processes on the basis of several case studies. This allows us both to understand the drivers of innovation and the change strategies of these companies as well as to recommend best-practice examples for management practice Science-business Collaboration The R&D process of businesses has changed over many years, moving from technology-centered to a more interactionfocused and globalized view. On the other hand, there has been a parallel shift in the role of universities to become engines of innovation and entrepreneurial hubs. The Deutsche Bank Stiftungsfonds Chair for Innovation Management and Entrepreneurship has published several articles and held several presentations on this current topic. - Universities as drivers of innovation In a highly dynamic environment with new ideas, products, and services coming into the market every day, universities had to develop. Although universities nowadays do not seem very different than their predecessors, their role has dramatically shifted in the last few decades. Their role has developed from being mainly a provider of human resources to being an innovation that transfers knowledge across generations and throughout the global scientific community. Without investigating thoroughly the influence of the developing role of universities on innovation and knowledge flow, a main component in the society s innovation cycle would remain unclear. - The challenges of science-to-business marketing A fruitful collaboration between science and business naturally means that each party perceives the outcome of such collaboration beneficial. However, research shows that many universities supply businesses with scientific results and competences that are not equally demanded by businesses. More research is needed to optimize the way in which both sides can best cooperate in the process of knowledge transfer for the welfare of global societies Innovation & Change Management In recent decades, the exponential growth of world knowledge has rapidly accelerated technological and social progress. As a result, innovation and flexibility in management as well as the best possible design of change management within companies had become a dynamic field of research with high relevance for management practice. In addition to earlier concepts of change management in organisations, numerous other concepts and paradigms from the fields of consultancy and management practice as well as from scientific research have found their way into change management literature. All approaches differ but are highly similar in relation to one of the pivotal challenges of change management. That is, the elevated pace with which companies, their employees and executives must be able to meet changing requirements resulting from change processes on various levels. This creates both the need and the opportunity for establishing and embedding professional change management on the management and executive level with a corporate culture aligned towards innovation and change. The Chair is doing research on the impact of the boundaryless company on innovation and growth as well as on change. This is shown in the framework of Chesboroughs concept of Open Innovation. New ideas and inventions and better ways to implement them can be reached by using new forms of partnership, joint ventures, licensing and strategic alliances. The openess and easier access to best minds and ideas helps to improve the speed, quality and cost of innovation and change.

18 18 CHAIR REPORT Trust Research Previous researchers have argued that trust, both within organisations and in inter-organisational settings, may foster innovation. First, within organisations, trust has been found to be important to innovation in that it lessens the need for rigid control systems. Tight monitoring and control mechanisms reduce creative thinking, while freedom from rigid rules and job definitions enhances idea generation. Second, trust is not only important for innovation through interactions between individuals within an organisation but also through inter-organisational cooperation. Thus, a high level of trust among organisations facilitates the exchange of confidential information by diminishing the risk that one party will opportunistically exploit this information to the other s disadvantage. Trust facilitates social exchange by reducing the need for time consuming and costly monitoring, and therefore makes it possible for people and organisations to devote added time for other beneficial actions and endeavours Trust in Open Innovation Trust has always been at the heart of innovation. However, the concept of open innovation emerged a number of properties in business relationships, such as: decreasing barriers to innovation - building communities around key themes of innovation through increased involvement - widening the base for sources of new ideas from external specialists users involvement in design networking smaller innovation communities accelerating the diffusion of ideas, etc. However, the realization of such properties requires certain trust mechanisms that allow the diffusion of knowledge across organizational boundaries. Therefore, in our research we addressed questions regarding the rethought role of trust in open innovation and the growing importance of different forms of trusted intermediaries Trust in Venture Capital Companies & Financing An investment in a new venture is always based on trust. Although the venture capital (VC) companies conduct a due diligence prior to the investment to evaluate the team and the business idea they also have to put their faith in them. We analyze in the prior described research project strategic management in early stage venture capital funds how trust is build between the VC and the startup company in each investment phase. Thereby, we focus on how trust is build prior to the investment and after the investment took place. We look at the dimensions of trust in the team, trust in the idea, integrity of the team and benevolence of the investor. We therefore use a structural equation modeling approach.

19 CHAIR REPORT TEACHING The structure of the lectures is composed of theoretical and empirical elements, practical know how and capacity building. Academic methods for a better understanding of the theoretical foundations and recent empirical findings of entrepreneurship and innovation management as well as methods that are appropriate to strengthen the practical skills through an actionoriented approach are used. This will be assured by interactive case study work, team assignments and action learning as well as by a team-teaching concept. Therefore guest lecturers from entrepreneurial and innovation companies and/or facilitators as consulting companies or venture capitalists are invited. Through fostering and supporting the participation in additional activities like the Case Study Competition EXIST Campus Cup or the creation of own projects in the field of Innovation Management and Entrepreneurship like the Accelerate Conference on Entrepreneurship, we want the students to think and act like an Entrepreneur or Intrapreneur and be innovative Course Business Plan Development In the business plan development seminar the students gain the competency to develop business ideas into valid business opportunities. For this they are familiarized with the concepts and tools to use when developing a business plan and to critically evaluate the validity of a business idea. The students form small groups to work on real business ideas, refine them and finally write and present a business plan presentation. To keep the situation as realistic as possible and to encourage an open teaching style the students will present their business ideas in front of real business angels and investors from venture capital companies. Some of our guests were for example Sören Schuster - Head or Early-Stage Financing at CFH Beteiligungsgesellschaft mbh or Daniel Gollmann, CEO of Gollmann Komissionierungssysteme GmbH. In the past some students founded their own companies based on the ideas they have developed in the seminar. The most famous example is the founder of Spreadshirt and CEO of Team Europe Ventures Lukasz Gadowski. Teaching Method: In the course a combination of presentations and active exercises are used. The students present their business model in different stages and get feedback from the lectures and guest speakers. So, they will refine it throughout the lecture. To motivate the students HHL alumni entrepreneurs present their success stories. The final presentation is a simulation of a real investor pitch including guests from venture capital firms. This prepares the students to present their ideas in front of investors and to actually found their companies. The best team will be awarded Course Innovation Management The successful management of innovation is a strategic issue for all types of firms (and not only high-tech), and poses important management challenges. The course always starts with a general overview of the concept of innovation and related terms such as imitation, reverse innovation and others. It provides the students with practical tools and examples on how to scan the environment in search for change signals, select the different options for change, provide the resources needed for innovation, put into practice the selected options,and enhance continuous learning within the organization. We are offering this course in different full- and part-time study programs. For M.Sc. classes (Master Program in Management) we arrange the course around the innovation management process on the basis of state-of-the-art research. It is built around the different activities needed to improve the innovation processes in a company: scanning the environment, developing the innovative strategy, implementing the strategy and the learning process. In contrast we put a higher weighting on innovation culture and leadership aspects in MBA programs, such as the Global Executive MBA a highly international program for senior managers. Therefore, special emphasis is put on the global dimension of innovation management, i.e. the decision to offshore or to outsource R&D, the strategic partnership for development of innovations, and the role of new emerging economies in the global landscape of innovation. Teaching Method: The course combines lectures, case-study discussions, and action learning. Students are engaged to apply the theoretical concepts discussed in class in a variety of exercises. In addition, a number of guests from theory and practice are invited to the course where they share their interesting and beneficial experiences with the students.

20 20 CHAIR REPORT Field Projects Our chair offers field projects for the Master of Science in Management and Master of Business Administration program. Within the field projects students solve the real problems that companies face. Therefore corporate partners are invited to propose tasks and questions to us. In 2014 we had 5 field projects of which one was proposed by the chair itself. It had the subject blended learning in entrepreneurship education, which we offered in winter term The team was developing a marketing research for the market of blended learning in entrepreneurship education and drew a feasibility analysis about the implementation of blended learning in the field of entrepreneurship education. By conducting customer and expert interviews the group investigated in the experiences and needs of customers as well as analyses the technical, personal and methodological status quo of HHL in this field. At the same time the student-consultants provided recommendations for implementing suitable blended learning courses in the field of entrepreneurship education. Also, the chair supervised a field project with FACTON, a software company in the field of cost management. The participating students did in-depth research of the current market potential and developed a convenient excel tool for FACTON to better predict the market potential in different countries. The FACTON team was very pleased with the result and uses the developed tool in their business. In addition, the chair is supervising a project with Wunderflats, an additional startup that has been founded at the Hasso Plattner Institute in Potsdam. Wunderflats is a platform for long-time rental of furnished apartments and therefore tailored to the needs of exchange studends and consultants. The students are performing a market analysis and surveying potential customers. In fall 2014 the chair supervised a field project with Group Discussion Services, a startup that has been founded at the Hasso Plattner Institute in Potsdam. The field project team worked on a market research and gave several suggestions how to cope with many international competitors they identified. The startup got the opportunity to sharpen its unique selling propositions and their strategy, based on different business models that have been analyzed through a self-developed scenario planner. The startup praised the value of this project for their further development. Also in fall 2014 we supervised a field project with Suncoal Industries GmbH in cooperation with the BioEconomy Cluster, where students had to identify market opportunities of different sustainable produced drop-in chemicals. Although the team was not familiar with the language of industrial chemistry they convinced through a fast learning and very good performance in the end. Suncoal was very pleased by the very fast and good performance, which helped them afterwards as a decision basis.

21 CHAIR REPORT Supervision of Master Theses The following master theses were supervised by the chairholder and scientific staff members of our chair: Ulrich Furthmüller (GEMBA1) The concept of Hidden Champions and its possible implementation in Saxony Antje Maria Weber (P8) Trust in open innovation and the role of trust intermediaries Katja Kola (P8) The engagement techniques of employees in open innovation - an applied study on the German mechanical engineering industry Thorsten Daniel (PMSc1) Corporate Entrepreneurship as an Innovation Management practice within established multinational German based enterprises Valentin Fliess (P8) User led innovation What comes next? Kai Karolin Hüppe (MSc8) Motivational factors of funders to financially participate in reward-based crowdfunding campaigns: Empirical analysis of the crowdfunding campaign for the new campus of HHL Leipzig Graduate School of Management Olaf Peters (PMSc3) Digitalization of a microfinance institution of rural Uganda The first step towards credit information sharing in the informal financial sector Shivaprasad Kannankulangara Girirajan (M14) Identifying the impact of telematics in the automobile industry Enrico Karg (P8) Intrapreneurship as an innovation management practice on established companies Rajprakash Prabagaran (M13) The future of crowdinvesting the legal implementation Christian Pflug (MSc7) Blended Learning and E-Learning as methods for distance competence development Sven Galander (P8) Analyzing international market potential with an empirical example Mike Keppler (MSc8) Internationalization of German startups: a cost perspective Jan Schulz (M12) An approach to adapt the Business Model Generation Framework towards Internet Busienss Models and its application to selected business ideas Jonas Stahl (MSc8) Analysis of instruments that facilitate the new business founding process Alexander Michael Martin (P8) Innovation and sustainibility of German distribution system operators Elisabeth Handschuh (MSc7) Corporate Governance and the role of advisory boards in entrepreneurial firms a case study about an engineering venture Sebastian Herrmann (PMSc2) - Heterogeneous worldwide energy innovation strategies based on pathdependencies Guest Speakers The 2014 Leipzig Entrepreneurship Lecture about How to manage creativity in startups was held by Prof. Dr. Alexander Brem, Professor for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg. For the purposes of our understanding of rigore and relevance, we invited again several excellent academic practitioners and experts in special fields of entrepreneuship and innovation. In 2014 we were glad to welcome the following successful entrepreneurs und entrepreneurial experts in our full-time MBA Business Plan Development Lecture: _ Eric Pffannmöller (CEO), mysportsgroup _ Dr. Philipp Semmer, Hogan Lovells International LLP _ Dr. Martin Pfister (Senior Investment Manager), High-Tech Gründerfonds Management GmbH _ Daniel Gollmann (CEO), Gollmann Kommissioniersysteme GmbH _ Dr. Jens Schmidt-Sceery (Partner), Blue Corporate Finance AG _ Sören Schuster (Head of early stage financing), CFH Beteiligungsgesellschaft mbh.

22 22 CHAIR REPORT 2014 In our Innovation Management lecture in the MSc study program we welcomed in 2014 the following guests, who contributed through their outstanding professional experiences: _ Dr. Tobias Kulka, p3 Group _ Daniel Gerhard, INA Schaeffler _ Dr. Nizar Abdelkafi, Fraunhofer MOEZ _ Dr. Lutz Aschke, LIMO _ Gerd Schuster, Accenture. During their Innovation Management lectures in 2014 the Global Executive MBA students were delighted to get insights from theory and practice from: _ Prof. Dr. med. Alexander Schachtrupp - Head of the Department of Medical Sciences at B.Braun Melsungen _ Dr. Maximilian Rapp - Team leader for Open Innovation and Co-creation in HYVE AG & Lecturer at the University of Innsbruck - Mr. Knuth Walczak - Head of innovation in mobillity management in Porsche. Our lecture for part-time MSc students in the Spring Term 2014 war enriched by insights from: _ Dr. Robert Kühn (CTO), Schmiedewerke Gröditz GmbH _ Dr. Stefan Müller (CEO), Miltitz Aromatics GmbH _ Ralf Irmert (CEO), Styron Deutschland GmbH.

23 CHAIR REPORT TRANSFER 5.1. Leipzig Entrepreneurship Lecture The Leipzig Entrepreneurship Lecture Series was established in 2011 by Prof. Dr. Andreas Pinkwart, chairholder of the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Within this series HHL Leipzig Graduate School of Management invites distinguished speakers in the discipline of entrepreneurship once a year to interact with students, faculty members and business leaders to talk about their latest research projects. The aim of the series is to foster the dialogue between entrepreneurship theory and practice. For our 1st Leipzig Entrepreneurship Lecture in 2011 we welcomed Prof. Dr. Friederike Welter from the University Siegen with the topic Women as Entrepreneurs Insights from Research. In 2012 we discussed Female Founders and Success? at our 2nd Leipzig Entrepreneurship Lecture with Prof. Dr. Christine Volkmann from the University of Wuppertal. The 3 rd Leipzig Entrepreneurship Lecture was organized with HHL s Accelerate@HHL student initiative as a part of the 2013 Accelerate Conference and discussed the latest trends of high-tech startup financing under the topic Venture Capital for New High-Technology Firms. The 4th Leipzig Entrepreneurship Lecture dealt with the topic How can you organize creativity within a start-up? and took place in Leipzig on May 9, 2014, as a part of the Accelerate Entrepreneurship Conference. Prof. Dr. Alexander Brem, Professor for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg, was the guest speaker. During his presentation on time management for creativity, the researcher said, "Companies must find the balance between the promotion of creativity on the one hand and the exploitation of its result on the other. This certainly is one of the greatest challenges within a start-up." During the subsequent discussion with renowned academics and successful entrepreneurs, Prof. Dr. Martin Hill, Vice-President of SAP Germany, put creativity in an entrepreneurial context, "In start-ups, we face problems, which we have to meet with creativity, on a daily basis; innovation, which we can market commercially, can emerge from this process." Samuel Kermelk, CEO of HeiterBlick, a Leipzig-based specialist for trams, said that creativity can be promoted by time and customer pressure. The HHL alumnus recommended to consciously schedule 'creativity time' on a regular basis. Martin Schlichte, founder and CEO of the Lecturio e-learning platform, agreed. The HHL alumnus added, "In order to be creative you have to get into a certain flow. To do that, we invite our employees to switch off all disturbances such as computers and cell phones and to focus on the creative task for 25 minutes." Nicolas Wiethoff, Director and co-founder of A.R.S. Alternate Reality Strategies, added, "In my opinion, organizations, in most cases, do not need more creativity but simply an expansion of existing creative results." The entrepreneur continues, "Often it is not just about leaving the beaten paths but, first of all, defining these paths." Altogether the session highlighted the importance of creativity for exploring valid business models in startups, while they are often stuck in day-to-day operations without capacities to innovate. Thus, all founders concluded: it is simply necessary to take the time needed for being creative and to use it efficiently. The 5 th Leipzig Entrepreneurship Lecture regarding Fundraising and Syndication in the Venture Capital Industry with Prof. Dr. Andreas Kuckertz as our distinguished guest speaker is planned within the HHL-Entrepreneurship Conference Accelerate on April 10, 2015.

24 24 CHAIR REPORT 2014 Panelists of the 4th Leipzig Entrepreneurship Lecture at HHL: S. Kermelk; N. Wiethoff; M. Schlichte; A. Brem; M. Hill, A. Pinkwart st HHL International Investors Day On June 18, 2014, HHL Leipzig Graduate School of Management held the first HHL International Investors Day. The event included keynote speeches by several well-known speakers and panel discussions with founders, business angels, venture capital firms and successful companies concerning the recent topics of digital businesses. In addition, pre-selected top entrepreneurial teams got the chance to present in front of the investors and a jury and to obtain the HHL Best Founders Award. The annual event offers great opportunities to network and learn from experienced entrepreneurs and investors. The first HHL International Investors Day was organized by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship together with the Schumpeter Junior Professorship in Entrepreneurship and Technology Transfer and the Dr. Ing. h.c. F. Porsche AG Chair for Strategic Management and Family Business. The event s guiding theme was e-business, which was covered in various panel discussions on e-commerce, e-health, and e-mobility that brought together entrepreneurs, potential investors, established enterprises, and successful start-ups from HHL. Our special thanks for the substantial support in the development of the concept as well as for the successful execution, we addressed to Dr. Schmidt-Sceery from Blue Corporate Finance. In his opening speech, the well-known founder and investor Lukasz Gadowski emphasized the importance of Venture Capital as the driving force for innovation, new jobs, and progress. The 36-year old advised company founders to focus on product development and customer satisfaction rather than obsessively trying to make the VC manager happy at any cost. The two other keynotes of the day were given by the US-American venture capital expert Daniel Zimmermann, partner at WilmerHale in Palo Alto, California, and Heinz Dürr, the former CEO of Deutsche Bahn and important business angel.

25 CHAIR REPORT Speaker of the 1 st HHL International Investors Day: Heinz Dürr, Andreas Pinkwart; Daniel Zimmermann The event ended with the HHL Best Founders Award show. A high-profile jury of experienced investors awarded the prizes to Philipp Joas and Thilo Hardt with the booking platform ewings and to the HHL student team Malvin Debono und Dr. Helen Blümel of BRAVA, an online store for women's clothing in special sizes. The HHL International Investors Day was a great success and therefore we now regularly organize this event.the next HHL International Investors Day will take place on June 17, We thank our sponsors:

26 26 CHAIR REPORT Accelerate International Entrepreneurship Conference 2014 The annual Accelerate Entrepreneurship Conference is mainly organized by students of the student initiative and supported by the chair and SMILE. The conference took place on May 9 th and 10 th, 2014 and was organized together with the 4 th Leipzig Entrepreneurship Lecture (see above). While the latter - under the topic How can you organize creativity within a start-up? discussed how to stay creative in the daily process, presented and discussed among an expert panel, the Accelerate Conference dealt with Big Data Now?! - how can companies use large amounts of data efficiently, which attracted around 200 guests from Germany and above to join the conference. For sure, a business idea pitching contest was one highlight of the day, which closed with a get-together also organized by the students Cooperation with Hasso Plattner Institute (HPI) The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is establishing a strong partnership with the Hasso Plattner Institute. The idea is to combine excellent computer science students with excellent business students. This can enable the way for highly successful startups in the future. Within the collaboration three field projects were already completed with great success. Currently, two new field-projects are running. Further, HHL is organizing together with HPI the first HHL/HPI startup bootcamp. Mixed teams of HHL and HPI students will develop new business ideas and create business models out of it. The best idea will be awarded with Euros. In the future, the collaboration will be strengthened by more common projects. The following projects were already conducted with the Hasso Plattner Institut. Above the involved students are listed. FACTON Wenshuai Jiang Tim Mosig Maximilian Raabe Carolin Schäfer Group Decision Services Xu Cheng Benjamin Krapf Justus Nagel Dawinder Singh Wunderflats Muhammad Shoaib Ahmed Jalili Yeyu Lu Maximilian Mayer Andreea Nistor Xingyan Zheng

27 CHAIR REPORT Innovation in Higher Education Education has an overarching and long-lasting global impact on the economic, social and cultural growth of each nation, on inclusion and competitiveness across the European countries and beyond. The innovation imperative today is as valid for higher education as for other areas; and while it is perhaps still less visible and tangible in the higher education sector, there is a clear benefit of addressing the potential of innovation in higher education. Due to the belief at HHL Leipzig Graduate School of Management - as a leading educating business school - in the constant development of its teaching methods and the delivery of useful content to both academia and practice, it is planned to offer our courses starting Spring 2015 (the innovation management courses as a start) using the flipped learning approach.this agreement is to be administered through the collaboration between Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig Graduate School of Management, Prof. John Bessant, renowned professor of innovation management with vast experience in new teaching techniques, and Dr. Nagwan Abu El-Ella from HHL. The flipped classroom structure basically changes learning in a radical way, where students prepare for upcoming lessons outside of class and then engage in learning challenges inside the class. This preparation include might include pre-readings, short videos, case presentations and other approaches. The bottom line is to enhance the traditional lecture to a much more interactive, theory- and practice-based discussions, with high reliance on digital media. In this regard, Prof. Dr. Andreas Pinkwart contributed an interesting article in the FAZ of the 16 th of March in 2015 with the title Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre, showing the significant opportunites digitization has offered business economics Assistance for Scholarship Applications The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is supporting HHL students with the application for an EXIST scholarship. In 2014 we supported EmoSense UG through the EXIST application process Development of CEIM concepts for HHL / SpinLab The Center for Entrepreneurial and Innovative Management (CEIM) is an interdisciplinary research and transfer center and is established with substantial support by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. It has three main goals: to foster the co-creation of successful new companies and spin-offs to support established companies to innovate their business model to strengthen the empirical based research on business model innovation CEIM is built on three interlinked pillars: the Co-Creation Lab and the Innovation Lab as well as the so called SpinLab. The Co-Creation Lab is the one-stop agency for founders and fosters the creation of interdisciplinary founder teams. It supports potential founders in further developing their ideas into a business concept. The founders can then afterwards apply for the SpinLab - The HHL Accelerator to develop their business concept into successful startups. The Innovation Lab offers established companies the possibility to develop new business models with the support of students. This enables the companies to get new insights and to get ideas out of the box of the company borders. After indentifying promising business concepts, students can further develop them in the SpinLab - The HHL Accelerator. The companies can decide afterwards to integrate them into their business or further develop them in a form of subsidiary.

28 28 CHAIR REPORT 2014 Further, CEIM supported by the Chair of Innovation Management and Entrepreneurship will organize the annual HHL International Investors Day together with SpinLab The HHL Accelerator which brings together founders, investors and incumbents. SpinLab The HHL Accelerator together with CEIM and the related chairs at HHL support entrepreneurial teams in growing and creating innovative businesses. The mission is to foster entrepreneurship and innovation in the center of Germany and beyond by providing hands-on guidance to startups and spin-offs. Entrepreneurial teams remain independent but SpinLab can help you to achieve incredible results through a tailored program. To this end it provides (co-working) office space at SPINNEREI (Leipzig s Cotton Mill), an internationally renowned venue for arts, culture and business. The SpinLab technology partners are able to provide key resources to help startups making their ideas a reality. Highly-motivated coaches and mentors share their know-how and experience as part of an interactive program using team discussions, seminars, workshops and other formats. SpinLab shares an extensive network of venture capital investors, experienced entrepreneurs and industry and technology experts. SpinLab does not charge anything and takes no equity share. SpinLab is looking for passionate, innovative, technology-oriented and scalable teams with an open mindset and the required motivation and capabilities to realize their dreams. The new office of SpinLab at the former cotton mill in Leipzig (Baumwollspinnerei Leipzig) in the western part of Leipzig As part of the entire support of CEIM by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship the chair bears responsibility for the HHL InnovationLab and organises the first specialized Business Model Innovation Course together with the Postbank AG.

29 CHAIR REPORT Presentation at Bonner Akademischer Sommer At the Bonner Akademischer Sommer organized by Wissenschaftsförderung der Sparkassen-Finanzgruppe e.v. Prof. Dr. Andreas Pinkwart and Dr. Dorian Proksch took the opportunity to discuss the results of their research project Strategic management in venture capital funds with experienced scientists and practioners on May, 2014 in Bonn. In that way additional concrete offers for future cooperation in the chairs longitudinal study could be developed Cooperation with Wirtschaftswoche Die Selbstverwirklicher : under this headline a recent article in the German business magazine Wirtschaftswoche (No. 5 of 26/01/2015) mentioned current work at the chair regarding the motivations of founders to found a business. A special credit was given to lifestyle entrepreneurs, who are mostly freelancers while commerzialising their hobby or preferred way of living. As a part of the dissertation of Ms. Anja Hagedorn, motivations of living the life of a lifestyle entrepreneur have been examined and provided to the author of the article. Also the personal characteristics of this group of entrepreneurs have been discussed. From her interviews she discovered a possible relationship between the aspirations of Generation Y and the probability to be selfemployed as a lifestyle entrepreneur, which should be further validated in the future.

30 30 CHAIR REPORT EXTERNALLY FUNDED PROJECTS 6.1. SMILE As one of five cooperating institutions in the region of Leipzig, HHL Leipzig Graduate School of Management hosts an office of the SMILE project at the Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. SMILE stands for the Self-Management Initiative Leipzig and supports academic founders in the science and innovation region of Leipzig. Students, alumni and academic staff from Saxonian universities who are interested in starting their own business can attend various seminars, workshops and coachings around the topic entrepreneurship. The research associates Nagwan Abu El-Ella, Dorian Proksch and Eric Weber organized and implemented these trainings, workshops and coachings bringing in their academic expertise of their research topics. Hence, Nagwan Abu El-Ella offered innovation management and soft management skills courses, while Dorian Proksch focused on venture capital financing. Also Eric Weber provided, amongst others, courses related to management support. After the three research associates resigned from their positions in the SMILE team at the year end Alexander Hiller and Wiebke Stranz are their successors. Like in previous years founders coached at the HHL s SMILE office were granted again the popular EXIST founder scholarship and reached very good positions at entrepreneurial competitions. SMILE is a cooperation of the University of Leipzig, HHL Leipzig Graduate School of Management, Leipzig University of Applied Sciences, Helmholtz Centre for Environmental Research - UFZ and AKAD. SMILE is financed by the European Social Fund, the Saxon State Ministry for Economic Affairs, Labour & Transport and the Saxon State Ministry for Science and Arts Excellence Cluster Bioeconomy The Excellence Cluster BioEconomy is taking part in the current Leading- Edge Cluster Competition of the German Federal Ministry of Education and Research (BMBF) that aims at taking Germany to the top of the league of technologically advanced nations. It is one of five Excellence Clusters throughout Germany which are being funded by the Ministry. The BioEconomy Cluster in central Germany focuses on the integrated material and energetic use of non-food biomass for the production of materials, chemicals, energy carriers and products from new materials. A cross-cluster material flow management as well as the development, scaling and implementation of production procedures by the industry allow the optimization of the value adding process in bio-mass production. With Helmholtz-Zentrum für Umweltforschung, the Deutsche Biomasse-Forschungs- Zentrum as partners HHL's Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship, Heinz Nixdorf Chair of ITbased Logistics and the Chair of Marketing Management are responsible for the accompanying research within the cluster focusing on the development of competitive strategies and tools. The chair is involved in the analyzing and optimization of the innovation management on cluster and company level and supports the founding of new ventures through its knowledge and network.

31 CHAIR REPORT Strategic Management in Early Stage Venture Capital Funds The project Strategic Management in Early Stage Venture Capital Funds is a joint research project from TU Dresden und HHL Leipzig Graduate School of Management. The goal is to derive new findings in the area of venture capital. Due to a lack of sufficient data there were only few new results in the last decade. We try to bridge this gap by conducting a longitudinal study collecting the data directly from the venture capital funds. We therefore had access to the original deal documents, like business plans or monthly reportings. This enabled us to get an in-depth few on each investment. The project already led to various scientific contributions which were presented at national and international conferences. It is kindly supported by the Savings Banks Finance Group (Wissenschaftsförderung der Sparkassen-Finanzgruppe) and the NRW.Bank.

32 32 CHAIR REPORT CONFERENCES Pinkwart, Andreas, American Marketing Association 2014 Conference (AMA 2014) The Honorabel Merchant in International Marketing, Mexico, Cancun, April Pinkwart, Andreas; Proksch, Dorian: Wagnisfinanzierung und Risikomanagement, Presentation at the Bonner Akademischer Sommer, Bonn, Mai Pinkwart, Andreas: Transatlantic Dialogue of the States, Cities, and Communities: How are State and Local Leaders Shaping the Future Workforche? American Institute for Contemporary German Studies (AICGS) at Johns Hopkins University, USA, Washington, May Pinkwart, Andreas; Proksch, Dorian: Internationalization of German High-Tech SMEs: Overcoming the Main Barriers, Presentation at the ICSB 2014 World Conference, Dublin (Ireland), June, Pinkwart, Andreas; Proksch, Dorian: The Internationalization Process of Research-based Spin-offs, Presentation at the 13th Interdisciplinary European Conference on Entrepreneurial Research, Montpellier (France), February 26th, Abu El-Ella, Nagwan: Examining the Involvement of Highly Qualified External Employees in Innovation An Organizational Perspective. Presentation at the EURAM 14 th Annual Conference Waves and Winds of Strategic Leadership for Sustainable Competitiveness, Spain, Valencia, June Abu El-Ella, Nagwan: Rethinking the Role of Trust in Open Innovation, Presentation at the XXV ISPIM ConferencePresentation at the 17 th Interdisziplinary Annual Conference of the FGF e.v. (G-Forum), Koblenz, November 8, Pinkwart, Andreas: CASiM Conference 2014 Boundaryless Hospital Rethink and Redefine Health Care Management, Leipzig, June Abu El-Ella, Nagwan: Firms interactions with User Innovation: current & future Trends, Presentation at the Open Innovation User Workshop (OUI) 2014, USA, Boston, July Proksch, Dorian (2014): Main drivers for early Business Model Innovation in New Technology Based Firms: A longitudinal empirical study, Presentation at the Scientific Conference on "Business Model Innovation and Transformation" of the Erich Gutenberg-Arbeitsgemeinschaft Köln e.v., Nuremberg (Germany), September Proksch, Dorian: Risk Management in Venture Capital Companies: A Portfolio Perspective, Presentation at the 19 th Interdisziplinary Annual Conference of the FGF e.v. (G-Forum), Odlenburg, November 13, Schefczyk, Michael; Pinkwart, Andreas; Fiegler, Torsten; Proksch, Dorian, Ernst, Cornelia: Ursachen bei Technologie-Start- Ups Eine longitudinale Studie, Presentation at the 19th Interdisziplinary Annual Conference of the FGF e.v. (G-Forum), Oldenburg, November 13, Weber, Eric: Advisory Boards in Entrepreneurial Businesses, Presentation at the 11th ESU Conference, Lund, August 18-23, Weber, Eric: The Use of Advisory Boards for Networking Activities in Entrepreneurial Firms", Presentation at the SMS Conference, Spain, Madrid, September 2014.

33 CHAIR REPORT PUBLICATIONS Abu El-Ella, Nagwan; Bessant, John, Pinkwart, Andreas: Changing change management The new innovation imperative, in: Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, 2015, Abu El-Ella, Nagwan: Employee Involvement in Open Innovation: The Role of New Technologies, External Employees and Trust Issues, Leipzig, HHL Leipzig Graduate School of Management, Diss., Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf: Management of Permanent Change - New Challenges and Opportunities for Change Management, in: Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, 2015, Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf (eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, Czinkota, Michael R; Pinkwart, Andreas: Internationalization in marketing from theory to practice by means of a Delphi study, in: Thunderbird International Business Review, Vol. 56, 2014, Hagedorn, Anja: Using repertory grid technique to explore the relationship between business founders and support agents, Edward Elgar Publishing, forthcoming Hagedorn, Anja; Pinkwart, Andreas: The financing process of equity-based crowdfunding an empirical analysis, in: Brüntje, Dennis; Gajda, Oliver (eds.): Crowdfunding in Europe. State of the Art in Theory and Practice, Springer, Wiesbaden, forthcoming Pinkwart, Andreas; Proksch, Dorian; Schefzyk, Michael; Fiegler,Torsten; Ernst, Cornelia: Reasons for the Failure of New Technology-Based Firms: A Longitudinal Empirical Study for Germany, Credit and Capital Markets, forthcoming in September Pinkwart, Andreas: Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre, in: FAZ, March, 16 th, Pinkwart, Andreas; Weber, Eric: Steigerung der Ressourceneffizienz als Königsweg nachhaltiger Wohlstandssicherung, in: Franz, Otmar (Ed.). Innovationstreiber Ressourceneffizienz: RKW-Kuratorium. Sternenfels: Verl. Wissenschaft & Praxis, 2015, Pinkwart, Andreas: Hochschulen zukunftsfest machen, in: Forschung & Lehre, January 1, 2014, Pinkwart, Andreas; Abu El-Ella, Nagwan: Open innovation - new opportunities and challenges for science-to-business collaboration, in: Kliewe, Thorsten; Kesting, Tobias, eds.: Moderne Konzepte des organisationalen Marketing. Modern Concepts of Organisational Marketing, Springer Verlag, 2014, Pinkwart, Andreas; Abu El-Ella, Nagwan: Gemeinsam innoviert es sich besser, in: Garn, M.; Schleidt, D., (eds).: Jahrbuch Innovation 2014: Innovationstreiber für Wirtschaft, Wissenschaft, Politik und Gesellschaft. Frankfurt a. M.: F.A.Z.-Institut, Pinkwart, Andreas; Proksch, Dorian: The internationalization behavior of German high-tech-start-ups, in: Thunderbird International Business Review, Vol. 56, 2014, 1, Pinkwart, Andreas; Proksch, Dorian. Internationalisierung junger High-Tech-Unternehmen Chancen und Barrieren in Deutschland, in: Franz, Otmar (ed.). Existenzgründung und Existenzsicherung in Deutschland und international, Verlag Wissenschaft & Praxis, Sternenfels, 2014, Proksch, Dorian: The development of German new technology-based firms from a resource-based view, Leipzig, HHL Leipzig Graduate School of Management, Diss., 2015.

34 34 CHAIR REPORT AWARDS HHL again winner of the Gründungsradar TU Munich, Lüneburg University and HHL Leipzig were the winners of the Gründungsradar Institutional anchoring, awareness-raising, providing support/expert advice and concrete activities were exemplary. The results were presented by the Stifterverband der Deutschen Wissenschaft in Berlin in November Source: SeitenPlan/Stifterverband The Gründungsradar of the Stifterverband für die Deutsche Wissenschaft examined for the second time how effectively HEIs assume their role of supporting start-ups. The analysis was based on a survey of all HEIs in Germany and on an extensive survey of a specified sample of academic start-up founders. The Gründungsradar demonstrates to HEIs, politicians, industry and research funders possible ways to bring about further improvements in start-up support. Selected prime examples of academic start-ups, which are shown extensively in the form of individual profiles, show the sheer diversity of HEI start-ups and are intended to serve as an inspiration to others. Panel Discussion by with the President of the Stifterverband der Deutschen Wissenschaft Mr. Barner (2 nd from right)

35 CHAIR REPORT ACKNOWLEDGEMENT For the support of our chair we thank the Stiftungsfonds Deutsche Bank and the Stifterverband für die Deutsche Wissenschaft. For further support we thank the Federal Ministry of Education and Research (BMBF) for the support of our project BioEconomy, the Science Funding of the Savings Banks Finance Group (Wissenschaftsförderung der Sparkassen- Finanzgruppe) and the NRW.Bank for supporting us in the research project Risk Management in Early Stage Venture Capital Funds, the State Ministry for Economic Affairs, Labour and Transport (SMWA), the State Ministry for Higher Education, Research and the Arts (SMWK) and the European Social Fund (ESF) for supporting our SMILE-project.