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"This book provides the reader the methodologies necessary to create a successful life sciences start-up from initiation to exit. Written by an expert who has worked with more than 400 life sciences start-ups, the book discusses specific processes and investor milestones that must be navigated to align customer, funder, and acquirer needs."

PurposeThe main purpose of this study is to contribute to the theory of intellectual capital (IC) with the new IC valuation method based on the economic value added (EVA®) concept as well as to present the Innovation Funnel, which is a useful management method and tool from which companies would benefit.Design/methodology/approachThe paper first explains the links and differences between IC and intellectual assets (IAs) and aims at improving the reader's understanding of the share of the two classes of shareholders, monetary capital investors and intellectual capital investors, of the innovative start‐ups. The paper provides practical guidance for use in IC valuation and financial management of innovation rather than a theoretical framework, and is based on the literature on innovation, IC, corporate finance as well as the practical experience of a few early stage venture capitals with whom the author cooperates.FindingsThe findings show a way of calculating fair share of an innovative company's shareholdings. The method reflects the risk adjusted future value of cash invested by monetary capital investors and a real market value of IC contributed by the founders. The paper also presents a method of financial management of innovation projects.Research limitations/implicationsThe presented methods focus on creating shareholder value and on financial aspects of IC rather than on IC indicators and their graphical representation, hence, members of the IC community who seek more practical concepts may be more interested in the paper.Originality/valueThe paper proposes a practical perspective on the method for IC valuation, innovation projects' financial management, as well as fair division of a start‐up shares between intellectual and monetary capital investors that would be useful for venture capital officers, innovative companies founders and R&D centers' managers.

Intro -- Acknowledgements -- Contents -- List of Figures -- List of Tables -- 1 Introduction: Aim of the Book and Methodology -- Abstract -- 1.1 Aim of the Book -- 1.2 Methodology -- Part I Smartphone Start-ups Attempting to Replicate the iPhone Success -- 2 Explaining Apple's iPhone Success in the Mobile Phone Industry: The Creation of a New Market Space -- Abstract -- 2.1 The Creation of a New Market Space -- 2.1.1 The Concept of Blue Ocean Strategy -- 2.1.2 The Six Paths to Reconstruct Market Boundaries -- 2.1.2.1 Path 1: Look Across Substitute Industries -- 2.1.2.2 Path 2: Look Across Strategic Groups Within Industries -- 2.1.2.3 Path 3: Look Across the Chain of Buyers -- 2.1.2.4 Path 4: Look Across Complementary Product and Service Offerings -- 2.1.2.5 Path 5: Look Across Functional or Emotional Appeal to Buyers -- 2.1.2.6 Path 6: Look Across Time -- 2.2 Examining the iPhone's Success Through the Lens of a Blue Ocean Strategy -- 2.2.1 The Mobile Phone Industry in 2007, Before the iPhone Launch -- 2.2.1.1 Telecom Carriers -- 2.2.1.2 Mobile Phone Vendors -- 2.2.1.3 Mobile OS Providers -- 2.2.1.4 Content Providers -- 2.2.1.5 Application Developers -- 2.2.2 The Launch of the iPhone: An Immediate Success -- 2.2.3 Key Characteristics of Apple's Strategy with the iPhone -- 2.2.3.1 Exclusive Partnership with One Telecom Carrier: AT&T -- 2.2.3.2 Distribution in Apple Stores -- 2.2.3.3 Innovative Design and User Experience: A Rectangle with a Multi-touch Display -- 2.2.3.4 Phone with a Platform also Used in Related Products Owned by the Firm -- 2.2.3.5 A Platform that Brings Together a Broad Ecosystem of Software and Application Developers -- 2.2.3.6 Music Player Functionalities: iPhone as a Smartphone with an iPod Inside -- 2.2.3.7 Ease of Use: A Premium Smartphone for the Mass Market -- 2.2.3.8 Narrow Product Line: Just One Model Per Year

Purpose
The purpose of this paper is to contribute to the knowledge on the efficiency of the incubators in Mexico, from a double-managerial approach (incubator and start-ups) measuring the efficiency oriented to the survival growth in the employment.


Design/methodology/approach
The efficiency of 25 business incubators of a university in a Mexico was analyzed from 2012 to 2014. Through the envelope data analysis (DEA) technique, composed of five inputs and three outputs, which help to determine the decision-making units (DMUs) that are in the best practice border, being able to know the factors relevant and how they have been managed in the different incubators.


Findings
One of the three years observed was identified as the most efficient, with 13 start-ups at the most efficient border. The projection shows some entries that must be modified to maximize the creation of new incubated business with a focus on survival and growth. The authors propose the resources that must be modified to adopt efficient management practices for incubators and start-ups small size.


Research limitations/implications
This analysis recognizes the size and restriction of resources as a determinant in the efficiency of intermediate technology business incubators. However, an obvious limitation is the non-standardized sample of 25 incubators does not allow generalizing the results.


Practical implications
The special support received by start-ups linked to a university with strong financial and non-financial support.


Originality/value
Dual management (incubator and incubated start-ups) approach to efficiency analysis and the use of the DEA for the incubation topic and to fill a gap persists in the understanding of creation of new business in intermediate technology.

Corona-Schnelltests, Infusionen, Verbandsstoffe oder Implantate - innovative Produkte aus den Bereichen Medizin und Gesundheit sind ein wichtiges Zukunftsfeld.

In this paper, I analyse how the survival of new firms is affected by the average ability level in the founding team, the team size, team members' homogeneity with respect to ability, and team members' heterogeneity with respect to education. As a theoretical basis, I apply the O-ring theory (Kremer (1993)). Using a rich employer-employee data set on the whole population of Danish firms founded in 1998, I find that the average ability level in a team and the team size have positive effects on firm survival. Having a team at all is the most crucial factor for the probability of survival of young firms. The degree of homogeneity with respect to ability and the degree of heterogeneity with respect to educations have no effect on the survival probability.

In this paper, I analyse how the survival of new firms is affected by the average ability level in the founding team, the team size, team members' homogeneity with respect to ability, and team members' heterogeneity with respect to education. As a theoretical basis, I apply the O-ring theory (Kremer (1993)). Using a rich employer-employee data set on the whole population of Danish firms founded in 1998, I find that the average ability level in a team and the team size have positive effects on firm survival. Having a team at all is the most crucial factor for the probability of survival of young firms. The degree of homogeneity with respect to ability and the degree of heterogeneity with respect to educations have no effect on the survival probability.