Entrepreneurship & Corporate Venturing
EEE 620/MAR 620
From Entrepreneurship: Strategies & Resources
Why do entrepreneurs need a theory of entrepreneurship? Because it enables its users to be efficient.
Efficiency for the entrepreneur means recognizing what kinds of information are helpful and knowing
where it can be obtained…Therefore, an entrepreneur with a good theory of how entrepreneurship works
is more likely to be practical and efficient. This is crucial because entrepreneurship can be expensive.
Real-time failures cost money and the irreplaceable time of many people as well as their hopes and
reputations. There are thousands of opportunities for entrepreneurship, but we cannot try them all.
Which will we pursue? By employing a good theory, we can think about all of the problems and issues
of new venture creation with out having to start business after business to see what works and what does
not work. P. 25.
From The Venture Imperative: A New Model for Corporate Innovation
Corporate ventures may be the most promising mechanism for corporate growth. In either a rising or
declining economy, a company can find no better way to reignite an aging corporate strategy. There is no
more direct way for any company to reach into the world of technology—including access to ideas,
talent, and products. That is why businesses must learn to “do” innovation well. Their goal should not be
merely to get lucky. The large, diversified company must learn to create a structured innovation
competency that is continually fueling new ideas, products, and businesses that are relevant to the
company’s overall industry. Ideally, innovation becomes a core element of corporate strategy to pursue
both top and bottom line growth. p. 7.
From Beyond Entrepreneurship You too can build a company that stands for something, that sets a standard, not only for performance,
but also of values. You too can build an organization that rises above the fray and shows by its success
that greatness & fundamental decency and respect go hand-in-hand. You too can build a company that
you can look back on at the end of your life, and say, ‗I'm proud of what I'm leaving behind, and I
respect myself for the way I‘ve gone about doing it. My life has been well spent.‘ p. 220.
Entrepreneurship & Corporate Venturing
EEE 620/MAR 620
This course serves as the introductory course for the Whitman School of Management‘s graduate major
in Entrepreneurship, Innovation, & Global Leadership (EIGL). It also serves as one of our key graduate
marketing electives. We examine the concept of entrepreneurship from both an individual (personal) and
from a corporate perspective. At the individual level, we investigate what it takes to start, grow, manage,
and sustain a new enterprise. Key topics include: 1) the economic, social, & technological context for
entrepreneurship & new enterprise formation; 2) crafting an entrepreneurial vision; 3) the entrepreneurial
mind; 4) identifying, evaluating, and developing (or acquiring) new business opportunities; 5)
developing an actionable, credible business plan; 6) creating an entrepreneurial team; 7) establishing an
enterprise structure; 8) inception & growth financing requirements; 9) developing the business model;
10) partnering; 11) risk assessment; 12) developing exit strategies; & 13) creating a healthy, purposeful,
& sustainable organization.
At the corporate level, we focus on what is required to create and manage new ventures or significant new business opportunities within existing organizations. The venturing task (intrapreneurship) is one of
the most challenging tasks facing managers in mature organizations. Topics include: 1) why corporate
venturing can be an excellent avenue for growth; 2) forming, chartering, and organizing the venture
team; 3) identifying and evaluating growth opportunities; 4) managing & championing the venturing
process; 5) the politics of venturing; 6) marketing issues in planning & launching new ventures; 7)
gaining & maintaining organizational support: 8) learning from corporate venturing & organizational
renewal; 9) co-venturing with partners & alliances; 10) launching corporate ventures. Knowledge of
venturing skills & processes is excellent preparation for future senior management positions. The global
dimensions of new ventures are explored via selected case studies, which focus on new venture
opportunities in both domestic and international markets. Students (or a team of students) also will
develop a business creation plan (or a venture plan for your company) in an area of interest. Upon
completion of the course you will have a comprehensive understanding of the major success
determinants for both individual & corporate venturing efforts. Moreover, you will have many
opportunities to practice cognitive, interactive, and teamwork skills including analysis, synthesis, critical
thinking, problem-solving, critiquing, & communicating. The course incorporates lectures, case studies
of successful and failed ventures, self-assessment instruments, workshops, and guest speakers.
Instructor: David Wilemon, Ph.D., Snyder Professor of Innovation Management &
Entrepreneurship; EEE & Innovation Management Programs. Room 631,
Whitman School of Management, Syracuse University, Syracuse, NY
13244-2130; 315-443-3443 (w/answering machine); 315-442-1461 (FAX); e-
mail: firstname.lastname@example.org; Office Hours: Wednesdays 10:00-12:00 and
Executive Instructor: Bernard Kossar: Executive, entrepreneur, benefactor, & friend
Office Assistance: Mary Jo Chase 600 Whitman Building, 443-1379 (Tel.), 442-1461 (FAX)
Course Meetings: Tuesday, 7:00-9:45 PM Whitman Management School
Course Texts: Entrepreneurship: Strategies & Resources, The Venture Imperative, & Beyond
Entrepreneurship and the Case Book are required: [Available for purchase
from the Orange Bookstore.]
Course Grading: 10% Constructive Class Involvement and regular attendance as
detailed in a Self-Report, which follows and one page synopses of each
of our case studies. Team briefings on key chapters contained in
Entrepreneurship: Strategies & Resources. Active participation in a
‗class conference‘ to be held on December 6.
15% Summary of Entrepreneurship: Strategies & Resources. A one-
page summary of the major issues revealed in each chapter.
15% Team Case Analysis. A paper and 15-minute, professionally
polished presentation are required. See instructions, which follow.
20% Semester Project. A 12 page paper and 5-minute class briefing are
required. Topics include (a) the preparation of a business plan for a
domestic or global venture of your own; (b) analysis of a venture from
the past, present or future that interests you; (c) analysis of a franchise
opportunity; (d) the preparation of a business plan for a new venture or
business opportunity in your company, (e) a comprehensive analysis of
a failed venture, e.g., a dot.com failure, (f) assessment of the major
challenges involved in managing global ventures, or (g) a topic of your
choice important to our course subject matter, e.g., a venture doing
business as an alliance, network, ‗virtually,‘ or in other ways new to
our understanding of entrepreneurship and emerging enterprises.
15% Special Venture Analysis Cases. Venture-financing/due diligence
cases will be given to your team for analysis/evaluation. Brief written
and oral reports are required.
25% Learning Summary. A one page, single-spaced summary of your
major learning from each chapter of Venture Imperative (15%)
and a 3-4 page, well-written, single-spaced summary of the key
company/enterprise-building insights you‘ve gained from the book,
Beyond Entrepreneurship (10%).
a) Students will gain an understanding the economic, technological, societal, and global dimensions of
entrepreneurship and intrapreneurship.
b) Students will understand the major differences between personal entrepreneurship and
intrapreneurship, which often occurs in large, mature organizations.
c) Students will understand the relationships between personal goals, competencies, and experience to
assess what they bring to all types of ventures.
d) Students will understand and practice idea generation and screening including opportunity analysis
trends, feasibility and competitive analysis.
e) Students will understand the audiences, purposes, components and the processes of developing and
evaluating business plans for new ventures.
f) Students will understand the issues and tasks involved in setting up a venture, marketing and
financing the venture, and evaluating venture performance.
g) Student will understand how to monitor venture performance, manage growth, and sustain
h) Students will understand the basics of entrepreneurial finance: raising funds, growth financing,
financial evaluation of opportunities, and acquisition financing.
i) Students will understand and appreciate the leadership skills necessary to successfully plan and
launch a new venture in an established organization.
j) Students will understand how resources can be maximized for both personal and corporate ventures.
Skill Development: Students will practice cognitive, interactive, and teamwork skills including analysis, synthesis, evaluation, reflection, critical thinking, problem solving, critiquing, and
Creativity and Innovation: The contribution of innovation and the creative process in entrepreneurship will be recurring themes throughout the course.
Leaders are visionaries with a poorly developed sense of fear and no concept of the odds against
them. They make the impossible happen.
T 8/30 Introduction and Overview
The Entrepreneurship and Emerging Enterprises Program. The Entrepreneurship,
Innovation, & Global Leadership (EIGL) MBA Curriculum Track. Student introductions.
Syllabus review. Semester project options. Case team assignments.
Video: “The Entrepreneurial Revolution.” What factors are creating the entrepreneurial
revolution? What qualities & characteristics do you observe among the different
entrepreneurs depicted? What skills and competencies do entrepreneurs need?
T 9/6 Personal Entrepreneurship: Theory and Practice
What is entrepreneurship and why is it important? What are the major challenges
confronting entrepreneurs? Where do entrepreneurs get their ideas?
Case Discussion: ―Howard Schultz & Starbucks Coffee‖ (Instructor-led Discussion).
Review: ―The Questions Every Entrepreneur Must Answer.‖
Discussion: Entrepreneurship:. Chs. 1, ―A Framework for Entrepreneurship‖ and Ch. 2,
―Resources & Capabilities‖
Video: Fred Smith and Federal Express--Questions: How did Fred Smith‘s past
influence the creation of Federal Express? What personal qualities does he demonstrate?
How did ―market and circumstances‖ influence the creation of Federal Express?
Assignments for Tonight: Read: Entrepreneurship. Chs.1 & 2 and be prepared to discuss
the insights you‘ve gained. Read carefully (no written report required), ―The Questions
Every Entrepreneur Must Answer.‖ Also read the ―Howard Schultz & Starbucks Coffee‖
case. Identify the 10 most significant issues/critical incidents (rank-ordered) in the case and
explain in one paragraph how the issue you selected likely influenced & shaped the growth
& evolution of Starbucks. Turn-in your written ―Starbucks‖ analysis for class participation
T 9/13 Personal Entrepreneurship: Theory and Practice
Discussion: Entrepreneurship. Chs. 3, ―Environment for Entrepreneurship‖
Discussion: What is a business/venture concept? What is a business model? Review of the
EEE Venture/Business Planning Guidelines
Case Presentation: "JetBlue Airways: Starting from Scratch‖‖
Assignment for Tonight: Read the ―JetBlue‖ case and prepare a 1-2 page, single-spaced
analysis for submission. Read, Entrepreneurship, Ch. 3.
T 9/20 Personal Entrepreneurship: Theory and Practice
Discussion: Entrepreneurship, Chs. 4, ―Entrepreneurial Strategies‖ and Ch. 5, ―The
Discussion: ―How to Pitch a Brilliant Idea‖
Case Presentation: “The Domik Project‖
Video: Cameron Sawyer
Assignment for Tonight: Read, Entrepreneurship Chs. 4 & 5. Carefully read the Domik
Project Case and prepare a 1-2 page, single-spaced analysis of it. Read the article, ―How to
Pitch a Brilliant Idea,‖ and be ready to lead a discussion of it.
T 9/27 Personal Entrepreneurship: Theory and Practice
Discussion: Entrepreneurship: Chs. 6, ―The E-Entrepreneur.‖
Briefing: ―More Thoughts on Business Plans‖
Workshop: Independence Marine
Assignment for Tonight: Read: Entrepreneurship Chs. 6.
T 10/4 Personal Entrepreneurship: Theory and Practice
Discussion: Entrepreneurship. Ch.7, ―Foundations of New Venture Finance‖
Case Presentation: ZipCar
In-Class Video Case/Workshop: ―A Tale of Two Restaurants.‖
Assignment for Tonight: Read: Entrepreneurship. Chs.7. Prepare a 1-2 page
single-spaced analysis of the ZipCar Case.
T 10/11 Personal Entrepreneurship: Theory and Practice
Entrepreneurship: Ch. 8, ―Securing Investors & Structuring the Deal‖
Bernard Kossar: ―Evaluating Companies: The Due Diligence Process from a
Venture Analysis Workshops: “Martin Smith Case‖ (Team Presentations)
Assignment for Tonight: Working with your team, prepare a brief written
oral presentation of the Martin Smith Case. Read: Entrepreneurship. Ch. 8.
T 10/18 Personal Entrepreneurship: Theory and Practice
Discussion: Entrepreneurship. Ch. 9, ―Creating the Organization
Discussion: ―The Rise & Fall of J. Peterman‖ (Instructor-led)
Assignment for Tonight: Carefully read the article ―The Rise & Fall of J. Peterman.‖ You
are not required to submit a written analysis of the J. Peterman case, however, be ready to
lead and/or participate in a discussion of this case. Read: Entrepreneurship, Ch. 9. Submit
a one page proposal for your semester project.
T 10/25 Personal Entrepreneurship: Theory & Practice
Discussion: Entrepreneurship. Ch. 10, ―Corporate Venturing, Networking, & Franchising‖
Bernard Kossar: ―Deal Making in Entrepreneurial Ventures‖
Venture Analysis Workshops: ―Esurg or Valhalia Partners Case‖ (Team Presentations)
Assignment for Tonight: Read: Entrepreneurship, Chs.10. Working with
your team, prepare a brief written analysis and oral presentation of the Esurg or Valhalia
T 11/1 Introduction to Corporate Venturing and Intrapreneurship
Review: Venture Imperative Ch. 1, ―The Venture Imperative: A New Model for Corporate
Innovation‖ and Ch. 2, ―The Fear of Venturing: Shedding the Misconceptions‖
Case Presentation: ―Virgin Group: Filling the Gap‖
Assignment for Tonight: Read Venture Imperative, Chs. 1 and 2. Submit a brief proposal
regarding your plan for your semester project. This project can be done either individually
or by a small team. Submit a 1-2 page, single-spaced analysis of the ―Virgin Group‖ case.
Turn in your 10 page, single-spaced, summary of the Entrepreneurship text.
T 11/8 Corporate Venturing: Theory and Practice
Review: Venture Imperative, Ch. 3, ―Battling Corporate Antibodies: Prescriptions for
Success‖ and Ch. 4, ―Building the Business of Building Businesses‖
Case Presentation: ―Business Teams at Rubbermaid.‖
Video: ―Rules for Revolutionaries‖
Assignment for Tonight: Read Venture Imperative Chs. 3 and 4. Prepare a 1-2 page,
single-spaced analysis of the case, "Business Teams at Rubbermaid.‖ Read the handout,
―Teaching Old Companies New Tricks: The Challenge of Managing New Streams within
T 11/15 Corporate Venturing: Theory and Practice
Review: Venture Imperative, Ch. 5, ―Stage 1—The Venture Vision: Validating the
Concept;‖ Ch. 6, ―Stage 2—The Alpha Offering: Building While Planning‖
Case Presentation: “Joline Godfrey & Polaroid‖
Video: ―Joline Godfrey‖
Assignment for Tonight: Read Venture Imperative, Chs. 5 & 6. Prepare a 1-2 page,
single-spaced analysis of the key issues presented in the Joline Godfrey Case.
T 11/22 Corporate Venturing: Theory and Practice
Review: Venture Imperative, Ch. 7, ―Stage 3—The Beta Offering: Testing the Waters,‖ Ch.
8, ―The Market Offering: Calibrating and Expanding,‖ and Ch. 9, ―Ensuring the Future of
Case Presentation: Electronic Arts: The Blockbuster Strategy
Presentation: Managing the Politics of Internal Corporate Venturing
Assignment for Tonight: Read Venture Imperative, Chs. 7, 8, & 9. Read and prepare a
1-2 page, single-spaced analysis of the Electronic Arts case. Begin reading, Beyond
T 11/29 Corporate Venturing Conclusions/Class Conference
Class Conference: The objective of tonight‘s class is to examine what it takes to sustain an
entrepreneurial venture and to create a healthy, high-performing organization capable of
continuous innovation. We will focus on our final text, Beyond Entrepreneurship and
Ernest Shackleton‘s famous survival epic. Regarding, Beyond Entrepreneurship: We will
discuss: Ch. 1: Leadership; Ch. 2: Vision; Ch. 3: Strategy; Ch. 4: Innovation; & Ch. 5:
Case Analysis: ―Ernest Shackleton‖ (Instructor-led case).
―Shackleton‖--The setting is 1914 and Sir Ernest Shackleton hopes to lead the first
expedition to cross Antarctica. His ship, the Endurance, becomes hopelessly trapped in
a massive ice field. The ordeal to survive lasted nearly two years for Shackleton and his
crew. We will see how leadership, vision, faith, followership, stamina, hope, and caring
all become the essence of a rare form of entrepreneurship. Shackleton‘s actions
represent, entrepreneurial leadership, in its finest form. Shakleton is the best example of
authentic entrepreneurial leadership that I can share with you.
Assignment for Tonight: Complete your reading of, Beyond Entrepreneurship, and be
prepared to discuss the major insights you‘ve gained. Submit a one-page, polished abstract
of your semester project. The title of your project should be centered and the name(s) of
the author/team members typed in the upper right hand corner of the page. Do not use a
cover sheet for your semester project. Carefully read the case, ―Ernest Shackleton and the
Epic Voyage of the Endurance‖ and be prepared for an in-depth discussion of the case and
its relationship to entrepreneurship, leadership, new ventures, and your life.
T 12/6 Student Project Briefings, Course Summary, & Evaluations
Each student or student team will present an ―Executive Summary‖ of their semester
project. Depending on the number of presentations an extended class may be necessary.
Specific instructions will be given on presentation formats.
From Leading the Revolution
The new industrial order is the product of a very different type of innovation—one built on neither slow
accretion of scientific knowledge nor the breathless hype of Madison Avenue, but instead on leaps of
human imagination. Where one‘s starting position begins is nearly irrelevant—innovators often start out
with empty pockets. Development timescales are measured in weeks, not years. Customers are co-
developers, providing real-time feedback on an endless cycle of experiment, adapt, experiment, adapt,
fire, fire, aim again, fire–there is no time for ‗ready.‖ The goal is not a patent or new ad campaign, but a
radically new business concept. These innovators struggle not against Nature but against the hegemony
of established practice.
The goal is not to speculate on what might make happen, but to imagine
What you can actually make happen.
Successful people believe that they have the internal capacity to make desirable things happen. This is
the definition of self-efficacy and is the central belief that drives individual success. People who believe
that they can succeed see opportunities where others see threats. This comfort with ambiguity leads
people with high self-efficacy to take greater risks, achieve greater returns, and try more different things.
They do not feel like victims of fate. They believe that they have the motivation and ability to change the
world. They see success for themselves and others as largely a function of this motivation and ability
rather than luck, random chance, or external factors. (Marshall Goldsmith)
From The Essential Drucker
Any organization, however, that actually believes that management and entrepreneurship are different,
let alone incompatible, will soon find itself out of business.
After climbing a great hill, one finds many more hills to climb.
.? A 3-5 page, single-spaced analysis of the “Starbucks Coffee Case‖ is due September 6th
? A 1-2, single-spaced analysis of each team-led case study is due the night of its presentation. Your
summary should contain two major parts: 1) a brief summary of the major issues, problems, and/or
opportunities described in the case, and 2) your very specific recommendations for the protagonists
of the case.
? A written analysis of your team’s case study is due one week following your oral case
presentation. You also should submit a quantitative and qualitative analysis of the evaluation of
your case presentation. Include a short self-critique as well (as a team). A presenting team does not
submit a one-page analysis of their case.
? A proposal for your semester project is due October 18.
? A 10 page, well-edited summary of the major issues presented in Entrepreneurship: Strategies &
Resources. A summary each chapter‘s main points as well as a short narrative of your major learning
at the bottom of each page is recommended. Start each chapter‘s summary on a new page beginning
with the chapter‘s title. This summary is due November 1.
? Brief oral and written reports are required for the Venture Analysis/Due Diligence Workshops
which involve the Martin Smith Case, eSurg Case, and/or Valhalia Partners Case. Specific
instructions will be given in class for preparing these cases.
? A one-page polished abstract of your semester project is due on November 29th
? Your “Semester Project” and your “Class Involvement Self-Report‖ are due December 12th by
4:00 PM. Please turn in to Mary Jo Chase in Suite 600 in the Whitman School of Management
? A 3-4 page, single-spaced summary of Beyond Entrepreneurship is due December 9th by
? A 9-10 page, single-spaced summary (bullets of major chapter points are recommended) of the major
insights gained from Venture Imperative is due December 9th by 4:00PM. Start each chapter’s
summary on a new page beginning with the chapter’s title.
Academic Integrity Policy
Please Note: ―The faculty of the Whitman School of Management has adopted an Academic Integrity Policy
emphasizing that honesty, integrity, and respect for others are fundamental expectations in our School. The
Policy requires all students who take School of Management courses to certify in writing that they have read,
understand, and agree to comply with the Academic Integrity Policy. School of Management students should
have already completed a certification statement. Completed statements will be kept on file in the Office of