Tobias Gutmann

Bio: Tobias Gutmann is an academic researcher from EBS University of Business and Law. The author has contributed to research in topics: Corporate venture capital & Business. The author has an hindex of 4, co-authored 7 publications receiving 52 citations. Previous affiliations of Tobias Gutmann include Porsche & HHL Leipzig Graduate School of Management.

Harmonizing corporate venturing modes: an integrative review and research agenda

Abstract: The modern landscape of corporate venturing (CV) is emerging and has undergone increasingly rapid evolutions over the past two decades. A growing heterogeneity of CV modes can be observed such as corporate accelerators, corporate incubators, corporate venture capital, and strategic partnerships with startups. Selecting the appropriate mode is critical given that most corporations struggle to find the proverbial needle in the haystack. Furthermore, scholars’ examination of CV is fragmented and involves competing frameworks and typologies, which fails to provide practitioners with a better understanding of how to effectively choose between distinct CV activities. Building upon a systematic review of the literature, the research question addressed in this paper is: Which CV modes and dimensions can be identified in the literature and how can they be categorized comprehensively? To address this, I propose a reconciliation of various CV dimensions by constructing a framework enhanced with practical examples derived from expert interviews. Going beyond the highly dispersed work on CV I strive to (1) identify, organize, and integrate the relevant literature on corporate venturing activities; (2) analyze the dimensions that have been proposed by scholars to categorize and characterize distinct CV activities; and (3) harmonize competing approaches and introduce a coherent and reconciled framework that organizes CV modes along ‘inside-in’, ‘inside-out’, and ‘outside-in’ innovation flows, thus helping practitioners and scholars alike better understand and choose more appropriately between discrete CV modes in relation to specific objectives.

Why do startups pursue initial coin offerings (ICOs)? The role of economic drivers and social identity on funding choice

Abstract: Initial coin offerings (ICOs) are a novel form of funding that has driven billions of dollars into the blockchain ecosystem, potentially challenging traditional funding vehicles such as business angel or venture capital investments. However, little is known of entrepreneurs’ rationales for leveraging this emerging form of financing. This article investigates the economic and behavioral factors that motivate entrepreneurs to fund their startup operations with ICOs. By conducting in-depth interviews with C-level managers or founders of ICO-funded startups, our analysis reveals four dimensions that have an impact on the decision: (1) funding, (2) community building, (3) tokenomics, and (4) personal and ideological drivers. Our findings suggest that the entrepreneur’s social identity in conjunction with the enabling mechanisms of the blockchain technology shape entrepreneurial pursuits and funding choice. We contribute to the literature on entrepreneurial finance by increasing understanding of ICOs and to the literature on entrepreneurial decision making by providing qualitative insights into the influence of founder identity on key decisions in startups such as financing.

Exploring the benefits of corporate accelerators: investigating the SAP Industry 4.0 Startup Program

Abstract: Corporate accelerators are on the rise and established companies from a diverse set of industries and regions have set up such startup support programs to predominantly pursue strategic goals. The purpose of this study is to shed light on the benefits of corporate accelerators from a corporate perspective and that of the participating startups. In order to do so, this in-depth single-site case study investigates the SAP Industry 4.0 Startup Program building upon an inductive research design with explorative nature. The authors qualitatively examine a newly established corporate accelerator program of one of the world’s largest enterprise software companies and provide valuable insights for both practitioners and scholars engaged in corporate accelerators. The benefits for startups participating in corporate accelerator programs can be linked to operational go-to-market acceleration in regards to product development, sales acceleration, as well as skill and knowledge development. Moreover, the startups receive benefits linked to strategic business development acceleration in the areas of strategy and business model improvements, pitching, financing, and strategic partner development. At the same time, corporate accelerators overall aim to increase the competitiveness of established companies running such programs by developing a product ecosystem and the brand, infusing startup culture into the organization and developing customer relationships.

Value Impedance and Dynamic Capabilities: The Case of MedTech Incumbent-Born Digital Healthcare Platforms

Abstract: During the last decade, MedTech companies started to invest in building digital healthcare platforms to maintain their competitiveness in the Digital Economy. However, launching a new digital platform business revealed several challenges that MedTech incumbents must overcome, including value impedance. This is caused by digital transformation gaps, which, when left unmanaged, can stall digital healthcare platforms’ growth and even lead to their demise. This article distills four dynamic capabilities: sensing the internal environment, value-capturing through connectedness, orchestrating silos, and transforming organizational boundaries. These mitigate value impedance and bestow competitive advantage to MedTech incumbents’ digital platform business.

Startups in a corporate accelerator: what is satisfying, what is relevant and what can corporates improve?

Abstract: Corporate accelerators have emerged rapidly over the last few years and have become a cross-industrial global phenomenon. Established companies interact with startups through these programmes in a structured approach. Recent academic research shows that programmes exist with diverse characteristics, providing various resources and services such as investment capital, office space, mentoring or training to the startups. Currently, the corporate accelerator landscape is undergoing change, with companies adjusting their programme characteristics. One reason for this development seems to be that companies struggle to provide the right resources to startups. The extant corporate accelerator literature, however, does not provide any insights into the value of the different resources provided to startups in such programmes. Thus, we analyse, empirically and in-depth, one of the longest active corporate accelerator programmes, taking the startups' perspective. Investigating Wayra, the corporate accelerator of Telefonica in Germany, we shed light on what is satisfying, what is relevant and what corporates can improve on.

Measurement of potential absorption capacity in Colombia's innovative companies [Medición de la capacidad de absorción potencial en las empresas innovadoras de Colombia]

Abstract: El artículo tiene como objetivo evaluar el nivel de desarrollo de la capacidad de absorción realizada (RACAP) en las Pyme colombianas. Se parte de una muestra de 363 Pyme colombianas (Dane,2012), se usa una revisión de literatura con apoyo del análisis de contenido y un modelo de regresión lineal, que permiten mostrar la existencia de una correlación lineal positiva entre la adquisición y asimilación del conocimiento externo en las organizaciones objeto de estudio,. Palabras clave: Capacidades de absorción, capacidades de absorción potencial, medición de las capacidades de absorción ABSTRACT:

The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings

Abstract: Entrepreneurial finance markets are in a dynamic state. New market niches and players have developed and continue to emerge. The rules of the game and the methods for receiving financial backing have changed in many ways. This editorial and the special issue of Small Business Economics focus on crowdfunding (CF) and initial coin offerings (ICOs), which are two distinct but important entrepreneurial finance market segments of the future. Although the two market segments initially appear to be similar, we identify differences between them. Our comparison focuses on the stakeholders, microstructures, regulatory environments, and development of the markets. We conclude with suggestions for future ICO and CF research.

Venture capital investor type and the growth mode of new technology-based firms

Abstract: Independent venture capital (IVC) investors have more powerful incentives than corporate venture capital (CVC) investors to take actions that signal their capabilities (i.e. to "grandstand"). We argue that this should engender differences in the treatment effect of IVC and CVC on the mode of growth of portfolio companies. Short-term sales growth of IVC-backed firms in the period that immediately follows the VC investment should outpace that of CVC-backed firms, while we expect no difference in employment growth. We find support for these theoretical predictions on a sample of 531 Italian new technology-based firms, using several panel estimators to control for endogeneity of IVC and CVC.

A systematic literature review on accelerators

Abstract: Over the past 15 years, accelerators emerged as a popular and distinct new form of intermediary organization, playing a key role in supporting entrepreneurial and innovation activities. To date, despite significant growth in accelerators research, there is still little understanding of how different forms of accelerators operate, and what outcomes they produce across different contexts. This paper reviews the existing scholarly research on accelerators using the Context–Intervention–Mechanism–Outcome framework and is based on the analysis of 98 research papers on accelerators published in the last 15 years. The analysis identifies four mechanisms which explain how accelerators operate and the role they play in supporting entrepreneurship and innovation: the validation of ideas and products; the provision of product development and models learning; the provision of support to increase startups’ market access and growth; and the provision of support for innovation. The paper identifies the methodological and theoretical gaps in current research and provides avenues to support future research and industry practice.

Understanding the interplay of artificial intelligence and strategic management: four decades of research in review

Abstract: As artificial intelligence (AI) is enabling the automation of many facets of management and is increasingly used in a wide range of strategic tasks, it is necessary to better understand its relevance for strategic management. However, research on the interplay of AI and strategic management is unbalanced and lacks a coherent structure due to its multidisciplinarity. This article contributes to the emerging academic discussion by systematically reviewing and categorizing the substantial amount of research that has been conducted since the first article in the field was published in 1979. Furthermore, it introduces a comprehensive framework that integrates and synthesizes existing concepts. The framework displays the structure of the research field by classifying 58 relevant articles into two research scopes: condition-oriented research, which explores antecedents for leveraging the use of AI in strategic management, and outcome-oriented research, which studies the consequences of AI in strategic management at both the individual and the organizational level. Given the exponential potential of AI to reshape the field in its current form and the need for a realistic assessment of its impact, this review proposes promising research avenues for studying the quantifiable effects of the interplay of AI and strategic management based on the developed framework.