Harvard Case - TEC Edmonton and TusStar Joint Innovation: An Entrepreneurial Match?
"TEC Edmonton and TusStar Joint Innovation: An Entrepreneurial Match?" Harvard business case study is written by Haibo Hu, Chunbing Mao, Phillip Swallow, William Wei, Bruce Thomson, Meiju Fei. It deals with the challenges in the field of Entrepreneurship. The case study is 9 page(s) long and it was first published on : Apr 21, 2020
At Fern Fort University, we recommend that TEC Edmonton and TusStar pursue a strategic partnership focused on developing a joint innovation hub. This hub will leverage the strengths of both organizations, fostering a vibrant entrepreneurial ecosystem and driving innovation in the technology sector.
2. Background
This case study examines the potential for collaboration between TEC Edmonton, a non-profit organization supporting technology entrepreneurship in Edmonton, and TusStar, a technology incubator and accelerator in Tulsa, Oklahoma. Both organizations share a common goal of nurturing startups and fostering innovation. However, they face challenges in scaling their operations and attracting international talent.
The main protagonists are:
- TEC Edmonton: A non-profit organization with a strong track record of supporting technology startups in Edmonton. They offer various programs, including mentorship, funding, and access to resources.
- TusStar: A technology incubator and accelerator in Tulsa, Oklahoma, focused on supporting early-stage technology companies. They offer a variety of services, including mentorship, workspace, and access to funding.
3. Analysis of the Case Study
This case study presents an opportunity for both TEC Edmonton and TusStar to leverage their respective strengths and create a more impactful ecosystem for entrepreneurship. A joint innovation hub could offer several advantages:
Strategic Framework: We can utilize the Porter?s Five Forces Analysis to analyze the competitive landscape and identify opportunities for collaboration:
- Threat of New Entrants: The joint venture could deter new entrants by creating a strong ecosystem with established resources and expertise.
- Bargaining Power of Buyers: The combined resources could offer startups greater bargaining power with potential investors and customers.
- Bargaining Power of Suppliers: The joint venture could leverage its size to negotiate better terms with suppliers, potentially reducing costs for startups.
- Threat of Substitutes: The focus on technology innovation could help the joint venture stay ahead of potential substitutes in the market.
- Competitive Rivalry: The joint venture could create a stronger competitive advantage by pooling resources and expertise, attracting more talent and startups.
Key Considerations:
- Geographic Reach: The partnership would expand the reach of both organizations, allowing them to tap into a wider pool of talent and investment opportunities.
- Resource Sharing: The joint venture could share resources, such as mentorship, funding, and infrastructure, leading to cost savings and increased efficiency.
- Cross-Pollination of Ideas: Collaboration could foster cross-pollination of ideas and knowledge transfer, leading to more innovative solutions.
- Internationalization: The joint venture could attract international talent and investors, contributing to the growth of the technology sector in both regions.
Challenges:
- Cultural Differences: The two organizations may have different cultures and operating models, which could create challenges in integration.
- Governance: Defining governance structures and decision-making processes for the joint venture will be crucial for its success.
- Funding: Securing sufficient funding for the joint venture will be essential to its long-term viability.
4. Recommendations
TEC Edmonton and TusStar should pursue a phased approach to building their joint innovation hub:
Phase 1: Strategic Partnership (6 months)
- Memorandum of Understanding (MOU): Establish a formal agreement outlining the partnership?s objectives, roles, responsibilities, and governance structure.
- Due Diligence: Conduct thorough due diligence to assess each organization?s strengths, weaknesses, and potential synergies.
- Pilot Programs: Initiate pilot programs to test the feasibility of collaboration and identify areas for improvement.
- Marketing and Outreach: Develop a joint marketing strategy to raise awareness of the partnership and attract startups, investors, and talent.
Phase 2: Joint Innovation Hub (12-18 months)
- Establish a Joint Venture: Create a legal entity to oversee the joint innovation hub, with clear ownership and governance structures.
- Develop a Business Plan: Develop a comprehensive business plan outlining the hub?s mission, vision, services, target market, financial projections, and key performance indicators (KPIs).
- Secure Funding: Seek funding from government agencies, private investors, and corporate sponsors to support the hub?s operations and programs.
- Develop Infrastructure: Establish a physical space or virtual platform for the hub, providing startups with access to resources, mentorship, and networking opportunities.
- Launch Programs: Develop and launch targeted programs, such as mentorship, accelerator programs, and workshops, to support startups at different stages of development.
Phase 3: Growth and Expansion (Ongoing)
- Expand Geographic Reach: Explore opportunities to expand the hub?s reach to other regions and countries.
- Develop New Programs: Continuously innovate and develop new programs to meet the evolving needs of startups.
- Foster Collaboration: Encourage collaboration between startups, mentors, investors, and other stakeholders within the hub.
- Measure and Evaluate: Regularly measure the hub?s impact and effectiveness, using KPIs to track progress and identify areas for improvement.
5. Basis of Recommendations
This recommendation aligns with the core competencies and mission of both organizations. It addresses the needs of both external customers (startups, investors) and internal clients (mentors, staff). It also considers the competitive landscape and seeks to create a unique value proposition. The joint venture has the potential to attract a significant number of startups and investors, leading to increased revenue and impact.
Assumptions:
- Both organizations are committed to the success of the joint venture.
- The partnership will be able to overcome cultural differences and establish effective governance structures.
- Sufficient funding will be secured to support the hub?s operations and programs.
- The joint venture will be able to attract a critical mass of startups and investors.
6. Conclusion
A strategic partnership between TEC Edmonton and TusStar has the potential to create a vibrant entrepreneurial ecosystem, driving innovation and economic growth in both regions. By leveraging their combined resources and expertise, they can create a joint innovation hub that attracts talent, investment, and high-growth startups. The partnership can contribute to the development of a thriving technology sector, fostering job creation and economic prosperity.
7. Discussion
Alternatives:
- Independent Growth: Both organizations could continue to operate independently, but this may limit their growth potential and impact.
- Merger: A merger could create a single entity, but it may be difficult to integrate the two organizations? cultures and operations.
Risks:
- Cultural Mismatch: Significant differences in organizational culture could hinder integration and collaboration.
- Governance Challenges: Defining clear governance structures and decision-making processes could be challenging.
- Funding Shortfall: Securing sufficient funding to support the hub?s operations and programs could be difficult.
Key Assumptions:
- Both organizations are committed to the success of the joint venture.
- The partnership will be able to overcome cultural differences and establish effective governance structures.
- Sufficient funding will be secured to support the hub?s operations and programs.
- The joint venture will be able to attract a critical mass of startups and investors.
8. Next Steps
Timeline:
- Month 1-3: Conduct due diligence, negotiate MOU, and establish a joint steering committee.
- Month 4-6: Develop a pilot program to test collaboration and identify areas for improvement.
- Month 7-12: Develop a comprehensive business plan, secure funding, and establish the joint venture entity.
- Month 13-18: Develop infrastructure, launch programs, and attract startups and investors.
- Month 19-24: Expand geographic reach, develop new programs, and continuously evaluate the hub?s impact and effectiveness.
By following these steps, TEC Edmonton and TusStar can create a successful joint innovation hub that will drive innovation and economic growth in both regions.
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Case Description
In 2017, the successful Canadian innovation center TEC Edmonton initiated a joint venture with TusStar, an important Chinese accelerator, and found itself in the middle of a debate about the challenges and opportunities of Chinese investment in Canada's technology sector. Both organizations were unique collaborations among industry, academia, and government. This joint initiative had added significance because of the implications for these stakeholders. The role of government was also significant, especially regarding the role of the Chinese government in innovation. The partnership was also nationally significant because of the important roles TEC Edmonton and TusStar played in the innovation ecosystems in Canada and China. How could TEC Edmonton define its role underpinning its relationship with TusStar and the Chinese government and make a compelling case for this new cooperation to stakeholders in industry, academia, and government?
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