You will then write a 4–5 page paper in which you use this new knowledge and proven strategies to respond to the five statements below.

Discuss the necessity of short-term and long-term forecasting for developing the key elements of the business plan.
Evaluate the importance of developing formal and informal networks when building new business opportunities and expanding into new markets.
Discuss the importance of knowledge management in the digital age and identify two risks organizations must address to mitigate competitive pressures.
Consider the various components of a business plan and identify two components that you believe would be the most challenging for you as an aspiring entrepreneur.
Describe how technology could help overcome identified business plan challenges.

Evaluate the components of a business plan related to forecasting, networking, and knowledge management.

Innovation and Entrepreneurship,
Bessant and Tidd, 2nd Rd.

P.p. 329-336


Pre-Launch Decisions which Influence Innovation Success

It has been extensively documented in management literature that an incredibly large share of

firms’ investments in technological innovation do not generate substantial financial returns.

Three main reasons underlying this phenomenon can be identified. First, technological

innovation creates knowledge and technological assets that often remain largely unexploited.

Various studies show that between 70 and 90% of corporate technology assets often never get

used in core products or lines of business. Second, the likelihood that an innovation project

reaches completion and that the new product is introduced into the market is strikingly low. It

has been estimated that the probability of new product commercialization is about 40% in many

industries, with some cases (e.g., pharmaceutics) where the mortality of innovation projects is

much higher. Finally, a large share of the innovations that ultimately reach the market do not

experience a satisfactory diffusion and their sales are discontinued. Empirical studies have

shown indeed that on average 40–50% of fully commercialized new products turn out to be

commercial failures.

An important managerial question is however left unanswered: which are the levers a manager

can act upon to achieve adoption network acceptance and early adopters’ acceptance for a high-

tech innovation, having a given functional content and a set of technical specifications, which is

introduced within the scope of a given competitive and product strategy (Table 7.5)?

TABLE 7.5 Commercialization factors influencing the adoption of


Variable Description


 – When will the innovation first be launched into the market?

 – Will the firm announce the innovation to the press long before its market


 – Will the firm partner with external organizations long before the official

market launch?

Targeting and


 – Which market segments will the innovation will be addressed to?

 – Which will be the position of the innovation in the eyes of potential adopters

in each of the targeted market segments?

 – Will the firm target different segments as long as the commercialization

process progresses?



 – Which external organizations will the firm partner with during the

commercialization of the innovation?

Variable Description
 – Which forms of relationships will be most appropriate (e.g., licensing

agreements, strategic, long-term partnerships) to organize such relationships?


 – Which bundle of additional adds-on, services and functionalities surrounding

the ‘core’ innovation will be included in the basic configuration of the new



 – Which type of

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