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CHAIR REPORT 2014 1
Chair Report 2014
Stiftungsfonds Deutsche Bank
Chair of Innovation Management
and Entrepreneurship
2 CHAIR REPORT 2014
CHAIR REPORT 2014 3
“Innovation distinguishes between a leader
and a follower.”
Steve J obs
PREFACE
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PREFACE 3
CONTENT 4
1. PHILOSOPHY 7
2. TEAM 8
2.1. Chair Holder 8
2.2. Research Associates and Post-Docs 8
2.3. Doctoral Students 10
2.4. Chair Assistant 10
2.5. Student Assistents 10
3. RESEARCH 11
3.1. Startup Research 11
3.1.1. Crowdinvestment as a new Financing Instrument for Startups 11
3.1.2. Founders’ Coaching in Entrepreneurship Education 12
3.1.3. Advisory Boards in Startups 12
3.1.4. Internationalization of high-tech Startups 12
3.2. Venture Financing Research 13
3.2.1. Strategic Management in Early Stage Venture Capital Funds 13
3.2.2. Risk Management in Venture Capital Funds 13
3.2.3. Failure of New Technology-based Firms 14
3.3. Business Model Innovation Research 14
3.4. Innovation Research 16
3.4.1. Employee Involvement in Innovation 16
3.4.2. Innovation in the Context of Resource Efficiency 16
3.4.3. Science-business Collaboration 17
3.5. Innovation & Change Management 17
3.6. Trust Research 18
CONTENT
CHAIR REPORT 2014 5
3.6.1. Trust in Open Innovation 18
3.6.2. Trust in Venture Capital Companies & Financing 18
4. TEACHING 19
4.1. Course Business Plan Development 19
4.2. Course Innovation Management 19
4.3. Field Projects 20
4.4. Supervision of Master Theses 21
4.5. Guest Speakers 21
5. TRANSFER 23
5.1. Leipzig Entrepreneurship Lecture 23
5.2. 1
st
HHL International Investors Day 24
5.3. Accelerate – International Entrepreneurship Conference 2014 26
5.4. Cooperation with Hasso Plattner Institute (HPI) 26
5.5. Innovation in Higher Education 27
5.6. Assistance for Scholarship Applications 27
5.7. Development of CEIM concepts for HHL / SpinLab 27
5.8. Presentation at Bonner Akademischer Sommer 29
5.9. Cooperation with „Wirtschaftswoche“ 29
6. EXTERNALLY FUNDED PROJ ECTS 30
6.1. SMILE 30
6.2. Excellence Cluster Bioeconomy 30
6.3. Strategic Management in Early Stage Venture Capital Funds 31
7. CONFERENCES 32
8. PUBLICATIONS 33
9. AWARDS 34
10. ACKNOWLEDGEMENT 35
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IMPRINT 36
CHAIR REPORT 2014 7
Entrepreneurship has been a cornerstone of the educational program at HHL for many years. With over 165 start-ups founded
by HHL graduates so far, we are one of the premier breeding grounds for future entrepreneurs. In 2014 HHL was awarded for
the second time as one of the best German Universities in the field of Entrepreneurship by the Stifterverband für die Deutsche
Wissenschaft. Our work centers on Innovation Management in new business creation as well as in established companies. The
focus is on intellectual venturing and the transfer of created knowledge from academia into businesses.
The focus of this year’s work was the creation and successful establishment of the two pioneering institutions The HHL
International Investors Day and the SpinLab – The HHL Accelarator. They both aim to further strengthen the strength of HHL
and sharpen its profil in the field of entrepreneurship and innovative leadership.
The chair’s goal is to realize an intensive theory-practice transfer both in research and teaching. The teaching programs are
interactive and practical; our lectures are supported by our wide network of entrepreneurs and innovators in the market who are
engaged in stimulating co-teaching with our professors. We are very much engaged in using the new opportunities of digitizing
for further improvements in research and teaching.
In order to keep track with the newest research findings and trends in industry, the chairholder is i.a. member of the following
institutions: German Academic Association for Business Research (VHB), Board of the Association for the Promotion of
Entrepreneurial Research (FGF), Erich Gutenberg Working Group, Working Group for Technology Transfer and European
Council for Small Business and Entrepreneurship (ECSB), Board of the Excellence Cluster BioEconomy, Board of CASIM
(Center of Advanced Studies in Management at HHL). In addition, the chairholder and all research associates present their
research results regularly at international scientific conferences.
1. PHILOSOPHY
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2.1. Chair Holder
Prof. Dr. Andreas Pinkwart
Born in 1960, Prof. Dr. Pinkwart is Dean of HHL and the Chairholder of the
Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship at HHL. After becoming a banker at Dresdner Bank he studied
business economics at the University of Münster and economics at the University of
Bonn, where he also earned his doctorate (summa cum laude) in 1991. In 1998, he
accepted a full-professorship at the University of Siegen, where he has been
Professor for Business Economics esp. small and medium-sized enterprises.
Because of his membership in the German Bundestag from 2002 to 2005 and in the
German Bundesrat from 2005 to 2010 he got a sabbatical. He served as the
Minister for Innovation, Science, Research & Technology and Deputy Prime
Minister of the state of North Rhine-Westphalia from 2005 to 2010. Before he
started his new positions at HHL in April 2011 he was Fellow at AICGS, J ohns-
Hopkins-University Washington. He has been active for years in various supervisory
boards and advisory committees. He is, for example, member of the scientific board
of the Center for Advanced Studies (CASiM) at HHL and member of the board of
trustees of the DAAD. In addition, since 2013 he is a visiting professor at EADA
Business School in Barcelona.
2.2. Research Associates and Post-Docs
Dipl.-Kffr. Anja Hagedorn
Ms. Hagedorn studied Business Administration at the University of Leipzig with the
subjects Banking, Insurance and International Economic Relations. Before she
started working for HHL, she worked in corporate banking in Commerzbanks’
Mittelstandsbank. She joined the Stiftungsfonds Deutsche Bank Chair of Innovation
Management and Entrepreneurship in August 2011, where she was a founders’
coach till mid-2012 for the cooperative-project SMILE. Afterwards she started
supporting the “Excellence Cluster BioEconomy”, which aims to derive sustainable
produced chemicals from wood by conducting serveral innovation potential analysis
in the field of extractives from wood and researching the question how stakeholders
cooperate in order to innovate in the cluster.
Besides that, she does research projects in the field of crowdfunding with focus on
the decsision making processes of the crowd. Also she is working on her PhD at the
Chair in the field of entrepreneurial education, where she discusses the question
how founders’ coaching contributes to the competence development of founders.
2. TEAM
CHAIR REPORT 2014 9
Dr. Nagwan Abu El-Ella
After receiving a Bachelor of Commerce with a GPA of Excellent with Honors
Degree and rated as best student, Dr. Abu-El-Ella attained her Master’s degree in
Business Administration in 2010 at Ain Shams University, Egypt. She has worked
for several years as university lecturer in addition to her previous work as a Human
Resources Manager at the subsidiary of AMS GmbH located in Mannheim. From
2007 to 2011 she has worked in parallel as a Management Trainer at International
Training Centers. She has also experience as a Coordinator and Student Advisor
for the MBA and M.Sc. programs of Edinburgh Business School, UK. In addition,
she studied at Albert-Ludwigs Universität - Freiburg in 2007. Ms. Abu El-Ella started
her work as a research associate at the chair in J anuary 2012. In addition to her
responsibilities at the chair, she has worked as a SMILE coach till the end of 2014.
In November 2014, she successfully completed her PhD in the area of the
employee involvement in open innovation that was evaluated with a “summa cum
laude”. Currently, she continues her work at the chair as a post-doc.
Dr. Dorian Proksch
Dr. Dorian Proksch completed his Master’s degree in Business Information Systems
at Technische Universität München (Technical University of Munich) as top student
in 2008. He received the TUMexchange scholarship and spent a semester at
Oklahoma State University, USA. In addition to his studies, he was co-founder of
the start-up company toptv.de and president of a Toastmasters International public
speaking club. After his studies he received the EXIST entrepreneurial scholarship
and worked in marketing and sales before he joined amiando GmbH to work as a
sales manager responsible for US customers. In September 2011, he has joined
HHL and also works part-time as a trainer for speed reading techniques. His
research interests are risk management and internationalization of new technology-
based companies. He successfully completed his PhD in the area of the
development of new technology-based firms in J anuary 2015 with the degree
“summa cum laude”. Follwing, he continued as a post-doc.
Eric Weber, M.Sc.
On September 2012, Eric Weber took up his position as a Research Associate at
the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship. Additional to teaching and doing research at the chair, he worked
at the project SMILE (Self-Management Initiative Leipzig) till end of the year 2014.
Since 2015 he is leading SpinLab - The HHL Accelerator. He holds a Bachelor of
Arts in Service and Marketing Management from the University of Cooperative
Education Saxony as well as a Master of Science in Management Science from the
University of Leipzig. In both studies he was awarded among the best in class. He
gained 5 years of work experience in the fields of sales and controlling in a medium-
sized wholesaler for the business-to-business sector and more recently he worked
for a consulting and software provider in the energy sector, which is an
entrepreneurial spin-off of one of the big market actors. His research interests are
the use of advisory boards in startups as well as innovation management in energy
companies.
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2.3. Doctoral Students
Beside the research associates the following internal and external doctoral students are supervised by Prof. Dr. Pinkwart:
• Mr. Ulrich Bremer, Career Partner Group Munich, “Internationalization Strategies for Universities“
• Mr. Martin Keßler, Daimler AG, “An analysis of the know-how adjustment between OEM and providers within the
automotive industry”
• Mr. Anirban Ash, Research Associate at CASIM at HHL, “The role of trust in firms and with its stakeholders”
• Ms. Katja Grzebiela, PhD student and startup-coach at the Hasso Plattner Institut (HPI) Potsdam, “Turnaround
possibilities of high tech IT start-ups based on a value driver analysis”
• Mr. Patrick Steinhagen, PhD student at HHL, “The influence of venture capital characteristics on the premoney
valuation, success, and capital structure of investment targets”
• Mr. Alexander Hiller, entrepreneur and startup-coach in the SMILE project, “The potential of crowdfunding for E-
ventures in Africa”
2.4. Chair Assistant
Franziska Greim, M.A.
Ms. Greim studied Cultural Studies of Science and Eastern Slavonic Studies at the
University of Leipzig and worked at least at the Dean’s Office of HHL before joining
the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship at HHL in August 2012 as a Chair Assistant. She is the general
contact person representing the Chair and is also involved in the administration and
organization of Chair projects such as SMILE, HTGF, CEIM and the Excellence
Cluster Bioeconomy.
2.5. Student Assistents
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship also has three positions of
student assistants, which were/are currently staffed by Mr. Lars Radscheidt until February 2015, student in Economics and
African Studies at the University of Leipzig, Mr. J onas Donath, a Bachelor Student in Economics ath the University of
Leipzig and Mr. Fabian Terbeck, a Master of Science student in Social and Economic Geography at the University of
Leipzig.
CHAIR REPORT 2014 11
3.1. Startup Research
3.1.1. Crowdinvestment as a new Financing Instrument for
Startups
Our initial research was analyzing the eleven so far existing crowdinvesting platforms in Germany and compared usage as well
as pitfalls in order to provide a comprehensive overview over the market. At this juncture the advantages for founders and
investors predominates the usage, because a fast capital acquirement and capital investment for small amounts is provided,
while the revenue for the investor remains uncertain. The financing of new ventures proves to be occasionally difficult,
especially for small amounts. Therefore crowdinvestment is becoming more and more popular. This reflects the need of the
founders for new ways to obtain small amounts of money but also the need for investors to invest in times of low credit rates
and high economic uncertainty. It is characteristical of a systemical weakness of the German market - the missing financial
support especially for small and medium sized startups.
Empirical research on the decision making process of investors in crowfunding and crowdinvesting followed. Together with the
German crowdinvesting platform Seedmatch we conducted an online-survey among investors with 349 participants, which is
being currently published. Also a study which analysis the crowdfunding process of HHL’s own campaign from 2013 has been
conduceted. Here we examine the questions a) how the crowd can be characterized b) whether the crowd has to be attracted
by a project or is an existing part of a platform c) which motives trigger the investment decision and d) if a herding bias
influences the investment decision. The data is currently analyzed and will be published in forthcoming papers.
First results have been presented to practitioners in cooperation with the Industrie- und Handelskammer zu Leipzig at the
Designers’ Open in October 2014 and the Chamber of Commerce “Finanzmarktforum” in February 2015.
Anja Hagedorn, Research Associate at the chair, presents the field of crowdfunding at the Designers’ Open 2014 in Leipzig
3. RESEARCH
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3.1.2. Founders’ Coaching in Entrepreneurship Education
The research project examines the role of founders coaching, which is a cornerstone of public and private entrepreneurship
education in Germany. Nascent entrepreneurs have a need for external expertise due to high responsibilities in various
management fields. At the same time the German market is providing manifold possibilities to support a young Entrepreneur,
provided by many different experts like Business Angels, Venture Capital Investors, Business Consultants or governmental
institutions supporting founders with their problems.Thereby the activities vary widely from counseling to coaching to mentoring.
Especially in the case of nascent entrepreneurs a coach can help the founder by identifying and closing learning gaps as well
as the organisation by helping setting a structure and asking strategic questions. He essentially supports the building of
entrepreneurial and managerial competencies.
Despite the fact that it plays an important role for the support of startups and thus has been financed among others by public
money, founders-coaching itself is not regulated in Germany. This means that various institutions, companies and single
persons can offer the service, for instance public and private banks, self-employed founder-consultants or business incubators.
Professional titles are not lawfully protected and demands as well the professional qualifications are not defined. As a
consequence we face an intransparent market structure with widely varying methods, which reduces the comparability. At the
same time the founders, who are obtaining support in terms of coaching are also a very heterogeneous group, with different life
courses and consequently different capabilities and needs.
In conclusion the professional practice of founders coaching is determined by a wide range of questions addressed by the
founders and different methods as an answer from the supporters. During the research we expect to discover advantages and
disadvantages, potentials and pitfalls of founder’s coaching and by this contribute to theory development as well as give action
recommendations for founders and coaches. We conduct qualitative and quantitative studies by conducting interviews with
coaches and founders as well as submitting questionaires to founders in order to validate the qualitative findings. The latter has
been done in cooperation with the Chamber of Commerce(IHK) in Leipzig.
3.1.3. Advisory Boards in Startups
Since entrepreneurs might lack in sufficient capabilities and resources during the early phases of new ventures, the efficient
utilization of external assets is critical. Besides coaches and consultants institutionalized boards can contribute to overcome
entrepreneurial disadvantages of smallness, newness and adolescence or those weaknesses that come along with personal
traits of entrepreneurial teams. Theory mainly focuses on boards of directors in (mature) family businesses. Only a few
publications deal with advisory boards and virtually none with advisory boards in startups. We want to close this research gap,
since those boards have a lot of advantages and first estimations claim that 10 to 20 percent of startups use it.
3.1.4. Internationalization of high-tech Startups
Although, Germany is one of the leading countries regarding the export of products and innovations, the internationalization rate
of new ventures and SMEs in general is low. We wanted to find out why and therefore focus on the high-tech industry.
Companies from this industry usually internationalize much faster and with different market entry strategies than in other
industry. In a previous study, we analyzed which resource factors hinder or foster the internationalization process using an
empirical data set. Therefore, we looked at the role of the technology, of the financing and the entrepreneurial team. We found
out that whether the financing and the technology had a significant role the enterpereneurial team had no influence on an early
internationalization. The results were published in the Thunderbird International Business Review Vol. 56 No 1. In current
studies, we want to find out more about the internationalization process itself and focus on the steps a high-tech startup goes
through upon internationalization and which barriers they have to overcome. Further results were presented at the 13th
Interdisciplinary European Conference on Entrepreneurial Research in Montpellier, France in the February of 2015.
CHAIR REPORT 2014 13
3.2. Venture Financing Research
In the last decades only few new findings were generated in the venture capital research. A reason for that are difficulties in
getting reliable data. Most studies are based on commonly and easy-accessible data sets like VentureXpert or rely on surveys.
Both methods lead to a high number of cases but a low depth of the data. This strictly limits the possible results. We want to
address these challenges by collecting in depth data directly from venture capital companies.
3.2.1. Strategic Management in Early Stage Venture Capital
Funds
In the early stage of the development of newly founded technology-based firms (NTBF) intensive non-financial support is often
required in order to cope with the range of existing restrictions and risks. In this stage the additional value created by Venture
Capital Funds (VCF) – apart from covering capital requirements – is mainly based on management support and a balanced risk
management. So far, empirical academic studies of the early stage financing are mostly cross-sectional and look at a set of
investments based just on the notion of the investment manager in charge. There is a lack of longitudinal studies more
objectively considering the decisions and characteristics of a set of investments over time. TU Dresden and HHL are doing a
combined research project to overcome these challenges. The newness of the approach is to analyze the VCFs’ original deal
documentation and surveying investment managers and NTBF only regarding those pieces of information, which cannot be
found in the VCFs’ files. These files e.g. include business plans, due diligences, investment reports, company reports and
evaluation reports by investors.
We therefore already collected data at nine venture capital funds and additional funds will follow throughout the year. First
results of this project were already presented at the NRW.Bank in Düsseldorf, on the annual meeting of the German Equity
Capital Association (Bundesverband Deutscher Kapitalbeteiligungsgesellschaften e.V.), at the Business Angels research
Symposium Berlin and multiple times at the G-Forum in Koblenz. The
project is kindly supported by Science Funding of the Savings Banks
Finance Group (Wisssenschaftsförderung der Sparkassen-
Finanzgruppe) and the NRW.Bank.
3.2.2. Risk Management in Venture Capital Funds
Determining risk and weighing it against potential profits is one of the main tasks of a venture capitalist. Therefore, we analyze
how risk can be measured and which factors influences the risk. Also, we research what measures a venture capitalist (VC) can
partake to minimize the risk and which ones lead to results. Our empirical data base enables us to test the findings from the
current literature and derive and test new hypothesis. They might help VC companies to better evaluate and manage their risk
while investing. This might lead to more successful investments. First results were presented at the G-Forum in Oldenburg in
2014.
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3.2.3. Failure of New Technology-based Firms
The area of business failure is underresearched as most of the current studies focus on the success factors. We conducted a
study looking at the causes of business failure. We therefore were able to empirical show the relevance of the four areas
market, technology, financing and human capital as the main determinants of business failure. Further, we showed that the
factors differ throughout the development stages of new technology-based firms. Our results were accepted for being published
in the double-blind reviewed J ournal Credit and Capital Markets in September of 2015.
3.3. Business Model Innovation Research
NTBFs often create business model innovation in the early development stages. Reasons for that can be that the business
model was not sufficiently tailored to the market needs or they need to adapt their business model as a way to further grow. An
important question is what enables these business model innovations. We tried to close this research gap by conducting an
empirical study focusing on the resources which might enable business model innovation for German NTBFs. The resource-
based view was identified as one of the six main research streams for business model innovation or new ventures. Further, the
acquiring of key resources is stated to be one of the main factors influencing a business model. Hence, a change in the
business model often needs sufficient resources. We therefore take on the resource based view.
Analyzing the literature we identified five main drivers for business model innovation from the resource perspective. We tested if
these five areas influence the business model innovation of the companies. To measure business model innovation we used
the nine areas of the business model canvas by Osterwalder. We used qualitative data to identify if changes happened with the
areas of business model innovation. As business model innovation itself and the five enabling areas could not be measured
directly we used a structural equation modeling approach. Therefore, we used partial least squares (PLS) as this is the first
choice for explorative models.
CHAIR REPORT 2014 15
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3.4. Innovation Research
3.4.1. Employee Involvement in Innovation
Development of a culture which recognizes and supports widespread employee participation is a main purpose for modern
innovative organizations, as well as an established theme in the literature. However, while the concept might seem simple, its
implementation in practice poses several challenges. Therefore, we published research work that aims at exploring different
enablers, disablers and emerging challenges of sustaining a high involvement innovation corporate culture.
- New technologies for accelerating high involvement innovation
New technological tools are regarded as a main enabler of employee involvement. There appears to be significant acceleration
in the use of new technologies to enhance the suite of enablers available to implement high involvement innovation. In
particular social software and corporate social networks offer great opportunities for better internal networking, collaboration and
co-creation of new ideas and innovations. These new technical enablers potentially extend both the ‘reach’ of high involvement
programs and also the ‘richness’ of the type of innovation activity engaged upon. Still, much depends on the ways in which
implementation of systems deploying these new approaches is undertaken and the development of appropriate behavioral
routines to support them.
- Employees as user-innovators
Seeing innovations generated from employees as user-led innovations has been rarely discussed. In our research, we focus on
employees as users of companies’ process innovations and explore the extent to which the landscape for engaging employees
as user innovators is changing.
- Change management through employee innovation and co-creation
Core prescriptions for managing organizational change typically focus on careful preparation and communication throughout a
change program. By having the infrastructure for involving employees, organizations enhance the absorptive capacity of
employees for change. For example in an organization planning to make a major change to its systems it becomes possible to
alert employees quickly and in detail to the plans and to invite their comments and constructive suggestions to shape that
change.
- External highly qualified employees engagement in innovation
Although the use of the flexible workforce has been an integral part of many firms’ employment strategies, this category of
employees have been rarely linked to any innovation processes. On the other hand, gaining new knowledge for innovation is an
underexplored area in the area of flexible contracting, especially with regard to the highly qualified external employees.
Therefore, interesting questions arise regarding how their involvement in the innovation process occurs in real business
contexts, or how companies perceive such involvement and how this perception is reflected in their practices towards them.
3.4.2. Innovation in the Context of Resource Efficiency
Resource efficiency has become increasingly important as a driver of innovation. The German industry has huge potentials to
export resource-efficient technologies (cleantech) worldwide and at the same time local companies have to secure their
resource supply and to reduce emissions. The energy sector has one key role, since utilities must provide effortable energy
from environmental-friendly resources and simultaneously change their business models. In general, this research project
focusses on the relationship between innovation and efficiency. In particular, energy utilities are one of the main market
CHAIR REPORT 2014 17
participants that struggle to adapt their business models, matching the technological change in energy supply from centralized
fossil fuel technologies to decentralized, renewable energies. Several determinants like the technological development,
changes on the demand-side and regulation (market liberalization initiated by the EU legislation) brought a growing need to
adapt innovation. Seldom smaller utilities such as municipalities introduced an institutionalized and systematic innovation
management. Our goal is to contribute a business perspective through the analysis of innovation and change processes on the
basis of several case studies. This allows us both to understand the drivers of innovation and the change strategies of these
companies as well as to recommend best-practice examples for management practice.
3.4.3. Science-business Collaboration
The R&D process of businesses has changed over many years, moving from technology-centered to a more interaction-
focused and globalized view. On the other hand, there has been a parallel shift in the role of universities to become engines of
innovation and entrepreneurial hubs. The Deutsche Bank Stiftungsfonds Chair for Innovation Management and
Entrepreneurship has published several articles and held several presentations on this current topic.
- Universities as drivers of innovation
In a highly dynamic environment with new ideas, products, and services coming into the market every day, universities had to
develop. Although universities nowadays do not seem very different than their predecessors, their role has dramatically shifted
in the last few decades. Their role has developed from being mainly a provider of human resources to being an innovation that
transfers knowledge across generations and throughout the global scientific community. Without investigating thoroughly the
influence of the developing role of universities on innovation and knowledge flow, a main component in the society’s innovation
cycle would remain unclear.
- The challenges of science-to-business marketing
A fruitful collaboration between science and business naturally means that each party perceives the outcome of such
collaboration beneficial. However, research shows that many universities supply businesses with scientific results and
competences that are not equally demanded by businesses. More research is needed to optimize the way in which both sides
can best cooperate in the process of knowledge transfer for the welfare of global societies.
3.5. Innovation & Change Management
In recent decades, the exponential growth of world knowledge has rapidly accelerated technological and social progress. As a
result, innovation and flexibility in management as well as the best possible design of change management within companies
had become a dynamic field of research with high relevance for management practice. In addition to earlier concepts of change
management in organisations, numerous other concepts and paradigms from the fields of consultancy and management
practice as well as from scientific research have found their way into change management literature. All approaches differ but
are highly similar in relation to one of the pivotal challenges of change management. That is, the elevated pace with which
companies, their employees and executives must be able to meet changing requirements resulting from change processes on
various levels. This creates both the need and the opportunity for establishing and embedding professional change
management on the management and executive level with a corporate culture aligned towards innovation and change.
The Chair is doing research on the impact of the boundaryless company on innovation and growth as well as on change. This is
shown in the framework of Chesboroughs´ concept of „Open Innovation“. New ideas and inventions and better ways to
implement them can be reached by using new forms of partnership, joint ventures, licensing and strategic alliances. The
openess and easier access to best minds and ideas helps to improve the speed, quality and cost of innovation and change.
18 CHAIR REPORT 2014
3.6. Trust Research
Previous researchers have argued that trust, both within organisations and in inter-organisational settings, may foster
innovation. First, within organisations, trust has been found to be important to innovation in that it lessens the need for rigid
control systems. Tight monitoring and control mechanisms reduce creative thinking, while freedom from rigid rules and job
definitions enhances idea generation.
Second, trust is not only important for innovation through interactions between individuals within an organisation but also
through inter-organisational cooperation. Thus, a high level of trust among organisations facilitates the exchange of confidential
information by diminishing the risk that one party will opportunistically exploit this information to the other’s disadvantage. Trust
facilitates social exchange by reducing the need for time consuming and costly monitoring, and therefore makes it possible for
people and organisations to devote added time for other beneficial actions and endeavours.
3.6.1. Trust in Open Innovation
Trust has always been at the heart of innovation. However, the concept of open innovation emerged a number of properties in
business relationships, such as: decreasing barriers to innovation - building communities around key themes of innovation
through increased involvement - widening the base for sources of new ideas from external specialists – users’ involvement in
design – networking smaller innovation communities – accelerating the diffusion of ideas, etc. However, the realization of such
properties requires certain trust mechanisms that allow the diffusion of knowledge across organizational boundaries. Therefore,
in our research we addressed questions regarding the “rethought” role of trust in open innovation and the growing importance of
different forms of trusted intermediaries.
3.6.2. Trust in Venture Capital Companies & Financing
An investment in a new venture is always based on trust. Although the venture capital (VC) companies conduct a due diligence
prior to the investment to evaluate the team and the business idea they also have to put their faith in them. We analyze in the
prior described research project strategic management in early stage venture capital funds how trust is build between the VC
and the startup company in each investment phase. Thereby, we focus on how trust is build prior to the investment and after the
investment took place. We look at the dimensions of trust in the team, trust in the idea, integrity of the team and benevolence of
the investor. We therefore use a structural equation modeling approach.
CHAIR REPORT 2014 19
The structure of the lectures is composed of theoretical and empirical elements, practical know how and capacity building.
Academic methods for a better understanding of the theoretical foundations and recent empirical findings of entrepreneurship
and innovation management as well as methods that are appropriate to strengthen the practical skills through an action-
oriented approach are used. This will be assured by interactive case study work, team assignments and action learning as well
as by a team-teaching concept. Therefore guest lecturers from entrepreneurial and innovation companies and/or facilitators as
consulting companies or venture capitalists are invited.
Through fostering and supporting the participation in additional activities like the Case Study Competition “EXIST Campus Cup”
or the creation of own projects in the field of Innovation Management and Entrepreneurship like the “Accelerate Conference on
Entrepreneurship”, we want the students to think and act like an Entrepreneur or Intrapreneur and be innovative.
4.1. Course Business Plan Development
In the business plan development seminar the students gain the competency to develop business ideas into valid business
opportunities. For this they are familiarized with the concepts and tools to use when developing a business plan and to critically
evaluate the validity of a business idea. The students form small groups to work on real business ideas, refine them and finally
write and present a business plan presentation. To keep the situation as realistic as possible and to encourage an open
teaching style the students will present their business ideas in front of real business angels and investors from venture capital
companies. Some of our guests were for example Sören Schuster - Head or Early-Stage Financing at CFH
Beteiligungsgesellschaft mbH or Daniel Gollmann, CEO of Gollmann Komissionierungssysteme GmbH. In the past some
students founded their own companies based on the ideas they have developed in the seminar. The most famous example is
the founder of Spreadshirt and CEO of Team Europe Ventures Lukasz Gadowski.
Teaching Method: In the course a combination of presentations and active exercises are used. The students present their
business model in different stages and get feedback from the lectures and guest speakers. So, they will refine it throughout the
lecture. To motivate the students HHL alumni entrepreneurs present their success stories. The final presentation is a simulation
of a real investor pitch including guests from venture capital firms. This prepares the students to present their ideas in front of
investors and to actually found their companies. The best team will be awarded.
4.2. Course Innovation Management
The successful management of innovation is a strategic issue for all types of firms (and not only high-tech), and poses im-
portant management challenges. The course always starts with a general overview of the concept of innovation and related
terms such as imitation, reverse innovation and others. It provides the students with practical tools and examples on how to
scan the environment in search for change signals, select the different options for change, provide the resources needed for
innovation, put into practice the selected options,and enhance continuous learning within the organization.
We are offering this course in different full- and part-time study programs. For M.Sc. classes (Master Program in Management)
we arrange the course around the innovation management process on the basis of state-of-the-art research. It is built around
the different activities needed to improve the innovation processes in a company: scanning the environment, developing the
innovative strategy, implementing the strategy and the learning process.
In contrast we put a higher weighting on innovation culture and leadership aspects in MBA programs, such as the Global
Executive MBA – a highly international program for senior managers. Therefore, special emphasis is put on the global
dimension of innovation management, i.e. the decision to offshore or to outsource R&D, the strategic partnership for
development of innovations, and the role of new emerging economies in the global landscape of innovation.
Teaching Method: The course combines lectures, case-study discussions, and action learning. Students are engaged to apply
the theoretical concepts discussed in class in a variety of exercises. In addition, a number of guests from theory and practice
are invited to the course where they share their interesting and beneficial experiences with the students.
4. TEACHING
20 CHAIR REPORT 2014
4.3. Field Projects
Our chair offers field projects for the “Master of Science in Management” and “Master of Business Administration” program.
Within the field projects students solve the real problems that companies face. Therefore corporate partners are invited to
propose tasks and questions to us.
In 2014 we had 5 field projects of which one was proposed by the chair itself. It had the subject “blended learning in
entrepreneurship education”, which we offered in winter term 2014. The team was developing a marketing research for the
market of blended learning in entrepreneurship education and drew a feasibility analysis about the implementation of blended
learning in the field of entrepreneurship education. By conducting customer and expert interviews the group investigated in the
experiences and needs of customers as well as analyses the technical, personal and methodological status quo of HHL in this
field. At the same time the student-consultants provided recommendations for implementing suitable blended learning courses
in the field of entrepreneurship education.
Also, the chair supervised a field project with “FACTON”, a software company in the field of
cost management. The participating students did in-depth research of the current market
potential and developed a convenient excel tool for FACTON to better predict the market
potential in different countries. The FACTON team was very pleased with the result and uses
the developed tool in their business.
In addition, the chair is supervising a project with “Wunderflats”, an additional
startup that has been founded at the Hasso Plattner Institute in Potsdam.
“Wunderflats” is a platform for long-time rental of furnished apartments and
therefore tailored to the needs of exchange studends and consultants. The students are performing a market analysis and
surveying potential customers.
In fall 2014 the chair supervised a field project with “Group Discussion Services”, a startup that has
been founded at the Hasso Plattner Institute in Potsdam. The field project team worked on a market
research and gave several suggestions how to cope with many international competitors they
identified. The startup got the opportunity to sharpen its unique selling propositions and their strategy, based on different
business models that have been analyzed through a self-developed scenario planner. The startup praised the value of this
project for their further development.
Also in fall 2014 we supervised a field project with Suncoal Industries GmbH in cooperation with
the BioEconomy Cluster, where students had to identify market opportunities of different
sustainable produced drop-in chemicals. Although the team was not familiar with the language of
industrial chemistry they convinced through a fast learning and very good performance in the end. Suncoal was very pleased by
the very fast and good performance, which helped them afterwards as a decision basis.
CHAIR REPORT 2014 21
4.4. Supervision of Master Theses
The following master theses were supervised by the chairholder and scientific staff members of our chair:
_ Ulrich Furthmüller (GEMBA1) – The concept of “Hidden Champions” and its possible implementation in Saxony
_ Antje Maria Weber (P8) – Trust in open innovation and the role of trust intermediaries
_ Katja Kola (P8) – The engagement techniques of employees in open innovation - an applied study on the German
mechanical engineering industry
_ Thorsten Daniel (PMSc1) – Corporate Entrepreneurship as an Innovation Management practice within established
multinational German based enterprises
_ Valentin Fliess (P8) – User led innovation – What comes next?
_ Kai Karolin Hüppe (MSc8) – Motivational factors of funders to financially participate in reward-based crowdfunding
campaigns: Empirical analysis of the crowdfunding campaign for the new campus of HHL Leipzig Graduate School of
Management
_ Olaf Peters (PMSc3) – Digitalization of a microfinance institution of rural Uganda – The first step towards credit
information sharing in the informal financial sector
_ Shivaprasad Kannankulangara Girirajan (M14) – Identifying the impact of telematics in the automobile industry
_ Enrico Karg (P8) – Intrapreneurship as an innovation management practice on established companies
_ Rajprakash Prabagaran (M13) – The future of crowdinvesting – the legal implementation
_ Christian Pflug (MSc7) – Blended Learning and E-Learning as methods for distance competence development
_ Sven Galander (P8) – Analyzing international market potential with an empirical example
_ Mike Keppler (MSc8) – Internationalization of German startups: a cost perspective
_ J an Schulz (M12) – An approach to adapt the Business Model Generation Framework towards Internet Busienss
Models and its application to selected business ideas
_ J onas Stahl (MSc8) – Analysis of instruments that facilitate the new business founding process
_ Alexander Michael Martin (P8) – Innovation and sustainibility of German distribution system operators
_ Elisabeth Handschuh (MSc7) – Corporate Governance and the role of advisory boards in entrepreneurial firms – a
case study about an engineering venture
_ Sebastian Herrmann (PMSc2) - Heterogeneous worldwide energy innovation strategies based on pathdependencies.
4.5. Guest Speakers
The 2014 Leipzig Entrepreneurship Lecture about “How to manage creativity in startups” was held by Prof. Dr.
Alexander Brem, Professor for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg.
For the purposes of our understanding of rigore and relevance, we invited again several excellent academic practitioners and
experts in special fields of entrepreneuship and innovation.
In 2014 we were glad to welcome the following successful entrepreneurs und entrepreneurial experts in our full-time MBA
Business Plan Development Lecture:
_ Eric Pffannmöller (CEO), mysportsgroup
_ Dr. Philipp Semmer, Hogan Lovells International LLP
_ Dr. Martin Pfister (Senior Investment Manager), High-Tech Gründerfonds Management GmbH
_ Daniel Gollmann (CEO), Gollmann Kommissioniersysteme GmbH
_ Dr. J ens Schmidt-Sceery (Partner), Blue Corporate Finance AG
_ Sören Schuster (Head of early stage financing), CFH Beteiligungsgesellschaft mbH.
22 CHAIR REPORT 2014
In our Innovation Management lecture in the MSc study program we welcomed in 2014 the following guests, who contributed
through their outstanding professional experiences:
_ Dr. Tobias Kulka, p3 Group
_ Daniel Gerhard, INA Schaeffler
_ Dr. Nizar Abdelkafi, Fraunhofer MOEZ
_ Dr. Lutz Aschke, LIMO
_ Gerd Schuster, Accenture.
During their Innovation Management lectures in 2014 the Global Executive MBA students were delighted to get insights from
theory and practice from:
_ Prof. Dr. med. Alexander Schachtrupp - Head of the Department of Medical Sciences at B.Braun Melsungen
_ Dr. Maximilian Rapp - Team leader for Open Innovation and Co-creation in HYVE AG & Lecturer at the University
of Innsbruck
- Mr. Knuth Walczak - Head of innovation in mobillity management in Porsche.
Our lecture for part-time MSc students in the Spring Term 2014 war enriched by insights from:
_ Dr. Robert Kühn (CTO), Schmiedewerke Gröditz GmbH
_ Dr. Stefan Müller (CEO), Miltitz Aromatics GmbH
_ Ralf Irmert (CEO), Styron Deutschland GmbH.
CHAIR REPORT 2014 23
5.1. Leipzig Entrepreneurship Lecture
The Leipzig Entrepreneurship Lecture Series was established in 2011 by Prof. Dr. Andreas Pinkwart, chairholder of the
Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Within this series HHL Leipzig Graduate
School of Management invites distinguished speakers in the discipline of entrepreneurship once a year to interact with students,
faculty members and business leaders to talk about their latest research projects. The aim of the series is to foster the dialogue
between entrepreneurship theory and practice. For our 1st Leipzig Entrepreneurship Lecture in 2011 we welcomed Prof. Dr.
Friederike Welter from the University Siegen with the topic “Women as Entrepreneurs – Insights from Research”. In 2012 we
discussed “Female Founders and Success?” at our 2nd Leipzig Entrepreneurship Lecture with Prof. Dr. Christine Volkmann
from the University of Wuppertal. The 3
rd
Leipzig Entrepreneurship Lecture was organized with HHL’s Accelerate@HHL student
initiative as a part of the 2013 Accelerate Conference and discussed the latest trends of high-tech startup financing under the
topic “Venture Capital for New High-Technology Firms”.
The 4th Leipzig Entrepreneurship Lecture dealt with the topic “How can you organize creativity within a start-up?” and took
place in Leipzig on May 9, 2014, as a part of the Accelerate Entrepreneurship Conference. Prof. Dr. Alexander Brem, Professor
for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg, was the guest speaker.
During his presentation on time management for creativity, the researcher said, "Companies must find the balance between the
promotion of creativity on the one hand and the exploitation of its result on the other. This certainly is one of the greatest
challenges within a start-up." During the subsequent discussion with renowned academics and successful entrepreneurs, Prof.
Dr. Martin Hill, Vice-President of SAP Germany, put creativity in an entrepreneurial context, "In start-ups, we face problems,
which we have to meet with creativity, on a daily basis; innovation, which we can market commercially, can emerge from this
process." Samuel Kermelk, CEO of HeiterBlick, a Leipzig-based specialist for trams, said that creativity can be promoted by
time and customer pressure. The HHL alumnus recommended to consciously schedule 'creativity time' on a regular basis.
Martin Schlichte, founder and CEO of the Lecturio e-learning platform, agreed. The HHL alumnus added, "In order to be
creative you have to get into a certain flow. To do that, we invite our employees to switch off all disturbances such as computers
and cell phones and to focus on the creative task for 25 minutes." Nicolas Wiethoff, Director and co-founder of A.R.S. Alternate
Reality Strategies, added, "In my opinion, organizations, in most cases, do not need more creativity but simply an expansion of
existing creative results." The entrepreneur continues, "Often it is not just about leaving the beaten paths but, first of all, defining
these paths." Altogether the session highlighted the importance of creativity for exploring valid business models in startups,
while they are often stuck in day-to-day operations without capacities to innovate. Thus, all founders concluded: it is simply
necessary to take the time needed for being creative and to use it efficiently.
The 5
th
Leipzig Entrepreneurship Lecture regarding “Fundraising and Syndication in the Venture Capital Industry” with Prof. Dr.
Andreas Kuckertz as our distinguished guest speaker is planned within the HHL-Entrepreneurship Conference Accelerate on
April 10, 2015.
5. TRANSFER
24 CHAIR REPORT 2014
Panelists of the 4th Leipzig Entrepreneurship Lecture at HHL: S. Kermelk; N. Wiethoff; M. Schlichte; A. Brem; M. Hill, A. Pinkwart
5.2. 1
st
HHL International Investors Day
On J une 18, 2014, HHL Leipzig Graduate School of Management held the first HHL International Investors Day. The event
included keynote speeches by several well-known speakers and panel discussions with founders, business angels, venture
capital firms and successful companies concerning the recent topics of digital businesses. In addition, pre-selected top
entrepreneurial teams got the chance to present in front of the investors and a jury and to obtain the HHL Best Founders Award.
The annual event offers great opportunities to network and learn from experienced entrepreneurs and investors.
The first HHL International Investors Day was organized by the Stiftungsfonds Deutsche Bank Chair of Innovation Management
and Entrepreneurship together with the Schumpeter J unior Professorship in Entrepreneurship and Technology Transfer and the
Dr. Ing. h.c. F. Porsche AG Chair for Strategic Management and Family Business. The event’s guiding theme was e-business,
which was covered in various panel discussions on e-commerce, e-health, and e-mobility that brought together entrepreneurs,
potential investors, established enterprises, and successful start-ups from HHL. Our special thanks for the substantial support in
the development of the concept as well as for the successful execution, we addressed to Dr. Schmidt-Sceery from Blue
Corporate Finance.
In his opening speech, the well-known founder and investor Lukasz Gadowski emphasized the importance of Venture Capital
as the driving force for innovation, new jobs, and progress. The 36-year old advised company founders to focus on product
development and customer satisfaction rather than obsessively trying to make the VC manager happy at any cost. The two
other keynotes of the day were given by the US-American venture capital expert Daniel Zimmermann, partner at WilmerHale in
Palo Alto, California, and Heinz Dürr, the former CEO of Deutsche Bahn and important business angel.
CHAIR REPORT 2014 25
Speaker of the 1
st
HHL International Investors’ Day: Heinz Dürr, Andreas Pinkwart; Daniel Zimmermann
The event ended with the HHL Best Founders Award show. A high-profile jury of experienced investors awarded the prizes to
Philipp J oas and Thilo Hardt with the booking platform eWings and to the HHL student team Malvin Debono und Dr. Helen
Blümel of BRAVA, an online store for women's clothing in special sizes.
The HHL International Investors Day was a great success and therefore we now regularly organize this event.The next HHL
International Investors’ Day will take place on J une 17, 2015.
We thank our sponsors:
26 CHAIR REPORT 2014
5.3. Accelerate – International Entrepreneurship Conference
2014
The annual Accelerate Entrepreneurship Conference is mainly organized by students of the Accelerate@HHL student initiative
and supported by the chair and SMILE. The conference took place on May 9
th
and 10
th
, 2014 and was organized together with
the 4
th
Leipzig Entrepreneurship Lecture (see above). While the latter - under the topic “How can you organize creativity within a
start-up?” – discussed how to stay creative in the daily process, presented and discussed among an expert panel, the
Accelerate Conference dealt with “Big Data – Now?! - how can companies use large amounts of data efficiently”, which
attracted around 200 guests from Germany and above to join the conference. For sure, a business idea pitching contest was
one highlight of the day, which closed with a get-together also organized by the students.
5.4. Cooperation with Hasso Plattner Institute (HPI)
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is establishing a strong partnership
with the Hasso Plattner Institute. The idea is to combine excellent computer science students with excellent business students.
This can enable the way for highly successful startups in the future. Within the collaboration three field projects were already
completed with great success. Currently, two new field-projects are running. Further, HHL is organizing together with HPI the
first HHL/HPI startup bootcamp. Mixed teams of HHL and HPI students will
develop new business ideas and create business models out of it. The best idea
will be awarded with 50.000 Euros. In the future, the collaboration will be
strengthened by more common projects.
The following projects were already conducted with the Hasso Plattner Institut. Above the involved students are listed.
FACTON
• Wenshuai J iang
• Tim Mosig
• Maximilian Raabe
• Carolin Schäfer
Group Decision Services
• Xu Cheng
• Benjamin Krapf
• J ustus Nagel
• Dawinder Singh
Wunderflats
• Muhammad Shoaib Ahmed J alili
• Yeyu Lu
• Maximilian Mayer
• Andreea Nistor
• Xingyan Zheng
CHAIR REPORT 2014 27
5.5. Innovation in Higher Education
Education has an overarching and long-lasting global impact on the economic, social and cultural growth of each nation, on
inclusion and competitiveness across the European countries and beyond. The ‘innovation imperative’ today is as valid for
higher education as for other areas; and while it is perhaps still less visible and tangible in the higher education sector, there is
a clear benefit of addressing the potential of innovation in higher education.
Due to the belief at HHL Leipzig Graduate School of Management - as a leading educating business school - in the constant
development of its teaching methods and the delivery of useful content to both academia and practice, it is planned to offer our
courses starting Spring 2015 (the innovation management courses as a start) using the flipped learning approach.This
agreement is to be administered through the collaboration between Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig Graduate
School of Management, Prof. J ohn Bessant, renowned professor of innovation management with vast experience in new
teaching techniques, and Dr. Nagwan Abu El-Ella from HHL.
The flipped classroom structure basically changes learning in a radical way, where students prepare for upcoming lessons
outside of class and then engage in learning challenges inside the class. This preparation include might include pre-readings,
short videos, case presentations and other approaches. The bottom line is to enhance the traditional lecture to a much more
interactive, theory- and practice-based discussions, with high reliance on digital media.
In this regard, Prof. Dr. Andreas Pinkwart contributed an interesting article in the FAZ of the 16
th
of March in 2015 with the title
„Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre“, showing the significant opportunites digitization has
offered business economics.
5.6. Assistance for Scholarship Applications
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is supporting HHL students with the
application for an EXIST scholarship. In 2014 we supported EmoSense UG through the EXIST application process.
5.7. Development of CEIM concepts for HHL / SpinLab
The Center for Entrepreneurial and Innovative Management (CEIM) is an interdisciplinary research and transfer center and is
established with substantial support by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship.
It has three main goals:
• to foster the co-creation of successful new companies and spin-offs
• to support established companies to innovate their business model
• to strengthen the empirical based research on business model innovation
CEIM is built on three interlinked pillars: the Co-Creation Lab and the Innovation Lab as well as the so called SpinLab.
The Co-Creation Lab is the one-stop agency for founders and fosters the creation of interdisciplinary founder teams. It supports
potential founders in further developing their ideas into a business concept. The founders can then afterwards apply for the
“SpinLab - The HHL Accelerator” to develop their business concept into successful startups.
The Innovation Lab offers established companies the possibility to develop new business models with the support of students.
This enables the companies to get new insights and to get ideas out of the box of the company borders. After indentifying
promising business concepts, students can further develop them in the “SpinLab - The HHL Accelerator”. The companies can
decide afterwards to integrate them into their business or further develop them in a form of subsidiary.
28 CHAIR REPORT 2014
Further, CEIM supported by the Chair of Innovation Management and Entrepreneurship will organize the annual HHL
International Investors’ Day together with “SpinLab – The HHL Accelerator” which brings together founders, investors and
incumbents.
SpinLab – The HHL Accelerator together with CEIM and the related chairs at HHL support entrepreneurial teams in growing
and creating innovative businesses. The mission is to foster entrepreneurship and innovation in the center of Germany and
beyond by providing hands-on guidance to startups and spin-offs. Entrepreneurial teams remain independent but SpinLab can
help you to achieve incredible results through a tailored program.
To this end it provides (co-working) office space at SPINNEREI (Leipzig’s Cotton Mill), an internationally renowned venue for
arts, culture and business. The SpinLab technology partners are able to provide key resources to help startups making their
ideas a reality. Highly-motivated coaches and mentors share their know-how and experience as part of an interactive program
using team discussions, seminars, workshops and other formats. SpinLab shares an extensive network of venture capital
investors, experienced entrepreneurs and industry and technology experts. SpinLab does not charge anything and takes no
equity share. SpinLab is looking for passionate, innovative, technology-oriented and scalable teams with an open mindset and
the required motivation and capabilities to realize their dreams.
The new office of SpinLab at the former cotton mill in Leipzig (Baumwollspinnerei Leipzig) in the western part of Leipzig
As part of the entire support of CEIM by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship the chair bears responsibility for the HHL InnovationLab and organises the first specialized Business Model
Innovation Course together with the Postbank AG.
CHAIR REPORT 2014 29
5.8. Presentation at Bonner Akademischer Sommer
At the Bonner Akademischer Sommer organized by Wissenschaftsförderung der Sparkassen-Finanzgruppe e.V. Prof. Dr.
Andreas Pinkwart and Dr. Dorian Proksch took the opportunity to discuss the results of their research project „Strategic
management in venture capital funds“with experienced scientists and practioners on May, 2014 in Bonn. In that way additional
concrete offers for future cooperation in the chairs’ longitudinal study could be developed.
5.9. Cooperation with „Wirtschaftswoche“
“Die Selbstverwirklicher”: under this headline a recent article in the German business magazine “Wirtschaftswoche” (No. 5 of
26/01/2015) mentioned current work at the chair regarding the motivations of founders to found a business. A special credit was
given to lifestyle entrepreneurs, who are mostly freelancers while commerzialising their hobby or preferred way of living. As a
part of the dissertation of Ms. Anja Hagedorn, motivations of living the life of a “lifestyle entrepreneur” have been examined and
provided to the author of the article. Also the personal characteristics of this group of entrepreneurs have been discussed. From
her interviews she discovered a possible relationship between the aspirations of Generation Y and the probability to be self-
employed as a “lifestyle entrepreneur”, which should be further validated in the future.
30 CHAIR REPORT 2014
6.1. SMILE
As one of five cooperating institutions in
the region of Leipzig, HHL Leipzig
Graduate School of Management hosts
an office of the SMILE project at the
Stiftungsfonds Deutsche Bank Chair of
Innovation Management and
Entrepreneurship. SMILE stands for the
“Self-Management Initiative Leipzig”
and supports academic founders in the
science and innovation region of
Leipzig. Students, alumni and academic
staff from Saxonian universities who are
interested
in starting their own business can attend
various seminars, workshops and
coachings around the topic
entrepreneurship. The research
associates Nagwan Abu El-Ella, Dorian
Proksch and Eric Weber organized and
implemented these trainings, workshops
and coachings bringing in their
academic expertise of their research
topics. Hence, Nagwan Abu El-Ella
offered innovation management and soft
management skills courses, while
Dorian Proksch focused on venture
capital financing. Also Eric Weber
provided, amongst others, courses
related to management support. After
the three research associates resigned
from their positions in the SMILE team
at the year end Alexander Hiller and
Wiebke Stranz are their successors.
Like in previous years founders
coached at the HHL’s SMILE office
were granted again the popular EXIST
founder scholarship and reached very
good positions at entrepreneurial
competitions.
SMILE is a cooperation of the University
of Leipzig, HHL Leipzig Graduate
School of Management, Leipzig
University of Applied Sciences,
Helmholtz Centre for Environmental
Research - UFZ and AKAD.
SMILE is financed by the European
Social Fund, the Saxon State Ministry
for Economic Affairs, Labour &
Transport and the Saxon State Ministry
for Science and Arts.
6.2. Excellence Cluster Bioeconomy
The Excellence Cluster BioEconomy is taking part in the current Leading-
Edge Cluster Competition of the German Federal Ministry of Education and
Research (BMBF) that aims at taking Germany to the top of the league of
technologically advanced nations. It is one of five Excellence Clusters
throughout Germany which are being funded by the Ministry.
The BioEconomy Cluster in central Germany focuses on the integrated
material and energetic use of non-food biomass for the production of
materials, chemicals, energy carriers and products from new materials.
A cross-cluster material flow
management as well as the
development, scaling and
implementation of production
procedures by the industry allow
the optimization of the value
adding process in bio-mass
production.
With Helmholtz-Zentrum für Umweltforschung,
the Deutsche Biomasse-Forschungs- Zentrum
as partners HHL's Stiftungsfonds Deutsche
Bank Chair of Innovation Management and
Entrepreneurship, Heinz Nixdorf Chair of IT-
based Logistics and the Chair of Marketing
Management are responsible for the
accompanying research within the cluster
focusing on the development of competitive
strategies and tools. The chair is involved in the
analyzing and optimization of the innovation
management on cluster and company level and
supports the founding of new ventures through
its knowledge and network.
6. EXTERNALLY FUNDED PROJ ECTS
CHAIR REPORT 2014 31
6.3. Strategic Management in Early Stage Venture Capital
Funds
The project “Strategic Management in Early Stage Venture Capital Funds” is a joint research project from TU Dresden und HHL
Leipzig Graduate School of Management. The goal is to derive new findings in the area of venture capital. Due to a lack of
sufficient data there were only few new results in the last decade. We try to bridge this gap by conducting a longitudinal study
collecting the data directly from the venture capital funds. We therefore had access to the original deal documents, like business
plans or monthly reportings. This enabled us to get an in-depth few on each investment. The project already led to various
scientific contributions which were presented at national and international conferences. It is kindly supported by the Savings
Banks Finance Group (Wissenschaftsförderung der Sparkassen-Finanzgruppe) and the NRW.Bank.
32 CHAIR REPORT 2014
Pinkwart, Andreas, American Marketing Association 2014 Conference (AMA 2014) – The Honorabel Merchant in International
Marketing, Mexico, Cancun, April 2014.
Pinkwart, Andreas; Proksch, Dorian: “Wagnisfinanzierung und Risikomanagement”, Presentation at the Bonner Akademischer
Sommer, Bonn, Mai 2014.
Pinkwart, Andreas: Transatlantic Dialogue of the States, Cities, and Communities: How are State and Local Leaders Shaping
the Future Workforche? American Institute for Contemporary German Studies (AICGS) at J ohns Hopkins University, USA,
Washington, May 2014.
Pinkwart, Andreas; Proksch, Dorian: “Internationalization of German High-Tech SMEs: Overcoming the Main Barriers”,
Presentation at the ICSB 2014 World Conference, Dublin (Ireland), J une, 2014.
Pinkwart, Andreas; Proksch, Dorian: “The Internationalization Process of Research-based Spin-offs”, Presentation at the 13th
Interdisciplinary European Conference on Entrepreneurial Research, Montpellier (France), February 26th, 2015.
Abu El-Ella, Nagwan: “Examining the Involvement of Highly Qualified External Employees in Innovation – An Organizational
Perspective”. Presentation at the EURAM 14
th
Annual Conference – Waves and Winds of Strategic Leadership for Sustainable
Competitiveness, Spain, Valencia, J une 2014.
Abu El-Ella, Nagwan: “Rethinking the Role of Trust in Open Innovation”, Presentation at the XXV ISPIM
ConferencePresentation at the 17
th
Interdisziplinary Annual Conference of the FGF e.V. (G-Forum), Koblenz, November 8,
2013.
Pinkwart, Andreas: CASiM Conference 2014 – Boundaryless Hospital – Rethink and Redefine Health Care Management,
Leipzig, J une 2014.
Abu El-Ella, Nagwan: “Firms’ interactions with User Innovation: current & future Trends”, Presentation at the Open Innovation
User Workshop (OUI) 2014, USA, Boston, J uly 2014.
Proksch, Dorian (2014): “Main drivers for early Business Model Innovation in New Technology-Based Firms: A longitudinal
empirical study”, Presentation at the Scientific Conference on "Business Model Innovation and Transformation" of the Erich
Gutenberg-Arbeitsgemeinschaft Köln e.V., Nuremberg (Germany), September 2014.
Proksch, Dorian: “Risk Management in Venture Capital Companies: A Portfolio Perspective”, Presentation at the 19
th
Interdisziplinary Annual Conference of the FGF e.V. (G-Forum), Odlenburg, November 13, 2015.
Schefczyk, Michael; Pinkwart, Andreas; Fiegler, Torsten; Proksch, Dorian, Ernst, Cornelia: “Ursachen bei Technologie-Start-
Ups – Eine longitudinale Studie”, Presentation at the 19th Interdisziplinary Annual Conference of the FGF e.V. (G-Forum),
Oldenburg, November 13, 2014.
Weber, Eric: “Advisory Boards in Entrepreneurial Businesses”, Presentation at the 11th ESU Conference, Lund, August 18-23,
2014.
Weber, Eric: “The Use of Advisory Boards for Networking Activities in Entrepreneurial Firms", Presentation at the SMS
Conference, Spain, Madrid, September 2014.
7. CONFERENCES
CHAIR REPORT 2014 33
Abu El-Ella, Nagwan; Bessant, J ohn, Pinkwart, Andreas: “Changing change management – The new innovation imperative”, in:
Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, 2015, 105-120.
Abu El-Ella, Nagwan: “Employee Involvement in Open Innovation: The Role of New Technologies, External Employees and
Trust Issues”, Leipzig, HHL Leipzig Graduate School of Management, Diss., 2014.
Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf: “Management of Permanent Change - New Challenges
and Opportunities for Change Management”, in: Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden,
Springer Gabler, 2015, 3-21.
Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf (eds.): “Management of Permanent Change”. Wiesbaden,
Springer Gabler, 2015.
Czinkota, Michael R; Pinkwart, Andreas: “Internationalization in marketing – from theory to practice by means of a Delphi
study”, in: Thunderbird International Business Review, Vol. 56, 2014, 5-10.
Hagedorn, Anja: “Using repertory grid technique to explore the relationship between business founders and support agents”,
Edward Elgar Publishing, forthcoming 2015.
Hagedorn, Anja; Pinkwart, Andreas: “The financing process of equity-based crowdfunding – an empirical analysis”, in: Brüntje,
Dennis; Gajda, Oliver (eds.): Crowdfunding in Europe. State of the Art in Theory and Practice, Springer, Wiesbaden,
forthcoming 2015.
Pinkwart, Andreas; Proksch, Dorian; Schefzyk, Michael; Fiegler,Torsten; Ernst, Cornelia: “Reasons for the Failure of New
Technology-Based Firms: A Longitudinal Empirical Study for Germany”, Credit and Capital Markets, forthcoming in September
2015.
Pinkwart, Andreas: „Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre“, in: FAZ, March, 16
th
, 2015.
Pinkwart, Andreas; Weber, Eric: “Steigerung der Ressourceneffizienz als Königsweg nachhaltiger Wohlstandssicherung”, in:
Franz, Otmar (Ed.). Innovationstreiber Ressourceneffizienz: RKW-Kuratorium. Sternenfels: Verl. Wissenschaft & Praxis, 2015,
18-31.
Pinkwart, Andreas: „Hochschulen zukunftsfest machen“, in: Forschung & Lehre, J anuary 1, 2014, 36-37.
Pinkwart, Andreas; Abu El-Ella, Nagwan: “Open innovation - new opportunities and challenges for science-to-business
collaboration”, in: Kliewe, Thorsten; Kesting, Tobias, eds.: Moderne Konzepte des organisationalen Marketing. Modern
Concepts of Organisational Marketing, Springer Verlag, 2014, 285-301.
Pinkwart, Andreas; Abu El-Ella, Nagwan: “Gemeinsam innoviert es sich besser“, in: Garn, M.; Schleidt, D., (eds).: J ahrbuch
Innovation 2014: Innovationstreiber für Wirtschaft, Wissenschaft, Politik und Gesellschaft. Frankfurt a. M.: F.A.Z.-Institut, 42-45.
Pinkwart, Andreas; Proksch, Dorian: “The internationalization behavior of German high-tech-start-ups”, in: Thunderbird
International Business Review, Vol. 56, 2014, 1, 43-53.
Pinkwart, Andreas; Proksch, Dorian. “Internationalisierung junger High-Tech-Unternehmen – Chancen und Barrieren in
Deutschland“, in: Franz, Otmar (ed.). Existenzgründung und Existenzsicherung in Deutschland und international, Verlag
Wissenschaft & Praxis, Sternenfels, 2014, 119-127.
Proksch, Dorian: “The development of German new technology-based firms from a resource-based view”, Leipzig, HHL Leipzig
Graduate School of Management, Diss., 2015.
8. PUBLICATIONS
34 CHAIR REPORT 2014
HHL again winner of the Gründungsradar
TU Munich, Lüneburg University and HHL Leipzig were the winners of the Gründungsradar
2013. Institutional anchoring, awareness-raising, providing support/expert advice and concrete
activities were exemplary. The results were presented by the Stifterverband der Deutschen
Wissenschaft in Berlin in November 2014.
Source: SeitenPlan/Stifterverband
The Gründungsradar of the Stifterverband für die Deutsche Wissenschaft examined for the second time how effectively HEIs
assume their role of supporting start-ups. The analysis was based on a survey of all HEIs in Germany and on an extensive
survey of a specified sample of academic start-up founders. The Gründungsradar demonstrates to HEIs, politicians, industry
and research funders possible ways to bring about further improvements in start-up support. Selected prime examples of
academic start-ups, which are shown extensively in the form of individual profiles, show the sheer diversity of HEI start-ups and
are intended to serve as an inspiration to others.
Panel Discussion by with the President of the Stifterverband der Deutschen Wissenschaft Mr. Barner (2
nd
from right)
9. AWARDS
CHAIR REPORT 2014 35
For the support of our chair we thank the Stiftungsfonds Deutsche Bank and the Stifterverband für die Deutsche Wissenschaft.
For further support we thank the Federal Ministry of Education and Research (BMBF) for the support of our project
“BioEconomy”, the Science Funding of the Savings Banks Finance Group (Wissenschaftsförderung der Sparkassen-
Finanzgruppe) and the NRW.Bank for supporting us in the research project “Risk Management in Early Stage Venture
Capital Funds”, the State Ministry for Economic Affairs, Labour and Transport (SMWA), the State Ministry for Higher
Education, Research and the Arts (SMWK) and the European Social Fund (ESF) for supporting our SMILE-project.
10. ACKNOWLEDGEMENT
36 CHAIR REPORT 2014
IMPRINT
Publisher:
HHL Leipzig Graduate School of
Management
Stiftungsfonds Deutsche Bank Chair of
Innovation Management and
Entrepreneurship
Chairholder:
Prof. Dr. Andreas Pinkwart
J ahnallee 59
04109 Leipzig
T +49 341-9851-828
F +49 341-9851-679
[email protected]
www.hhl.de/innovation
Photos:
HHL
Publication Date:
April 15
th
, 2015
CHAIR REPORT 2014 37
HHL Leipzig Graduate
School of Management
J ahnallee 59
04109 Leipzig, Germany
T +49 341 9851-60
F +49 341 9851-679
www.hhl.de
doc_928350822.pdf
Within this brief illustration related to chair report stiftungsfonds deutsche bank chair of innovation management and entrepreneurship.
CHAIR REPORT 2014 1
Chair Report 2014
Stiftungsfonds Deutsche Bank
Chair of Innovation Management
and Entrepreneurship
2 CHAIR REPORT 2014
CHAIR REPORT 2014 3
“Innovation distinguishes between a leader
and a follower.”
Steve J obs
PREFACE
4 CHAIR REPORT 2014
PREFACE 3
CONTENT 4
1. PHILOSOPHY 7
2. TEAM 8
2.1. Chair Holder 8
2.2. Research Associates and Post-Docs 8
2.3. Doctoral Students 10
2.4. Chair Assistant 10
2.5. Student Assistents 10
3. RESEARCH 11
3.1. Startup Research 11
3.1.1. Crowdinvestment as a new Financing Instrument for Startups 11
3.1.2. Founders’ Coaching in Entrepreneurship Education 12
3.1.3. Advisory Boards in Startups 12
3.1.4. Internationalization of high-tech Startups 12
3.2. Venture Financing Research 13
3.2.1. Strategic Management in Early Stage Venture Capital Funds 13
3.2.2. Risk Management in Venture Capital Funds 13
3.2.3. Failure of New Technology-based Firms 14
3.3. Business Model Innovation Research 14
3.4. Innovation Research 16
3.4.1. Employee Involvement in Innovation 16
3.4.2. Innovation in the Context of Resource Efficiency 16
3.4.3. Science-business Collaboration 17
3.5. Innovation & Change Management 17
3.6. Trust Research 18
CONTENT
CHAIR REPORT 2014 5
3.6.1. Trust in Open Innovation 18
3.6.2. Trust in Venture Capital Companies & Financing 18
4. TEACHING 19
4.1. Course Business Plan Development 19
4.2. Course Innovation Management 19
4.3. Field Projects 20
4.4. Supervision of Master Theses 21
4.5. Guest Speakers 21
5. TRANSFER 23
5.1. Leipzig Entrepreneurship Lecture 23
5.2. 1
st
HHL International Investors Day 24
5.3. Accelerate – International Entrepreneurship Conference 2014 26
5.4. Cooperation with Hasso Plattner Institute (HPI) 26
5.5. Innovation in Higher Education 27
5.6. Assistance for Scholarship Applications 27
5.7. Development of CEIM concepts for HHL / SpinLab 27
5.8. Presentation at Bonner Akademischer Sommer 29
5.9. Cooperation with „Wirtschaftswoche“ 29
6. EXTERNALLY FUNDED PROJ ECTS 30
6.1. SMILE 30
6.2. Excellence Cluster Bioeconomy 30
6.3. Strategic Management in Early Stage Venture Capital Funds 31
7. CONFERENCES 32
8. PUBLICATIONS 33
9. AWARDS 34
10. ACKNOWLEDGEMENT 35
6 CHAIR REPORT 2014
IMPRINT 36
CHAIR REPORT 2014 7
Entrepreneurship has been a cornerstone of the educational program at HHL for many years. With over 165 start-ups founded
by HHL graduates so far, we are one of the premier breeding grounds for future entrepreneurs. In 2014 HHL was awarded for
the second time as one of the best German Universities in the field of Entrepreneurship by the Stifterverband für die Deutsche
Wissenschaft. Our work centers on Innovation Management in new business creation as well as in established companies. The
focus is on intellectual venturing and the transfer of created knowledge from academia into businesses.
The focus of this year’s work was the creation and successful establishment of the two pioneering institutions The HHL
International Investors Day and the SpinLab – The HHL Accelarator. They both aim to further strengthen the strength of HHL
and sharpen its profil in the field of entrepreneurship and innovative leadership.
The chair’s goal is to realize an intensive theory-practice transfer both in research and teaching. The teaching programs are
interactive and practical; our lectures are supported by our wide network of entrepreneurs and innovators in the market who are
engaged in stimulating co-teaching with our professors. We are very much engaged in using the new opportunities of digitizing
for further improvements in research and teaching.
In order to keep track with the newest research findings and trends in industry, the chairholder is i.a. member of the following
institutions: German Academic Association for Business Research (VHB), Board of the Association for the Promotion of
Entrepreneurial Research (FGF), Erich Gutenberg Working Group, Working Group for Technology Transfer and European
Council for Small Business and Entrepreneurship (ECSB), Board of the Excellence Cluster BioEconomy, Board of CASIM
(Center of Advanced Studies in Management at HHL). In addition, the chairholder and all research associates present their
research results regularly at international scientific conferences.
1. PHILOSOPHY
8 CHAIR REPORT 2014
2.1. Chair Holder
Prof. Dr. Andreas Pinkwart
Born in 1960, Prof. Dr. Pinkwart is Dean of HHL and the Chairholder of the
Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship at HHL. After becoming a banker at Dresdner Bank he studied
business economics at the University of Münster and economics at the University of
Bonn, where he also earned his doctorate (summa cum laude) in 1991. In 1998, he
accepted a full-professorship at the University of Siegen, where he has been
Professor for Business Economics esp. small and medium-sized enterprises.
Because of his membership in the German Bundestag from 2002 to 2005 and in the
German Bundesrat from 2005 to 2010 he got a sabbatical. He served as the
Minister for Innovation, Science, Research & Technology and Deputy Prime
Minister of the state of North Rhine-Westphalia from 2005 to 2010. Before he
started his new positions at HHL in April 2011 he was Fellow at AICGS, J ohns-
Hopkins-University Washington. He has been active for years in various supervisory
boards and advisory committees. He is, for example, member of the scientific board
of the Center for Advanced Studies (CASiM) at HHL and member of the board of
trustees of the DAAD. In addition, since 2013 he is a visiting professor at EADA
Business School in Barcelona.
2.2. Research Associates and Post-Docs
Dipl.-Kffr. Anja Hagedorn
Ms. Hagedorn studied Business Administration at the University of Leipzig with the
subjects Banking, Insurance and International Economic Relations. Before she
started working for HHL, she worked in corporate banking in Commerzbanks’
Mittelstandsbank. She joined the Stiftungsfonds Deutsche Bank Chair of Innovation
Management and Entrepreneurship in August 2011, where she was a founders’
coach till mid-2012 for the cooperative-project SMILE. Afterwards she started
supporting the “Excellence Cluster BioEconomy”, which aims to derive sustainable
produced chemicals from wood by conducting serveral innovation potential analysis
in the field of extractives from wood and researching the question how stakeholders
cooperate in order to innovate in the cluster.
Besides that, she does research projects in the field of crowdfunding with focus on
the decsision making processes of the crowd. Also she is working on her PhD at the
Chair in the field of entrepreneurial education, where she discusses the question
how founders’ coaching contributes to the competence development of founders.
2. TEAM
CHAIR REPORT 2014 9
Dr. Nagwan Abu El-Ella
After receiving a Bachelor of Commerce with a GPA of Excellent with Honors
Degree and rated as best student, Dr. Abu-El-Ella attained her Master’s degree in
Business Administration in 2010 at Ain Shams University, Egypt. She has worked
for several years as university lecturer in addition to her previous work as a Human
Resources Manager at the subsidiary of AMS GmbH located in Mannheim. From
2007 to 2011 she has worked in parallel as a Management Trainer at International
Training Centers. She has also experience as a Coordinator and Student Advisor
for the MBA and M.Sc. programs of Edinburgh Business School, UK. In addition,
she studied at Albert-Ludwigs Universität - Freiburg in 2007. Ms. Abu El-Ella started
her work as a research associate at the chair in J anuary 2012. In addition to her
responsibilities at the chair, she has worked as a SMILE coach till the end of 2014.
In November 2014, she successfully completed her PhD in the area of the
employee involvement in open innovation that was evaluated with a “summa cum
laude”. Currently, she continues her work at the chair as a post-doc.
Dr. Dorian Proksch
Dr. Dorian Proksch completed his Master’s degree in Business Information Systems
at Technische Universität München (Technical University of Munich) as top student
in 2008. He received the TUMexchange scholarship and spent a semester at
Oklahoma State University, USA. In addition to his studies, he was co-founder of
the start-up company toptv.de and president of a Toastmasters International public
speaking club. After his studies he received the EXIST entrepreneurial scholarship
and worked in marketing and sales before he joined amiando GmbH to work as a
sales manager responsible for US customers. In September 2011, he has joined
HHL and also works part-time as a trainer for speed reading techniques. His
research interests are risk management and internationalization of new technology-
based companies. He successfully completed his PhD in the area of the
development of new technology-based firms in J anuary 2015 with the degree
“summa cum laude”. Follwing, he continued as a post-doc.
Eric Weber, M.Sc.
On September 2012, Eric Weber took up his position as a Research Associate at
the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship. Additional to teaching and doing research at the chair, he worked
at the project SMILE (Self-Management Initiative Leipzig) till end of the year 2014.
Since 2015 he is leading SpinLab - The HHL Accelerator. He holds a Bachelor of
Arts in Service and Marketing Management from the University of Cooperative
Education Saxony as well as a Master of Science in Management Science from the
University of Leipzig. In both studies he was awarded among the best in class. He
gained 5 years of work experience in the fields of sales and controlling in a medium-
sized wholesaler for the business-to-business sector and more recently he worked
for a consulting and software provider in the energy sector, which is an
entrepreneurial spin-off of one of the big market actors. His research interests are
the use of advisory boards in startups as well as innovation management in energy
companies.
10 CHAIR REPORT 2014
2.3. Doctoral Students
Beside the research associates the following internal and external doctoral students are supervised by Prof. Dr. Pinkwart:
• Mr. Ulrich Bremer, Career Partner Group Munich, “Internationalization Strategies for Universities“
• Mr. Martin Keßler, Daimler AG, “An analysis of the know-how adjustment between OEM and providers within the
automotive industry”
• Mr. Anirban Ash, Research Associate at CASIM at HHL, “The role of trust in firms and with its stakeholders”
• Ms. Katja Grzebiela, PhD student and startup-coach at the Hasso Plattner Institut (HPI) Potsdam, “Turnaround
possibilities of high tech IT start-ups based on a value driver analysis”
• Mr. Patrick Steinhagen, PhD student at HHL, “The influence of venture capital characteristics on the premoney
valuation, success, and capital structure of investment targets”
• Mr. Alexander Hiller, entrepreneur and startup-coach in the SMILE project, “The potential of crowdfunding for E-
ventures in Africa”
2.4. Chair Assistant
Franziska Greim, M.A.
Ms. Greim studied Cultural Studies of Science and Eastern Slavonic Studies at the
University of Leipzig and worked at least at the Dean’s Office of HHL before joining
the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship at HHL in August 2012 as a Chair Assistant. She is the general
contact person representing the Chair and is also involved in the administration and
organization of Chair projects such as SMILE, HTGF, CEIM and the Excellence
Cluster Bioeconomy.
2.5. Student Assistents
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship also has three positions of
student assistants, which were/are currently staffed by Mr. Lars Radscheidt until February 2015, student in Economics and
African Studies at the University of Leipzig, Mr. J onas Donath, a Bachelor Student in Economics ath the University of
Leipzig and Mr. Fabian Terbeck, a Master of Science student in Social and Economic Geography at the University of
Leipzig.
CHAIR REPORT 2014 11
3.1. Startup Research
3.1.1. Crowdinvestment as a new Financing Instrument for
Startups
Our initial research was analyzing the eleven so far existing crowdinvesting platforms in Germany and compared usage as well
as pitfalls in order to provide a comprehensive overview over the market. At this juncture the advantages for founders and
investors predominates the usage, because a fast capital acquirement and capital investment for small amounts is provided,
while the revenue for the investor remains uncertain. The financing of new ventures proves to be occasionally difficult,
especially for small amounts. Therefore crowdinvestment is becoming more and more popular. This reflects the need of the
founders for new ways to obtain small amounts of money but also the need for investors to invest in times of low credit rates
and high economic uncertainty. It is characteristical of a systemical weakness of the German market - the missing financial
support especially for small and medium sized startups.
Empirical research on the decision making process of investors in crowfunding and crowdinvesting followed. Together with the
German crowdinvesting platform Seedmatch we conducted an online-survey among investors with 349 participants, which is
being currently published. Also a study which analysis the crowdfunding process of HHL’s own campaign from 2013 has been
conduceted. Here we examine the questions a) how the crowd can be characterized b) whether the crowd has to be attracted
by a project or is an existing part of a platform c) which motives trigger the investment decision and d) if a herding bias
influences the investment decision. The data is currently analyzed and will be published in forthcoming papers.
First results have been presented to practitioners in cooperation with the Industrie- und Handelskammer zu Leipzig at the
Designers’ Open in October 2014 and the Chamber of Commerce “Finanzmarktforum” in February 2015.
Anja Hagedorn, Research Associate at the chair, presents the field of crowdfunding at the Designers’ Open 2014 in Leipzig
3. RESEARCH
12 CHAIR REPORT 2014
3.1.2. Founders’ Coaching in Entrepreneurship Education
The research project examines the role of founders coaching, which is a cornerstone of public and private entrepreneurship
education in Germany. Nascent entrepreneurs have a need for external expertise due to high responsibilities in various
management fields. At the same time the German market is providing manifold possibilities to support a young Entrepreneur,
provided by many different experts like Business Angels, Venture Capital Investors, Business Consultants or governmental
institutions supporting founders with their problems.Thereby the activities vary widely from counseling to coaching to mentoring.
Especially in the case of nascent entrepreneurs a coach can help the founder by identifying and closing learning gaps as well
as the organisation by helping setting a structure and asking strategic questions. He essentially supports the building of
entrepreneurial and managerial competencies.
Despite the fact that it plays an important role for the support of startups and thus has been financed among others by public
money, founders-coaching itself is not regulated in Germany. This means that various institutions, companies and single
persons can offer the service, for instance public and private banks, self-employed founder-consultants or business incubators.
Professional titles are not lawfully protected and demands as well the professional qualifications are not defined. As a
consequence we face an intransparent market structure with widely varying methods, which reduces the comparability. At the
same time the founders, who are obtaining support in terms of coaching are also a very heterogeneous group, with different life
courses and consequently different capabilities and needs.
In conclusion the professional practice of founders coaching is determined by a wide range of questions addressed by the
founders and different methods as an answer from the supporters. During the research we expect to discover advantages and
disadvantages, potentials and pitfalls of founder’s coaching and by this contribute to theory development as well as give action
recommendations for founders and coaches. We conduct qualitative and quantitative studies by conducting interviews with
coaches and founders as well as submitting questionaires to founders in order to validate the qualitative findings. The latter has
been done in cooperation with the Chamber of Commerce(IHK) in Leipzig.
3.1.3. Advisory Boards in Startups
Since entrepreneurs might lack in sufficient capabilities and resources during the early phases of new ventures, the efficient
utilization of external assets is critical. Besides coaches and consultants institutionalized boards can contribute to overcome
entrepreneurial disadvantages of smallness, newness and adolescence or those weaknesses that come along with personal
traits of entrepreneurial teams. Theory mainly focuses on boards of directors in (mature) family businesses. Only a few
publications deal with advisory boards and virtually none with advisory boards in startups. We want to close this research gap,
since those boards have a lot of advantages and first estimations claim that 10 to 20 percent of startups use it.
3.1.4. Internationalization of high-tech Startups
Although, Germany is one of the leading countries regarding the export of products and innovations, the internationalization rate
of new ventures and SMEs in general is low. We wanted to find out why and therefore focus on the high-tech industry.
Companies from this industry usually internationalize much faster and with different market entry strategies than in other
industry. In a previous study, we analyzed which resource factors hinder or foster the internationalization process using an
empirical data set. Therefore, we looked at the role of the technology, of the financing and the entrepreneurial team. We found
out that whether the financing and the technology had a significant role the enterpereneurial team had no influence on an early
internationalization. The results were published in the Thunderbird International Business Review Vol. 56 No 1. In current
studies, we want to find out more about the internationalization process itself and focus on the steps a high-tech startup goes
through upon internationalization and which barriers they have to overcome. Further results were presented at the 13th
Interdisciplinary European Conference on Entrepreneurial Research in Montpellier, France in the February of 2015.
CHAIR REPORT 2014 13
3.2. Venture Financing Research
In the last decades only few new findings were generated in the venture capital research. A reason for that are difficulties in
getting reliable data. Most studies are based on commonly and easy-accessible data sets like VentureXpert or rely on surveys.
Both methods lead to a high number of cases but a low depth of the data. This strictly limits the possible results. We want to
address these challenges by collecting in depth data directly from venture capital companies.
3.2.1. Strategic Management in Early Stage Venture Capital
Funds
In the early stage of the development of newly founded technology-based firms (NTBF) intensive non-financial support is often
required in order to cope with the range of existing restrictions and risks. In this stage the additional value created by Venture
Capital Funds (VCF) – apart from covering capital requirements – is mainly based on management support and a balanced risk
management. So far, empirical academic studies of the early stage financing are mostly cross-sectional and look at a set of
investments based just on the notion of the investment manager in charge. There is a lack of longitudinal studies more
objectively considering the decisions and characteristics of a set of investments over time. TU Dresden and HHL are doing a
combined research project to overcome these challenges. The newness of the approach is to analyze the VCFs’ original deal
documentation and surveying investment managers and NTBF only regarding those pieces of information, which cannot be
found in the VCFs’ files. These files e.g. include business plans, due diligences, investment reports, company reports and
evaluation reports by investors.
We therefore already collected data at nine venture capital funds and additional funds will follow throughout the year. First
results of this project were already presented at the NRW.Bank in Düsseldorf, on the annual meeting of the German Equity
Capital Association (Bundesverband Deutscher Kapitalbeteiligungsgesellschaften e.V.), at the Business Angels research
Symposium Berlin and multiple times at the G-Forum in Koblenz. The
project is kindly supported by Science Funding of the Savings Banks
Finance Group (Wisssenschaftsförderung der Sparkassen-
Finanzgruppe) and the NRW.Bank.
3.2.2. Risk Management in Venture Capital Funds
Determining risk and weighing it against potential profits is one of the main tasks of a venture capitalist. Therefore, we analyze
how risk can be measured and which factors influences the risk. Also, we research what measures a venture capitalist (VC) can
partake to minimize the risk and which ones lead to results. Our empirical data base enables us to test the findings from the
current literature and derive and test new hypothesis. They might help VC companies to better evaluate and manage their risk
while investing. This might lead to more successful investments. First results were presented at the G-Forum in Oldenburg in
2014.
14 CHAIR REPORT 2014
3.2.3. Failure of New Technology-based Firms
The area of business failure is underresearched as most of the current studies focus on the success factors. We conducted a
study looking at the causes of business failure. We therefore were able to empirical show the relevance of the four areas
market, technology, financing and human capital as the main determinants of business failure. Further, we showed that the
factors differ throughout the development stages of new technology-based firms. Our results were accepted for being published
in the double-blind reviewed J ournal Credit and Capital Markets in September of 2015.
3.3. Business Model Innovation Research
NTBFs often create business model innovation in the early development stages. Reasons for that can be that the business
model was not sufficiently tailored to the market needs or they need to adapt their business model as a way to further grow. An
important question is what enables these business model innovations. We tried to close this research gap by conducting an
empirical study focusing on the resources which might enable business model innovation for German NTBFs. The resource-
based view was identified as one of the six main research streams for business model innovation or new ventures. Further, the
acquiring of key resources is stated to be one of the main factors influencing a business model. Hence, a change in the
business model often needs sufficient resources. We therefore take on the resource based view.
Analyzing the literature we identified five main drivers for business model innovation from the resource perspective. We tested if
these five areas influence the business model innovation of the companies. To measure business model innovation we used
the nine areas of the business model canvas by Osterwalder. We used qualitative data to identify if changes happened with the
areas of business model innovation. As business model innovation itself and the five enabling areas could not be measured
directly we used a structural equation modeling approach. Therefore, we used partial least squares (PLS) as this is the first
choice for explorative models.
CHAIR REPORT 2014 15
16 CHAIR REPORT 2014
3.4. Innovation Research
3.4.1. Employee Involvement in Innovation
Development of a culture which recognizes and supports widespread employee participation is a main purpose for modern
innovative organizations, as well as an established theme in the literature. However, while the concept might seem simple, its
implementation in practice poses several challenges. Therefore, we published research work that aims at exploring different
enablers, disablers and emerging challenges of sustaining a high involvement innovation corporate culture.
- New technologies for accelerating high involvement innovation
New technological tools are regarded as a main enabler of employee involvement. There appears to be significant acceleration
in the use of new technologies to enhance the suite of enablers available to implement high involvement innovation. In
particular social software and corporate social networks offer great opportunities for better internal networking, collaboration and
co-creation of new ideas and innovations. These new technical enablers potentially extend both the ‘reach’ of high involvement
programs and also the ‘richness’ of the type of innovation activity engaged upon. Still, much depends on the ways in which
implementation of systems deploying these new approaches is undertaken and the development of appropriate behavioral
routines to support them.
- Employees as user-innovators
Seeing innovations generated from employees as user-led innovations has been rarely discussed. In our research, we focus on
employees as users of companies’ process innovations and explore the extent to which the landscape for engaging employees
as user innovators is changing.
- Change management through employee innovation and co-creation
Core prescriptions for managing organizational change typically focus on careful preparation and communication throughout a
change program. By having the infrastructure for involving employees, organizations enhance the absorptive capacity of
employees for change. For example in an organization planning to make a major change to its systems it becomes possible to
alert employees quickly and in detail to the plans and to invite their comments and constructive suggestions to shape that
change.
- External highly qualified employees engagement in innovation
Although the use of the flexible workforce has been an integral part of many firms’ employment strategies, this category of
employees have been rarely linked to any innovation processes. On the other hand, gaining new knowledge for innovation is an
underexplored area in the area of flexible contracting, especially with regard to the highly qualified external employees.
Therefore, interesting questions arise regarding how their involvement in the innovation process occurs in real business
contexts, or how companies perceive such involvement and how this perception is reflected in their practices towards them.
3.4.2. Innovation in the Context of Resource Efficiency
Resource efficiency has become increasingly important as a driver of innovation. The German industry has huge potentials to
export resource-efficient technologies (cleantech) worldwide and at the same time local companies have to secure their
resource supply and to reduce emissions. The energy sector has one key role, since utilities must provide effortable energy
from environmental-friendly resources and simultaneously change their business models. In general, this research project
focusses on the relationship between innovation and efficiency. In particular, energy utilities are one of the main market
CHAIR REPORT 2014 17
participants that struggle to adapt their business models, matching the technological change in energy supply from centralized
fossil fuel technologies to decentralized, renewable energies. Several determinants like the technological development,
changes on the demand-side and regulation (market liberalization initiated by the EU legislation) brought a growing need to
adapt innovation. Seldom smaller utilities such as municipalities introduced an institutionalized and systematic innovation
management. Our goal is to contribute a business perspective through the analysis of innovation and change processes on the
basis of several case studies. This allows us both to understand the drivers of innovation and the change strategies of these
companies as well as to recommend best-practice examples for management practice.
3.4.3. Science-business Collaboration
The R&D process of businesses has changed over many years, moving from technology-centered to a more interaction-
focused and globalized view. On the other hand, there has been a parallel shift in the role of universities to become engines of
innovation and entrepreneurial hubs. The Deutsche Bank Stiftungsfonds Chair for Innovation Management and
Entrepreneurship has published several articles and held several presentations on this current topic.
- Universities as drivers of innovation
In a highly dynamic environment with new ideas, products, and services coming into the market every day, universities had to
develop. Although universities nowadays do not seem very different than their predecessors, their role has dramatically shifted
in the last few decades. Their role has developed from being mainly a provider of human resources to being an innovation that
transfers knowledge across generations and throughout the global scientific community. Without investigating thoroughly the
influence of the developing role of universities on innovation and knowledge flow, a main component in the society’s innovation
cycle would remain unclear.
- The challenges of science-to-business marketing
A fruitful collaboration between science and business naturally means that each party perceives the outcome of such
collaboration beneficial. However, research shows that many universities supply businesses with scientific results and
competences that are not equally demanded by businesses. More research is needed to optimize the way in which both sides
can best cooperate in the process of knowledge transfer for the welfare of global societies.
3.5. Innovation & Change Management
In recent decades, the exponential growth of world knowledge has rapidly accelerated technological and social progress. As a
result, innovation and flexibility in management as well as the best possible design of change management within companies
had become a dynamic field of research with high relevance for management practice. In addition to earlier concepts of change
management in organisations, numerous other concepts and paradigms from the fields of consultancy and management
practice as well as from scientific research have found their way into change management literature. All approaches differ but
are highly similar in relation to one of the pivotal challenges of change management. That is, the elevated pace with which
companies, their employees and executives must be able to meet changing requirements resulting from change processes on
various levels. This creates both the need and the opportunity for establishing and embedding professional change
management on the management and executive level with a corporate culture aligned towards innovation and change.
The Chair is doing research on the impact of the boundaryless company on innovation and growth as well as on change. This is
shown in the framework of Chesboroughs´ concept of „Open Innovation“. New ideas and inventions and better ways to
implement them can be reached by using new forms of partnership, joint ventures, licensing and strategic alliances. The
openess and easier access to best minds and ideas helps to improve the speed, quality and cost of innovation and change.
18 CHAIR REPORT 2014
3.6. Trust Research
Previous researchers have argued that trust, both within organisations and in inter-organisational settings, may foster
innovation. First, within organisations, trust has been found to be important to innovation in that it lessens the need for rigid
control systems. Tight monitoring and control mechanisms reduce creative thinking, while freedom from rigid rules and job
definitions enhances idea generation.
Second, trust is not only important for innovation through interactions between individuals within an organisation but also
through inter-organisational cooperation. Thus, a high level of trust among organisations facilitates the exchange of confidential
information by diminishing the risk that one party will opportunistically exploit this information to the other’s disadvantage. Trust
facilitates social exchange by reducing the need for time consuming and costly monitoring, and therefore makes it possible for
people and organisations to devote added time for other beneficial actions and endeavours.
3.6.1. Trust in Open Innovation
Trust has always been at the heart of innovation. However, the concept of open innovation emerged a number of properties in
business relationships, such as: decreasing barriers to innovation - building communities around key themes of innovation
through increased involvement - widening the base for sources of new ideas from external specialists – users’ involvement in
design – networking smaller innovation communities – accelerating the diffusion of ideas, etc. However, the realization of such
properties requires certain trust mechanisms that allow the diffusion of knowledge across organizational boundaries. Therefore,
in our research we addressed questions regarding the “rethought” role of trust in open innovation and the growing importance of
different forms of trusted intermediaries.
3.6.2. Trust in Venture Capital Companies & Financing
An investment in a new venture is always based on trust. Although the venture capital (VC) companies conduct a due diligence
prior to the investment to evaluate the team and the business idea they also have to put their faith in them. We analyze in the
prior described research project strategic management in early stage venture capital funds how trust is build between the VC
and the startup company in each investment phase. Thereby, we focus on how trust is build prior to the investment and after the
investment took place. We look at the dimensions of trust in the team, trust in the idea, integrity of the team and benevolence of
the investor. We therefore use a structural equation modeling approach.
CHAIR REPORT 2014 19
The structure of the lectures is composed of theoretical and empirical elements, practical know how and capacity building.
Academic methods for a better understanding of the theoretical foundations and recent empirical findings of entrepreneurship
and innovation management as well as methods that are appropriate to strengthen the practical skills through an action-
oriented approach are used. This will be assured by interactive case study work, team assignments and action learning as well
as by a team-teaching concept. Therefore guest lecturers from entrepreneurial and innovation companies and/or facilitators as
consulting companies or venture capitalists are invited.
Through fostering and supporting the participation in additional activities like the Case Study Competition “EXIST Campus Cup”
or the creation of own projects in the field of Innovation Management and Entrepreneurship like the “Accelerate Conference on
Entrepreneurship”, we want the students to think and act like an Entrepreneur or Intrapreneur and be innovative.
4.1. Course Business Plan Development
In the business plan development seminar the students gain the competency to develop business ideas into valid business
opportunities. For this they are familiarized with the concepts and tools to use when developing a business plan and to critically
evaluate the validity of a business idea. The students form small groups to work on real business ideas, refine them and finally
write and present a business plan presentation. To keep the situation as realistic as possible and to encourage an open
teaching style the students will present their business ideas in front of real business angels and investors from venture capital
companies. Some of our guests were for example Sören Schuster - Head or Early-Stage Financing at CFH
Beteiligungsgesellschaft mbH or Daniel Gollmann, CEO of Gollmann Komissionierungssysteme GmbH. In the past some
students founded their own companies based on the ideas they have developed in the seminar. The most famous example is
the founder of Spreadshirt and CEO of Team Europe Ventures Lukasz Gadowski.
Teaching Method: In the course a combination of presentations and active exercises are used. The students present their
business model in different stages and get feedback from the lectures and guest speakers. So, they will refine it throughout the
lecture. To motivate the students HHL alumni entrepreneurs present their success stories. The final presentation is a simulation
of a real investor pitch including guests from venture capital firms. This prepares the students to present their ideas in front of
investors and to actually found their companies. The best team will be awarded.
4.2. Course Innovation Management
The successful management of innovation is a strategic issue for all types of firms (and not only high-tech), and poses im-
portant management challenges. The course always starts with a general overview of the concept of innovation and related
terms such as imitation, reverse innovation and others. It provides the students with practical tools and examples on how to
scan the environment in search for change signals, select the different options for change, provide the resources needed for
innovation, put into practice the selected options,and enhance continuous learning within the organization.
We are offering this course in different full- and part-time study programs. For M.Sc. classes (Master Program in Management)
we arrange the course around the innovation management process on the basis of state-of-the-art research. It is built around
the different activities needed to improve the innovation processes in a company: scanning the environment, developing the
innovative strategy, implementing the strategy and the learning process.
In contrast we put a higher weighting on innovation culture and leadership aspects in MBA programs, such as the Global
Executive MBA – a highly international program for senior managers. Therefore, special emphasis is put on the global
dimension of innovation management, i.e. the decision to offshore or to outsource R&D, the strategic partnership for
development of innovations, and the role of new emerging economies in the global landscape of innovation.
Teaching Method: The course combines lectures, case-study discussions, and action learning. Students are engaged to apply
the theoretical concepts discussed in class in a variety of exercises. In addition, a number of guests from theory and practice
are invited to the course where they share their interesting and beneficial experiences with the students.
4. TEACHING
20 CHAIR REPORT 2014
4.3. Field Projects
Our chair offers field projects for the “Master of Science in Management” and “Master of Business Administration” program.
Within the field projects students solve the real problems that companies face. Therefore corporate partners are invited to
propose tasks and questions to us.
In 2014 we had 5 field projects of which one was proposed by the chair itself. It had the subject “blended learning in
entrepreneurship education”, which we offered in winter term 2014. The team was developing a marketing research for the
market of blended learning in entrepreneurship education and drew a feasibility analysis about the implementation of blended
learning in the field of entrepreneurship education. By conducting customer and expert interviews the group investigated in the
experiences and needs of customers as well as analyses the technical, personal and methodological status quo of HHL in this
field. At the same time the student-consultants provided recommendations for implementing suitable blended learning courses
in the field of entrepreneurship education.
Also, the chair supervised a field project with “FACTON”, a software company in the field of
cost management. The participating students did in-depth research of the current market
potential and developed a convenient excel tool for FACTON to better predict the market
potential in different countries. The FACTON team was very pleased with the result and uses
the developed tool in their business.
In addition, the chair is supervising a project with “Wunderflats”, an additional
startup that has been founded at the Hasso Plattner Institute in Potsdam.
“Wunderflats” is a platform for long-time rental of furnished apartments and
therefore tailored to the needs of exchange studends and consultants. The students are performing a market analysis and
surveying potential customers.
In fall 2014 the chair supervised a field project with “Group Discussion Services”, a startup that has
been founded at the Hasso Plattner Institute in Potsdam. The field project team worked on a market
research and gave several suggestions how to cope with many international competitors they
identified. The startup got the opportunity to sharpen its unique selling propositions and their strategy, based on different
business models that have been analyzed through a self-developed scenario planner. The startup praised the value of this
project for their further development.
Also in fall 2014 we supervised a field project with Suncoal Industries GmbH in cooperation with
the BioEconomy Cluster, where students had to identify market opportunities of different
sustainable produced drop-in chemicals. Although the team was not familiar with the language of
industrial chemistry they convinced through a fast learning and very good performance in the end. Suncoal was very pleased by
the very fast and good performance, which helped them afterwards as a decision basis.
CHAIR REPORT 2014 21
4.4. Supervision of Master Theses
The following master theses were supervised by the chairholder and scientific staff members of our chair:
_ Ulrich Furthmüller (GEMBA1) – The concept of “Hidden Champions” and its possible implementation in Saxony
_ Antje Maria Weber (P8) – Trust in open innovation and the role of trust intermediaries
_ Katja Kola (P8) – The engagement techniques of employees in open innovation - an applied study on the German
mechanical engineering industry
_ Thorsten Daniel (PMSc1) – Corporate Entrepreneurship as an Innovation Management practice within established
multinational German based enterprises
_ Valentin Fliess (P8) – User led innovation – What comes next?
_ Kai Karolin Hüppe (MSc8) – Motivational factors of funders to financially participate in reward-based crowdfunding
campaigns: Empirical analysis of the crowdfunding campaign for the new campus of HHL Leipzig Graduate School of
Management
_ Olaf Peters (PMSc3) – Digitalization of a microfinance institution of rural Uganda – The first step towards credit
information sharing in the informal financial sector
_ Shivaprasad Kannankulangara Girirajan (M14) – Identifying the impact of telematics in the automobile industry
_ Enrico Karg (P8) – Intrapreneurship as an innovation management practice on established companies
_ Rajprakash Prabagaran (M13) – The future of crowdinvesting – the legal implementation
_ Christian Pflug (MSc7) – Blended Learning and E-Learning as methods for distance competence development
_ Sven Galander (P8) – Analyzing international market potential with an empirical example
_ Mike Keppler (MSc8) – Internationalization of German startups: a cost perspective
_ J an Schulz (M12) – An approach to adapt the Business Model Generation Framework towards Internet Busienss
Models and its application to selected business ideas
_ J onas Stahl (MSc8) – Analysis of instruments that facilitate the new business founding process
_ Alexander Michael Martin (P8) – Innovation and sustainibility of German distribution system operators
_ Elisabeth Handschuh (MSc7) – Corporate Governance and the role of advisory boards in entrepreneurial firms – a
case study about an engineering venture
_ Sebastian Herrmann (PMSc2) - Heterogeneous worldwide energy innovation strategies based on pathdependencies.
4.5. Guest Speakers
The 2014 Leipzig Entrepreneurship Lecture about “How to manage creativity in startups” was held by Prof. Dr.
Alexander Brem, Professor for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg.
For the purposes of our understanding of rigore and relevance, we invited again several excellent academic practitioners and
experts in special fields of entrepreneuship and innovation.
In 2014 we were glad to welcome the following successful entrepreneurs und entrepreneurial experts in our full-time MBA
Business Plan Development Lecture:
_ Eric Pffannmöller (CEO), mysportsgroup
_ Dr. Philipp Semmer, Hogan Lovells International LLP
_ Dr. Martin Pfister (Senior Investment Manager), High-Tech Gründerfonds Management GmbH
_ Daniel Gollmann (CEO), Gollmann Kommissioniersysteme GmbH
_ Dr. J ens Schmidt-Sceery (Partner), Blue Corporate Finance AG
_ Sören Schuster (Head of early stage financing), CFH Beteiligungsgesellschaft mbH.
22 CHAIR REPORT 2014
In our Innovation Management lecture in the MSc study program we welcomed in 2014 the following guests, who contributed
through their outstanding professional experiences:
_ Dr. Tobias Kulka, p3 Group
_ Daniel Gerhard, INA Schaeffler
_ Dr. Nizar Abdelkafi, Fraunhofer MOEZ
_ Dr. Lutz Aschke, LIMO
_ Gerd Schuster, Accenture.
During their Innovation Management lectures in 2014 the Global Executive MBA students were delighted to get insights from
theory and practice from:
_ Prof. Dr. med. Alexander Schachtrupp - Head of the Department of Medical Sciences at B.Braun Melsungen
_ Dr. Maximilian Rapp - Team leader for Open Innovation and Co-creation in HYVE AG & Lecturer at the University
of Innsbruck
- Mr. Knuth Walczak - Head of innovation in mobillity management in Porsche.
Our lecture for part-time MSc students in the Spring Term 2014 war enriched by insights from:
_ Dr. Robert Kühn (CTO), Schmiedewerke Gröditz GmbH
_ Dr. Stefan Müller (CEO), Miltitz Aromatics GmbH
_ Ralf Irmert (CEO), Styron Deutschland GmbH.
CHAIR REPORT 2014 23
5.1. Leipzig Entrepreneurship Lecture
The Leipzig Entrepreneurship Lecture Series was established in 2011 by Prof. Dr. Andreas Pinkwart, chairholder of the
Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship. Within this series HHL Leipzig Graduate
School of Management invites distinguished speakers in the discipline of entrepreneurship once a year to interact with students,
faculty members and business leaders to talk about their latest research projects. The aim of the series is to foster the dialogue
between entrepreneurship theory and practice. For our 1st Leipzig Entrepreneurship Lecture in 2011 we welcomed Prof. Dr.
Friederike Welter from the University Siegen with the topic “Women as Entrepreneurs – Insights from Research”. In 2012 we
discussed “Female Founders and Success?” at our 2nd Leipzig Entrepreneurship Lecture with Prof. Dr. Christine Volkmann
from the University of Wuppertal. The 3
rd
Leipzig Entrepreneurship Lecture was organized with HHL’s Accelerate@HHL student
initiative as a part of the 2013 Accelerate Conference and discussed the latest trends of high-tech startup financing under the
topic “Venture Capital for New High-Technology Firms”.
The 4th Leipzig Entrepreneurship Lecture dealt with the topic “How can you organize creativity within a start-up?” and took
place in Leipzig on May 9, 2014, as a part of the Accelerate Entrepreneurship Conference. Prof. Dr. Alexander Brem, Professor
for Technology and Innovation Management at the University of Southern Denmark, Sonderbørg, was the guest speaker.
During his presentation on time management for creativity, the researcher said, "Companies must find the balance between the
promotion of creativity on the one hand and the exploitation of its result on the other. This certainly is one of the greatest
challenges within a start-up." During the subsequent discussion with renowned academics and successful entrepreneurs, Prof.
Dr. Martin Hill, Vice-President of SAP Germany, put creativity in an entrepreneurial context, "In start-ups, we face problems,
which we have to meet with creativity, on a daily basis; innovation, which we can market commercially, can emerge from this
process." Samuel Kermelk, CEO of HeiterBlick, a Leipzig-based specialist for trams, said that creativity can be promoted by
time and customer pressure. The HHL alumnus recommended to consciously schedule 'creativity time' on a regular basis.
Martin Schlichte, founder and CEO of the Lecturio e-learning platform, agreed. The HHL alumnus added, "In order to be
creative you have to get into a certain flow. To do that, we invite our employees to switch off all disturbances such as computers
and cell phones and to focus on the creative task for 25 minutes." Nicolas Wiethoff, Director and co-founder of A.R.S. Alternate
Reality Strategies, added, "In my opinion, organizations, in most cases, do not need more creativity but simply an expansion of
existing creative results." The entrepreneur continues, "Often it is not just about leaving the beaten paths but, first of all, defining
these paths." Altogether the session highlighted the importance of creativity for exploring valid business models in startups,
while they are often stuck in day-to-day operations without capacities to innovate. Thus, all founders concluded: it is simply
necessary to take the time needed for being creative and to use it efficiently.
The 5
th
Leipzig Entrepreneurship Lecture regarding “Fundraising and Syndication in the Venture Capital Industry” with Prof. Dr.
Andreas Kuckertz as our distinguished guest speaker is planned within the HHL-Entrepreneurship Conference Accelerate on
April 10, 2015.
5. TRANSFER
24 CHAIR REPORT 2014
Panelists of the 4th Leipzig Entrepreneurship Lecture at HHL: S. Kermelk; N. Wiethoff; M. Schlichte; A. Brem; M. Hill, A. Pinkwart
5.2. 1
st
HHL International Investors Day
On J une 18, 2014, HHL Leipzig Graduate School of Management held the first HHL International Investors Day. The event
included keynote speeches by several well-known speakers and panel discussions with founders, business angels, venture
capital firms and successful companies concerning the recent topics of digital businesses. In addition, pre-selected top
entrepreneurial teams got the chance to present in front of the investors and a jury and to obtain the HHL Best Founders Award.
The annual event offers great opportunities to network and learn from experienced entrepreneurs and investors.
The first HHL International Investors Day was organized by the Stiftungsfonds Deutsche Bank Chair of Innovation Management
and Entrepreneurship together with the Schumpeter J unior Professorship in Entrepreneurship and Technology Transfer and the
Dr. Ing. h.c. F. Porsche AG Chair for Strategic Management and Family Business. The event’s guiding theme was e-business,
which was covered in various panel discussions on e-commerce, e-health, and e-mobility that brought together entrepreneurs,
potential investors, established enterprises, and successful start-ups from HHL. Our special thanks for the substantial support in
the development of the concept as well as for the successful execution, we addressed to Dr. Schmidt-Sceery from Blue
Corporate Finance.
In his opening speech, the well-known founder and investor Lukasz Gadowski emphasized the importance of Venture Capital
as the driving force for innovation, new jobs, and progress. The 36-year old advised company founders to focus on product
development and customer satisfaction rather than obsessively trying to make the VC manager happy at any cost. The two
other keynotes of the day were given by the US-American venture capital expert Daniel Zimmermann, partner at WilmerHale in
Palo Alto, California, and Heinz Dürr, the former CEO of Deutsche Bahn and important business angel.
CHAIR REPORT 2014 25
Speaker of the 1
st
HHL International Investors’ Day: Heinz Dürr, Andreas Pinkwart; Daniel Zimmermann
The event ended with the HHL Best Founders Award show. A high-profile jury of experienced investors awarded the prizes to
Philipp J oas and Thilo Hardt with the booking platform eWings and to the HHL student team Malvin Debono und Dr. Helen
Blümel of BRAVA, an online store for women's clothing in special sizes.
The HHL International Investors Day was a great success and therefore we now regularly organize this event.The next HHL
International Investors’ Day will take place on J une 17, 2015.
We thank our sponsors:
26 CHAIR REPORT 2014
5.3. Accelerate – International Entrepreneurship Conference
2014
The annual Accelerate Entrepreneurship Conference is mainly organized by students of the Accelerate@HHL student initiative
and supported by the chair and SMILE. The conference took place on May 9
th
and 10
th
, 2014 and was organized together with
the 4
th
Leipzig Entrepreneurship Lecture (see above). While the latter - under the topic “How can you organize creativity within a
start-up?” – discussed how to stay creative in the daily process, presented and discussed among an expert panel, the
Accelerate Conference dealt with “Big Data – Now?! - how can companies use large amounts of data efficiently”, which
attracted around 200 guests from Germany and above to join the conference. For sure, a business idea pitching contest was
one highlight of the day, which closed with a get-together also organized by the students.
5.4. Cooperation with Hasso Plattner Institute (HPI)
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is establishing a strong partnership
with the Hasso Plattner Institute. The idea is to combine excellent computer science students with excellent business students.
This can enable the way for highly successful startups in the future. Within the collaboration three field projects were already
completed with great success. Currently, two new field-projects are running. Further, HHL is organizing together with HPI the
first HHL/HPI startup bootcamp. Mixed teams of HHL and HPI students will
develop new business ideas and create business models out of it. The best idea
will be awarded with 50.000 Euros. In the future, the collaboration will be
strengthened by more common projects.
The following projects were already conducted with the Hasso Plattner Institut. Above the involved students are listed.
FACTON
• Wenshuai J iang
• Tim Mosig
• Maximilian Raabe
• Carolin Schäfer
Group Decision Services
• Xu Cheng
• Benjamin Krapf
• J ustus Nagel
• Dawinder Singh
Wunderflats
• Muhammad Shoaib Ahmed J alili
• Yeyu Lu
• Maximilian Mayer
• Andreea Nistor
• Xingyan Zheng
CHAIR REPORT 2014 27
5.5. Innovation in Higher Education
Education has an overarching and long-lasting global impact on the economic, social and cultural growth of each nation, on
inclusion and competitiveness across the European countries and beyond. The ‘innovation imperative’ today is as valid for
higher education as for other areas; and while it is perhaps still less visible and tangible in the higher education sector, there is
a clear benefit of addressing the potential of innovation in higher education.
Due to the belief at HHL Leipzig Graduate School of Management - as a leading educating business school - in the constant
development of its teaching methods and the delivery of useful content to both academia and practice, it is planned to offer our
courses starting Spring 2015 (the innovation management courses as a start) using the flipped learning approach.This
agreement is to be administered through the collaboration between Prof. Dr. Andreas Pinkwart, Dean of HHL Leipzig Graduate
School of Management, Prof. J ohn Bessant, renowned professor of innovation management with vast experience in new
teaching techniques, and Dr. Nagwan Abu El-Ella from HHL.
The flipped classroom structure basically changes learning in a radical way, where students prepare for upcoming lessons
outside of class and then engage in learning challenges inside the class. This preparation include might include pre-readings,
short videos, case presentations and other approaches. The bottom line is to enhance the traditional lecture to a much more
interactive, theory- and practice-based discussions, with high reliance on digital media.
In this regard, Prof. Dr. Andreas Pinkwart contributed an interesting article in the FAZ of the 16
th
of March in 2015 with the title
„Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre“, showing the significant opportunites digitization has
offered business economics.
5.6. Assistance for Scholarship Applications
The Stiftungsfonds Deutsche Bank Chair of Innovation Management and Entrepreneurship is supporting HHL students with the
application for an EXIST scholarship. In 2014 we supported EmoSense UG through the EXIST application process.
5.7. Development of CEIM concepts for HHL / SpinLab
The Center for Entrepreneurial and Innovative Management (CEIM) is an interdisciplinary research and transfer center and is
established with substantial support by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship.
It has three main goals:
• to foster the co-creation of successful new companies and spin-offs
• to support established companies to innovate their business model
• to strengthen the empirical based research on business model innovation
CEIM is built on three interlinked pillars: the Co-Creation Lab and the Innovation Lab as well as the so called SpinLab.
The Co-Creation Lab is the one-stop agency for founders and fosters the creation of interdisciplinary founder teams. It supports
potential founders in further developing their ideas into a business concept. The founders can then afterwards apply for the
“SpinLab - The HHL Accelerator” to develop their business concept into successful startups.
The Innovation Lab offers established companies the possibility to develop new business models with the support of students.
This enables the companies to get new insights and to get ideas out of the box of the company borders. After indentifying
promising business concepts, students can further develop them in the “SpinLab - The HHL Accelerator”. The companies can
decide afterwards to integrate them into their business or further develop them in a form of subsidiary.
28 CHAIR REPORT 2014
Further, CEIM supported by the Chair of Innovation Management and Entrepreneurship will organize the annual HHL
International Investors’ Day together with “SpinLab – The HHL Accelerator” which brings together founders, investors and
incumbents.
SpinLab – The HHL Accelerator together with CEIM and the related chairs at HHL support entrepreneurial teams in growing
and creating innovative businesses. The mission is to foster entrepreneurship and innovation in the center of Germany and
beyond by providing hands-on guidance to startups and spin-offs. Entrepreneurial teams remain independent but SpinLab can
help you to achieve incredible results through a tailored program.
To this end it provides (co-working) office space at SPINNEREI (Leipzig’s Cotton Mill), an internationally renowned venue for
arts, culture and business. The SpinLab technology partners are able to provide key resources to help startups making their
ideas a reality. Highly-motivated coaches and mentors share their know-how and experience as part of an interactive program
using team discussions, seminars, workshops and other formats. SpinLab shares an extensive network of venture capital
investors, experienced entrepreneurs and industry and technology experts. SpinLab does not charge anything and takes no
equity share. SpinLab is looking for passionate, innovative, technology-oriented and scalable teams with an open mindset and
the required motivation and capabilities to realize their dreams.
The new office of SpinLab at the former cotton mill in Leipzig (Baumwollspinnerei Leipzig) in the western part of Leipzig
As part of the entire support of CEIM by the Stiftungsfonds Deutsche Bank Chair of Innovation Management and
Entrepreneurship the chair bears responsibility for the HHL InnovationLab and organises the first specialized Business Model
Innovation Course together with the Postbank AG.
CHAIR REPORT 2014 29
5.8. Presentation at Bonner Akademischer Sommer
At the Bonner Akademischer Sommer organized by Wissenschaftsförderung der Sparkassen-Finanzgruppe e.V. Prof. Dr.
Andreas Pinkwart and Dr. Dorian Proksch took the opportunity to discuss the results of their research project „Strategic
management in venture capital funds“with experienced scientists and practioners on May, 2014 in Bonn. In that way additional
concrete offers for future cooperation in the chairs’ longitudinal study could be developed.
5.9. Cooperation with „Wirtschaftswoche“
“Die Selbstverwirklicher”: under this headline a recent article in the German business magazine “Wirtschaftswoche” (No. 5 of
26/01/2015) mentioned current work at the chair regarding the motivations of founders to found a business. A special credit was
given to lifestyle entrepreneurs, who are mostly freelancers while commerzialising their hobby or preferred way of living. As a
part of the dissertation of Ms. Anja Hagedorn, motivations of living the life of a “lifestyle entrepreneur” have been examined and
provided to the author of the article. Also the personal characteristics of this group of entrepreneurs have been discussed. From
her interviews she discovered a possible relationship between the aspirations of Generation Y and the probability to be self-
employed as a “lifestyle entrepreneur”, which should be further validated in the future.
30 CHAIR REPORT 2014
6.1. SMILE
As one of five cooperating institutions in
the region of Leipzig, HHL Leipzig
Graduate School of Management hosts
an office of the SMILE project at the
Stiftungsfonds Deutsche Bank Chair of
Innovation Management and
Entrepreneurship. SMILE stands for the
“Self-Management Initiative Leipzig”
and supports academic founders in the
science and innovation region of
Leipzig. Students, alumni and academic
staff from Saxonian universities who are
interested
in starting their own business can attend
various seminars, workshops and
coachings around the topic
entrepreneurship. The research
associates Nagwan Abu El-Ella, Dorian
Proksch and Eric Weber organized and
implemented these trainings, workshops
and coachings bringing in their
academic expertise of their research
topics. Hence, Nagwan Abu El-Ella
offered innovation management and soft
management skills courses, while
Dorian Proksch focused on venture
capital financing. Also Eric Weber
provided, amongst others, courses
related to management support. After
the three research associates resigned
from their positions in the SMILE team
at the year end Alexander Hiller and
Wiebke Stranz are their successors.
Like in previous years founders
coached at the HHL’s SMILE office
were granted again the popular EXIST
founder scholarship and reached very
good positions at entrepreneurial
competitions.
SMILE is a cooperation of the University
of Leipzig, HHL Leipzig Graduate
School of Management, Leipzig
University of Applied Sciences,
Helmholtz Centre for Environmental
Research - UFZ and AKAD.
SMILE is financed by the European
Social Fund, the Saxon State Ministry
for Economic Affairs, Labour &
Transport and the Saxon State Ministry
for Science and Arts.
6.2. Excellence Cluster Bioeconomy
The Excellence Cluster BioEconomy is taking part in the current Leading-
Edge Cluster Competition of the German Federal Ministry of Education and
Research (BMBF) that aims at taking Germany to the top of the league of
technologically advanced nations. It is one of five Excellence Clusters
throughout Germany which are being funded by the Ministry.
The BioEconomy Cluster in central Germany focuses on the integrated
material and energetic use of non-food biomass for the production of
materials, chemicals, energy carriers and products from new materials.
A cross-cluster material flow
management as well as the
development, scaling and
implementation of production
procedures by the industry allow
the optimization of the value
adding process in bio-mass
production.
With Helmholtz-Zentrum für Umweltforschung,
the Deutsche Biomasse-Forschungs- Zentrum
as partners HHL's Stiftungsfonds Deutsche
Bank Chair of Innovation Management and
Entrepreneurship, Heinz Nixdorf Chair of IT-
based Logistics and the Chair of Marketing
Management are responsible for the
accompanying research within the cluster
focusing on the development of competitive
strategies and tools. The chair is involved in the
analyzing and optimization of the innovation
management on cluster and company level and
supports the founding of new ventures through
its knowledge and network.
6. EXTERNALLY FUNDED PROJ ECTS
CHAIR REPORT 2014 31
6.3. Strategic Management in Early Stage Venture Capital
Funds
The project “Strategic Management in Early Stage Venture Capital Funds” is a joint research project from TU Dresden und HHL
Leipzig Graduate School of Management. The goal is to derive new findings in the area of venture capital. Due to a lack of
sufficient data there were only few new results in the last decade. We try to bridge this gap by conducting a longitudinal study
collecting the data directly from the venture capital funds. We therefore had access to the original deal documents, like business
plans or monthly reportings. This enabled us to get an in-depth few on each investment. The project already led to various
scientific contributions which were presented at national and international conferences. It is kindly supported by the Savings
Banks Finance Group (Wissenschaftsförderung der Sparkassen-Finanzgruppe) and the NRW.Bank.
32 CHAIR REPORT 2014
Pinkwart, Andreas, American Marketing Association 2014 Conference (AMA 2014) – The Honorabel Merchant in International
Marketing, Mexico, Cancun, April 2014.
Pinkwart, Andreas; Proksch, Dorian: “Wagnisfinanzierung und Risikomanagement”, Presentation at the Bonner Akademischer
Sommer, Bonn, Mai 2014.
Pinkwart, Andreas: Transatlantic Dialogue of the States, Cities, and Communities: How are State and Local Leaders Shaping
the Future Workforche? American Institute for Contemporary German Studies (AICGS) at J ohns Hopkins University, USA,
Washington, May 2014.
Pinkwart, Andreas; Proksch, Dorian: “Internationalization of German High-Tech SMEs: Overcoming the Main Barriers”,
Presentation at the ICSB 2014 World Conference, Dublin (Ireland), J une, 2014.
Pinkwart, Andreas; Proksch, Dorian: “The Internationalization Process of Research-based Spin-offs”, Presentation at the 13th
Interdisciplinary European Conference on Entrepreneurial Research, Montpellier (France), February 26th, 2015.
Abu El-Ella, Nagwan: “Examining the Involvement of Highly Qualified External Employees in Innovation – An Organizational
Perspective”. Presentation at the EURAM 14
th
Annual Conference – Waves and Winds of Strategic Leadership for Sustainable
Competitiveness, Spain, Valencia, J une 2014.
Abu El-Ella, Nagwan: “Rethinking the Role of Trust in Open Innovation”, Presentation at the XXV ISPIM
ConferencePresentation at the 17
th
Interdisziplinary Annual Conference of the FGF e.V. (G-Forum), Koblenz, November 8,
2013.
Pinkwart, Andreas: CASiM Conference 2014 – Boundaryless Hospital – Rethink and Redefine Health Care Management,
Leipzig, J une 2014.
Abu El-Ella, Nagwan: “Firms’ interactions with User Innovation: current & future Trends”, Presentation at the Open Innovation
User Workshop (OUI) 2014, USA, Boston, J uly 2014.
Proksch, Dorian (2014): “Main drivers for early Business Model Innovation in New Technology-Based Firms: A longitudinal
empirical study”, Presentation at the Scientific Conference on "Business Model Innovation and Transformation" of the Erich
Gutenberg-Arbeitsgemeinschaft Köln e.V., Nuremberg (Germany), September 2014.
Proksch, Dorian: “Risk Management in Venture Capital Companies: A Portfolio Perspective”, Presentation at the 19
th
Interdisziplinary Annual Conference of the FGF e.V. (G-Forum), Odlenburg, November 13, 2015.
Schefczyk, Michael; Pinkwart, Andreas; Fiegler, Torsten; Proksch, Dorian, Ernst, Cornelia: “Ursachen bei Technologie-Start-
Ups – Eine longitudinale Studie”, Presentation at the 19th Interdisziplinary Annual Conference of the FGF e.V. (G-Forum),
Oldenburg, November 13, 2014.
Weber, Eric: “Advisory Boards in Entrepreneurial Businesses”, Presentation at the 11th ESU Conference, Lund, August 18-23,
2014.
Weber, Eric: “The Use of Advisory Boards for Networking Activities in Entrepreneurial Firms", Presentation at the SMS
Conference, Spain, Madrid, September 2014.
7. CONFERENCES
CHAIR REPORT 2014 33
Abu El-Ella, Nagwan; Bessant, J ohn, Pinkwart, Andreas: “Changing change management – The new innovation imperative”, in:
Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden, Springer Gabler, 2015, 105-120.
Abu El-Ella, Nagwan: “Employee Involvement in Open Innovation: The Role of New Technologies, External Employees and
Trust Issues”, Leipzig, HHL Leipzig Graduate School of Management, Diss., 2014.
Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf: “Management of Permanent Change - New Challenges
and Opportunities for Change Management”, in: Albach, Horst et al. (eds.): Management of Permanent Change. Wiesbaden,
Springer Gabler, 2015, 3-21.
Albach, Horst; Meffert, Heribert; Pinkwart, Andreas; Reichwald, Ralf (eds.): “Management of Permanent Change”. Wiesbaden,
Springer Gabler, 2015.
Czinkota, Michael R; Pinkwart, Andreas: “Internationalization in marketing – from theory to practice by means of a Delphi
study”, in: Thunderbird International Business Review, Vol. 56, 2014, 5-10.
Hagedorn, Anja: “Using repertory grid technique to explore the relationship between business founders and support agents”,
Edward Elgar Publishing, forthcoming 2015.
Hagedorn, Anja; Pinkwart, Andreas: “The financing process of equity-based crowdfunding – an empirical analysis”, in: Brüntje,
Dennis; Gajda, Oliver (eds.): Crowdfunding in Europe. State of the Art in Theory and Practice, Springer, Wiesbaden,
forthcoming 2015.
Pinkwart, Andreas; Proksch, Dorian; Schefzyk, Michael; Fiegler,Torsten; Ernst, Cornelia: “Reasons for the Failure of New
Technology-Based Firms: A Longitudinal Empirical Study for Germany”, Credit and Capital Markets, forthcoming in September
2015.
Pinkwart, Andreas: „Digitalisierung bietet große Chancen für die Betriebswirtschaftslehre“, in: FAZ, March, 16
th
, 2015.
Pinkwart, Andreas; Weber, Eric: “Steigerung der Ressourceneffizienz als Königsweg nachhaltiger Wohlstandssicherung”, in:
Franz, Otmar (Ed.). Innovationstreiber Ressourceneffizienz: RKW-Kuratorium. Sternenfels: Verl. Wissenschaft & Praxis, 2015,
18-31.
Pinkwart, Andreas: „Hochschulen zukunftsfest machen“, in: Forschung & Lehre, J anuary 1, 2014, 36-37.
Pinkwart, Andreas; Abu El-Ella, Nagwan: “Open innovation - new opportunities and challenges for science-to-business
collaboration”, in: Kliewe, Thorsten; Kesting, Tobias, eds.: Moderne Konzepte des organisationalen Marketing. Modern
Concepts of Organisational Marketing, Springer Verlag, 2014, 285-301.
Pinkwart, Andreas; Abu El-Ella, Nagwan: “Gemeinsam innoviert es sich besser“, in: Garn, M.; Schleidt, D., (eds).: J ahrbuch
Innovation 2014: Innovationstreiber für Wirtschaft, Wissenschaft, Politik und Gesellschaft. Frankfurt a. M.: F.A.Z.-Institut, 42-45.
Pinkwart, Andreas; Proksch, Dorian: “The internationalization behavior of German high-tech-start-ups”, in: Thunderbird
International Business Review, Vol. 56, 2014, 1, 43-53.
Pinkwart, Andreas; Proksch, Dorian. “Internationalisierung junger High-Tech-Unternehmen – Chancen und Barrieren in
Deutschland“, in: Franz, Otmar (ed.). Existenzgründung und Existenzsicherung in Deutschland und international, Verlag
Wissenschaft & Praxis, Sternenfels, 2014, 119-127.
Proksch, Dorian: “The development of German new technology-based firms from a resource-based view”, Leipzig, HHL Leipzig
Graduate School of Management, Diss., 2015.
8. PUBLICATIONS
34 CHAIR REPORT 2014
HHL again winner of the Gründungsradar
TU Munich, Lüneburg University and HHL Leipzig were the winners of the Gründungsradar
2013. Institutional anchoring, awareness-raising, providing support/expert advice and concrete
activities were exemplary. The results were presented by the Stifterverband der Deutschen
Wissenschaft in Berlin in November 2014.
Source: SeitenPlan/Stifterverband
The Gründungsradar of the Stifterverband für die Deutsche Wissenschaft examined for the second time how effectively HEIs
assume their role of supporting start-ups. The analysis was based on a survey of all HEIs in Germany and on an extensive
survey of a specified sample of academic start-up founders. The Gründungsradar demonstrates to HEIs, politicians, industry
and research funders possible ways to bring about further improvements in start-up support. Selected prime examples of
academic start-ups, which are shown extensively in the form of individual profiles, show the sheer diversity of HEI start-ups and
are intended to serve as an inspiration to others.
Panel Discussion by with the President of the Stifterverband der Deutschen Wissenschaft Mr. Barner (2
nd
from right)
9. AWARDS
CHAIR REPORT 2014 35
For the support of our chair we thank the Stiftungsfonds Deutsche Bank and the Stifterverband für die Deutsche Wissenschaft.
For further support we thank the Federal Ministry of Education and Research (BMBF) for the support of our project
“BioEconomy”, the Science Funding of the Savings Banks Finance Group (Wissenschaftsförderung der Sparkassen-
Finanzgruppe) and the NRW.Bank for supporting us in the research project “Risk Management in Early Stage Venture
Capital Funds”, the State Ministry for Economic Affairs, Labour and Transport (SMWA), the State Ministry for Higher
Education, Research and the Arts (SMWK) and the European Social Fund (ESF) for supporting our SMILE-project.
10. ACKNOWLEDGEMENT
36 CHAIR REPORT 2014
IMPRINT
Publisher:
HHL Leipzig Graduate School of
Management
Stiftungsfonds Deutsche Bank Chair of
Innovation Management and
Entrepreneurship
Chairholder:
Prof. Dr. Andreas Pinkwart
J ahnallee 59
04109 Leipzig
T +49 341-9851-828
F +49 341-9851-679
[email protected]
www.hhl.de/innovation
Photos:
HHL
Publication Date:
April 15
th
, 2015
CHAIR REPORT 2014 37
HHL Leipzig Graduate
School of Management
J ahnallee 59
04109 Leipzig, Germany
T +49 341 9851-60
F +49 341 9851-679
www.hhl.de
doc_928350822.pdf