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• W9305071 abstract "Diversification into high-tech: focus on market value External milestones remove commercial uncertainties Marry your technology resources to the market knowledge of current players Stories of promising but ultimately doomed attempts at technology-based diversification are all too common. The causes of failure are well known: forecast demand fails to materialize; sales and marketing efforts fall short; competitors rush in; the wrong partners are chosen; the new business proves so unlike the old that management loses its way. As a result, many companies have given up the idea of using technology-based diversification as a means of growth. A mounting body of evidence, however, is beginning to point a way to effective high-tech diversification. Recent research into leveraged buyouts and corporate acquisitions indicates that a strong synergy with the core business need not be a prerequisite for a successful acquisition.(*) Similarly, while most internal diversification efforts have ended in failure, some companies have thrived by building new technology-based enterprises to address markets outside their core business. Success has come to companies of all shapes and sizes, including: * Small companies moving out of their established markets, including aerospace companies such as Hi-Shear, which has developed a growing business in automotive braking cables and tensioners, and Acclaim Entertainment, a start-up formed by ex-aerospace engineers, which now generates more than $500 million in annual revenues in commercial entertainment markets. * Medium-sized entrepreneurial companies, such as Science Applications International Corporation (SAIC), which has achieved rapid growth by leveraging its expertise in defense systems into civil and commercial markets, and Thermo Electron, which has built a wide range of new businesses around a set of technology capabilities that have been systematically expanded from energy to medical, environmental, and industrial process applications. * Large traditional companies such as Corning, which has successfully entered new markets through a series of joint ventures, and Hughes Electronics, which has moved from defense electronics into commercial media markets through its new DIRECTV business. Companies like these suggest ways of beating the high failure rate in technology-based diversification. Diverse though they are, three principles are common to all: * Focus on value creation * Learn from and cooperate with the market * Manage like a venture capitalist. Any company deciding how to pursue growth through diversification should make an objective assessment of its ability to institutionalize these principles. Though there is no single organizational model for success, some companies are clearly streets ahead of others. Thermo Electron and SAIC, for example, can continue to pursue aggressive strategies to build new businesses because the three principles have become a natural part of their organizations thanks to the visions of their respective founders, George Hatsopolous and J.R. Beyster. Since the companies were formed in the 1960s, their leadership teams have focused on fostering entrepreneurialism. Individual business opportunities are not blocked by rigid operational or financial hurdles; instead, managers tend to just know which opportunities have the right profile. While no established company would readily be able to replicate their culture and characteristics, these dynamic, growing companies do provide insights into actions that can improve the chances of success in pursuing new business development. Focus on value creation Companies with little experience in building new businesses often harbor unrealistic expectations. A large company in aerospace, energy, or computing might well have business units with annual revenues in excess of $500 million. …" @default.
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• W9305071 title "Beating High Fail in High-Tech" @default.
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