Keynote: Status of Business Development Research & Practice
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This keynote on the Status of Business Development Research & Practice was presented 30 June 2016 at the 4th International Conference on Marketing and Business Development in Bucharest.
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Keynote: Status of Business Development Research & Practice
- 3. Agenda • Premise and background • Business development research – The literature – The construct – The academic challenge • Business development prac<ce – What and where is business development then? – The business developer / integra<ng generalists • Some recent research (if <me) 3 Business Development - status of research and prac<ce © 2016 Hans Eibe Sørensen
- 4. The keynote’s premise • Why do we run businesses? – To make owners make more money than from an ‘alterna<ve investment’ • How do we secure temporary or sustained profits? – Compe<ve advantage – Valuable and Rare resources and capabili<es that are founda<on for Inimitable strategies – Sound Organiza<on • Business development – is a capability that assures be^er prepara<on and imlementa<on of growth opportuni<es 4 Business Development - status of research and prac<ce © 2016 Hans Eibe Sørensen
- 5. Some backgound General confusion about business development’s actual meaning, organiza<on, tasks, processes and people Google hits on ”Business Development” – 2005: 59.300.000 – 2015: 159.000.000 – 2016: 97.900.000 (earlier this year: 186.000.000 – did Google grow wiser?) Less than 15 published academic papers on business development © 2016 Hans Eibe Sørensen 5 Business Development - status of research and prac<ce
- 6. The BD literature – a short story • Conceptual work – Bussgang et al. (2012) and Sørensen (2012) and Burgelman (1983) • Case-based work – medium-sized technology-based firm (Ui^enbogaard et al., 2005) and IT SMEs (Davis and Sun, 2006), – biotech firms (Kind and Knyphausen-Aufseß, 2007; Lorenzi and Sørensen, 2014), – Interviews with business development experienced (Eidhoff and Poelzl, 2014; Giglierano et al., 2011) – content analysis on business development job pos<ngs (Turgeon, 2015) • Survey-based work – Sørensen (2016) – and Trichterborn et al. (2015) • Forthcoming special issue in IJEIM in a few months © 2016 Hans Eibe Sørensen 6 Business Development - status of research and prac<ce
- 7. What is business development, really? • Developing the business? • Sales? • Key Account Manager? • IT-programmer? • Corporate finance? • Manager of offshoring? • Product development? • Strategy development? • The employee we really can’t find a label for? © 2016 Hans Eibe Sørensen 7 Business Development - status of research and prac<ce
- 8. Business development defined • Business development refers to 1. the tasks and processes concerning analy<cal prepara<on of poten<al growth opportuni<es, 2. the support and monitoring of the implementa<on of growth opportuni<es, 3. but does not include decisions on strategy and execu<on of growth opportuni<es or their actual implementa<on. • Contextual demarca<ons on growth opportuni<es – Non-trivial and non-strategic – Within constraints of strategic momentum and corporate strategy 8 Business Development - status of research and prac<ce © 2016 Hans Eibe Sørensen
- 11. Business development prac<ce • Lesser confusion about business development’s actual meaning, organiza<on, tasks, processes and people now? • Let’s borrow a typical challenge: “It is fashionable for a speech-making president these days to contend that his company is ’market- oriented.’ He seldom defines the term, rarely goes into further detail, and frequently is not quite sure what he has said.” (Lear, HBR 1963) “We did not see the relevance of the BD funcRon; otherwise, we would have implemented this funcRon earlier” (Kind & Knyphausen-Aufseß, 2007) © 2016 Hans Eibe Sørensen 11 Business Development - status of research and prac<ce
- 12. Growth Opportunity Where is Business Development? © 2016 Hans Eibe Sørensen Business Development - status of research and prac<ce 12 Research Product Development Business Development Daily Opera,ons Strategy Development Sales / Marke,ng… Screening Decision Screening Opportunity genera,on planning, screening ‘Market Launch’ planning Implementa,on Business-as-usual : Func<on : Stage Legend Source: Sørensen (IJEIM 2016)
- 13. The Business Developer • Business developers are integra<ng generalist; – Having prac<cal knowledgeable about the technology, product, customer values, and industry dynamics – Being capable to think conceptually and abstract and not just “closing deals” – Having specialists knowledge from mul<ple business func<ons – Having experience with both top management and with working in line-func<ons. 13 Business Development - status of research and prac<ce © 2016 Hans Eibe Sørensen “thinks like senior management, but located at a tac,cal level”
- 15. Summary • Premise and background • Business development research – The literature – The construct – The academic challenge • Business development prac<ce – What and where is business development then? – The business developer / integra<ng generalists • Some recent research (did we have <me?) 15 Business Development - status of research and prac<ce © 2016 Hans Eibe Sørensen
- 17. First BD-performance study • Data – 73 CEO responses from a sample of 205 growth firms (OECD, 2007) – Firms established prior to 2006, 10-250 employees (full-<me equivalents) in 2008, and average yearly growth of 20% in employees during 2008-2011. • Main variables – Business Planning – Business Developer Support – Business Development • Results © 2016 Hans Eibe Sørensen 17 BD (BP*BDS) BDS BP BD BDS BP PERF Note: Graphs are correla<ons Business Development - status of research and prac<ce Source: Sørensen (IJEIM 2016)