The project-management approach in the “systematic management” of innovative start-up firms

THE PROJECT-MANAGEMENT

APPROACH IN THE

“SYSTEMATIC MANAGEMENT”

OF INNOVATIVE

START-UP FIRMS

BURTON V. DEAN

EXECUTIVE SUMMARY

This paper presents the principal results obtained by applying the project- management approach to strategic planning and operations management of innovative start-up firms key activities. This approach is used to im-

plement Drucker’s view of entrepreneurship as a systematic discipline and his recommendation that innovation be treated using his principle of systematic innovation.

As is well known, the management of growth in an innovative start-up firm is a dt@ult problem facing that organization. During this particular stage of the firm’s development, many interdependent activities need to be performed under the conditions of uncertainty and limited resources. In these

cases, flexibility and contingency planning are necessav. The fact that there exists no generally accepted approach that an entrepreneur can utilize, however, results in chaotic situations in many such enterprises.

The start-up firm cannot utilize the formalized management systems and procedures available and useful in largehrms. In addition, a disorganized, chaotic, random management-decision process will seldom provide desirable results in such firms. Viewing the firm as a project to be managed with specific tasks. activities, precedence relations. durations, and milestones presents an opportunity to utilize project-management techniques, including the critical-path method (CPM).

Recent research has demonstrated that project-management methodology and its computer- software applications are applicable to small, innovative start-uphrms. By utilizing a microcomputer, one can analyze any start-up business for Jaws in management or organization and can chart a more productive path for achieving the firm’s strategic goals. Project management using computers is not new: it has been usedfor years for major aerospace, utility, and construction projects. Only recently, however, have microcomputers and software become inexpensive enough to allow smallhrms to utilize this approach.

Address correspondence to Prof. Burton V. Dean, Department of Organization and Management, School of Business, San Jose State University. San Jose, California 95192.

This research was conducted while the author was on a leave of absence from the Department of Operations Research, Weatherhead School of Management, Case Western Reserve University, Cleveland, Ohio 44106.

Journal of Business Venturing 1, 149-160 (1986) 0883.9026/86/503.50 0 1986 Elsevier Science Pubhshing Co., Inc.. 52 Vanderbilt Ave.. New York. N Y 10017

149

150 B.V. DEAN

The project-management approach collects information about a start-up Jirm, including all of

its planned activities consistent with its evolving business plan, and then utilizes a microcomputer and inexpensive, readily available project-management sof?ware to process the information collected.

Among the outputs are a “GANTT chart,” which indicates when the various activities should begin and end; a “Job Report,” which provides the earliest and latest possible deadlines for starting and ending each activity: and a “Milestone Report,” which indicates when each key event is to be accomplished according to the strategic business plan. These status reports are extremely valuable to the CEO and to the management team as the jrm is kept on course according to its strategic plan.

Thi.1 methodology has been applied to 20 innol’ati\le start-up ,firms in northern Cal(fhrnitr. including a computer graphics cornpan!. a semiconductor-equipment manufircturer. and ,$rms that develop sofiware for prof>.ssional athletes, educators, r)phthalmologi,sts, and radio-station manager.s. In addition, the prc?jec’t-mcrnrrgc,ment approach has been applied to plan trml schedule Stanfind Uni- versity s current centennial ,funcl-raising campaign.

Results indicate that the CEO and the entire management team are able to plan, schedule, and

control the innovative start-up ,firm’s multiplici& of activities in a systematic way. The firm is also

able to modlfj its strategic plan based on a review of its updated status reports and to mod+ its

operations plans accordingly. Current research is under wag to develop similar systematic methods

,for managing innovation in large organizations.

R ECENT DEVELOPMENTS IN MICROCOMPUTERS AND SOFI-WARE HAVE MADE IT

possible to apply the project-management approach by Dean (1985) to innovative start-up firms. Although many such firms are successful, considerable evidence in the pub- lished literature shows that these firms face significant problems in achieving their goals. Fewer than 1% of small businesses ever achieve $25 million in sales (Cavanaugh and Clifford 1983).

The success or failure of the firm depends on how well the entrepreneur can anticipate the problems inherent to a start-up and how well one manages these problems. A steady stream of successful new products and/or services are required (Brandt 1982; Kent et al. 1982).

During the rapid-growth stage of an innovative start-up firm there are usually a large number of tasks and activities to be performed under conditions of limited resources. A large number of key events and milestones must be achieved for a start-up to be successful. There are also complex interactions and precedence relations among the activities. The firm finds a need to perform frequent updating of its status conditions and milestones, resulting in modifications in future plans. Underlying this process is the assumption that many of the elements in the start-up firm are probabilistic in nature, where 1) some activities may not be initiated, performed, completed, or as succesful as planned; 2) some activities may exceed duration and/or cost expectations; 3) some activities may need to be performed several times until a successful result is achieved; and 4) some activities may need to be delayed because prior activities were not completed as planned. Above all, there is a need for contingency planning, which must be incorporated into a start-up ?lan and schedule in order for the firm to be successful.

In general, an intuitive approach to management is followed, whereby previous experience and background of the management team are utilized to guide and control the enterprise. Many of the activities performed are a consequence of learning on the job. The intuitive approach often leads to chaos: some necessary activities are never performed and others are performed several times. In these cases resources are not fully utilized and delays in meeting planned schedules frequently occur.

Drucker has advocated a systematic approach to managing innovation in an entrepre-

“SYSTEMATIC MANAGEMENT” OF START-UP FIRMS 151

neurially oriented firm (1985). He recognizes that “systematic innovation” is not the only contributing factor to entrepreneurship and suggests that both the development of entrepreneurial strategies and a systematic use of the principles of entrepreneurial management are needed in the enterprise. However, he further states that, “The very foundation of entre- preneurshipas a practice and as a discipline-is the practice of systematic innovation”

(Drucker 1985). This paper illustrates the ways in which the innovative start-up firm may achieve the

goal of systematic innovation through the use of the project-management approach.

THE SYSTEMS APPROACH

Although an individual start-up firm may be aware of the variety of tasks and activities that need to be accomplished, often there is no systematic procedure for managing the necessary innovative tasks. Contributions to the firm’s success are made by critical elements that must be integrated to achieve overall goals. For example, market analysis often determines a specific niche that the start-up firm may attempt to fill. A management team, in building a company, is primarily concerned with developing or advancing a product/process technology to fill that market niche. In attempting to satisfy all the needs of the start-up firm, certain financial investments are required on a timely basis. These critical tasks are dynamic in that activities in each element that change affect activities in other tasks.

Based on an overall strategic business plan, the following tasks are performed: 1) vendor selection and make/buy decisions; 2) equipment and facility design, selection, acquisition, and installation; 3) legal and accounting decisions concerning patents and financial structure; and 4) production and distribution strategies. Strategic business planning is the essential element used to coordinate all of the other functions.

Table I identifies the basic tasks that are accomplished in a technology-based start- up firm. It is possible to classify all of the activities being performed as belonging to one of the eight specific tasks of Table I. The task Business Planning has a special role: it is used as a hierarchal and control device for the other seven operating tasks. A description of these tasks and associated activities is presented in Dean ( 1985).

In considering the start-up firm as a system, the eight basic components are identified (see Table I), and for each of these subsystems a specific set of activities is prescribed on the basis of the strategic plan. The identification of these activities and corresponding precedence relations, along with resource requirements and schedules, provide a means by which to implement the strategic business plan for accomplishing the systematic innovation goal as formulated by Drucker (1985).

Figure 1 presents a flow diagram for use in implementing the systems approach in the start-up firm by means of project-management methods and techniques.

TABLE 1 Basic Tasks in an Innovative Start-Up Firm

I. R & D and Engineering

2. Finance and Venture Capital

3. Market Research

4. Organization and Personnel 5. Legal and Accounting 6. Manufacturing

7. Marketing

8. Business Planning

152 B.V. DEAN

OPERATIONS PLAN

Market

Analysis

II Technology

Development -

Production

Plan

RESOURCE PROJECT PLAN PLAN

Personnel &

Organization

JJ Financial

Resources 1 Relations

Facilities

& Equipment

----T--

Tasks/ Activity

Activities

-T-T 1 I

Precedence

TT + I

Activity

Durations

STATUS PLAN

Network + 4~ GANTT

Chart A

c

”

Job

Report

l t_ Financial

Reports

BUSINESS PLAN

Feedback Loop

FIGURE 1 Project managment approach to managing the innovative start-up firm

We view the start-up firm as a system to be managed through incorporation of five separate stages. In the operations plan, market analysis provides the specific information necessary to justify the need for the product in the product/process technology-development activities. This will generate the necessary “pull” on the technology development, so as to satisfy the prescribed needs. The technology-development program may also provide the necessary “push” activities to develop an acceptable product for the market. In addition, as part of the operations plan, technology development must be closely coordinated with ca- pacity planning and facility expansion. Similarly, production planning must consider recent developments in technology that may be useful in reducing the cost of manufacturing to achieve specific “learning-curve” cost goals.

The output of the operations plan serves as in input to the resource plan (see Figure 1). The resource plan consists of three essential elements. Human resources as prescribed by the organization structure and personnel needs provide the personnel necessary to implement the operations plan. In addition, financial resources are specified to accomplish the operations plan and to obtain the required human resources, facilities, and equipment. Correspondingly, facilities and equipment requirements will dictate the financial resources that will be required in the future.

The next stage, and perhaps the most significant management tool, is the development of the project plan (see Figure 1). Following the operations plan and the resource plan, one can list all the essential tasks and activities that must be accomplished in order to achieve the firm’s strategic business plan. The activity-precedence relations must be provided by knowledgeable members of the management team. Identification of the precedence relations


may also result in addition of new activities and modification of existing activities. In addition, the estimated durations of activities must be determined, as well as milestones for key events prescribed in the strategic business plan. Experience indicates that in a typical microelectronics start-up firm, over 75 activities may be specified, with 150 or more precedence relations (Dean 1986). Accordingly, the size of the project-activity network as well as its complexity make it necessary to process this information using a microcomputer along with a computer package specifically for project-management purposes (Dean 1986).

The output of the project plan and computer-based calculations yield a set of status reports. Of primary importance is the activity network, which is a graphic representation of all activities that appear in the project plan. Also useful is a listing of those activities that are critical for determining the dates on which the milestones can be achieved and a listing of activities that will necessitate an extension of time to meet specific milestones, if completion of the activities is delayed. The milestones included in the innovative start-up firm’s strategic plan include

1. Completing concept design and formulation; 2. Completing prototype development; 3. Obtaining initial financing for significant production; 4. Completing initial production tests; 5. Performing market testing of the new product;

6. Beginning large-scale production of the new product; 7. Obtaining substantial sales of the new product; 8. Running into the first competitive response; 9. Completing the first redesign or redirection of the new product; and

10. Obtaining subsequent financing to achieve continual expansion.

Also identified are those activities that are slack: for which delays and late starts would not be important for achieving the firm’s milestones. For example, a delay in facilities expansion may or may not be important, depending on the degree of criticality of the facilities- expansion effort as related to the other activities occurring at the same time. Experience indicates that the activity network requires many changes during the start-up period. The activity network, however, is a significant accomplishment and serves as a major tool for communication and planning purposes.

Another status report is the GANT’T chart, which provides a visual display of the criticality and the amount of slack of each activity, as well as projected starting and completion times. The job report provides similar information in tabular form to that presented in the GANTT chart. Each activity on the job report is listed in order of early-start time (for example), and early-start, late-start, early-finish, and late-finish schedules are also provided. The amount of slack and degree of criticality are also provided in the job report.

The project-management software also yields a set of financial reports associated with the performance and schedule reports. These financial reports present the levels of personnel and financial resources that are utilized for each activity and each time period.

The output of the status reports is a realization of the strategic business plan (see Figure 1). Specific market needs, product strategy, technology strategy, manufacturing plan, organizational structure, and financial-plan decisions are quantified as a result of the status reports. The output of the business plan is applied to the previous plans and reports in the form of modifications and additions and based on decisions taken by the management team. The process is iterated upon based on continuing needs of the firm.

154 B.V. DEAN

PROJECT MANAGEMENT

Network-Planning Methodology Basic project-management methods and techniques have been applied in this approach. A network-planning methodology is used to analyze the innovative start-up firm as a project to be managed (Dean 1985).

An activity is any portion of a start-up that requires time or resources to perform. A task is considered to be an integrated set of activities. An activity will be represented by an arrow in the network diagram. An event is an instantaneous point of time that represents the start or completion of an activity. An event is represented as a node in the network diagram. Precedence relations among activities are such that the ending event of a predecessor activity may occur before the starting event of another activity. A precedence relation is represented in a network as two activities in series separated by a node (event). Every activity that emanates from a node has each activity incident to the node as a precedence activity.

A network is a collection of arrows and nodes that represent the start-up, including decision nodes and decision trees. The network describes the process that a start-up follows in its operations. The firm may perform some activities a number of times and a larger number of activities in parallel.

To implement a network method for planning the firm’s innovation process, a prescribed structure for obtaining the necessary information has been developed (Dean 1985; 1986). The information-collection process is initiated by conducting a systems analysis of the firm and presenting the CEO with a preliminary list of tasks and activities that characterize the firm’s current and planned operations. Basic network information is collected using the following steps:

1. A systems analysis of the firm’s operations; 2. Selected interviews of the firm’s management team; 3. Revision of information collected, as required; and 4. Confirmation of the tasks, activities, precedence relations, durations, and anticipated

milestones.

Network Construction

All eight major subsystems identified in Table 1 are disaggregated into the respective activities. A general list of activities for all eight subsystems is prescribed in Dean (1985). The activities are to be defined appropriately according to the specific nature of the firm.

Once the tasks are identified, the various activities within each task are assigned precedence relationships. Precedence relationships require that certain activities be completed before other activities begin. These precedence relationships reflect the technological/production/marketing phases of the new-product development and commercialization activity.

As a result of the precedence relationships identified, it is possible to construct the project-plan network. The network graphically depicts the interrelationships among various activities and the associated precedence relationships for these activities. The network approach, as the essential planning methodology used in the study, depicts the role that each activity has relative to all other activities in that task.

The most important consequence of developing the activity network is that the entrepreneur is given the capability to fully understand the associated work required in the start-up firm. The activity network provides the means by which to systematically manage the firm.

Obtaining the best estimates of the durations of each activity is extremely important,


in that these estimates are used to calculate the anticipated completion time of the various stages, the critical activities necessary to meet scheduled due dates, and the associated milestones. These key milestones must be identified and be related to the specific activities that must be completed prior to the occurrence of the milestones.

Network Solutions

A personal computer and associated project-management software is utilized to process the information obtained in the network-construction phase. The output is a set of status reports (see Figure 1) that are utilized to review the strategic business plan and to subsequently modify the operations and resource-allocation plans (see Feedback Loop in Figure 1).

TABLE 2 Characteristics of Twenty Northern-California Start-Up Finns

I. Type of firm

Micro-Electronics Industry-Hardware Firms (9)

I Laser technology in earth-moving equipment.

2. Turnkey systems for document collection, storage, and retrieval.

3. IBM PC diagnosis and repair equipment.

4. Macintosh intelligent terminal and UNIX microcomputer.

5. Semiconductor production-equipment manufacturer.

6. In vitro test devices to diagnose and aid in treating disease and to monitor medication.

7. Robot drill for oil field and mineral exploration.

8. Electronic blackboard.

9. Telecommunication management-system products.

Computer Software Firms (6)

I. Computer-graphics software packages.

2. Software packages for professional athletes.

3. Computer software for ophthalmologists. 4. Computer software for minicomputers.

5. Educational-system software packages.

6. Radio-station management software packages.

Service Firms (5)

I. Pay-television encoding and decoding.

2. Long-distance voice carrier for medium-sized businesses.

3. Advanced entertainment centers.

4. Regional airline.

5. Color-graphics centers.

II. Year of formation

1978-79 2

1980-8 I 2

1982-83 4

1984 8

1985 4

Total 20

Average Age: I .95 years

Median Age: I year

156 B.V. DEAN

RESULTS

Characteristics of Firms

Recently, studies have been conducted in 20 technology-based California start-up firms. Table 2 presents a listing of the 20 firms by type of industry sector and a breakdown of the firms in terms of year of formation. It may be observed that one-half of the firms were formed at the time of this study and the average age of the firms was 1.95 years.

Project Management: Status Reports

A complete listing of all tasks and activities for a company is developed. Each of the activities is organized in terms of the corresponding precedence relations. The estimated duration, in weeks, of each activity is provided. Tables 3 and 4 present brief examples of a GANTT chart and a job report for a firm.

Activity-network and status reports are developed for each company and are reviewed by the management team. At the conclusion of the study, the applicability of the project- management approach was analyzed by corporate management and conclusions are presented in the following sections.

Benefits of the Project-Management Approach

Although each of the 20 firms was analyzed in terms of specific benefits received, this section summarizes the results achieved in the case of the medical-applications computer- software company referred to in the job report of Table 4.

The firm consisted of three individuals who were engaged in developing computer software for use by ophthalmologists in planning cataract surgeries. The team had been working together on an ad hoc basis for approximately two years, and further work was estimated to require almost one more year of intensive effort.

The project-management approach allowed the firm to list all activities, precedence relations, durations, and milestones. It was able to focus on those activities requiring the greatest effort. From Table 4 they were also able to identify the slack time. Table 4 could also be utilized to schedule personnel to engage in the critical activities so as to reduce both the overall time to commercialization and the resource requirements.

TABLE 3 A GANTT Chart for a Macintosh TenninaliUNIX Microcomputer Company (First IO

of the Complete Set of Activities)

212 I i8S 312 1185 4118185 51 I6/85 6113185 7111185

Conceptual Design Communicate Concept to Design Team

Initial Gem Evaluation Write Code for Mac with the Input from Apple Demo

Write Code for Unix Host Locate Firm for Field Test of Unix

Conceptual Design Hire IBM Programmer

Unit Test Communicate Concept to Design Team


TABLE 4 Job Report for a Medical-Applications Computer-Software Company (First 10 and Last 10 of the Complete Set of Activities)

Task Name Weeks

Earliest

Start

Earliest

Finish Latest

Start

Latest

Finish

R&D. 1 4 10101182 1 O/29/82 10101182 10129/82

PLAN. 1 6 10/01/82 1 l/12/82 4109184 512 II84

ORG. 1 2 IO/O]/82 10/15/82 8/08/84 8122184

R&D.2 2 10129182 11112182 10/29/82 11112182

PLAN. 1A 4 I l/12/82 12/10/82 7/03/84 8/01/84

ACCT. I 4 10/01/82 IO/29182 5114184 6112184

R&D.4 8 11112/82 l/07/83 2/04/83 410 1183

R&D.3 20 I l/12/82 4101183 1 l/12/82 4/01/83

MKTG. I 5 10/01/82 I l/05/82 6/05/84 7/l 1184

ORG.2 3 10/01/82 1 O/22/82 8122184 9113/84

PROD.6B 16 12/21/84 4117184 2/12/85 6/06/85

ORG.9 10 4115183 6124183 4/ I7185 6/27/85

PROD.6C 3 4111185 5/08185 6106185 6127185

MRKT.9B 26 12121184 6127185 12121185 6/2-l/85

MRKT. IO 8 1212 I/84 2120185 2/20/85 4f 17185

MR.9 6 4129183 6/10/83 11108184 1212 1184

PROD.7 5 12/21/84 1129185 5122185 6127185

PROD.8 4 12/21/84 11101184 1212 1184 6127185

PLAN. 10 26 4130184 11104184 12121184 6127185

MKTG.ll 10 2120185 5101185 4/17/85 6127185

MacProject software played an important role in providing appropriate diagrams and displays. It was an excellent tool for developing the schedule chart, finding the critical path, and deriving the job report. The firm was able to see how each activity related to the other activities and to plan for future operations. The firm utilized the GANTT chart to plan for 1) the acquisition of a computer programmer in the future, and 2) the renegotiation of the marketing contract six months in the future.

Analysis of the Project-Management-and-Microcomputer-Software Approach in Start-up Operations

The following tables present the principal results of using the project-management approach in the California start-up firms. The contributions of the project-management approach are identified in Table 5 in terms of its implementation of the systems approach to solving many of the problems typical to start-up firms. Table 6 presents impacts of the microcomputer on

TABLE 5 Contributions of the Project-Management Approach

1. Schedules Use of Critical Resources and Coordinates Control of Tasks. 2. Reduces Unnecessary Duplication of Work and Increases the Efficiency of Personnel. 3. Aids Managers in a Highly Constrained Environment. 4. Contributes to Team-Building Skills of the Management Team.

5. Adapts to a Dynamic Environment in a Competitive, Technology-Based Economy.

158

TABLE 6 Impacts of the Microcomputer on Project Management in the Firm

Project Manager

Cost-effective tool for processing information.

Provides responses to directed inquiries.

Answers “what-if’ questions.

Menu driven and user friendly.

Eases reporting and communication requirements.

Project Staff Clear specification of activities and schedules.

Contributes to team building.

Increases confidence in project planning. GANTT charts/activity networks/personnel schedules

Top Management-CEOiCOOiCFO

Satisfies needs for frequent project reports.

Detailed project performance/schedules/costs.

DSS for project management. Integrates systems approach for matrix management.

Relates to other PC programs-spread sheets/data bases/personnel reports

TABLE 7. Comparison of Intuitive and Project-Management Approaches in Innovative Start-Up Organizations

Intuitive Management Approach

Advantages

Adequate for experienced managers.

Appropriate for few activities and schedule changes

Resource constraints are not a problem.

Formal planning methods not required.

Disadvantages

No general managerial tool at CEO/COO level.

No resource leveling/allocation developed.

Results in resource coordination problems as firm grows Leads to sequential performance of activities.

Project-Management Approach

Advantages Forces planning prior to commitment of resources

Appropriate for large number of activities. Efficient scheduling of constrained resources. Activity rescheduling and control possible.

Disadvantages Time-consuming process for initial development.

Requires PC and software to implement. May reduce flexibility in considering alternatives

Training in quantitative methods required.


the use of project management in the start-up firm from the point of view of the project manager, the staff of the firm, and the firm’s top management.

The results of this study were implemented using Stanford University’s Macintosh Computer Laboratory and the MacProject project-management computer program. Currently, similar resources can be found throughout the U.S., because

More and more campuses have commited themselves to making personal computers both abundant and easy to use in a personal computer laboratory. a room full of row upon row of IBM PC’s, Macintosh’s, etc. where students can perform assignments using software they have checked out from the front desk (Waldrop 1985).

Many universities now offer courses in which management methods are taught to students using personal computers. The courses present an integrated view of quantitative business-analysis applications for various decision problems, and use a large library of professional software packages (Operations research; operations management, and managerial statistics using IBM/PC computers 1985; Render and Stair 1985; ~TUR~ 1985).

Table 7 presents a detailed comparison of the standard or intuitive approach to managing a start-up organization to the project-management approach. The intuitive approach has certain advantages and disadvantages, which may preclude the use of the project-management approach.

SUMMARY AND CONCLUSIONS

This paper illustrates the basic principles in utilizing project-management methodology and microcomputer hardware and software to improve the management of innovative start-up fiI-RlS.

The project-management approach is used to implement the systems approach in viewing the start-up firm as a set of critical tasks to be performed. The central role of strategic business planning is to coordinate the other seven tasks.

On the basis of experience, it is possible to describe the project-management approach as a computerized managerial robot for the manager in the same way that the factory robot is used by a plant supervisor to control the production process.

In conclusion, the start up of a firm is fo~ulated as a large, complex project that needs to be managed. Without a centralized, cohesive, and logical systems approach, the entire start-up operation can quickly become a hopeless tangle of unrelated jobs. The systems approach is implemented in firms using the project-management techniques of activity net- working, applying the critical-path method (CPM), incorporating time and resource consid- erations, and scheduling activities as a consequence of periodic status reports. These techniques, utilizing a microcomputer and appropriate software, provide the means of achieving systematic innovation as recommended by Drucker (1985).

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Documents

The project-management approach in the “systematic management” of innovative start-up firms