For ventures and start-ups, the flexible shift in managerial strategy （pivot） has recently been mentioned as a factor influencing their survival and success. On the other hand, it is hard to say that there is enough empirical research why ventures and startups select a pivot. In this paper, we quantitatively analyzed the factors that determine the pivot of bio venture firms from the point of managerial environment and psychological factors by using questionnaire data obtained from 148 domestic bio venture firms. From the perspective of responding to managerial issues, the results showed that companies with better quality control are less likely to conduct pivots, and that companies with better understanding of the external environment are more likely to conduct pivots. On the psychological perspective, the results showed that if the CEO is included in founding members, it is difficult to conduct pivots. This result will be an important suggestion for ventures and start-ups whether to choose a pivot.

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The purpose of this study is to evaluate the effectiveness of an entrepreneurship education program primarily composed of guest lectures by entrepreneurs. Such lectures expose university students to role models, while providing them with a vicarious experience. Educators expect students’ entrepreneurial self-efficacy to increase, which positively affects entrepreneurial intent and leads to action. A quasi-experiment was conducted using difference-in-differences analysis with a control group of students from the same learning environment. A large-class, 7-week entrepreneurship course with four guest lecturers was assessed. No significant differences were found in the entrepreneurial intent of the students in the treatment group. In addition, entrepreneurial intent decreased in students who scored high in entrepreneurial intent prior to the course. The results suggest that educational programs that rely on guest lectures by entrepreneurs are not achieving the effects anticipated by educators. For students who already come with high entrepreneurial intent, such lectures gave them an opportunity to reassess their individual competencies and determine how well-suited or not they are as entrepreneurs.

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One of the biggest concerns of entrepreneurs and investors regarding the equity financing of startups is the post-financing equity shareholding structure. The process of pre-money valuation, which establishes this shareholding structure is determined by negotiations between the entrepreneurs and investors. In this paper, we explore and validate the nature of entrepreneurs and investors who demonstrate a strong bargaining power in their pre-money valuation decisions, based on the first round of equity financing of domestic startups in Japan. The results show that entrepreneurs with a strong bargaining power over investors, have work experience and a background in the concerned industry. Additionally, domestic venture capital (VC) firms that are private and independent, (business) companies, and angel investors are identified as investors with a strong bargaining power over entrepreneurs.

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Based on an analysis of experience, this study demonstrates the link between identity work by entrepreneurs and strategy practice that results from new product development. To demonstrate, it uses a case study of the development of ‘ZEO CE LIGHT,’ a porcelain fused-to-metal product by Masatoshi Yamazoe, a technology entrepreneur at YAMAKIN Co., Ltd. Yamazoe rebuilt the ‘create a top quality product of porcelain fused-to-metal’ identity, influenced by the organizational identity of YAMAKIN. Then, based on this identity, he experienced a break-through in the development of porcelain fused-to-metal by successfully achieving high-heat expansibility, improved transparency, and the opal-like appearance and fluorescent properties of natural teeth. Yamazoe’s breakthrough was also widely used in the development of other new products made of composite materials, such as hybrid resin, all-ceramic crowns, hybrid ceramics, and hybrid resin blocks. As a result, the company gained competitive superiority within the Japanese dental material manufacturing market. This paper outlines the steps taken in the YAMAKIN and Yamazoe case, and produces a chronological account and structure of events, as well as reveals the causal mechanisms at play, in order to demonstrate in detail the causal mechanism between identity work and strategy practice. However, as the paper only reports on a single case study, the generalizability of the results and conclusions is limited.

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This paper discusses a mechanism substantialize mobilizing and governing niche players through supporting activities for them by large companies. In a recent decade, the concept of open innovation have become well-known in a business world. More recently, a government and industries discuss reinforcement relationship with startups or technology ventures in terms of innovation ecosystem which new firms emerge continuously. Bayer Yakuhin, Open Innovation Center Japan which is discussed in this paper was founded in 2016. Characteristic of their open innovation activities is that Bayer don't require joint patent application with them or license derivation to Bayer in order for partner receives Beyer's support. Nevertheless they support not only grants but also other resources such as know-how, equipment or human resources. This case suggests that their altruistic stance consequently substantialize mobilizing and governing niche players. This result also suggests that their stance may help form of innovation ecosystem.

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In this study, the authors have problematized the dominant practice of lumping diverse programs into one large category of “entrepreneur(ship) education” and explored unique impact of different programs. In so doing, we have described two project-based learning (PBL) programs, along with another two lecture-based courses. The skills, knowledge, and mindset of the students enrolled in the four courses offered at Kyushu University were assessed both before and after the programs. The analyses have revealed that: (1) the students enrolled in PBL programs demonstrate significant growth in their skills and mindset, vis-à-vis their counterpart in lecture-based courses; and (2) among the PBL-enrolled students, those who had opportunities to interact directly with entrepreneurs in the course have shown greater development in their confidence in entrepreneurship as well as knowledge related to entrepreneurial career options and the role of entrepreneurs in the society. These results are discussed in the light of relevant literature.

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