After recognizing an opportunity and deciding it is attractive, the founders assemble a new venture team to build a plan and an organization to execute it. A key aspect of any team is that its members possess different core competencies and can work in a collaborative manner. A new firm also builds a set of advisors and a board of directors to provide guidance and counsel as the team moves forward. The senior leaders of the venture are identified early in the organization’s development. These leaders must be capable of inspiring and motivating others to join the new venture.
As an organization grows, managers will be needed to carry out the tasks that keep the organization running well. A leader is a team’s emotional guide and exhibits solid emotional intelligence. As the organization grows, the firm works to build an organizational culture and trust among team members. Leaders and teams strive to build social relationships and networks to foster collaboration.
Knowledge assets and intellectual capital are potential sources of wealth. Sharing knowledge throughout a firm can enhance the firm’s processes and core competencies, thus making the firm more innovative and competitive. Most technology ventures are based on knowledge and intellectual property that must be enhanced and managed. A learning organization is skilled at creating and sharing new knowledge.