### 논문: Control versus Execution: Endogenous Appropriability and Entrepreneurial Strategy (Stern, 2017) **1. 핵심 기여 요약:** 창업가는 통제(control)를 통한 전유성 확보와 빠른 실행(execution) 사이에서 내생적 선택을 하며, 이 선택이 혁신의 전유성 체제를 결정한다. **2. 위원별 기여 분석:** - **주요 검토 위원:** 👾 스캇 스턴, 🐙 찰리 파인 - **협력 기여 지점:** - **👾 스캇 스턴:** 전유성 체제의 내생적 선택 이론을 통해 창업 전략의 핵심 트레이드오프(control vs. execution) 제시. 교수 주도 vs. 학생 주도 벤처의 전략적 차이 실증 - **🐢 모셰 벤-아키바:** 교수/학생 창업가의 선택 행동을 이산선택 모형으로 분석 가능. IP 투자와 상업화 속도 간 대체 관계의 정량적 모델링 기회 - **🐙 찰리 파인:** 실행 속도(clockspeed)와 운영 효율성이 전유성 확보의 대안이 될 수 있음을 시사. 빠른 상업화를 위한 운영 전략 설계 - **🐅 비카쉬 만싱카:** Rosenbergian 불확실성 하에서 control과 execution 경로의 기대 수익을 사전에 순위화할 수 없는 상황에서의 의사결정 모델링 **3. 논의 질문 제안:** - Operations for Entrepreneurs 관점에서 control(IP 확보)과 execution(빠른 운영) 중 어느 것이 더 "운영적" 접근인가? 둘 다 운영의 다른 측면인가? - 학생 창업가들이 교수 창업가보다 빠른 실행을 선택하는 것이 자원 제약 때문인가, 아니면 운영 역량의 차이인가? --- #fed Tags: #전략 #운영전략 #불확실성 #의사결정 abstract: This article considers the role of Rosenbergian uncertainty (i.e., economic uncertainties that arise after successful invention) in shaping appropriability for start-up innovators. Rather than assuming that the appropriability regime surrounding an innovation is exogenous, we focus on the endogenous choice entrepreneurs face between investing in ensuring control-based appropriability versus investing in the execution and operation of their fledgling businesses. Investment in execution allows entrepreneurs to advance more quickly than competitors, while control requires delays in commercialization. Control and execution are strategic substitutes, as they represent alternative paths to earning future rents. Because the size and likelihood of these rents are uncertain, entrepreneurs may be unable to rank these alternative paths in advance, and so their endogenous choice will be grounded in factors such as individual preferences, capabilities, or coherence with their overall entrepreneurial strategy. A subtle consequence is that the appropriability regime ultimately governing an innovation will be the result of the endogenous choices of the entrepreneur rather than more traditional environmental factors. Motivated by notable historical examples such as the invention and commercialization of the telephone, we explore these ideas by considering the choice of appropriability regime among a sample of academic entrepreneurs: within a sample of ventures that could have been developed by either faculty or students (or both), we find that faculty-led ventures are much more closely associated with formal intellectual property, student-led ventures are more rapid in their commercialization activities, and, relative to faculty-led ventures, student-led ventures display a trade-off between patenting and commercialization speed.