We examine how the social structure of existing organizations influences the entrepreneurial process and suggest that resources accrue to entrepreneurs based on the structural position of their prior employers. We argue that information advantages allow individuals from entrepreneurially prominent prior firms to identify new opportunities. Entrepreneurial prominence also provides reputation ben...

All engineering students at Rowan University are required to take the 8-semester Engineering Clinic sequence wherein multidisciplinary student teams engage in semester-long design projects. In addition to projects that are funded by local industry, faculty research grants or departmental budgets, a Venture Capital Fund has been created, which is specifically ear-marked for the development of or...

Venture capitalists often hold extensive control rights over entrepreneurial companies, including the right to fire entrepreneurs. This paper examines why, and under what circumstances, entrepreneurs would voluntarily relinquish control. Control rights protect the venture capitalists from hold-up by the entrepreneurs. This provides the correct incentives for the venture capitalists to search fo...

This thesis sets out to develop a model of entrepreneurial action that takes its point of departure in entrepreneurs’ experiences of risk-taking, opportunity identification and the role of self. By focusing on what entrepreneurs experience as relevant aspects of their life worlds the goal is to attain a better understanding of the drivers and motivations of venture creation and development. Act...

We analyze a sample of 336 venture capital exits from 12 Asia -Pacific countries: Australia, China, Hong Kong, India, Indonesia, Malaysia, New Zealand, Philippines, Singapore, South Korea, Taiwan and Thailand. The data also comprise these countries’ venture capitalists’ investments in U.S.-based entrepreneurial firms. We consider the determinants of the types of entrepreneurial firms receiving ...

Venture capital (VC) improves the nation’s innovative capacity by making investments in early stage businesses that offer high potential but high risk. This paper is concerned with the venture investment fund programmes in Thailand. In particular, the study describes and analyses the VC management of the Small and Medium Enterprise Development Bank of Thailand (SME Bank), the bank set up to hel...

Science parks provide an environmental setting for private venture development in the close proximity of universities and can be seen as an environment enabling private and public research units to collaborate. Science parks are assumed to be first and foremost knowledge catalysts aiming at high technology and knowledge intensive venture development through shared knowledge creation between uni...

This paper argues that a commitment to ‘shallow pockets’, namely by limiting the size of funds raised initially, may improve an investor’s ability to deal with entrepreneurial agency problems. Shallow pockets allow the investor to create competition for continuation finance between her portfolio entrepreneurs. Although this increases the investor’s ex post bargaining power vis-à-vis entrepreneu...

We analyze how entrepreneurial firms choose between two funding institution: banks, which monitor less intensively and face liquidity demands from their own investors, and venture capitalists, who can monitor more intensively but face a higher cost of capital because of the liquidity constraints that they impose on their own investors. Because the firm’s manager prefers continuing the firm over...

Entrepreneurial action is increasingly associated with innovation ecosystems because no firm alone can render the complex and interdependent services demanded in markets. Moreover, entrepreneurial firms are increasingly instigators of innovation ecosystems, rather than merely participants. However, particularly in the pursuit of radical innovation, a question arises as to how an entrepreneurial...