Transcript Entrepreneurship Research

Entrepreneurship Research
Zoltan J. Acs
George Mason University
Entrepreneurship in Russia: Main Trends in Entrepreneurial Research
Graduate School of Business
St. Petersburg State University
Mice—gazelles—elephants
The Gazelles
What do we study
Handbook of Entrepreneurship Research
– Edward Elgar, 2003
– Acs and Audretsch
Handbook of Entrepreneurship
Introduction to entrepreneurship
The entrepreneurial process
Opportunity and the nature of exploitation
The emergence of new ventures
Financing new ventures
The social context
Entrepreneurship, growth and policy
Future of capitalism
Demand & Supply Curves
Price of the
good (p)
Supply curve
p’
p’
p
E*
p
Demand
curve
0
q’
q
q
q’
Quantity of
the good (q)
Knowledge as a Source of
Entrepreneurial Opportunity
History
t
– Knowledge
• R&D
Window of
opportunity.
Future
The Entrepreneurial Process
Risk and Uncertainty
Innovation and Technological Change
Market Processes and Entrepreneurial Studies.
Innovation and Technological
Change
The knowledge spillover theory of
entrepreneurship
Innovation comes from industries with large firms
but it is the small firms that do the radical
innovation.
Entrepreneurship is the conduit for knowledge
spillovers.
Integrated circuit- Intel
Opportunity and the nature of
Exploitation
The Cognitive Psychology of Entrepreneurship
The Individual-Opportunity Nexus
Entrepreneurship researchers ask:
Wouldn’t it be great if
we could look into the
mind of the
entrepreneur?
If we could know what
makes him or her tick?
Dr. Mellani Day - Neuroscience and
Entrepreneurship PDW - AOM 2008 Anaheim
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Entrepreneurship researchers ask:
Wouldn’t it be great if
we could look into the
mind of the
entrepreneur?
If we could know what
makes him or her tick?
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Is entrepreneurial decision-making:
rational versus gut-feeling or
elements of both?
What neural mechanisms
are behind
the Entrepreneur’s decision:
Whom to trust? …hire? …pay? …financing?
…investments? …product? …market? …strategy?
…environment? …company culture? …legal?
…systems? …infrastructure? …negotiations? …
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Individual Opportunity Nexus
Opportunity existed.
Bill made a choice to
quite a job.
Economic freedom.
Pe= f (profit *-wages)
The Emergence of New Ventures
Firm organizing processes
– Nascent entrepreneurs
– Global Entrepreneurship Monitor
• New index
Entrepreneurship, business and the firm
Entrepreneurship and strategy
New GEM Index
Global Entrepreneurship Index Sub-indexes
1,000
0,900
0,800
R2 = 0,4259
0,700
0,600
R2 = 0,5493
0,500
R2 = 0,6788
0,400
0,300
0,200
0,100
0,000
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
ACTINDEX
GDP PPP
ASPINDEX
ATTINDEX
Polinom. (ASPINDEX)
Polinom. (ATTINDEX)
Polinom. (ACTINDEX)
50000
Financing New Ventures
Venture Capital and Private Equity
Small Business and Debt Financing
Venture Capital and Private Equity
Why do firms internationalize?

A fundamental question in strategy research agenda
is “what determines the success or failure of firms in
international competition.”
 Large and growing literature detailing the
internationalization activities of
multinationals,conglomerates, small to medium-size
firms, “bornglobals” and financial services
The internationalization of venture capital firms has
remained a relatively understudied phenomenon
The Social Context
The social psychology
Entrepreneurship as social construction
Entrepreneurship, networks and geographies
– Location of firms
• Local
• Global
Entrepreneurship, Economic Growth
and Public Policy
The impact of entrepreneurship on economic
growth
The impact of entrepreneurship on development
Entrepreneurship and public policy
– Helping disadvantage firms
– Helping disadvantages people
No such thing as
Entrepreneurship Policy
Only policy for an
entrepreneurial economy
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–
–
–
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Individual
Economy
Region
Country
International
The Future of Capitalism
1932-1982
1982-2002
2002-2008
– Financial crisis
– Global recession
– What way forward
Entrepreneurial Capitalism