While entrepreneurial activity is an important part of our economy, data about U.S. businesses in their early years of operation have been extremely limited. Only recently has it become apparent what important contributions new and young businesses make to job creation and innovation activities. As part of an effort to understand the dynamics of new businesses in the United States, the Ewing Marion.Kauffman Foundation sponsored the Kauffman Firm Survey (KFS), a panel study of new businesses founded in 2004 that were tracked annually over their first eight years of operation. Tracking businesses over time allows us to follow business evolutions that would not be apparent in cross-sectional snapshots, the more typical collection method. The KFS dataset provides researchers with a unique opportunity to study a panel of new businesses from startup to sustainability (or exit), with longitudinal data centering on topics such as how businesses are financed; the products, services, and innovations these businesses possess and develop in their early years of existence; and the characteristics of those who own and operate them. The Kauffman Firm Survey (KFS) is currently the largest, longest longitudinal survey of new businesses in the world. Data are available through calendar year 2011, the eighth year of operations for continuing businesses. Additionally, since our panel came into existence before the most recent recession, following these businesses allows us to get a picture of how young businesses in the U.S. were affected by the crisis.We hope that you find the following chapters useful in analyzing the KFS data. Feel free to contact us with comments, suggestions, and/or questions through the KFS website.
{"title":"Applied Survey Data Analysis Using Stata: The Kauffman Firm Survey Data","authors":"Joseph Farhat, A. Robb","doi":"10.2139/SSRN.2477217","DOIUrl":"https://doi.org/10.2139/SSRN.2477217","url":null,"abstract":"While entrepreneurial activity is an important part of our economy, data about U.S. businesses in their early years of operation have been extremely limited. Only recently has it become apparent what important contributions new and young businesses make to job creation and innovation activities. As part of an effort to understand the dynamics of new businesses in the United States, the Ewing Marion.Kauffman Foundation sponsored the Kauffman Firm Survey (KFS), a panel study of new businesses founded in 2004 that were tracked annually over their first eight years of operation. Tracking businesses over time allows us to follow business evolutions that would not be apparent in cross-sectional snapshots, the more typical collection method. The KFS dataset provides researchers with a unique opportunity to study a panel of new businesses from startup to sustainability (or exit), with longitudinal data centering on topics such as how businesses are financed; the products, services, and innovations these businesses possess and develop in their early years of existence; and the characteristics of those who own and operate them. The Kauffman Firm Survey (KFS) is currently the largest, longest longitudinal survey of new businesses in the world. Data are available through calendar year 2011, the eighth year of operations for continuing businesses. Additionally, since our panel came into existence before the most recent recession, following these businesses allows us to get a picture of how young businesses in the U.S. were affected by the crisis.We hope that you find the following chapters useful in analyzing the KFS data. Feel free to contact us with comments, suggestions, and/or questions through the KFS website.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130739801","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Business failure is an integral part of the entrepreneurial process and can be a useful empirical proxy for entrepreneurship. The importance of entrepreneurship is widely recognized, but available empirical measures are imperfect. This paper argues that Schumpeter’s conception of creative destruction indicates that business failure can be used as an indication of the presence of entrepreneurship. Data on business failure is available for studies that compare entrepreneurship across states but this data is underutilized in macro-level studies of entrepreneurship.
{"title":"Creative Destruction: Business Failure and Entrepreneurship Empirics","authors":"Rick Weber","doi":"10.2139/ssrn.2494454","DOIUrl":"https://doi.org/10.2139/ssrn.2494454","url":null,"abstract":"Business failure is an integral part of the entrepreneurial process and can be a useful empirical proxy for entrepreneurship. The importance of entrepreneurship is widely recognized, but available empirical measures are imperfect. This paper argues that Schumpeter’s conception of creative destruction indicates that business failure can be used as an indication of the presence of entrepreneurship. Data on business failure is available for studies that compare entrepreneurship across states but this data is underutilized in macro-level studies of entrepreneurship.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126453918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The biotechnology and pharmaceutical industries are facing significant challenges to their existing business models because of expiring drug patents, declining risk tolerance of venture capitalists and other investors, and increasing complexity in translational medicine. In response to these challenges, new alternative investment companies have emerged to bridge the biopharma funding gap by purchasing economic interests in drug royalty streams. Such purchases allow universities and biopharma companies to monetize their intellectual property, creating greater financial flexibility for them while giving investors an opportunity to participate in the life sciences industry at lower risk. Royalty Pharma is the largest of these drug royalty investment companies, and in this case study, we profile its business model and show how its unique financing structure greatly enhances the impact it has had on the biopharma industry and biomedical innovation.
{"title":"New Financing Methods in the Biopharma Industry: A Case Study of Royalty Pharma, Inc.","authors":"A. Lo, S. Naraharisetti","doi":"10.2139/ssrn.2330089","DOIUrl":"https://doi.org/10.2139/ssrn.2330089","url":null,"abstract":"The biotechnology and pharmaceutical industries are facing significant challenges to their existing business models because of expiring drug patents, declining risk tolerance of venture capitalists and other investors, and increasing complexity in translational medicine. In response to these challenges, new alternative investment companies have emerged to bridge the biopharma funding gap by purchasing economic interests in drug royalty streams. Such purchases allow universities and biopharma companies to monetize their intellectual property, creating greater financial flexibility for them while giving investors an opportunity to participate in the life sciences industry at lower risk. Royalty Pharma is the largest of these drug royalty investment companies, and in this case study, we profile its business model and show how its unique financing structure greatly enhances the impact it has had on the biopharma industry and biomedical innovation.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127539160","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper outlines the many challenges that confront efforts to commercialize university technologies via spinouts or startups, and it discusses the role of entrepreneurship education in relation to these challenges. We begin by considering the role of startups vis‐a‐vis other mechanisms in the commercialization of university research. We then outline the resource requirements for successful startups, including financial resources; facilities; specialized equipment; and people, including potential managers, team members, board members and advisors. Next, we consider the role of entrepreneurship education in addressing these resource requirements and, drawing upon an extensive literature review, we elaborate on best practices for entrepreneurship education in terms of audience, curriculum, and external engagement. Finally, we highlight a number of important distinctions between entrepreneurship education and technology transfer, and we propose a set of questions that can aid programs in assessing the relationship between these areas. Ultimately, we point to a number of ways by which entrepreneurship education can enhance technology transfer, but we caution against excessively close relationships and the cooptation of entrepreneurship education for technology transfer aims.
{"title":"Challenges in University Technology Transfer and the Promising Role of Entrepreneurship Education","authors":"Andrew J. Nelson, Tom Byers","doi":"10.2139/SSRN.1651224","DOIUrl":"https://doi.org/10.2139/SSRN.1651224","url":null,"abstract":"This paper outlines the many challenges that confront efforts to commercialize university technologies via spinouts or startups, and it discusses the role of entrepreneurship education in relation to these challenges. We begin by considering the role of startups vis‐a‐vis other mechanisms in the commercialization of university research. We then outline the resource requirements for successful startups, including financial resources; facilities; specialized equipment; and people, including potential managers, team members, board members and advisors. Next, we consider the role of entrepreneurship education in addressing these resource requirements and, drawing upon an extensive literature review, we elaborate on best practices for entrepreneurship education in terms of audience, curriculum, and external engagement. Finally, we highlight a number of important distinctions between entrepreneurship education and technology transfer, and we propose a set of questions that can aid programs in assessing the relationship between these areas. Ultimately, we point to a number of ways by which entrepreneurship education can enhance technology transfer, but we caution against excessively close relationships and the cooptation of entrepreneurship education for technology transfer aims.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"8 Suppl 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116469447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
B. Batjargal, M. Hitt, Anne S. Tsui, J. Arrégle, Justin W. Webb, Toyah L. Miller
What is the interrelationship among formal institutions, social networks, and new venture growth? Drawing on the theory of institutional polycentrism and social network theory, we examine this question using data on 637 entrepreneurs from four different countries. We find the confluence of weak and inefficient formal institutions to be associated with a larger number of structural holes in the entrepreneurial social networks. While the effect of this institutional order on the revenue growth of new ventures is negative, a network???s structural holes have a positive effect on the revenue growth. Furthermore, the positive effect of structural holes on the revenue growth is stronger in an environment with a more adverse institutional order (i.e., weaker and more inefficient institutions). The contributions and implications of these findings are discussed.
{"title":"Institutional Polycentrism, Entrepreneurs’ Social Networks, and New Venture Growth","authors":"B. Batjargal, M. Hitt, Anne S. Tsui, J. Arrégle, Justin W. Webb, Toyah L. Miller","doi":"10.2139/ssrn.2370597","DOIUrl":"https://doi.org/10.2139/ssrn.2370597","url":null,"abstract":"What is the interrelationship among formal institutions, social networks, and new venture growth? Drawing on the theory of institutional polycentrism and social network theory, we examine this question using data on 637 entrepreneurs from four different countries. We find the confluence of weak and inefficient formal institutions to be associated with a larger number of structural holes in the entrepreneurial social networks. While the effect of this institutional order on the revenue growth of new ventures is negative, a network???s structural holes have a positive effect on the revenue growth. Furthermore, the positive effect of structural holes on the revenue growth is stronger in an environment with a more adverse institutional order (i.e., weaker and more inefficient institutions). The contributions and implications of these findings are discussed.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115375568","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While entrepreneurs are hailed as the key to innovation and growth, in industries where these benefits are most desired, government regulations may handicap entrepreneurs and dampen these benefits. Given the importance of both entrepreneurship and regulation to improving social outcomes, it is imperative for entrepreneurship scholars and policy makers to better understand these apparently countervailing forces of free entry and regulation. This work investigates the impact of regulations on competition, entry, and innovation (productivity) using the quasi-experimental properties of the U.S. bail bond industry. The results suggest it is possible to design regulations without inhibiting the benefits of entrepreneurship.
{"title":"Kauffman Dissertation Executive Summary: 'The Impact of Regulation on Entrepreneurship and Innovation'","authors":"E. Scott","doi":"10.2139/ssrn.2334629","DOIUrl":"https://doi.org/10.2139/ssrn.2334629","url":null,"abstract":"While entrepreneurs are hailed as the key to innovation and growth, in industries where these benefits are most desired, government regulations may handicap entrepreneurs and dampen these benefits. Given the importance of both entrepreneurship and regulation to improving social outcomes, it is imperative for entrepreneurship scholars and policy makers to better understand these apparently countervailing forces of free entry and regulation. This work investigates the impact of regulations on competition, entry, and innovation (productivity) using the quasi-experimental properties of the U.S. bail bond industry. The results suggest it is possible to design regulations without inhibiting the benefits of entrepreneurship.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114378067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This report examines an innovative new model of providing funding to projects and businesses, the Crowdfunding model. This new form of financing that allows people or businesses to seek small amounts in the form of donation, loan or investment from large numbers of people rather than large amounts from a few, has emerged in the US and numerous European countries in recent years. In 2011 alone, $1.5 billion was raised through crowdfunding for projects and businesses in need of funds. Not only does the model provide finance but also access to a large number of people who can test and market an idea. Crowdfunding takes a number of different forms, the most successful of which has been the reward-based model where participants receive non-financial rewards in exchange for donating to a project. The model effectively harnesses not only the contributors’ desire for the reward but also the intrinsic or social motivations to back a project. Other forms of the model are, however, also growing rapidly. The most recent of these are: i) equity crowdfunding, where individuals receive small stakes in a privately owned young business in return for investment and ii), peer to peer lending to businesses, where individuals lend small amount to businesses in return for a competitive yield.
{"title":"Crowdfunding: A New Innovative Model of Providing Funding to Projects and Businesses","authors":"Yannis Pierrakis, L. Collins","doi":"10.2139/SSRN.2395226","DOIUrl":"https://doi.org/10.2139/SSRN.2395226","url":null,"abstract":"This report examines an innovative new model of providing funding to projects and businesses, the Crowdfunding model. This new form of financing that allows people or businesses to seek small amounts in the form of donation, loan or investment from large numbers of people rather than large amounts from a few, has emerged in the US and numerous European countries in recent years. In 2011 alone, $1.5 billion was raised through crowdfunding for projects and businesses in need of funds. Not only does the model provide finance but also access to a large number of people who can test and market an idea. Crowdfunding takes a number of different forms, the most successful of which has been the reward-based model where participants receive non-financial rewards in exchange for donating to a project. The model effectively harnesses not only the contributors’ desire for the reward but also the intrinsic or social motivations to back a project. Other forms of the model are, however, also growing rapidly. The most recent of these are: i) equity crowdfunding, where individuals receive small stakes in a privately owned young business in return for investment and ii), peer to peer lending to businesses, where individuals lend small amount to businesses in return for a competitive yield.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131444194","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study contributes to the research on industry-university interface by analysing the effect of technology transfer offices (TTO) on faculty consulting. Using fixed effects and survival analyses, I find a 25% decrease in consulting following the establishment of technology transfer offices at US universities. This effect is smaller for the researchers engaged in consulting prior to the establishment of TTO and larger for the new entrants to consulting. My findings suggest that licensing and consulting are substitutes as the sources of additional income for scientists. This result enhances our understanding of institutional change after the Bayh-Dole Act, the incentive structures of university scientists and their contribution to private sector research.
{"title":"The Impact of University Technology Transfer Offices on Faculty Consulting: Decisions by Individual Inventors","authors":"Yulia Chhabra","doi":"10.2139/ssrn.2212893","DOIUrl":"https://doi.org/10.2139/ssrn.2212893","url":null,"abstract":"This study contributes to the research on industry-university interface by analysing the effect of technology transfer offices (TTO) on faculty consulting. Using fixed effects and survival analyses, I find a 25% decrease in consulting following the establishment of technology transfer offices at US universities. This effect is smaller for the researchers engaged in consulting prior to the establishment of TTO and larger for the new entrants to consulting. My findings suggest that licensing and consulting are substitutes as the sources of additional income for scientists. This result enhances our understanding of institutional change after the Bayh-Dole Act, the incentive structures of university scientists and their contribution to private sector research.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121218484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Prior work on software release policy implicitly assumes that testing stops at the time of software release. In this research, we propose an alternative release policy for custom-built enterprise-level software projects that allows testing to continue for an additional period after the software product is released. Our analytical results show that the software release policy with postrelease testing has several important advantages over the policy without postrelease testing. First, the total expected cost is lower. Second, even though the optimal time to release the software is shortened, the reliability of the software is improved throughout its lifecycle. Third, although the expected number of undetected bugs is higher at the time of release, the expected number of software failures in the field is reduced. We also analyze the impact of market uncertainty on the release policy and find that all our prior findings remain valid. Finally, we examine a comprehensive scenario where in addition to uncertain market opportunity cost, testing resources allocated to the focal project can change before the end of testing. Interestingly, the software should be released earlier when testing resources are to be reduced after release.
{"title":"Post-Release Testing and Software Release Policy for Enterprise-Level Systems","authors":"Zhengrui Jiang, S. Sarkar, V. Jacob","doi":"10.1287/ISRE.1110.0379","DOIUrl":"https://doi.org/10.1287/ISRE.1110.0379","url":null,"abstract":"Prior work on software release policy implicitly assumes that testing stops at the time of software release. In this research, we propose an alternative release policy for custom-built enterprise-level software projects that allows testing to continue for an additional period after the software product is released. Our analytical results show that the software release policy with postrelease testing has several important advantages over the policy without postrelease testing. First, the total expected cost is lower. Second, even though the optimal time to release the software is shortened, the reliability of the software is improved throughout its lifecycle. Third, although the expected number of undetected bugs is higher at the time of release, the expected number of software failures in the field is reduced. We also analyze the impact of market uncertainty on the release policy and find that all our prior findings remain valid. Finally, we examine a comprehensive scenario where in addition to uncertain market opportunity cost, testing resources allocated to the focal project can change before the end of testing. Interestingly, the software should be released earlier when testing resources are to be reduced after release.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115206114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Applied to capital markets, the introduction of the internet initially changed the relationships between the supply of capital, the demand for capital and the professional intermediaries who make deals happen. In evolutionary terms, the introduction of the internet in capital markets is like the introduction of language among homo sapiens. Once introduced, language in the human species continues to alter social evolution among humans, just like the internet continues to alter the exchange relationships that occur in capital markets. This article offers a snap-shot picture in time of where the private capital markets are, and explores likely future scenarios, based on how the current environment is adjusting to the introduction of the internet. The future scenarios are based upon the idea that the private capital markets will never return to the prior stasis, or status quo, because those prior conditions have been rendered obsolete and extinct by the internet.
{"title":"How the Internet Changes Everything About How to Raise Capital","authors":"Laurie Thomas Vass","doi":"10.2139/ssrn.2133325","DOIUrl":"https://doi.org/10.2139/ssrn.2133325","url":null,"abstract":"Applied to capital markets, the introduction of the internet initially changed the relationships between the supply of capital, the demand for capital and the professional intermediaries who make deals happen. In evolutionary terms, the introduction of the internet in capital markets is like the introduction of language among homo sapiens. Once introduced, language in the human species continues to alter social evolution among humans, just like the internet continues to alter the exchange relationships that occur in capital markets. This article offers a snap-shot picture in time of where the private capital markets are, and explores likely future scenarios, based on how the current environment is adjusting to the introduction of the internet. The future scenarios are based upon the idea that the private capital markets will never return to the prior stasis, or status quo, because those prior conditions have been rendered obsolete and extinct by the internet.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"244 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117354937","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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