Business incubation encourages new business formation and offers the potential to improve emerging market economies. Business incubation is a system of routines for creating and improving survival rates and growth of new businesses. Incubation originated in developed economies and is now spreading globally to emerging markets. Incubators are designed to reduce start-up costs and train entrepreneurs in business practices while connecting them to markets and assisting in securing financial backing for the new ventures. For this qualitative study I interviewed managers from business incubators, government agencies, nongovernmental organizations and entrepreneurship educators from Peru, Bolivia, Chile, Argentina, and Brazil. This study integrates incubation practices in these five countries with organizational learning and diffusion of innovation theories to propose a model of stages of development for incubation practices in emerging markets. The model describes how national systems of business incubation develop and differentiate due to unique cultural, political, and economic contexts.
{"title":"The Development and Diffusion of Business Incubation Capabilities in Five Emerging Markets in South America","authors":"David F. Robinson","doi":"10.2139/ssrn.1166154","DOIUrl":"https://doi.org/10.2139/ssrn.1166154","url":null,"abstract":"Business incubation encourages new business formation and offers the potential to improve emerging market economies. Business incubation is a system of routines for creating and improving survival rates and growth of new businesses. Incubation originated in developed economies and is now spreading globally to emerging markets. Incubators are designed to reduce start-up costs and train entrepreneurs in business practices while connecting them to markets and assisting in securing financial backing for the new ventures. For this qualitative study I interviewed managers from business incubators, government agencies, nongovernmental organizations and entrepreneurship educators from Peru, Bolivia, Chile, Argentina, and Brazil. This study integrates incubation practices in these five countries with organizational learning and diffusion of innovation theories to propose a model of stages of development for incubation practices in emerging markets. The model describes how national systems of business incubation develop and differentiate due to unique cultural, political, and economic contexts.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126722379","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}
I propose that pre-IPO venture-backed biotech companies offer a productive new setting through which to discriminate among theories of why firm size and book-to-market explain variation in expected stock returns. This is because pre-IPO biotech firms have large and rapidly evolving growth options relative to assets-in-place. Such attributes align closely with the key features of Berk, Green and Naik's (1999) model of the endogenous relations between growth options, optimal investment actions and expected equity returns, where firm size and book-to-market emerge as sufficient statistics for the aggregate risk of a firm's assets-in-place. Using venture capital investments in pre-IPO U.S. biotech companies during 1992-2001, I find that equity returns between financing rounds ("round-to-round" returns) are reliably negatively related to firm size and positively related to book-to-market ratios. These results are consistent with Berk, Green and Naik's theory. They are less consistent with competing explanations such as financial distress, behaviorally biased investors or data snooping.
{"title":"Determinants of the Round-to-Round Returns to Pre-Ipo Venture Capital Investments in U.S. Biotechnology Companies","authors":"John R. M. Hand","doi":"10.2139/ssrn.484385","DOIUrl":"https://doi.org/10.2139/ssrn.484385","url":null,"abstract":"I propose that pre-IPO venture-backed biotech companies offer a productive new setting through which to discriminate among theories of why firm size and book-to-market explain variation in expected stock returns. This is because pre-IPO biotech firms have large and rapidly evolving growth options relative to assets-in-place. Such attributes align closely with the key features of Berk, Green and Naik's (1999) model of the endogenous relations between growth options, optimal investment actions and expected equity returns, where firm size and book-to-market emerge as sufficient statistics for the aggregate risk of a firm's assets-in-place. Using venture capital investments in pre-IPO U.S. biotech companies during 1992-2001, I find that equity returns between financing rounds (\"round-to-round\" returns) are reliably negatively related to firm size and positively related to book-to-market ratios. These results are consistent with Berk, Green and Naik's theory. They are less consistent with competing explanations such as financial distress, behaviorally biased investors or data snooping.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127313567","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 proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider a number of policies to promote entrepreneurship and venture capital backed innovation.
{"title":"Public Policy for Start-Up Entrepreneurship with Venture Capital and Bank Finance","authors":"C. Keuschnigg, S. Nielsen","doi":"10.2139/ssrn.382924","DOIUrl":"https://doi.org/10.2139/ssrn.382924","url":null,"abstract":"This paper proposes and analyses a model of start-up investment. Innovative entrepreneurs are commercially inexperienced and can benefit from venture capital support. Only part of them succeed in matching with a venture capitalist while the rest must resort to standard bank finance. We consider a number of policies to promote entrepreneurship and venture capital backed innovation.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126753686","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 examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China’s CGS as well as useful references for the sustainable development of China’s CGS.
{"title":"China's Practice of Credit Guarantee Schemes","authors":"Yibin Mu","doi":"10.2139/ssrn.2165459","DOIUrl":"https://doi.org/10.2139/ssrn.2165459","url":null,"abstract":"This paper examines the evolvement, categories, legal basis, operating characteristics, and key concerns of credit guarantee schemes (CGSs) in China. It aims at providing background note on China’s CGS as well as useful references for the sustainable development of China’s CGS.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2002-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131802430","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 case study chronicles the timeline of a new venture – Keenga Research. Keenga Research has a novel proposition that it is seeking to introduce to the market. The business concept is to ask entrepreneurs to review the venture capital (VC) firm that funded them. Reviews of VC firms would then be developed and marketed to those interested (funds and perhaps enterprises seeking funding). What makes this case unique is that Keenga Research was a lean start-up. Bootstrapping is a situation in which the entrepreneur chooses to fund the venture with his/her own personal resources. It involves self-funding (family and friends), tight monitoring of expenses, and maintaining control of ownership and management (Winborg & Landstrom 2001; Perry, Chandler, Yao, & Wolff, 2011; Winborg, 2015). The lean start-up approach favors experimentation over elaborate planning, customer feedback over intuition and iterative design over traditional big upfront research and development. This case study requires the reader to consider a number of the basic challenges facing all entrepreneurs and new ventures. Is the concept marketable? Can the concept be developed and brought to market in a timely manner? Will the product generate revenue? How? When? What are the commitments of the entrepreneurs? Have they considered the major challenges to be faced? Since this venture involved gathering and developing research information and then creating an online platform, Keenga Research faced significant concept-to-market challenges. The research method used in this case study is first person participant observation and interviews. One of the authors was a team member so the contextual details come from direct observation and first-hand knowledge. This method of research is often used in anthropology, sociology, and social psychology where an investigator studies the group by sharing in its activities. The other author provided an objective and conceptual perspective for analyzing the venture. This combination of perspectives provides a more balanced picture.
{"title":"Challenges in Bootstrapping a Start-Up Venture: Keenga Research Turning the Tables on Venture Capitalists","authors":"P. Ensign, A. Woods","doi":"10.7341/20161216","DOIUrl":"https://doi.org/10.7341/20161216","url":null,"abstract":"This case study chronicles the timeline of a new venture – Keenga Research. Keenga Research has a novel proposition that it is seeking to introduce to the market. The business concept is to ask entrepreneurs to review the venture capital (VC) firm that funded them. Reviews of VC firms would then be developed and marketed to those interested (funds and perhaps enterprises seeking funding). What makes this case unique is that Keenga Research was a lean start-up. Bootstrapping is a situation in which the entrepreneur chooses to fund the venture with his/her own personal resources. It involves self-funding (family and friends), tight monitoring of expenses, and maintaining control of ownership and management (Winborg & Landstrom 2001; Perry, Chandler, Yao, & Wolff, 2011; Winborg, 2015). The lean start-up approach favors experimentation over elaborate planning, customer feedback over intuition and iterative design over traditional big upfront research and development. \u0000This case study requires the reader to consider a number of the basic challenges facing all entrepreneurs and new ventures. \u0000Is the concept marketable? \u0000Can the concept be developed and brought to market in a timely manner? \u0000Will the product generate revenue? How? When? \u0000What are the commitments of the entrepreneurs? \u0000Have they considered the major challenges to be faced? \u0000Since this venture involved gathering and developing research information and then creating an online platform, Keenga Research faced significant concept-to-market challenges. \u0000The research method used in this case study is first person participant observation and interviews. One of the authors was a team member so the contextual details come from direct observation and first-hand knowledge. This method of research is often used in anthropology, sociology, and social psychology where an investigator studies the group by sharing in its activities. The other author provided an objective and conceptual perspective for analyzing the venture. This combination of perspectives provides a more balanced picture.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130938583","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 case describes how eight entrepreneurs discover different opportunities for new businesses to exploit a single technological invention. The case focuses on the process of entrepreneurial discovery and its implications for the creation of new firms. Many of the teaching materials on entrepreneurship assume that entrepreneurs have already discovered an opportunity. While these materials provide useful information about the process of creating new enterprises, they miss the crucial first step in the entrepreneurial process: identifying an opportunity. The case illustrates the theoretical concept of the role of information in the discovery of entrepreneurial opportunities. It can be used in a class on entrepreneurship or management of technology. Excerpt UVA-ENT-0006 THREE-DIMENSIONAL PRINTING On December 8, 1989, the MIT Technology Licensing Office (TLO) filed for a U.S. patent on the Three Dimensional Printing Process (3DP), invented by a team of four MIT researchers: Emmanuel Sachs, John Haggerty, Michael Cima, and Paul Williams. As described in the U.S. patent, 3DP was a process for making a component by depositing a first layer of a fluent porous material, such as a powder, in a confined region and then depositing a binder material to selected regions of the layer of powder material to produce a layer of bonded powder material at the selected regions. Such steps are repeated a selected number of times to produce successive layers of selected regions of bonded powder material so as to form the desired component. The unbonded powder material is then removed. In some cases the component may be further processed as, for example, by heating it to further strengthen the bonding thereof. True to MIT form, the four inventors of 3DP were primarily motivated by academic research and not in starting a company to exploit the technology. The TLO was in the business of attracting licensees in an effort to promote MIT inventions. Over the next nine years, the 3DP process was presented in conference presentations, academic publications, a website, and TLO mailings. Several trade and popular publications, including Fortune, the Financial Times, and the Economist, wrote stories about it. Eight teams of entrepreneurs investigated the possibility of forming new companies to exploit the technology. Why did eight entrepreneurs discover opportunities to exploit the 3DP process? What business opportunities did these entrepreneurs discover in the 3DP process and how did they discover them? . . .
本案例描述了八位企业家如何发现新企业利用单一技术发明的不同机会。本案例着重于创业发现的过程及其对创建新公司的影响。许多关于创业的教材都假设创业者已经发现了机会。虽然这些材料提供了关于创建新企业过程的有用信息，但它们忽略了创业过程中至关重要的第一步:识别机会。该案例说明了信息在发现创业机会中的作用的理论概念。它可以用在创业或技术管理的课堂上。三维打印1989年12月8日，麻省理工学院技术许可办公室(TLO)为三维打印工艺(3DP)申请了美国专利，该工艺由麻省理工学院的四名研究人员发明:Emmanuel Sachs, John Haggerty, Michael Cima和Paul Williams。如美国专利所述，3d打印是一种制造组件的工艺，其方法是在受限区域沉积第一层流体多孔材料，例如粉末，然后将粘合剂材料沉积到粉末材料层的选定区域，从而在选定区域产生一层粘合的粉末材料。将这些步骤重复选定的次数，以产生粘合粉末材料的选定区域的连续层，从而形成所需的组分。然后除去未粘合的粉末材料。在某些情况下，该组分可以进一步加工，例如，通过加热以进一步加强其粘合。与麻省理工学院的风格一样，3d打印技术的四位发明者主要是出于学术研究，而不是为了创办一家公司来利用这项技术。TLO的业务是吸引被许可人，以推广麻省理工学院的发明。在接下来的九年里，3d打印过程在会议演讲、学术出版物、网站和TLO邮件中得到了展示。包括《财富》、《金融时报》和《经济学人》在内的几家行业和流行出版物都对此进行了报道。八组企业家研究了成立新公司利用这项技术的可能性。为什么八位企业家发现了利用3d打印过程的机会?这些企业家在3d打印过程中发现了哪些商机，他们是如何发现的?……
{"title":"Three Dimensional Printing","authors":"S. Shane, W. Dunn","doi":"10.2139/ssrn.908782","DOIUrl":"https://doi.org/10.2139/ssrn.908782","url":null,"abstract":"This case describes how eight entrepreneurs discover different opportunities for new businesses to exploit a single technological invention. The case focuses on the process of entrepreneurial discovery and its implications for the creation of new firms. Many of the teaching materials on entrepreneurship assume that entrepreneurs have already discovered an opportunity. While these materials provide useful information about the process of creating new enterprises, they miss the crucial first step in the entrepreneurial process: identifying an opportunity. The case illustrates the theoretical concept of the role of information in the discovery of entrepreneurial opportunities. It can be used in a class on entrepreneurship or management of technology. Excerpt UVA-ENT-0006 THREE-DIMENSIONAL PRINTING On December 8, 1989, the MIT Technology Licensing Office (TLO) filed for a U.S. patent on the Three Dimensional Printing Process (3DP), invented by a team of four MIT researchers: Emmanuel Sachs, John Haggerty, Michael Cima, and Paul Williams. As described in the U.S. patent, 3DP was a process for making a component by depositing a first layer of a fluent porous material, such as a powder, in a confined region and then depositing a binder material to selected regions of the layer of powder material to produce a layer of bonded powder material at the selected regions. Such steps are repeated a selected number of times to produce successive layers of selected regions of bonded powder material so as to form the desired component. The unbonded powder material is then removed. In some cases the component may be further processed as, for example, by heating it to further strengthen the bonding thereof. True to MIT form, the four inventors of 3DP were primarily motivated by academic research and not in starting a company to exploit the technology. The TLO was in the business of attracting licensees in an effort to promote MIT inventions. Over the next nine years, the 3DP process was presented in conference presentations, academic publications, a website, and TLO mailings. Several trade and popular publications, including Fortune, the Financial Times, and the Economist, wrote stories about it. Eight teams of entrepreneurs investigated the possibility of forming new companies to exploit the technology. Why did eight entrepreneurs discover opportunities to exploit the 3DP process? What business opportunities did these entrepreneurs discover in the 3DP process and how did they discover them? . . .","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128678238","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}
С начала развития экономических отношений в обществе основными задачами предпринимательских структур являлось обеспечение конкурентоспособности, выживаемости на рынке и увеличение доходов и прибыли. Решение этих задач осуществлялось во многом благодаря эффективному использованию руководством различных методов, приемов и принципов управления, направленных на качественное и количественное приращение активов предприятия. В современных условиях для повышения конкурентоспособности предприятий руководители компаний применяют различные нововведения, направленные на рост доходов компании за счет увеличения сбыта продуктов или услуг, а также за счет сокращения затрат на их производство.Since the beginning of the development of economic relations in society primary goals was to provide business organizations competitiveness, survival rates in the market and increase revenue and profits. The solution of these tasks could be performed in many ways by leveraging the leadership of the various methods, techniques and management principles aimed at qualitative and quantitative increment of assets. In modern conditions, to increase the competitiveness of business leaders use a variety of innovations designed to increase revenue by increasing the sales of products or services, as well as by reducing the production cost.
{"title":"Оценка Развития Предпринимательства в Сфере Телекоммуникационных Услуг (Assessment of Entrepreneurship in Telecommunications Services)","authors":"A. Vartanyan","doi":"10.2139/ssrn.2279843","DOIUrl":"https://doi.org/10.2139/ssrn.2279843","url":null,"abstract":"С начала развития экономических отношений в обществе основными задачами предпринимательских структур являлось обеспечение конкурентоспособности, выживаемости на рынке и увеличение доходов и прибыли. Решение этих задач осуществлялось во многом благодаря эффективному использованию руководством различных методов, приемов и принципов управления, направленных на качественное и количественное приращение активов предприятия. В современных условиях для повышения конкурентоспособности предприятий руководители компаний применяют различные нововведения, направленные на рост доходов компании за счет увеличения сбыта продуктов или услуг, а также за счет сокращения затрат на их производство.Since the beginning of the development of economic relations in society primary goals was to provide business organizations competitiveness, survival rates in the market and increase revenue and profits. The solution of these tasks could be performed in many ways by leveraging the leadership of the various methods, techniques and management principles aimed at qualitative and quantitative increment of assets. In modern conditions, to increase the competitiveness of business leaders use a variety of innovations designed to increase revenue by increasing the sales of products or services, as well as by reducing the production cost.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127469090","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 article in the Economic Insights series looks at the relationship between firm size and financial performance. It highlights the results from the research paper Firm Dynamics: Variation in Profitability Across Canadian Firms of Different Sizes, 2000 to 2009. The research paper uses a special longitudinal database that follows corporate entities. It is part of a set of research projects being carried out at Statistics Canada on the topic of business dynamics.In the last decade, small businesses have attracted attention, as they are often seen as innovators and job creators. The job and output growth, and contribution to the economy of this group of firms are often compared with those of larger businesses. However, there is little information in Canada on the payoff to small firms for attempting to innovate. Firm performance in Canada has not been comprehensively examined by means of certain financial metrics. This has resulted in a significant information gap because financial performance relates directly to the incentives that entrepreneurs face and the risks undertaken by those who finance firms.
{"title":"Are Small Firms More Profitable than Large Firms?","authors":"Amélie Lafrance","doi":"10.2139/ssrn.2141849","DOIUrl":"https://doi.org/10.2139/ssrn.2141849","url":null,"abstract":"This article in the Economic Insights series looks at the relationship between firm size and financial performance. It highlights the results from the research paper Firm Dynamics: Variation in Profitability Across Canadian Firms of Different Sizes, 2000 to 2009. The research paper uses a special longitudinal database that follows corporate entities. It is part of a set of research projects being carried out at Statistics Canada on the topic of business dynamics.In the last decade, small businesses have attracted attention, as they are often seen as innovators and job creators. The job and output growth, and contribution to the economy of this group of firms are often compared with those of larger businesses. However, there is little information in Canada on the payoff to small firms for attempting to innovate. Firm performance in Canada has not been comprehensively examined by means of certain financial metrics. This has resulted in a significant information gap because financial performance relates directly to the incentives that entrepreneurs face and the risks undertaken by those who finance firms.","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"133 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123974113","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}
Emilia Cotoi, Teodor Bodoașcă, E. Cătană, Ioana Cotoi
Europe must develop a new entrepreneurial culture, adjusted to society and based on knowledge, innovation and involvement of a large number of people in entrepreneurial projects. This is why we must confer a major importance to education and training: because we know that all these prepare us to realize the essential elements of a sustainable society. We already have, in this respect, a number of EU instruments developed in the last years - the Lisbon Strategy for Growth and Employment, the renewed social agenda, the Stability and Growth Pact, policy competition and state aid, sustainable development strategy, the European Research Area, the Hague Program, and a recent program in Stockholm. To achieve this, we should have in mind not only the “material” factors, such as the access to venture capital and to the credits, but also “behavioural” factors like attitudes, behaviour when dealing with failure, designing and finding models. The networks which support the entrepreneurs and the other contacts can ensure the dissemination of good ideas across the EU for development of entrepreneurship. To develop the concept of entrepreneurship in the perspective of the estimated European development, we mainly used the analysis results obtained so far and the study of the European documents which provide the legal framework for development. Europe should focus on increasing the support provided to entrepreneurs, and ensure the dissemination of good ideas across the EU. This ensures increase in the percentage of population involved in entrepreneurial projects, improving and encouraging the reforms that generate growth and employment. The networks which support entrepreneurs, entrepreneurship improvement, analysis and dissemination can ensure the dissemination of good ideas across the entire EU, and can contribute to the development of a new entrepreneurial spirit in the future. As a conclusion we want to highlight one of the main priorities of European development strategy for the 2010-2020 period: the promotion and development of a new solid entrepreneurial culture
{"title":"Entrepreneurship European Development Strategy in the Field of Education","authors":"Emilia Cotoi, Teodor Bodoașcă, E. Cătană, Ioana Cotoi","doi":"10.2139/ssrn.2976218","DOIUrl":"https://doi.org/10.2139/ssrn.2976218","url":null,"abstract":"Europe must develop a new entrepreneurial culture, adjusted to society and based on knowledge, innovation and involvement of a large number of people in entrepreneurial projects. This is why we must confer a major importance to education and training: because we know that all these prepare us to realize the essential elements of a sustainable society. We already have, in this respect, a number of EU instruments developed in the last years - the Lisbon Strategy for Growth and Employment, the renewed social agenda, the Stability and Growth Pact, policy competition and state aid, sustainable development strategy, the European Research Area, the Hague Program, and a recent program in Stockholm. To achieve this, we should have in mind not only the “material” factors, such as the access to venture capital and to the credits, but also “behavioural” factors like attitudes, behaviour when dealing with failure, designing and finding models. The networks which support the entrepreneurs and the other contacts can ensure the dissemination of good ideas across the EU for development of entrepreneurship. To develop the concept of entrepreneurship in the perspective of the estimated European development, we mainly used the analysis results obtained so far and the study of the European documents which provide the legal framework for development. Europe should focus on increasing the support provided to entrepreneurs, and ensure the dissemination of good ideas across the EU. This ensures increase in the percentage of population involved in entrepreneurial projects, improving and encouraging the reforms that generate growth and employment. The networks which support entrepreneurs, entrepreneurship improvement, analysis and dissemination can ensure the dissemination of good ideas across the entire EU, and can contribute to the development of a new entrepreneurial spirit in the future. As a conclusion we want to highlight one of the main priorities of European development strategy for the 2010-2020 period: the promotion and development of a new solid entrepreneurial culture","PeriodicalId":131271,"journal":{"name":"IRPN: Innovation & Entrepreneurship (Topic)","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127136014","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 case concerns a group of experienced venture capitalists who are considering the establishment of a fund to invest in neuroscience-related products and services. They must evaluate the economic viability of the fund as well as the steps necessary to have a successful debut. Excerpt UVA-ENT-0009 NEUROVENTURES FUND As John Glynn read the investment memorandum for NeuroVentures Fund, he was aware that it was time for a number of critical decisions. The investment memorandum had been prepared by a group of MBA students from the University of Virginia. It provided the analytical support for an idea that had begun as a series of conversations between Dr. Neal Kassell of the University of Virginia Health Sciences Center and a number of experienced private equity investors, including Glynn himself. Kassell envisioned a new venture fund that invested in neuroscience-related products and services. Glynn helped Kassell develop his idea into a business plan and recruited a group of MBA students to take the plan to the next level. One of the major contributions the student group made was to start the search for a managing director. Ideally, the person selected would have experience in venture capital and biotechnical industries. Glynn realized that the choice of managing director was critical, because Kassell did not have the experience or the time to do the job himself. One of the MBA students, Dan O'Connell, had already accepted the position of associate. O'Connell and the new managing director would have to market the fund and be responsible for making investment decisions. Glynn had his own decisions to make. He needed to determine what his relationship to the fund would be. Glynn could choose to be part of the business advisory group that he and Kassell envisioned as assisting with the launch of the fund. In that capacity, he could also provide seed money to get the fund established. Glynn also needed to decide if he would invest in the fund as a limited partner or as a co-investor. As part of his decision-making process Glynn sought to answer the six questions that the MBA students posed in their memo: . . .
这个案例涉及一群经验丰富的风险投资家，他们正在考虑建立一个基金，投资于与神经科学相关的产品和服务。他们必须评估基金的经济可行性，以及成功启动所需的步骤。当约翰·格林(John Glynn)阅读NEUROVENTURES FUND的投资备忘录时，他意识到是时候做出一些关键决定了。这份投资备忘录是由弗吉尼亚大学(University of Virginia)的一群MBA学生起草的。弗吉尼亚大学健康科学中心(University of Virginia Health Sciences Center)的尼尔·卡塞尔(Neal Kassell)博士与包括格林本人在内的一些经验丰富的私募股权投资者进行了一系列对话，这篇文章为这个想法提供了分析支持。卡塞尔设想成立一个新的风险基金，投资于与神经科学相关的产品和服务。格林帮助卡塞尔将他的想法发展成一个商业计划，并招募了一群MBA学生，将这个计划推进到下一个阶段。学生团体做出的主要贡献之一是开始寻找董事总经理。理想情况下，被选中的人将有风险投资和生物技术行业的经验。格林意识到，董事总经理的人选至关重要，因为卡塞尔既没有经验，也没有时间亲自完成这项工作。其中一名MBA学生丹•奥康奈尔(Dan O’connell)已经接受了助理的职位。奥康奈尔和新任董事总经理将负责推广该基金，并负责制定投资决策。格林有自己的决定要做。他需要确定自己与基金的关系。格林可以选择成为他和卡塞尔设想的商业咨询小组的一员，协助基金的启动。在这种情况下，他还可以提供种子资金，以建立基金。格林还需要决定是以有限合伙人的身份投资该基金，还是作为共同投资者。作为决策过程的一部分，格林试图回答MBA学生在备忘录中提出的六个问题:……
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