Pub Date : 2024-11-29DOI: 10.1016/j.jbvi.2024.e00511
Sophia Hess
Entrepreneurial ecosystems (EEs) are multilevel phenomena crucial for understanding and promoting productive entrepreneurship and economic development. The key insight of this study is that there is an actionable path to build and manage multilevel, longitudinal datasets for EE research, facilitating deeper insights into patterns and dynamics across different levels—often missed in single-source and cross-sectional data studies. It guides the integration of data spanning founders, firms, and socio-economic indicators from diverse sources, including archival records and self-reported data. Combining and triangulating these sources fills a significant methodological gap, supporting robust empirical EE analyses and enabling evidence-based policy formulation.
{"title":"Empirical entrepreneurial ecosystem research: A guide to creating multilevel datasets","authors":"Sophia Hess","doi":"10.1016/j.jbvi.2024.e00511","DOIUrl":"10.1016/j.jbvi.2024.e00511","url":null,"abstract":"<div><div>Entrepreneurial ecosystems (EEs) are multilevel phenomena crucial for understanding and promoting productive entrepreneurship and economic development. The key insight of this study is that there is an actionable path to build and manage multilevel, longitudinal datasets for EE research, facilitating deeper insights into patterns and dynamics across different levels—often missed in single-source and cross-sectional data studies. It guides the integration of data spanning founders, firms, and socio-economic indicators from diverse sources, including archival records and self-reported data. Combining and triangulating these sources fills a significant methodological gap, supporting robust empirical EE analyses and enabling evidence-based policy formulation.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00511"},"PeriodicalIF":0.0,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142748326","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-29DOI: 10.1016/j.jbvi.2024.e00512
Leonardo Mazzoni , Wim Naudé , Niccolò Innocenti
An enduring myth is of entrepreneurship as the means to the goal of economic growth. With a growing realization that perpetual economic growth and firm growth are not sustainable and violate the planet's biophysical limits, entrepreneurship should focus on contributing to a post-growth society. However, in this paper, we argue that the problems with this are twofold: one, the notions of a post-growth society are not at present compatible with entrepreneurship, and two, such an orientation continues to consider entrepreneurship as a means to a goal - in other words as a tool to fix the problems caused by excessive economic growth. In this light, we call for a de-emphasis on entrepreneurship as a means to economic growth and for more research and policies towards business venturing as a goal. Such a reorientation may also provide a basis for conceptualizing entrepreneurship in a post-growth society.
{"title":"The myth of entrepreneurship as a tool: Reorienting business venturing as a goal in itself in a post-growth society","authors":"Leonardo Mazzoni , Wim Naudé , Niccolò Innocenti","doi":"10.1016/j.jbvi.2024.e00512","DOIUrl":"10.1016/j.jbvi.2024.e00512","url":null,"abstract":"<div><div>An enduring myth is of entrepreneurship as <em>the</em> means to the goal of economic growth. With a growing realization that perpetual economic growth and firm growth are not sustainable and violate the planet's biophysical limits, entrepreneurship should focus on contributing to a post-growth society. However, in this paper, we argue that the problems with this are twofold: one, the notions of a post-growth society are not at present compatible with entrepreneurship, and two, such an orientation continues to consider entrepreneurship as a means to a goal - in other words as a tool to fix the problems caused by excessive economic growth. In this light, we call for a de-emphasis on entrepreneurship as a means to economic growth and for more research and policies towards business venturing as a goal. Such a reorientation may also provide a basis for conceptualizing entrepreneurship in a post-growth society.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00512"},"PeriodicalIF":0.0,"publicationDate":"2024-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142748422","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-22DOI: 10.1016/j.jbvi.2024.e00510
Pankaj C. Patel , Marcus T. Wolfe
Previous studies using SHARE data explored self-employment and perceived well-being in older adults, and extending this line of prior studies, this study examines the link between self-employment and inflammation, a key biological pathway related to health and well-being. Incorporating C-reactive protein (CRP) levels from SHARE biomarker data assesses whether perceived self-reports correlate with longer-term biomarkers of well-being. Accounting for demographic, socioeconomic, health, and other biomarker variables, our findings show a non-significant relationship between self-employment and CRP levels, with no evidence of heterogeneity in effects across participants.
{"title":"Self-employment and inflammation in older adults: Examining biomarkers in the survey of health, ageing and retirement in Europe","authors":"Pankaj C. Patel , Marcus T. Wolfe","doi":"10.1016/j.jbvi.2024.e00510","DOIUrl":"10.1016/j.jbvi.2024.e00510","url":null,"abstract":"<div><div>Previous studies using SHARE data explored self-employment and perceived well-being in older adults, and extending this line of prior studies, this study examines the link between self-employment and inflammation, a key biological pathway related to health and well-being. Incorporating C-reactive protein (CRP) levels from SHARE biomarker data assesses whether perceived self-reports correlate with longer-term biomarkers of well-being. Accounting for demographic, socioeconomic, health, and other biomarker variables, our findings show a non-significant relationship between self-employment and CRP levels, with no evidence of heterogeneity in effects across participants.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00510"},"PeriodicalIF":0.0,"publicationDate":"2024-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701675","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}
Pub Date : 2024-11-21DOI: 10.1016/j.jbvi.2024.e00505
Sepideh Yeganegi , André O. Laplume , Bradley Bernard
Restrictive covenants like non-competes, non-solicitations, and non-disclosures may pose barriers to spinout ventures and mobility to competitors. However, we know little about the enforceability of these agreements despite their widespread use and associated chilling effects. Examining 332 Canadian court decisions, we find a higher rate of enforcement in cases involving high rank leavers (i.e., managers and owners) versus low rank leavers (regular employees and contractors) especially those who form spinout ventures. Our key insight is that enforcement rates differ significantly across different types of leavers. Low rank leavers and their previous employers may overestimate the potential for enforcement, creating chilling effects (i.e., where employees think they are more restricted by their employment agreements than they really are) that can deter employee mobility and entrepreneurship.
{"title":"Not all leavers are equal: How rank and destination influence enforcement of restrictive covenants","authors":"Sepideh Yeganegi , André O. Laplume , Bradley Bernard","doi":"10.1016/j.jbvi.2024.e00505","DOIUrl":"10.1016/j.jbvi.2024.e00505","url":null,"abstract":"<div><div>Restrictive covenants like non-competes, non-solicitations, and non-disclosures may pose barriers to spinout ventures and mobility to competitors. However, we know little about the enforceability of these agreements despite their widespread use and associated chilling effects. Examining 332 Canadian court decisions, we find a higher rate of enforcement in cases involving high rank leavers (i.e., managers and owners) versus low rank leavers (regular employees and contractors) especially those who form spinout ventures. Our key insight is that enforcement rates differ significantly across different types of leavers. Low rank leavers and their previous employers may overestimate the potential for enforcement, creating chilling effects (i.e., where employees think they are more restricted by their employment agreements than they really are) that can deter employee mobility and entrepreneurship.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"23 ","pages":"Article e00505"},"PeriodicalIF":0.0,"publicationDate":"2024-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142701674","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-01DOI: 10.1016/j.jbvi.2024.e00498
Wolfgang Drobetz , Sadok El Ghoul , Omrane Guedhami , Jan P. Hackmann , Paul P. Momtaz
Institutional investors improve the environmental, social, and governance (ESG) performance of small- and medium-sized enterprises (SMEs). Our difference-in-differences framework shows that the backing from private equity and venture capital funds leads to an increase in SMEs’ externally validated ESG scores compared to their matched non-investor-backed peers. Consistent with “ESG-as-insurance” theory, the ESG performance of SMEs with a higher probability of failure is more likely to benefit from the backing of institutional investors. This positive effect is heterogeneous; while SMEs with high ex-ante ESG performance further improve their ESG performance following institutional investor backing, SMEs with low ex-ante ESG performance are unlikely to implement any improvements. Entrepreneurial finance seems to help sustainable entrepreneurs transform into “sustainability champions,” while neglecting the betterment of non-sustainable SMEs.
{"title":"Entrepreneurial finance and sustainability: Do institutional investors impact the ESG performance of SMEs?","authors":"Wolfgang Drobetz , Sadok El Ghoul , Omrane Guedhami , Jan P. Hackmann , Paul P. Momtaz","doi":"10.1016/j.jbvi.2024.e00498","DOIUrl":"10.1016/j.jbvi.2024.e00498","url":null,"abstract":"<div><div>Institutional investors improve the environmental, social, and governance (ESG) performance of small- and medium-sized enterprises (SMEs). Our difference-in-differences framework shows that the backing from private equity and venture capital funds leads to an increase in SMEs’ externally validated ESG scores compared to their matched non-investor-backed peers. Consistent with “ESG-as-insurance” theory, the ESG performance of SMEs with a higher probability of failure is more likely to benefit from the backing of institutional investors. This positive effect is heterogeneous; while SMEs with high ex-ante ESG performance further improve their ESG performance following institutional investor backing, SMEs with low ex-ante ESG performance are unlikely to implement any improvements. Entrepreneurial finance seems to help sustainable entrepreneurs transform into “sustainability champions,” while neglecting the betterment of non-sustainable SMEs.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00498"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552941","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-11-01DOI: 10.1016/j.jbvi.2024.e00508
Ehsan Ghasemi , Nima Vafai , Alireza Sheikh-Zadeh
{"title":"Overcharged or fair play? Exploring interest rates and profitability in debt-based crowdfunding","authors":"Ehsan Ghasemi , Nima Vafai , Alireza Sheikh-Zadeh","doi":"10.1016/j.jbvi.2024.e00508","DOIUrl":"10.1016/j.jbvi.2024.e00508","url":null,"abstract":"","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00508"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142697836","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}
Pub Date : 2024-11-01DOI: 10.1016/j.jbvi.2024.e00502
Yasmine Van Heghe , Mirjam Knockaert , Holger Patzelt , Johan Wiklund
Although the entrepreneurship literature has extensively examined the mental health of entrepreneurs, there has been a notable lack of focus on entrepreneurs’ physical health. This exploratory study aims at understanding the importance of physical health issues for venture distress, in comparison to other issues, such as mental health concerns. Furthermore, it investigates the extent to which entrepreneurs faced with physical health issues are more or less likely to (in)voluntarily exit their ventures. Particularly, we examine 1752 entrepreneurs in distressed ventures in the Flemish region of Belgium over the period 2016–2019. We find that physical health issues are linked to venture distress, and entrepreneurs in distressed ventures tend to attribute venture distress more to physical rather than mental health issues. Furthermore, entrepreneurs dealing with physical health issues are much more likely to exit their ventures, often involuntarily, rather than continuing to manage them. This research provides important contributions to both the entrepreneurial health and entrepreneurial exit literatures, and practical implications for entrepreneurs, support providers and public policymakers.
{"title":"The significance of entrepreneurs’ physical health for venture distress and exit","authors":"Yasmine Van Heghe , Mirjam Knockaert , Holger Patzelt , Johan Wiklund","doi":"10.1016/j.jbvi.2024.e00502","DOIUrl":"10.1016/j.jbvi.2024.e00502","url":null,"abstract":"<div><div>Although the entrepreneurship literature has extensively examined the mental health of entrepreneurs, there has been a notable lack of focus on entrepreneurs’ physical health. This exploratory study aims at understanding the importance of physical health issues for venture distress, in comparison to other issues, such as mental health concerns. Furthermore, it investigates the extent to which entrepreneurs faced with physical health issues are more or less likely to (in)voluntarily exit their ventures. Particularly, we examine 1752 entrepreneurs in distressed ventures in the Flemish region of Belgium over the period 2016–2019. We find that physical health issues are linked to venture distress, and entrepreneurs in distressed ventures tend to attribute venture distress more to physical rather than mental health issues. Furthermore, entrepreneurs dealing with physical health issues are much more likely to exit their ventures, often involuntarily, rather than continuing to manage them. This research provides important contributions to both the entrepreneurial health and entrepreneurial exit literatures, and practical implications for entrepreneurs, support providers and public policymakers.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00502"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142593024","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}
Pub Date : 2024-11-01DOI: 10.1016/j.jbvi.2024.e00504
Joseph J. Cabral , Shane W. Reid , Reginald Tucker
The financing of social entrepreneurship is a noted challenge. The scale of problems and potential solutions are daunting, and the time required for solutions to come to fruition often involve investment horizons that are too long for traditional investors. Using an exploratory case study of the energy industry we provide evidence that industry incumbents are one potential solution to help alleviate the market coordination problem inherent to financing social ventures. As a going concern, we find that corporate investors exhibit temporal benevolence and can provide investment horizons necessary for solutions to be developed and diffused. At the same time, commitment from an incumbent brings resource predictability that encourages others in the value chain to engage with social ventures that show promise. In this regard incumbents are able to participate in their industry's evolution while providing an underappreciated role in supporting the social entrepreneurship ecosystem.
{"title":"We're in it for the long haul: How corporate venture capital helps alleviate financial market frictions in social entrepreneurship","authors":"Joseph J. Cabral , Shane W. Reid , Reginald Tucker","doi":"10.1016/j.jbvi.2024.e00504","DOIUrl":"10.1016/j.jbvi.2024.e00504","url":null,"abstract":"<div><div>The financing of social entrepreneurship is a noted challenge. The scale of problems and potential solutions are daunting, and the time required for solutions to come to fruition often involve investment horizons that are too long for traditional investors. Using an exploratory case study of the energy industry we provide evidence that industry incumbents are one potential solution to help alleviate the market coordination problem inherent to financing social ventures. As a going concern, we find that corporate investors exhibit temporal benevolence and can provide investment horizons necessary for solutions to be developed and diffused. At the same time, commitment from an incumbent brings resource predictability that encourages others in the value chain to engage with social ventures that show promise. In this regard incumbents are able to participate in their industry's evolution while providing an underappreciated role in supporting the social entrepreneurship ecosystem.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00504"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142655414","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}
Pub Date : 2024-11-01DOI: 10.1016/S2352-6734(24)00061-1
{"title":"Founding Editorial Board","authors":"","doi":"10.1016/S2352-6734(24)00061-1","DOIUrl":"10.1016/S2352-6734(24)00061-1","url":null,"abstract":"","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00509"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722788","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}
Pub Date : 2024-11-01DOI: 10.1016/j.jbvi.2024.e00500
Asif Tanveer , Rui Torres de Oliveira , Shaheer Rizvi
In the context of the crises, this study sheds light on the varying impact of crises on startups in different sectors and outlines the specific resilience practices utilized in response, recovery, and growth phases. The research team conducted qualitative analysis on 18 public discussion interviews featuring key stakeholders in the Indian startup ecosystem, which included 51 chief executive officers, founders, cofounders, and venture capitalists who reflected on COVID-19. The study found that high-fluidity sectors (highly knowledge-intensive and innovative) leverage their agility through resourcefulness and customer value creation. In contrast, low-fluidity sectors (low in knowledge intensiveness) primarily focus on operational adjustments. As the transition goes from response to recovery, high-fluidity sectors prioritize digital transformation and strategic shifts, while low-fluidity sectors continue to cope. In the growth phase, high-fluidity startups exhibit growth aspirations, while low-fluidity ones emphasize business model innovation. This research provides valuable sector-specific insights into resilience and highlights the evolution of these strategies throughout a crisis, thereby enhancing our understanding of startup resilience in the context of the crisis.
{"title":"How sector fluidity (knowledge-intensiveness and innovation) shapes startups’ resilience during crises","authors":"Asif Tanveer , Rui Torres de Oliveira , Shaheer Rizvi","doi":"10.1016/j.jbvi.2024.e00500","DOIUrl":"10.1016/j.jbvi.2024.e00500","url":null,"abstract":"<div><div>In the context of the crises, this study sheds light on the varying impact of crises on startups in different sectors and outlines the specific resilience practices utilized in response, recovery, and growth phases. The research team conducted qualitative analysis on 18 public discussion interviews featuring key stakeholders in the Indian startup ecosystem, which included 51 chief executive officers, founders, cofounders, and venture capitalists who reflected on COVID-19. The study found that high-fluidity sectors (highly knowledge-intensive and innovative) leverage their agility through resourcefulness and customer value creation. In contrast, low-fluidity sectors (low in knowledge intensiveness) primarily focus on operational adjustments. As the transition goes from response to recovery, high-fluidity sectors prioritize digital transformation and strategic shifts, while low-fluidity sectors continue to cope. In the growth phase, high-fluidity startups exhibit growth aspirations, while low-fluidity ones emphasize business model innovation. This research provides valuable sector-specific insights into resilience and highlights the evolution of these strategies throughout a crisis, thereby enhancing our understanding of startup resilience in the context of the crisis.</div></div>","PeriodicalId":38078,"journal":{"name":"Journal of Business Venturing Insights","volume":"22 ","pages":"Article e00500"},"PeriodicalIF":0.0,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142552940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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