Entrepreneurs generally lack the marketing capabilities necessary to bring their new product to market. To engage the resources required to do this, they must somehow place a value on the enterprise. However, all of the methods of valuation currently available are based on the use of historical or current revenues, and therefore are not applicable to an entrepreneurial enterprise with a first-time product. In Valuing an Entrepreneurial Enterprise, Audretsch and Link present a valuation method uniquely tailored to emerging technology-based ventures that have no revenue history to lean on. Unlike many traditional methods, theirs does not take into account the track record of companies and products similar to that being valuated. Instead, it draws on economic theory to formulate a solution to the problem.
The book develops conceptual ground, including trends in entrepreneurship, models of innovation, and the economics of standards and entrepreneurship policy. The authors review the traditional valuation methods and illustrate them numerically with case studies to show how the traditional approach produces an incorrect valuation. The core of the book presents the new methodology and demonstrates how it avoids the pitfalls of past approaches. The authors also show how public policy on technology and infrastructure changes valuations of start-up firms in areas such as stem-cell products and renewable fuels projects.
Valuing an Entrepreneurial Enterprise will serve as a valuable resource for advanced students, economists, financial planners, and valuators interested in new valuation methods and the theory behind them, as well as those interested in entrepreneurship.

This book offers cutting-edge insights into the changing landscape of entrepreneurial finance, as digital technologies play an increasingly dynamic role in the world economy. Assessing the rapid development of innovative technologies in entrepreneurial ecosystems, it contributes to a wider discussion on the role that technology plays in facilitating and commercializing ideas in the context of global finance. Chapters offer a systemic, comparative analysis of the interplay between financial activities and digital technologies, reflecting on the acceleration of the development of innovative technologies and alternative financing. The book includes thoughtful discussions of women entrepreneurs, crowdfunding, business angels and big data, connecting these topics to wider discussions of technology-based entrepreneurship. Offering interdisciplinary insights from a variety of entrepreneurial contexts, including startups, universities, corporations, and the public sector, contributors demonstrate the role of digital technologies in facilitating entrepreneurial ecosystems. Bringing together state-of-the-art qualitative and quantitative research on entrepreneurial ecosystems, this book offers crucial insights for academics and researchers of entrepreneurial finance looking for a better understanding of the contemporary role of digital technologies in alternative financing. Policymakers and practitioners will also benefit from the managerial implications of real-world scenarios analyzed by contributors.

Are business schools on the wrong track? For many years, business schools enjoyed rising enrollments, positive media attention, and growing prestige in the business world. However, due to the disruption of Covid-19, many previously ignored issues relating to MBA programs resurfaced. As a result, MBA programs now face lower enrollments and intense criticism for being deficient in preparing future business leaders and ignoring essential topics like ethics, sustainability, and diversity and inclusion. The Future of Business Schools discusses these issues in the context of three critical areas: complexity, sustainability, and destiny. How do we prepare students for a new and complex world, how can business schools focus on the planet's sustainability, and how will they shape a better future for everyone? The chapters present views and suggestions of business school professors, researchers, and leaders from different contexts and countries as well as ideas for business school stakeholders, on topics from program structures, course content, and teaching materials to research topics. In addition to examples of innovations, there are tools offered to help universities navigate complexity and prepare for uncertainty. The material will assist business school faculty, staff, and administrators as well as professionals, policymakers, and organizations in identifying new directions for business schools in this evolving field.

Elgar Research Agendas outline the future of research in a given area. Leading scholars are given the space to explore their subject in provocative ways, and map out the potential directions of travel. They are relevant but also visionary. Within the span of a generation, innovation and entrepreneurship have emerged as two of the most vital forces in the economy and in society. This Research Agenda highlights new insights and approaches to guide future thinking, research and policy in the area. To accomplish this, the editors have brought together a group of accomplished scholars spanning economics, management, public policy and finance. Drawing on the experiences and insights of leading scholars this Research Agenda covers a broad array of rich and promising topics, including entrepreneurial ecosystems, finance and the role of universities. Focusing on the intersection and overlap between the two disciplines, the Research Agenda begins by establishing the theoretical basis between the two topics, before exploring impact, context, academic entrepreneurship, start-ups, policy and corporate governance. The book concludes with three provocative chapters: Friederike Welter highlighting the power of words and images, Sameeksha Desai discussing the role of artificial intelligence and Mark Casson presenting a case for radical change to how entrepreneurship is studied. Presenting the most salient findings and themes in current literature, A Research Agenda for Entrepreneurship and Innovation is essential for researchers in innovation, as well as policy makers at both the local and national levels influenced by the increasing importance of entrepreneurship and innovation.

The purpose of this volume is to bring together the leading scholarly papers about how globalization has impacted the role of SMEs. In fact, globalization has affected SMEs in two major ways. The first has been to facilitate the transnational activities of SMEs. Transnational activities, ranging from exports to foreign direct investment to participating in global value chains have become easier as a result of globalization. The second impact of globalization has been to shift the source of competitiveness towards knowledge-based economic activity, which has led to an increased role for SMEs. The first section of this volume examines how globalization has affected the role of SMEs in the economy. The second section of the volume is devoted to global strategies by SMEs The third section focuses on an important type of global activity of SMEs, which involves foreign direct investment. The fourth section focuses on the role of clusters and networks in generating SME competitiveness in global markets. SME export strategies and performance is analyzed in Section Five. Section Six examines the impact that the international mobility of labour has had on SMEs. The seventh section focuses on the role that SMEs play in transnational technology transfer. Section Eight is devoted to SMEs in the context of developing countries. In the final section of the volume policy issues are raised. This includes identifying how policy needs to address barriers to internationalization confronting SMEs.

Entrepreneurship these days is evident, even showcased, in so many places that it is harder for anyone interested in the field to really know about all of its many facets. That diversity is what makes the Concise Guide so essential. The Guide's ability to provide an expert's take in just a couple of pages on key topics in entrepreneurship is a boon to anyone interested in entrepreneurship. This is not a volume for your bookcase. You will want it at-hand as your explore the world of entrepreneurship.' - Jerome Katz, Saint Louis University, USThe Concise Guide to Entrepreneurship, Technology and Innovation brings together internationally recognized scholars to summarize the state of knowledge about fundamental topics in entrepreneurship, technology, and innovation. Written by the top international scholars in their field, this book has an encyclopaedic range; from academic entrepreneurship to valuing an entrepreneurial enterprise. Each chapter provides an informed overview of the topic and references in each chapter guide the reader to the more advanced literature. This landmark book will be the first port of call for any student or scholar seeking a brief introduction to each of the fundamental topics in entrepreneurship, technology, and innovation. Contributors: D.B. Audretsch, C. Boardman, B. Bozeman, S.R. Bradley, A. Burke, U. Cantner, M. Casson, S. Cazzago, J.A. Cunningham, P. Davidsson, A. De Massis, M. Deloof, D. Dunlap, W. Geoghegan, V. Ghosal, J. Hanssens, C.S. Hayter, M. Herzig, A. Kao, M. Kenney, D.F. Kuratko, H. Landstroem, E.E. Lehmann, D.P. Leyden, X. Liu, A.N. Link, S. Manigart, G.D. Markman, H. Meier, M.H. Morris, A.J. Nelson, C. O'Kane, D. Organ, S. Parker, G.T. Payne, M. Perkmann, L.S. Peters, P.H. Phan, E.A. Prasetio, J.H. Rooksby, G.E. Shockley, T. Standaert, A. Talrico, R. Thurik, T. Vanacker, S. Vismara, N.S. Vonortas, J. West, P. Westhead, K. Wirsching, M. Wright

This book explores public sector entrepreneurship from an international perspective. It features essays from eminent scholars in the field addressing entrepreneurial public policies from different countries. Public sector entrepreneurship is at the cusp of becoming a watchword in international policy circles. This book is a pioneer volume in this emerging field and provides topics and policies that are broadly applicable across different economies. Public sector entrepreneurship refers to innovative public policy initiatives that generate greater economic prosperity by transforming a status-quo economic environment into one that is more conducive to economic units engaging in creative activities in the face of uncertainty. In today's economy, public sector entrepreneurship affects that transformation primarily by increasing the effectiveness of knowledge networks; that is, by increasing the heterogeneity of experiential ties among economic units and the ability of those same economic units to exploit such diversity. Through policy initiatives that are characterized by public sector entrepreneurship, there will be more development of new technology and hence more innovation throughout the economy.

Previous generations enjoyed the security of lifelong employment with a sole employer. Public policy and social institutions reinforced that security by producing a labor force content with mechanized repetition in manufacturing plants, and creating loyalty to one employer for life. This is no longer the case. Globalization and new technologies have triggered a shift away from capital and towards knowledge. In today's global economy, where jobs and factories can be moved quickly to low-cost locations, the competitive advantage has shifted to ideas, insights, and innovation. But it is not enough just to have new ideas. It takes entrepreneurs to actualize them by championing them to society. Entrepreneurship has emerged as the proactive response to globalization.
In this book, award-winning economist David B. Audretsch identifies the positive, proactive response to globalization--the entrepreneurial society, where change is the cutting edge and routine work is inevitably outsourced. Under the managed economy of the cold war era, government policies around the world supported big business, while small business was deemed irrelevant and largely ignored. The author documents the fundamental policy revolution underway, shifting the focus to technology and knowledge-based entrepreneurship, where start-ups and small business have emerged as the driving force of innovation, jobs, competitiveness and growth. The role of the university has accordingly shifted from tangential to a highly valued seedbed for coveted new ideas with the potential to create not just breathtaking new ventures but also entire new industries. By understanding the shift from the managed economy and the emergence of theentrepreneurial society, individuals, businesses, and communities can learn how to proactively harness the opportunities afforded by globalization in this new entrepreneurial society.

Interest in and attention to entrepreneurship has exploded in recent years. Nevertheless, much of the research and scholarship in entrepreneurship has remained elusive to academics, policymakers and other researchers, in large part because the field is informed by a broad spectrum of disciplines, including management, finance, economics, policy, sociology, and psychology, often pursued in isolation from each other. Since its original publication in 2003, the Handbook of Entrepreneurship Research has served as the definitive resource in the field, bringing together contributions from leading scholars in these disciplines to present a holistic, multi-dimensional approach. This new edition, fully revised and updated, and including several new chapters, covers all of the primary topics in entrepreneurship, including entrepreneurial behavior, risk and opportunity recognition, equity financing, business culture and strategy, innovation, and the impact of entrepreneurship on economic growth and development. Featuring an integrative introduction, extensive literature reviews and reference lists, the Handbook will continue to serve as a roadmap to the rapidly evolving and dynamic field of entrepreneurship.

Policymakers throughout Europe and the US have responded to rising concerns about unemployment, jobs, growth and international competitiveness in global markets with a new mandate to promote the creation of innovative new businesses. While recent literature identified clear and decisive links between entrepreneurship, growth, job creation and international competitiveness, policy makers were initially slow to recognize these links. Without a clear and organized view of where and how entrepreneurship manifests itself, policy makers have been left in uncharted waters without an analytical compass.

The purpose of this book is to provide such an analytical compass for directing how public policy can shape and promote entrepreneurship. We do this in two ways. The first is to provide a framework for policymakers and scholars to understand what determines entrepreneurship. The second is to apply this framework to a series of cases, or country studies. In particular, this book seeks to answer three questions about entrepreneurship: What has happened over time? Why did it happen? And, what has been the role of government policy?

The cornerstone of the book is the proposed Eclectic Theory of Entrepreneurship. The goal of the Eclectic Theory is to provide a unified framework for understanding and analyzing the determinants of entrepreneurship. The Eclectic Theory of entrepreneurship integrates the different strands from relevant fields into a unifying, coherent framework. At the heart of the Eclectic Theory is the integration of factors shaping the demand for entrepreneurship on the one hand, with those influencing the supply of entrepreneurs on the other hand. The key to understanding the role of public policy is through identifying those channels shifting either the demand for or the supply of entrepreneurship by policy instruments.

The findings in this book show that, by utilizing the framework provided by the Eclectic Theory of Entrepreneurship, it is within the grasp of policymakers to identify the determinants of entrepreneurship in a particular country setting at a particular point in time. This will be essential in formulating new public policies to promote entrepreneurship and, ultimately, economic growth, job creation and international competitiveness.

Every city, region and state wants to do better--or at the very least, not do worse. Places have a strong and vigorous concern with and stake in generating a stronger economic performance. This concern spans a broad spectrum of constituents and interests, including business, labor, non-profit organizations, government, and private residents. However, such decision makers mandated with the strategic management of their place receive little guidance or insight from scholars in terms of a systematic framework for evaluating how to generate and sustain a competitive advantage for their place. While an entire academic field exists devoted to analyzing how firms and organizations can create and sustain a competitive advantage and ultimately a strong economic performance--the field of strategic management in business schools--no such analogous field exists which is devoted to guiding and informing decision makers mandated and concerned with the strategic management of their place. Everything in Its Place seeks to fill this intellectual void, explaining the underlying economic and social factors and the broad spectrum of policies and instruments that can actually influence and enhance economic performance in places. Several academic fields have generated a number of important theories, empirical findings, and case studies that shed considerable light on identifying and unraveling the underlying forces about what shapes this economic performance. Combined in this book with the actual experiences and instincts garnered from practitioners and policy makers, these insights are integrated together in into a coherent, inclusive framework to guide and inform thought leaders and scholars in the strategic management of places.

The New Economy in Europe and the US poses many unexplored issues. The authors present innovative theoretical and empirical analysis on Internet dynamics, productivity growth and organizational changes in selected OECD countries. New empirical findings related to telecommunications, Internet and growth also are presented. Based on the theoretical and empirical analyses various policy options are developed. Policy measures, both at the regional and national levels, can stimulate structural change, knowledge diffusion and economic growth. Different governance strategies for the Internet and e-commerce are identified from a global perspective.

When considered as an integrated body of work, the chapters within this book highlight the development and evolution of a research trajectory linking together entrepreneurship with innovative activity and ultimately economic growth. These specially selected previously published papers bring together studies spanning a broad spectrum of perspectives, from that of the individual confronting the decision to start a new venture to that of the firm considering strategies to innovate. Other areas of consideration include the impact on new-venture competitiveness and performance such as growth and survival, the industry and how it evolves over time, and the region and how it is influenced by entrepreneurial activity. Taken together, these chapters highlight the key role that entrepreneurship plays in generating innovative activity and economic growth. The implications of the emergence of the entrepreneurial economy for public policy are analyzed, along with the key contribution that entrepreneurship policy makes to economic growth, employment and competitiveness in global markets. Entrepreneurship, Innovation and Economic Growth will be of great interest to academics, students and researchers in a wide range of fields including: management, entrepreneurship, industrial economics, evolutionary economics, innovation and technological change, regional economics and public policy.

Entrepreneurship and growth are central concerns of policy makers around the world. Local Heroes in the Global Village introduces public policies for the promotion of entrepreneurship on a comparative, primarily German-American level. The book contributes to the debate what role public policies play in stimulating national and regional economic growth. With a better understanding of the complexity and variety of existent entrepreneurship policies in the U.S. and Germany the reader of this volume will be able to formulate best practice, hands-on strategies which aim to promote nations as well as regions in an "entrepreneurial economy."

The analysis of corporate governance in small and medium-sized firms has been a much-neglected aspect of study in the field of corporate governance. This essential research review provides an authoritative overview of research in this topical field by successfully linking classical papers on corporate governance to the specific aspects in SMEs. The purpose of this book is not only to provide a review of the literature on governance in SMEs, but also from other social sciences and management perspectives. This title will be of great interest not only to lecturers and students interested in corporate governance but also to managers and policy makers.

In the new global economy, more countries have opened up to international competition and rapid capital flows. However, in the triad the process of globalization is rather asymmetric. With a rising role of multinational companies there are favorable prospects for higher global growth and economic catching-up, respectively. Theoretical analysis suggests key ingredients of sustained growth, but there is also a new concept of a long-term equilibrium income gap in which convergence is rather unlikely. The analysis also picks up European and US labor market issues in the context of economic globalization and raises the question of which EU policies in the field of labor market reform and of innovation policies are adequate.

In this volume, David B. Audretsch and Charles F. Bonser present a view of Globalization and Regionalization that holds that the interaction between a more open trading system and the new telecommunications and computer technology has substantially increased productivity and facilitated the fragmentation of the production process. The fragmentation of the production process has resulted in a new international organization of production. It has accelerated the globalization of national economies and has allowed firms to take advantage of low wages, wherever they are to be found, and, where important, to locate production facilities close to their customers. This expansion in international trade and production mobility has resulted in new sources of gain that contribute to the new economy. In the second chapter of this volume, Alfred C. Aman, Jr. examines whether globalization dictates new approaches to governance. The process by which public policy in England has incorporated regional government is the focus of Kenneth Spencer in Chapter 3. In the fourth chapter Lawrence S. Davidson provides an analysis of the impact of globalization on manufacturing in the US Midwest. In Chapter 5, John W. Ryan shows how there is a dual role of universities in the global economy. On the one hand, universities serve as institutions that foster globalization and reduce the isolation of regions. On the other hand, universities themselves are shaped and influenced by globalization. David B. Audretsch and A. Roy Thurik, in Chapter 6, show how globalization has led to the emergence of the strategic management of regions. In Chapter 7, Jean-Pierre van Aubel and Frans van Nispen examine the links between federalization and globalization in the European context. The impact of globalization on regulatory institutions is the focus of Montserrat Cuchillo in Chapter 8. Finally, in Chapter 9, David Eaton examines the relationship between global trade sovereignty and sub-national autonomy. Taken together, these chapters provide a compelling view that public policy must be considered in a new light in the global economy. Not only does policy have to consider global implications, but also the importance of local characteristics and regional strengths.

This comprehensive volume integrates pathbreaking and seminal scholarship from two interrelated fields - innovation and entrepreneurship - with the chapters providing a compelling link between the two. The editors seek to introduce and contextualize some of the most important research. Topics covered include: history of thought, innovation and growth, the innovation process, role models of the entrepreneur, knowledge flows and institutions.

The purpose of this volume is to analyze the microfoundations of knowledge spillovers. The microeconomic analysis of spillovers leads to the insight that the spillover and flow of knowledge is not at all automatic. Instead, this volume suggests that a filter exists between knowledge and its economic application. The focus of this volume is on several key mechanisms that serve to reduce this filter and facilitate the flow of knowledge. In particular, the volume draws on an emerging literature identifying the role of knowledge spillovers to investigate significance of labor mobility and informal networks as mechanisms facilitating the flow of knowledge.

No field in economics has dealt extensively with the microeconomics of knowledge spillovers. This volume brings together scholars from a broad spectrum of fields including labor economics, regional economics, the economics of innovation and technological change, and sociology to introduce new insights yielded from the microfoundations of knowledge spillovers.

Although competitiveness is typically associated with firms, they are not the only organizational body whose performance is dependent upon competitiveness. This poignant insightful book focuses on how the varied economic performance of cities and regions, both within nations as well as across nations, during the era of the Great Recession also highlights the need for competitiveness.Competitive cities and regions enjoy a superior economic performance, while their less competitive counterparts experience poorer economic growth and increasing unemployment. Using leading frameworks, this study provides applications and case studies about what shapes the competitiveness of places in an international context. Specific policies that enhance local competitiveness are identified and analyzed. Scholars of regional economics, urban economics, urban planning and public policy as well as policymakers will find plenty of invaluable information in this invigorating book. Contributors include: T. Andersson, R.D. Atkinson, D.B. Audretsch, S.M. Breznitz, D.P. Leyden, A.N. Link, G.A. McDermott, N. Ram, S. Shivakumar, D.S. Siegel, M.L. Walshok, C.W. Wessner, D.A. Wolfe

High unemployment rates in the period of an internationalization of economies and an intensified technological competition are the main problems that exist in most EU countries. Taking stock of unemployment patterns, technological trends and employment opportunities in the EU and the US is crucial for the reform debate in Europe. In continental Europe, major problems are an insufficient creation of new firms in innovative technology fields, inadequate labor market developments and inconsistent R&D policies. Founded on new data evaluations, the book presents an innovative analysis of these topics and shows opportunities for reforms.

This path-breaking handbook analyzes the foundations, social desirability, institutions and geography of innovation and entrepreneurship. Leading researchers use their outstanding expertise to investigate various aspects in the context of innovation and entrepreneurship such as growth, knowledge production and spillovers, technology transfer, the organization of the firm, industrial policy, financing, small firms and start-ups, and entrepreneurship education as well as the characteristics of the entrepreneur. There is much in this handbook that will prove to be informative and stimulating, especially for academics and post-graduate students in economics and management. Those starting a PhD in innovation or entrepreneurship will find this book essential reading. Contributors: Z.J. Acs, P. Aghion, D.B. Audretsch, G. Avnimelech, W.J. Baumol, W. Boente, P. Braunerhjelm, U. Cantner, B. Carlsson, M. Dejardin, G. Duranton, A. Eisingerich, O. Falck, M.P. Feldman, K. Fogel, M. Fritsch, R. Gold, M. Guerzoni, D. Harhoff, S. Heblich, R.A. Jensen, M. Keilbach, W.R. Kerr, I.M. Kirzner, A. Kleinknecht, T. Kretschmer, K. Lee, A.N. Link, W. McCumber, R. Nanda, N. Nicolaou, B. Nooteboom, S.C. Parker, G. Pellegrino, M. Piva, S. Prantl, C.F. Sabel, A. Saxenian, S. Shane, D.S. Siegel, D.F. Spulber, E. Stam, G. van der Panne, M. van Praag, M. Vivarelli, C.W. Wessner

2020 introduced a global pandemic that led to global economic, social, and regional lockdowns affecting public life in ways never been imagined before. This book takes a look at how researchers from fields encompassing economics and political science, along with thought leaders in business and economic policy, experienced the crises themselves as experts in their field, as well as from a personal viewpoint. Most importantly, however, it looks into the future how entrepreneurship and economic policies may change and positively influence the societies and the economy after the pandemic. Keeping in mind that, with climate change and the digital revolution, change was already around the corner and inevitable, renowned economic and policy experts are asked for their assessment of future roads and feasible economic policies. The book follows the chronology of the pandemic and focuses on leading researchers and thought leaders in public policy and business. An introduction to each chapter describes the context particular to the contributing author when the pandemic struck and their own reactions, experiences, and insights triggered by the emerging pandemic.

Science and innovation plays an increasingly important role in the growth of economies throughout the world. This two volume collection of previously published articles seeks to provide a comprehensive overview of this key area of the global economy. The first volume presents important material on scientific knowledge, including property rights and reward structures to the productivity of scientists. In the second volume, the role of science in industry and the commercialization of science are discussed, together with an examination of the economic effects of R&D in terms of investment and gain, both for individual companies and national economies. The final section discusses whether public policies to control scientific growth are either necessary or desirable.