Encyclopedia of New Venture Management


Matthew R. Marvel

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      About the Editor

      Matthew R. Marvel, Ph.D., is an associate professor and Vitale research fellow at the Gordon Ford College of Business at Western Kentucky University. He earned his Ph.D. at the University of Illinois, Urbana-Champaign, and received a Kauffman Dissertation Fellowship. Marvel's research focuses on how individual knowledge, motivation, and learning promote entrepreneurial outcomes like opportunity identification, innovation, and job creation. Most of his research uses the high-tech context to examine how individuals leverage different aspects of knowledge to create breakthroughs—or radical innovations. Matt's research has been published in Entrepreneurship Theory and Practice, Journal of Management Studies, and Journal of Small Business Management. Current research interests involve multidimensional views of knowledge, human capital, and exploring how individuals effectively exploit varying sources of opportunity. Marvel earned his Bachelor of Science in marketing from Southern Illinois University and went on to complete an M.B.A. at Eastern Illinois University. He has worked in a variety of consulting and sales roles focused on technical training and software development.

      List of Contributors

      Leona Achtenhagen, Jönköping International Business School

      Alejandro Amezcua, Syracuse University

      Kenneth Anderson, Gonzaga University

      Joseph H. Astrachan, Kennesaw State University

      Preeta M. Banerjee, Brandeis University

      Henrique Barreto, Kaplan University

      R. Greg Bell, University of Dallas

      Michael M. Beyerlein, Purdue University

      Magdalena Bielenia-Grajewska, University of Gdansk, Institute of English

      Adam J. Bock, University of Edinburgh

      Sarah E. Boslaugh, Kennesaw State University

      Joe Anthony Bradley Sr., Applied Research Associates, Inc.

      Nigel Bradly, SUBSEN

      Peter T. Bryant, IE Business School, Madrid

      Paul Buller, Gonzaga University

      Rachel C. Callan, Old Dominion University

      Benjamin A. Campbell, The Ohio State University

      Diane A. Carlin, Business Librarian and Development Research Consultant

      Wm. Camron Casper, Oklahoma State University

      Farzana Chowdhury, Indiana University

      Cristina E. Ciocirlan, Elizabethtown College

      Andrew Corbett, Babson College

      Jon Cordas, Purdue University

      Dana Cosby-Simmons, Western Kentucky University

      Alexander W. Crispo, Purdue University

      Anthony D. Daniel, Ashford University

      Ariane David, California Lutheran University

      Amy E. Davis, College of Charleston

      Justin L. Davis, Ohio University

      Jonathan H. Deacon, University of Wales, Newport

      Dominic DePersis, Broome Community College

      Scott Droege, Western Kentucky University

      Devkamal Dutta, University of New Hampshire

      Kimberly Eddleston, Northeastern University

      John Oselenbalu Ekore, University of Ibadan

      Sarah E. Fancher, Saint Louis University

      Andrew Fodor, Ohio University

      Rebecca J. Franklin, Oklahoma State University

      Sue Freedman, University of Texas, Dallas

      Ina Freeman, Jones International University

      Sascha Fuerst, Universidad EAFIT

      Carolyn Popp Garrity, Louisiana State University

      Hans Georg Gemünden, Technical University of Berlin

      Michael M. Gielnik, Leuphana University of Lüneburg

      Brian Glassman, International Journal of Innovation Science

      Samuel Gómez-Haro, University of Granada

      Josie Graham, Canadian Innovation Centre

      David Gras, Syracuse University

      Tracy L. Green, University of California, Los Angeles

      Denis A. Grégoire, Syracuse University

      Terje Grønning, University of Oslo

      Maribel Guerrero, Basque Institute of Competitiveness, Deusto Business School

      Monica J. Hagan, University of California, Los Angeles

      George T. Haley, University of New Haven

      Usha C. V. Haley, Massey University

      Carol Hancock, Kaplan University

      David J. Hansen, College of Charleston

      Amir Hasnaoui, Groupe Sup de Co La Rochelle and Centre de Recherche, Télécom École de Management

      Steven John Henderson, Southampton Solent University

      Mike Henry, Grant MacEwan University

      Daniel T. Holt, Mississippi State University

      Claes M. Hultman, Swedish Business School at Örebro University

      Katherine Hyatt, Reinhardt University

      Dinesh N. Iyer, Ohio University

      Maura Kessel, Technical University of Berlin

      Dan Kipley, Azusa Pacific University

      Nicola B. Klaus, University BW Munich

      Dean A. Koutroumanis, University of Tampa

      Phyllis R. Kramer, New Venture Management

      Jan Kratzer, Technical University of Berlin

      Bill Kte'pi, Independent Scholar

      Graciela Kuechle, Basque Institute of Competitiveness, Deusto Business School

      Richard N. Landers, Old Dominion University

      Djamel Eddine Laouisset, Alhosn University, Abu Dhabi

      In Hyeock “Ian” Lee, Western Kentucky University

      Alfred Lewis, Hamline University

      Amy C. Lewis, Drury University

      Eric W. Liguori, California State University, Fresno

      Loykie L. Lominé, University of Winchester

      Terri Lonier, Columbia College, Chicago

      G. T. Lumpkin, Syracuse University

      Matthew R. Marvel, Western Kentucky University

      Andrew Lewis Maxwell, Canadian Innovation Centre

      Tom D. McFarland, Tusculum College

      Jake Messersmith, University of Nebraska, Kearney

      Javier Monllor, DePaul University

      Robert J. Moreland, Columbia College, Chicago

      John M. Mueller, University of Louisville

      Jeffrey Muldoon, Louisiana State University

      Maria L. Nathan, Lynchburg College

      Lukas Neville, Queen's University

      Vias C. Nicolaides, George Mason University

      Enrique Nuñez, Ramapo College of New Jersey

      Chris Peace, Massey University

      Martin Perry, Massey University

      Torsten M. Pieper, Kennesaw State University

      Craig M. Reddock, Old Dominion University

      Maija Renko, University of Illinois, Chicago

      Lisa Rosh, Yeshiva University

      Matthew W. Rutherford, Virginia Commonwealth University

      Sonja A. Sackmann, University BW Munich

      Angel J. Salazar, Manchester Metropolitan University

      Manjula S. Salimath, University of North Texas

      Darrel L. Sandall, Purdue University

      Tom J. Sanders, University of Montevallo

      Shruti Sardeshmukh, University of South Australia

      Janet Grace Sayers, Massey University

      Katharina Schuster, University BW Munich

      Leslie E. Sekerka, Menlo College

      Luigi Serio, Catholic University of the Sacred Heart, Milan

      Ronda M. Smith-Nelson, University of Georgia

      Danny Soetanto, Lancaster University

      George T. Solomon, George Washington University

      Jason Stoner, Ohio University

      Diane McMeekin Sullivan, University of Dayton

      François Therin, University College of Media Arts and Sciences

      Neil Tocher, Idaho State University

      Kim O. Tokarski, Bern University of Applied Sciences

      Marcello Tonelli, Australian Centre for Entrepreneurship Research

      Asli Tuncay-Celikel, Isik University and University of Sussex

      Dale B. Tuttle, University of Michigan, Flint

      David Urbano, Autonomous University of Barcelona

      Christine K. Volkmann, University of Wuppertal

      Abram Walton, Purdue University

      David W. Williams, University of Tennessee

      Hannes Zacher, The University of Queensland

      Shuyi Zhang, Shanghai Finance University

      Roxanne Zolin, Queensland University of Technology


      What is more important to our society and economy than new and small businesses? Entrepreneurship and small businesses have been designated the engines of growth because they create new jobs, generate wealth, improve society, and have an enormous economic impact. Not only are small businesses responsible for the vast majority of new jobs; they also impact society through innovation. History shows us that entrepreneurs create the bulk of innovations as well as the majority of the breakthroughs that are the catalysts for major structural changes in the economy. Small businesses are critical and many individuals become entrepreneurs to pursue wealth creation, independence, personal fulfillment, or even escape a bad situation. Vast numbers of individuals around the globe engage in entrepreneurial activity, and estimates from the Global Entrepreneurship Monitor at Babson College indicate that more than 8 percent of the U.S. population is engaged in entrepreneurial activity. These aspects of entrepreneurship make it a fascinating topic, but many argue that we have only begun to scratch the surface of understanding. Indeed, new venture management is an important and popular topic, but what do we truly know?

      Surging Interest

      Entrepreneurs and exciting new businesses have become the center of attention, spurring our imagination and the thought of what can be possible. Increasingly, ambitious risk-taking young men and women dream of starting a new venture rather than rising through the seemingly ruthless corporate ranks. Many individuals think of business ownership as putting their fate in their own hands, and it appears much more attractive than placing their career in the hands of the established firm—known for disloyalty and downsizing. The degree of interest in entrepreneurship among high school and college students alike is surging. Almost every university has a growing number of new venture management courses and accompanying business plan competitions in efforts to match theory and practice. Courses, majors, and doctorate programs have gained great popularity as increasing numbers of students want to participate in and understand entrepreneurship and how to effectively manage new ventures in today's dynamic environment.

      How to think and act entrepreneurially is of paramount interest to the established organization, too. As new technology allows for new possibilities and customer preferences change, large firms have come to the realization that today's competitive advantage is not a long-term guarantee for success. The ability to be proactive, creative, and think and act entrepreneurially is almost a requirement for the modern-day organization. The primary instrument of competition for many firms is innovation, and to increase this capability, the origination must tap into a profound force—the creative power of its members. The goal in many leading organizations is continuous innovation in terms of new products, processes, or services, and the evidence suggests that there is much to learn from the study of entrepreneurship.

      This interest has generated significant demand for systematic knowledge about the distinctive features and promises of new venture management. Unfortunately, the supply of knowledge about new businesses and how to manage them effectively has not kept up with the increased demand. Unlike many other academic areas, entrepreneurship is a relatively young academic field of study. Much of what is known is fragmented, and our collective knowledge about opportunities, the resources and strategies used to exploit them, and the outcomes of the process is limited. What we do know is that new venture management is one of the most important topics for today's global economy and one approach does not fit all. Strategies that work in the early stages of venture development often do not produce the same results when the venture encounters new challenges and the need for reinvention. Despite the fact that many questions remain, the study of new venture management has come a long and fruitful way. The following paragraphs highlight the development of the field and where we find ourselves today.

      Synopsis of the Study of Entrepreneurship

      The study of entrepreneurship is multidisciplinary and has emerged from literature spanning economics, education, management, psychology, sociology, and other fields. Joseph Schumpeter is widely accepted as the founding father of entrepreneurship theory. He emphasized entrepreneurship as a process of driving out innovation through new combinations. The bulk of early entrepreneurship research focused on whether entrepreneurs were unique from the general population. This research, grounded in psychology, regarded entrepreneurship as a function of stable characteristics possessed by some people and not others. A number of studies seemed to offer some justification for this view, as motivation, higher needs for achievement, and a high tolerance for risk taking were found to differentiate entrepreneurs from nonentrepreneurs.

      However, not all of these studies found entrepreneurs to be distinctive. This research stream on how entrepreneurs are unique and different from the general population, termed trait research, came under harsh criticism. A premise of this personality perspective is the notion that certain individuals have a unique set of inherent, stable, and enduring personality characteristics that predispose them to entrepreneurial activity. William Gartner's 1985 article “‘Who Is an Entrepreneur?’ Is the Wrong Question” marked a turning point and led to a paradigm shift and the integration of a behavioral perspective. From the behavioral perspective, entrepreneurship is a set of activities involved in organization creation, whereas in trait approaches the focus is the entrepreneur as a set of personality characteristics. The behavioral approach concentrates on what entrepreneurs do rather than who they are and considers the evolutionary process of venture creation. Today the process nature of entrepreneurship is well recognized. Alert individuals, called entrepreneurs, identify opportunities and develop ideas for how to exploit them by developing new products or services. Therefore, venture creation may be viewed as a process beginning with opportunity identification, then exploitation, and finally venture outcomes: innovation, job creation, or less attractive outcomes such as bankruptcy.

      Scott Shane, of Case Western University, has contributed heavily to the field of entrepreneurship and points out that a pure individual process orientation will not lead to a comprehensive understanding either. People engage in entrepreneurial activity at particular points in time and in response to specific situations, making it impossible to account for entrepreneurship by examining the individual alone, and contextual aspects should not be overlooked. For example, some scholars have approached the study of entrepreneurship by focusing on the environment. This school of thought has explored what environmental aspect explains entrepreneurial activity in terms of new firm formation, technology change, and industry dynamics. While valuable, much of this research ignores the human agent.

      Without doubt, entrepreneurship is a self-directed activity and cannot occur spontaneously through technology or social change alone. Both the environment-centric and individual-centric approaches are valuable, and each contributes to the academic field of entrepreneurship, although little research is available integrating both approaches. The field will benefit from comprehensive approaches that integrate individual and environmental effects. Future research endeavors will undoubtedly combine these perspectives as we continue to develop our knowledge of new venture management.

      Growth of the Academic Field

      The academic field of entrepreneurship is now well established and continues to grow. Jerome Katz of St. Louis University examined the development of the field in terms of peer-reviewed journals, endowed professorships, and academic programs. In less than a decade, the number of entrepreneurship journals listed on the Social Sciences Citation Index (SSCI), a database that covers the world's leading journals across many disciplines, has grown from four journals to eleven. The fact that SSCI and the other major indexing services include a growing number of entrepreneurship journals shows the growth in acceptance of entrepreneurship as a field of study. Endowed professors in entrepreneurship have also increased in number. Endowed professors, as the name implies, are the top performers in their field and represent outstanding leaders in the academic discipline. In just about 10 years' time, the number of endowed chairs in entrepreneurship or small business management at U.S. colleges grew by more than 300 percent, to 406 positions in 2004.

      The pattern of growth in terms of journals and professorships, however, may not match the extent of growth in academic programs. Almost every university offers entrepreneurship and small business management programs at the undergraduate level, as the demand is immense. Today, more than twelve universities offer organized doctorate programs specific to entrepreneurship, and more are needed as the need for entrepreneurship faculty grows.

      The Encyclopedia

      The purpose of this text is to offer a comprehensive set of articles on the body of knowledge in the field of new venture management—or entrepreneurship. While much progress has been made and we continue to increase our understanding of entrepreneurship, the reality is that much of this knowledge is fragmented. What we know about entrepreneurial opportunities, the people who pursue them, the skills and strategies used to exploit them, the environmental conditions that affect this activity, and how to promote the positive outcomes of entrepreneurship and small business is difficult to find in any one text.

      The Encyclopedia of New Venture Management is an effort to bring together an important collection of articles and increase understanding for scholars, practitioners, educators, and students alike. This volume contains more than 190 carefully selected contributions, and each entry focuses on a specific aspect of new venture management. The authors are leading academic experts on their specific topics and from a diversity of fields. The rapidly increasing literature surrounding new venture management is characterized by a multitude of perspectives that cut across specializations and disciplines. It is essential to bring these diverse concepts, theories, and approaches to new venture management together in one place. While numerous questions remain and the importance of continued research cannot be overemphasized, this volume summarizes what is currently known about entrepreneurship and new venture management.

      Few fields are as important or capture the attention of society like entrepreneurship. I hope that the Encyclopedia of New Venture Management helps map out, explain, and challenge our collective thinking as the field continues to grow.

      Matthew R.MarvelEditor



      The U.S. Congress passes the Patent Act, creating the modern patent system by providing inventors with the sole right to make and sell patented inventions (which originally applied for 14 years following grant of the patent).


      The Paris Convention for the Protection of Industrial Property is signed by 11 countries (currently 173 countries are parties to the convention), signifying that patents granted in one of the signatories will be honored by the others.


      Booker T. Washington, with the support of Andrew Carnegie, founds the National Negro Business League in Boston, Massachusetts. The league's founding coincides with a “buy black” movement, and the number of African American enterprises in the United States approximately doubles between 1900 and 1910.


      The first master of business administration (MBA) program in the United States is founded at Harvard University.


      The Federal Reserve system is established in the United States, creating the modern central banking system.


      Alex Faickney Osborn founds the U.S. advertising agency BBDO, where he will develop the technique of brainstorming, which is popularized through several Osborn publications in the late 1940s and 1950s.


      In the wake of the stock market crash, the U.S. government passes the Securities Act of 1933, which is the first federal effort to regulate the securities trade, a matter previously left primarily to state laws. The law's main reforms are that potential investors must receive significant information about securities offered for public sale and that fraud and misrepresentation are prohibited in such sales.

      The U.S. Congress passes the Glass-Steagall Act, also known as the Banking Act of 1933, which establishes the Federal Deposit Insurance Corporation (FDIC), allows Federal Reserve interest rates on savings accounts, and establishes a separation between depository and investment banks.


      The Radio Research Project, a research organization funded by the Rockefeller Foundation to look at the societal effects of the mass media, is created at Princeton University. In 1939 it moves to Columbia University and in 1944 is renamed the Bureau of Applied Social Research. Among his many accomplishments, Robert K. Merton develops the use of focus groups for research while serving as head of the bureau.


      Hewlett-Packard, created by two electrical engineers (Bill Hewlett and Dave Packard) from Stanford University, is founded in Palo Alto, California.


      The University of Chicago establishes the first master of business administration (MBA) program for working professionals, often dubbed the “executive MBA.”


      The World Bank and International Monetary Fund are established during the Bretton Woods Conference, a gathering of representatives from Allied nations seeking to establish economic order after World War II.


      The first venture capital firms in the United States are founded: J. H. Whitney & Company and American Research and Development Corporation.


      Professor Myles Mace delivers his first lecture on entrepreneurship at Harvard University.

      Texas Instruments is founded by Cecil Green, J. Erik Johnsson, Patrick Haggerty, and Eugene McDermott to manufacture transistors (recently discovered at Bell Labs).


      The General Agreement on Tariffs and Trade (GATT) is formed to regulate international trade and to facilitate tariff reduction.


      The Stanford Industrial Park, now known as the Stanford Research Park, is built on land owned by Stanford University and becomes the first university-owned industrial park (and perhaps the first technology-focused office park as well). It is home to companies including Lockheed and General Electric and plays a key role in the development of Silicon Valley.


      The Small Business Administration (SBA), an agency of the federal government, is founded to provide support for small business in the United States.


      The Creative Education Foundation is founded by Alex Faickney Osborn (who also founded the advertising agency BBDO) with the goal of teaching children and adults to be more creative. The first Creative Problem Solving Institute (CPSI) is held the same year and has been held annually since.


      William Shockley founds the Shockley Semiconductor Laboratory to develop silicon transistors.


      Toyota enters the American car market. The company's first U.S. model, the Toyotapet, is not popular, but the gas crisis of the early 1970s creates consumer interest in the more fuel-efficient cars produced by Toyota and other Japanese manufacturers.

      INSEAD, a graduate school with campuses in Europe, Asia, and the Middle East, is founded and offers the first master of business administration (MBA) program in Europe.


      The Area Redevelopment Act, which offers low-interest business loans intended to foster job creation in declining communities in the United States, is signed by President John F. Kennedy; the program is shut down two years later.


      The sociologist E. M. Rogers publishes Diffusion of Innovations, a seminal work in the field. In it, he identifies four elements that influence the spread of a novel idea: the innovation itself, communication channels, time, and the social system in place.


      As part of the Equal Opportunity Act intended to fight poverty in the United States, the Community Action Plan (CAP) fosters the creation of community action agencies (CAAs), which provide programs intended to empower poor Americans, including job training and administration of Head Start preschool programs.

      Economist Gary S. Becker publishes Human Capital, which popularizes the concept that one can invest in human capital (through education and training, for example) and that the investment can yield returns through increased productivity.


      The first message is sent over the Advanced Research Projects Agency Network (ARPANET), a precursor to the Internet.


      A series of newspaper articles uses the term “Silicon Valley” to describe the Santa Clara Valley and surrounding area as the home of many semiconductor and computer companies.

      Southwest Airlines begins operation as Air Southwest under a business model that is novel for airlines; it includes providing service to limited areas, using mainly secondary airports, and using only a single type of aircraft, the Boeing 737. Southwest also introduces other innovations, including unreserved seating, lack of in-flight entertainment, and limited food and beverage service.

      Intel introduces the first single-chip microprocessor, the Intel 4004.


      The venture capital firm Sequoia Capital is founded; among the companies funded by Sequoia are Atari, Apple, Google, Cisco, Yahoo! and PayPal.


      The National Venture Capital Association (NVCA), a trade group representing the interests of the venture capital industry, is founded in the United States.

      An oil embargo by Arab members of the Organization of Petroleum Exporting Countries (OPEC) plus Egypt, Syria, and Tunisia sparks a gas shortage in the United States and creates an interest in more fuel-efficient vehicles.


      The National Association of Women Business Owners (NAWBO) is founded in Washington, D.C., to further the interests of women business owners. Participation in NAWBO grows to more than 80 chapters and 7,000 members by 2010.

      Microsoft Corporation is founded by Bill Gates and Paul Allen.


      Muhammad Yunus founds the Grameen Bank in Bangladesh to provide microcredit (very small loans) to the poor.

      Apple Computer Inc. (now Apple Inc.) is founded in Cupertino, California, by Steve Jobs, Steve Wozniak, and Ronald Wayne.


      The U.S. labor department modifies the Employee Retirement Income Security Act (ERISA) to allow corporate pension funds to invest in riskier ventures, freeing up a great deal of money for venture capital investment.


      Sony introduces the Walkman, a portable media player that enables people to listen to cassette tapes through headphones.

      Daniel Kahneman and Amos Tversky publish “Prospect Theory: An Analysis of Decision Under Risk,” which applies knowledge from cognitive psychology to explain why observed economic behavior often diverges from that predicted by assumptions of rationality. Kahneman will be awarded the Nobel Prize in 2002 for his work in this field (Tversky died in 1996 and was thus not eligible for the award).

      VisiCalc, the first spreadsheet application for personal computers, is released and proves to be a “killer app” (an application that is so popular people will buy hardware to enable them to use it). It is believed to greatly increase the sales of Apple computers.


      In the United States, 35 states adopt enterprise zones, which provide tax breaks to businesses that are willing to locate in poor communities.


      The scanning tunneling microscope (SCM), an early application of nanotechnology, is created. Physicists Gerd Binnig and Heinrich Rohrer will be awarded the Nobel Prize in 1986 for their contributions to this effort.

      The Economic Recovery Act of 1981 is signed into law by U.S. President Ronald Reagan; meant to encourage economic growth, it reduces marginal income taxes, estate taxes, and capital gains taxes; expands provisions for employee stock ownership plans; and increases the number of people eligible to establish individual retirement accounts.

      Psychologist Albert Bandura performs the Bobo doll experiment, which establishes that children are more likely to behave aggressively if they are exposed to a model who behaves aggressively, particularly if the model is of the same gender. This lends support to Bandura's social learning theory, which states that people can learn behavior by observing it in their environment.

      IBM introduces the personal computer, or PC, which uses many off-the-shelf components to reduce costs and a copyrighted operating system intended to prevent competitors from building compatible computers.


      The first compact disc (CD) is released in Japan. The discs, as well as CD players, are released in the United States in 1983.


      Apple Computer launches the Macintosh computer, in part through a famous commercial aired during the Super Bowl that posits Apple as a force of freedom in an otherwise dystopian future.

      The Jeep Cherokee, the first modern sports utility vehicle (SUV), is introduced to the U.S. market. This type of vehicle proves to be hugely popular with customers and profitable for auto manufacturers until the late years of the first decade of the 21st century, when rising fuel prices and the economic crisis make SUVs less attractive to consumers and damage sales.


      Microsoft releases Microsoft Windows, a computer operating system with graphical access, which will come to dominate the market.


      Robert G. Cooper publishes Winning at New Products, a book that describes the stage-gate process of product development.


      Hummer Winblad Venture Partners, the first venture capital fund, is founded; it invests exclusively in software companies.


      In the United States, the Reigle Community Development and Regulatory Improvement Act establishes the concept of community development financial institutions (CDFIs) to provide credit and other financial services to populations otherwise underserved, and also provides federal funding for CDFI programs.

      The online retailer Amazon is founded by Jeff Bezos in Seattle, originally as an online bookstore.


      The World Trade Organization (WTO) is founded; it provides a framework for international trade agreements and hears disputes between participating countries.

      Pierre Omidyar founds the online auction Website eBay, which facilitates buying and selling, sometimes of quite obscure items (reportedly one of the first items sold was a broken laser pointer); transactions occur among individuals who do not necessarily know each other and who may be in far-removed geographic locations.


      Google begins as a research product by two students at Stanford University, Larry Page and Sergey Brin, to create a search engine that ranks results based on the relevance or importance of each Website. The company is incorporated in 1998 and has its initial public offering in 2004.


      Toyota introduces the Prius in Japan, making it the first mass-produced hybrid electric automobile on the market. The Prius is introduced worldwide in 2001; its largest current market is the United States.


      PayPal, a company that developed a system allowing money to be exchanged over the Internet, greatly facilitates the growth of online commerce. In 2002, PayPal becomes a wholly owned subsidiary of eBay.


      The Gramm-Leach-Bailey Act repeals some provisions of the Glass-Steagall Act of 1933, including removing the legal separation between depository banks and investment banks.

      Shawn Fanning creates the peer-to-peer file-sharing program Napster. Although it remains in operation for only three years (due to copyright violations), Napster establishes the feasibility of distributing music electronically.

      The Global Entrepreneurship Monitor (GEM) is established as a partnership between Babson and London Business School to study entrepreneurship at the national level.


      Apple Computer introduces the iPod, a portable media player.


      The social networking service Friendster is founded in California by Jonathan Abrams, Peter Chin, and Dave Lee. Friendster is among the first services to allow users to browse user profiles and thus increase their circle of acquaintances; predating Myspace and Facebook, Friendster enjoys wide initial success. Although it is later surpassed in the United States by Facebook, it retains a strong presence in Asia.

      Richard Florida publishes The Rise of the Creative Class, which argues that economic development in urban areas is best accomplished not by large, single projects such as sports stadiums but by cultivating the presence of creative individuals, including artists, musicians, and high-tech workers, who will attract businesses and capital investment as well as other creative people.


      Myspace, a social networking service, is created in California partly in imitation of Friendster. It becomes the most popular social networking service until later surpassed by Facebook.


      Mark Zuckerberg and colleagues found Facebook, a social networking service and Website that, as of 2009, will become the most widely used social network in the world.


      The video-sharing Website YouTube is created by Chad Hurley, Steve Chen, and Jawed Karim in San Mateo, California, with financing from Sequoia Capital.


      Chris Anderson publishes The Long Tail: Why the Future of Business Is Selling Less of More, which elaborates on ideas he put forth in a 2004 Wired magazine article. Anderson argues that the future lies in selling relatively small numbers of items for people with highly specialized tastes, a process facilitated by the availability of the Internet and other means of electronic communications.


      Groupon, a Website offering discounted gift certificates, is founded in November in Chicago; by 2010 it has expanded to over 200 cities worldwide.

      Lehman Brothers, a financial services firm headquartered in New York City, declares bankruptcy.

      Kickstarter, a Website that facilitates crowd funding of creative projects and small business projects, is founded.

      Apple Computer opens the online App Store to sell and distribute applications for Apple products, including the iPhone, iPod, and iPad. In January 2011, the 10 billionth application is downloaded.


      Inside Job, a film about the U.S. financial crisis directed by Charles Ferguson, wins the Academy Award for Best Documentary.

      Michael Lewis's book The Big Short, which analyzes the U.S. financial crisis, is a New York Times bestseller.


      The professional and social networking site LinkedIn goes public in May.

      Angle's List, an online consumer recommendations site, goes public in November.


      The National Venture Capital Association and PricewaterhouseCoopers report that venture capital investments in New York rose 64.3 percent since 2010, much faster than California's 24.4 percent.

      Sarah E.BoslaughKennesaw State University
    • Glossary

      Adjective test list: A psychological test developed by Harrison G. Gough and Alfred B. Heilbrun intended to identify the personality traits of an individual; as the name suggests, the test is administered by having subjects select adjectives from a list of traits they believe describe themselves.

      Agency theory: Part of contract theory, agency theory uses asymmetric informative game theory to analyze the relationships that arise when principals (one or more individuals) hire agents (other individuals) to perform a service and give the agents decision-making authority, with the principal rewarding the agents based on the quality and quantity of services. In such situations, all individuals may not have access to the same information, and it may be assumed that they have different interests that will come into conflict: for instance, the principal wants to maximize his wealth, whereas the agent wants to maximize his compensation.

      American factfinder: A Website, http://factfinder.census.gov, maintained by the U.S. Census Bureau which provides demographic and economic data by geographic area.

      Barriers to entry: Obstacles that prevent or impede the entry of competitors into a market; examples include capital requirements, government regulation, high demands for education or skills, and economies of scale that favor large, established firms.

      Brainstorming: A method of creative problem solving developed by Alex Faickney Osborn. Brainstorming, often used in groups, focuses on generating a large number of ideas while withholding critical judgment of them, and combining and improving ideas before evaluating whether they will work for the problem at hand.

      Compatibility: One of the characteristics that influence how quickly an innovation is adopted; it has two aspects, compatibility in terms of technical features (for instance, does software work with existing computer operating systems?) and social norms (for instance, a food product containing pork would be unlikely to achieve widespread adoption in a region where the population is predominantly Muslim).

      Complexity: One of the characteristics that influence how quickly an innovation is adopted: generally, innovations that are perceived as easy to implement and integrate with existing structures and products will be accepted more quickly, whereas those perceived as difficult or complex will be adopted more slowly.

      Cooperative growth: A hybrid type of growth of an enterprise through the use of networks and individual relationships to acquire and employ complementary resources.

      Corporation: A formal business entity, governed by corporate law, that has some rights and responsibilities analogous to those of human persons (for instance, they can be convicted of criminal offenses) and that offers shareholders the protection of limited liability, meaning that if the corporation goes bankrupt the shareholders cannot be held liable (beyond their investment in the corporation) for the corporation's debt.

      Creative class: A term developed by the economist Richard Florida to designate creative professionals in a variety of occupations, including marketing, scientific research, engineering, and accounting and finance, as well as art and music. Florida argues that creativity should be fostered because it leads to continuing economic growth.

      Doing Business: A program of the World Bank Group, founded in 2002, that analyzes the regulatory environments applicable to domestic small- and medium-sized businesses in 183 economies around the world.

      Employee life cycle: The path of an employee through an organization from initial contact (for instance, when the employee inquires about a job opportunity) to departure (for instance, to go to another job).

      Entrepreneurial orientation: A construct, developed by Danny Miller and refined by Jeffrey Covin and Dennis Slevin, that characterizes the degree to which an organization is entrepreneurial or conservative. Dimensions of entrepreneurial orientation include innovativeness (a tendency toward new ideas and experimentation), proactiveness (a tendency to anticipate and act on future needs or wants), and risk taking (the willingness to commit resources to projects whose outcome is unknown and whose cost of failure may be high). G. T. Lumpkin and Gregory Dess add two more dimensions: competitive aggressiveness (the willingness and capability to engage in intense, head-to-head posturing) and autonomy (the ability and desire to act independently and with self-direction).

      Evolutionary economics: An economic perspective that considers a firm as analogous to a biological organism, which can grow and adapt, with varying abilities to make the changes necessary to survive in changing environments. This theory also identifies stages of firm growth similar to stages of human development; moving through each requires dealing with a specific type of crisis.

      Executive summary: A brief summary (from less than a page to a few pages) written in plain English that summarizes the main points of some document, such as a business plan or technical report.

      Expectancy theory: A psychological theory stating that behavior is at least partly governed by expected outcomes; for instance, if an employee feels that hard work will lead to results, which in turn will lead to rewards (such as a raise), that employee is more likely to put forth effort on a project.

      Expertise: A combination of knowledge, skill, and experience appropriate to a given domain that facilitates high performance in that domain.

      External growth: Growth of an enterprise by non-organic means, most often mergers and acquisitions.

      Family business: A business in which the founding family owns at least 50 percent of equity and members of the founding family (related through blood, marriage, or adoption) hold management positions in the company or sit on its board of directors. In the United States, family businesses generate about 78 percent of all new job creation and 60 percent of total employment.

      Focus group: A research technique in which a group of people are asked to give their opinions about or reactions to a product or other subject of interest.

      Franchise: A type of business in which the owner pays a fee for the right to replicate a business model, benefiting from name recognition of the business and a proven business model; examples of franchises in the United States include McDonald's (fast food), Great Clips (hair salons), and 7-Eleven (convenience stores).

      Geographic information systems (GIS): A set of technologies that aid in the analysis and display of information linked to specific geographic locations.

      Global Entrepreneurship Monitor (GEM): A research program, founded as a collaboration between Babson College and the London Business School, that evaluates the national level of entrepreneurial activity in (as of 2009) 56 countries.

      Human capital theory: A theory formulated by Gary Becker that argues that investment in human capital, such as education and experience, may lead to an increase in productivity.

      Import/export: A type of business that specializes in purchasing goods in one market for distribution in another, buying the goods from manufacturers (foreign or domestic), and reselling them on the import/export firm's own account.

      Incoterms: Standing for “international commercial terms,” terms of sale widely used in international commercial transactions. Examples include free on board (FOB), cost, insurance and freight (CIF), and delivered at frontier (DAF).

      Industrial-organizational psychology: Also known as I-O psychology, a branch of psychology concerned with behavior in organizations and workplaces.

      Initial public offering (IPO): The first time a company issues common stock to the general public.

      Innovation diffusion: The process by which an innovation (such as a new product or service) is communicated to and adopted by potential users. The pattern of diffusion of innovation has been formally studied since at least the 1960s and tends to follow an S-curve (in terms of cumulative percentage of adoption) and a normal distribution (in terms of the numbers of users who take up the innovation over time).

      KSAOs: An abbreviation for “knowledge, skills, abilities, and other characteristics,” categories used to aid in specifying the qualifications required to do a particular job.

      Locus of control: A concept in social psychology that classifies people according to how much control they feel they have over their lives, including their success or failure at specific tasks. People with a high internal locus of control believe that outcomes are based primarily on their own behavior; those with a high external locus of control believe that outside factors are more responsible for outcomes.

      Management information system (MIS): A system for collecting, storing, and using information to support the goals of a company.

      Market creation: Creating a new market for a product or service, a process that often coincides with technical innovations. Examples of successful new market creation include cell phones and applications for them, video games, and online auctions.

      Mentalist theory: A type of cognition theory that argues that people have mental representations of themselves that help guide their behavior; for instance, a person with a mental image of herself as an innovative person would be predicted to be more likely to act on a new business opportunity.

      National Association of Women Business Owners (NAWBO): An organization founded in Washington, D.C., in 1975 to further the interests of women business owners. As of 2009, it had more than 80 chapters and 7,000 members and was affiliated with the international organization the World Association of Women Entrepreneurs (Les Femmes Chefs d'Enterprises Mondiales).

      New capabilities creation: A type of business opportunity in which a new capability offers a competitive advantage. Examples include the assembly line system of manufacturing adopted by the Ford Motor Company and the just-in-time manufacturing process, which Dell brought to the computer industry.

      Novice: Someone who lacks the skill, knowledge, and experience that constitute expertise in a field or domain.

      Observability: One of the characteristics that influence how quickly an innovation is adopted; products whose use or results are more visible are more likely to be adopted.

      On-boarding: A process intended to help a new employee acclimate to an organization; this may include an orientation process to communicate company policies and values and the use of a mentor to help the employee learn about formal and informal structures in an organization.

      Organic growth: Also known as “internal growth,” the growth of an enterprise based on its own strength and using its own internal resources.

      Patent thicket: Also known as a patent flood or patent cluster, a group of numerous related patents obtained deliberately to create a web of patents that serves as a protective barrier around a new technology; a patent thicket forces competitors to “hack through the thicket” in order to create competing new technology.

      Planning fallacy: A cognitive bias, first discussed by Daniel Kahneman and Amos Tversky, which leads individuals to make overly optimistic predictions about the time and resources required to complete a project.

      Primary data: Data gathered by the person who will use them—for instance, data collected from one's own business for use in a business plan or research data collected by the person who will also analyze the data.

      Process theory: A type of cognition theory that argues that people perceive and transform information differently, and that some styles of processing may predict better success in, for instance, new ventures.

      Product lifestyle management: An approach to product management which looks at the entire lifestyle of a product, from conception to disposal.

      Product/service market creation: Creating new products to market, often by creating unique functionality. Examples include sports utility vehicles (SUVs), energy drinks, and smart phones.

      Relative advantage: One of the characteristics that influence the rate of adoption of an innovation; it refers to the degree to which an innovation is perceived as better (on any dimension, including quality, price, and convenience) than other available competing products or services.

      Resource-based view (RBV): An approach to strategic management that states that a firm's competitive advantage rests on the ability to capitalize on resources, including both tangible and intangible assets.

      Retail markets: Markets in which products are sold directly to the consumer or end user, usually singly or in small quantities.

      Rural Policy Research Institute (RUPRI): A joint program of the University of Missouri, Iowa State University, and the University of Nebraska to collect and disseminate information and conduct research to inform public policy relating to rural areas.

      Secondary data: Data collected by someone other than the person who will use it—for instance, data collected by the federal government that may be cited in a business plan or analyzed for research purposes.

      Self-efficacy: A concept within social cognitive theory in psychology: if a person has high self-efficacy about a task, that person is more likely to attempt it, believing that he or she can accomplish it satisfactorily.

      Silicon Valley: A geographical area of California including the Santa Clara Valley south of San Francisco, which is home to many technology companies, including Apple, Oracle, Google, and Cisco; it was originally home to many silicon chip manufacturers and is often used to refer to the high-technology industry in general.

      SMART: An acronym describing characteristics of effective goals: specific, measurable, attainable, realistic/relevant, and time-based.

      Social entrepreneurship: The application of entrepreneurial principles in order to achieve social change.

      Stage-gate process: A method of product development in which the process is divided into a number of stages, each bounded by a gate; when a stage is complete, the decision is made whether to move on to the next stage or not.

      Stakeholders: A management term referring to all individuals and groups that have an interest in an organization's actions or policies and may be directly or indirectly affected by them.

      Technology opportunity creation: A type of business opportunity based on a product that can do tasks in a revolutionary manner. This type of innovation is often the focus of venture capital. Examples include Velcro and Super Glue.

      Time management: A set of techniques used to manage time in order to accomplish particular tasks or goals more efficiently.

      Torrance Test of Creative Thinking: A series of tests developed by Ellis Paul Torrance, based in part on the work of Joy Paul Gilford, which are used to assess different aspects of creativity, including fluency, elaboration, and originality.

      Triability: One of the characteristics that influence how quickly an innovation is adopted. A product that can be tried at low risk and low cost (as in the free trial periods that some software products offer) is more likely to be rapidly adopted.

      TRIZ: A collection of problem-solving tools developed in 1946 by the Russian engineer Genrich Altshuller and colleagues; in English, the method is sometimes called TIPS, for Theory of Inventive Problem Solving. The TRIZ technique focuses on solving technical contradictions, focusing on the desired result rather than the current situation, functionality rather than solutions, and maximizing the use of all elements of the project.

      Value proposition creation: A type of business opportunity in which a new value proposition is applied to existing services or products. An example is Southwest Airlines, which offered efficient and friendly airline travel at low cost for a market that did not value services (such as the right to have a reserved seat) that were built into other airlines' cost structures.

      Virtual prototyping: A technique used in product development in which a virtual model of the product is created and tested using computer software before an actual physical prototype is created.

      Wholesale markets: Markets in which goods are sold, usually in large quantities, to retailers or business users rather than directly to consumers.

      Sarah E.BoslaughKennesaw State University

      Resource Guide


      Anderson, John. Language, Memory and Thought. Hillsdale, NJ: Erlbaum, 1976.

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      Carsrud, Alan and Malin Brännback, eds. Understanding the Entrepreneurial Mind: Opening the Black Box. New York: Springer-Verlag, 2009.

      Christensen, Clayton M. The Innovator's Dilemma: When New Technologies Cause Great Firms to Fall. Boston: Harvard Business School Press, 1997.

      Csíkszentmihályi, Mihály. Flow: The Psychology of Optimal Experience. New York: Harper & Row, 1990.

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      Academy of Management Journal

      Administrative Science Quarterly

      American Economic Review

      American Psychologist

      Annual Review of Psychology

      Atlanta Business Chronicle

      Business Horizons

      California Management Review

      Cambridge Journal of Economics

      Education + Training


      Entrepreneurship Theory and Practice

      Environment and Planning A

      European Journal of Information Systems

      European Planning Studies

      Family Business Review

      Franchising World

      Harvard Business Review

      Human Communication Research

      International Journal of Auditing

      International Journal of Gender and Entrepreneurship

      Journal of American Academy of Business

      Journal of Applied Psychology

      Journal of Business Research

      Journal of Business Venturing

      Journal of Finance

      Journal of Financial Economics

      Journal of Information Science

      Journal of Law and Economics

      Journal of Management

      Journal of Marketing Channels

      Journal of Personality and Social Psychology

      Journal of Small Business and Enterprise Development

      Journal of Technology Transfer

      Management Communication Quarterly

      Management Research News

      Organization Science

      Organization Studies

      Organizational Behavior and Human Decision Processes

      Pacific-Basin Finance Journal

      Psychology and Marketing

      Qualitative Health Research

      Review of Quantitative Finance and Accounting

      Small Business Economics

      Small Enterprise Research

      Social Psychology Quarterly

      Strategic Management Journal

      Technology Analysis and Strategic Management


      Venture Capital


      American Association of Franchisees and Dealers: http://www.aafd.org

      Angel Capital Education Foundation: http://www.angelcapitaleducation.org

      Better Business Bureau: http://us.bbb.org

      BizBuySell: http://www.bizbuysell.com

      Bizwomen: http://www.bizwomen.com

      Brandweek: http://www.brandweek.com

      Diana Project International: http://www.dianaproject.org

      Direct Marketing Association: http://www.the-dma.org

      http://Entrepreneur.com: http://www.entrepreneur.com

      Entrepreneur Connect: http://econnect.entrepreneur.com

      http://Fambiz.com: http://www.fambiz.com

      Franchise Expo: http://www.franchiseexpo.com

      http://Franchise.com: http://www.franchise.com

      Hoover's: http://www.hoovers.com

      Kauffman Foundation: http://www.kauffman.org

      Small Business Administration: http://www.sba.gov

      Survey of Current Business: http://www.bea.gov/scb

      http://TradePub.com: http://www.tradepub.com

      U.S. Department of Labor, Office of Small Business Programs: http://www.dol.gov/osbp

      VentureDeal: http://www.venturedeal.com

      http://WomenEntrepreneur.com: http://www.womenentrepreneur.com

      World Business Angel Association: http://www.wbaa.biz


      The following selected Websites, along with editorial commentary, are provided for further research in new venture management.

      Center for the Advancement of Social Entrepreneurship, Duke University Fuqua School of Business


      The Center for the Advancement of Social Entrepreneurship (CASE), based at the Fuqua School of Business of Duke University, is a research and education center focused on social entrepreneurship, defined (on the CASE Website) as “the process of recognizing and resourcefully pursuing opportunities to create social value.” CASE was cofounded by J. Gregory Dees and Paul N. Bloom and seeks “to bridge the gap between business and the social sector, and between theory and practice, so that knowledge will be translated effective for use by front-line social entrepreneurs, nonprofit leaders, and philanthropists. CASE is also committed to building credibility for this field in academia.”

      Information available on the CASE Website falls into the following categories: information about CASE and related programs at Duke University, information and resources related to social entrepreneurship in general, and archives of previous CASE events (including video presentations by social entrepreneurs such as Martin Eakes, Jordan Kassalow, and Jacqueline Novogratz). The Website also aggregates news about CASE and related topics and provides a list of upcoming events, and the CASE blog “CASE Notes” (http://blogs.fuqua.duke.edu/casenotes) provides more informal notes about CASE and about social entrepreneurship in general.

      The “Knowledge & Resources” section of the Website will be the most useful for those with a general interest in social entrepreneurship. Most of the resources in this section are related to CASE projects, knowledge development, and knowledge dissemination, and they are organized into six categories: the concept and process of social entrepreneurship, economic strategies for social impact, scaling social impact, social entrepreneurship case studies, Fuqua faculty research projects, and CASE working papers. Within each category, the Website provides a variety of information, from topic overviews intended for the novice to links to articles, book chapters, bibliographies, and other resources for scholars; many of the documents are available for free download. The case study section includes links to case studies, which can be downloaded for free in PDF format, on social entrepreneurship projects (31 as of 2011) authored or coauthored by CASE faculty. Two additional sections provide information about general social entrepreneurship resources (e.g., links to other organizations involved in social entrepreneurship, and publications relating to social entrepreneurship), and community resources (information for the general public who are interested in social entrepreneurship and/or the CASE program).

      The Website also includes information about educational opportunities available in social entrepreneurship at Duke, through the CASE and other parts of the university. Some of this information will also be useful to those with a more general interest in social entrepreneurship or who teach or study at other universities; for instance, syllabi for many courses related to social entrepreneurship, links to information about volunteer and internship opportunities, and information about careers in social entrepreneurship.

      European Private Equity and Venture Capital Association


      The European Private Equity and Venture Capital Association (EVCA), founded in 1983, is a nonprofit trade association that, according to its Website, “represents, promotes and protects the interest of the European private equity and venture capital industry” and whose goal is “to create a more favorable environment for equity investment and entrepreneurship.” Based in Brussels, Belgium, the EVCA has over 1,200 European members and works in five main areas: representing the European private equity and venture capital industry, including engaging in dialogue with regulatory bodies and policy institutions; raising professional standards; providing networking opportunities through various events and workshops; enhancing professional development through training courses; and conducting and commissioning research, publishing quarterly and annual statistics on industry activity and performance, and maintaining a library of industry data and information.

      Basic information about many issues of interest to those involved with venture capital (particularly in a European context) is available on the EVCA Website, and often this introductory information also includes links to white papers and other, more in-depth, treatments of the same issues. EVCA position statements for the years 2002–11 are available for free download; many of these are responses to current events, such as the European Union's 2003 Pension Funds Directive, or comments on the European Union's 2009 recommendations regarding SME (micro, small, or medium-sized enterprises) and how they would affect venture-backed companies. The EVCA updates (published three times per year) on tax and legal issues affecting the European private and venture capital industry are available for free download. Links to executive summaries and the full text of many research papers are also provided. Information about EVCA surveys is also available on the Website, as are issues of the EVCA Barometer, a monthly publication that presents information about an industry sector (e.g., life sciences, energy, and environment) based on EVCA surveys.

      The EVCA “Toolbox” also provides both elementary and more advanced information about venture capital issues. This includes a glossary of terms, information about industry standards (including a downloadable copy of the June 2011 EVCA Handbook: The Professional Standards for Private Equity and Venture Capital), and a tutorial introduction to private equity, including downloadable copies of the EVCA special paper “Guide on Private Equity and Venture Capital for Entrepreneurs” and the European Commission's “Report of the Alternative Investment Expert Group: Developing European Private Equity.”

      New Ventures: Entrepreneurship. Environment. Emerging Media.


      New Ventures, founded in 1999, is a center for environmental entrepreneurship within the World Resources Institute, a global environmental think tank based in Washington, D.C. The mission of New Ventures, according to its Website, is “to empower environmental entrepreneurs in emerging markets to develop market-based solutions that protect Earth's environment and its capacity to provide for current and future generations.” New Ventures accomplishes these goals by “providing business development services to environmentally focused small and medium enterprises (SMEs) in emerging markets” and “addresses the key barriers to ‘green’ entrepreneurial growth by building in-country support networks for environmental enterprises and increasing their access to finance.”

      New Ventures has five key areas of interest: people and ecosystems (concerned with reversing environmental degradation and ensuring the environment's capacity to support life in the future); climate change (concerned with preventing further damage to the global climate system and helping people and the natural world adapt to climate change); markets and enterprise (concerned with using enterprise and markets to expand economic opportunity while also protecting the environment); access (concerned with guaranteeing public access to information about the environment); and institutional excellence (supporting the World Resources Institute's ventures). New Ventures has local centers in Brazil, China, India, Colombia, Indonesia, and Mexico (each of which partners with a local organization) and has worked with 346 enterprises since 1999 and facilitated over $225 million in investment. Funding for New Ventures is provided by a variety of private and public donors, including the Alcoa Foundation, Morgan Stanley, the Rockefeller Foundation, the U.S. Department of State, and the Dutch Ministry of Foreign Affairs.

      The New Ventures Website provides basic information about environmental entrepreneurship but is mainly devoted to describing its own efforts in this field. Most useful is a searchable (by company, sector, environmental intent, and keyword) database of 80 of New Ventures' portfolio companies that provides basic and sometimes more detailed information about each enterprise. Examples of the types of companies listed in this database include Accura Bikes, an Indian company that manufactures and sells electric bikes (scooters); Beijing Kingbo Biotech, a Chinese company that produces herbal pesticides, insecticides, fertilizers, and herbicides (the herbal extracts are drawn from plants grown on the company's sustainable plantation in the Mongolian desert); Garper Energy Solutions, a Colombian company that measures and analyzes energy consumption to determine which energy-efficiency measures and equipment will be most useful; and T-Files Indonesia, an Indonesian company that develops turbines to generate energy from ocean and river currents.

      World Entrepreneurship Forum


      The World Entrepreneurship Forum (WEF) is a global think tank that includes entrepreneurs working in economics, politics, academia, and the social sciences. The WEF was founded by the EMLYON Business School (a European business school with branches in France and China) and KPMG, a Netherlands-based international professional services firm. In 2010, two additional founding members joined the WEF: Nanyang Technological University and the Action Community for Leadership, both located in Singapore. The WEF describes itself, according to its Website, as “a global community of entrepreneurs who aim at shaping the world of 2050 with an entrepreneurial vision, creating wealth and social justice.” The WEF has three aspects: a global think tank, an international network of entrepreneurs, and a center of expertise on entrepreneurship; it is currently (as of 2011) active in 55 countries.

      The WEF Website includes information about its activities as well as news and information of general interest to those involved in or studying entrepreneurship. The WEF's major activities are its annual meeting (the most recent was held in Singapore in November 2011); the junior forums (forums organized by students, which have been held in a number of countries, including France, China, India, Pakistan, Indonesia, Argentina, and Kenya); and forums held by local chapters of the WEF (two such forums were held in 2011, in Argentina and in Chile). Some materials from these forums are available online, including a video from the 2010 forum and the program of the 2011 Singapore forum, a downloadable PDF document that includes general information about entrepreneurship and the WEF as well as the specific program and speakers. WEF white papers from 2009, 2010, and 2011 are also available from the Website.

      The news section of the WEF Website aggregates information about entrepreneurial activity, including videos, news, professional articles, photographs, white papers, and press releases. The WEF also has a Twitter feed and a Facebook site that provide more information about its activities.

      Sarah E.BoslaughKennesaw State University
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