Table of Contents

Concise Guide to Entrepreneurship, Technology and Innovation

Concise Guide to Entrepreneurship, Technology and Innovation

Edited by David B. Audretsch, Christopher S. Hayter and Albert N. Link

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. Written by the top international scholars in their field, this book has an encyclopedic 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. Students of entrepreneurship, technology, and innovation as well as those who wish to have an introduction to the scope of this field of study will be benefit from this exemplary collection.


Edited by David B. Audretsch, Christopher S. Hayter and Albert N. Link

Subjects: business and management, entrepreneurship, organisational innovation, innovation and technology, organisational innovation

David B. Audretsch is a Distinguished Professor and Ameritech Chair of Economic Development at Indiana University, where he also serves as Director of the Institute for Development Strategies. He also is an Honorary Professor of Industrial Economics and Entrepreneurship at the WHU-Otto Beisheim School of Management in Germany, Honorary Professor at the Friedrich Schiller University of Jena in Germany and Research Fellow of the Centre for Economic Policy Research in London. He co-edits Small Business Economics: An Entrepreneurship Journal. Email:

Craig Boardman is Associate Professor in the John Glenn School of Public Affairs at the Ohio State University. He is also the Associate Director of the Battelle Center for Science & Technology Policy. Email:

Barry Bozeman is Arizona Centennial Professor of Technology Policy and Public Management and Director of the Center for Organization Research and Design at Arizona State University. His research focuses on science and technology policy, including research collaboration, innovation studies, research evaluation and technology transfer. Email:

Samantha R. Bradley is an economist in RTI International’s Food and Nutrition Policy Research Program. Her work includes conducting analyses of food policy issues, primarily by analyzing economic, survey response and scanner data. She specializes in applications of econometrics, and is also experienced in managing databases and conducting literature reviews. Email:

Andrew Burke is the Dean of Trinity Business School and the Chair of Business Studies at Trinity College, Dublin. Previously, he was the Bettany Chair and the founding Director of the Bettany Centre for Entrepreneurship at Cranfield School of Management. He was also a Board Member of Cranfield Ventures Limited – Cranfield University’s tech transfer unit. His research is focused on entrepreneurial performance; particularly relating to economics, strategic and financial determinants. Email:

p. x Uwe Cantner is Professor of Economics at the Friedrich Schiller University Jena (Germany) and at the University of Southern Denmark in Odense. His research is devoted to economics of innovation and entrepreneurship, evolutionary economics, industrial economics and behavioral economics. Among others he was President of the International Joseph A. Schumpeter Society from 2012 to 2014; he has served as Managing Editor of the Journal of Evolutionary Economics since 2002. Email:

Mark Casson is Professor of Economics and Director of the Centre for Institutional Performance at the University of Reading. His recent books include Entrepreneurship: Theory, Networks, History (2010) and The Entrepreneur in History (with Catherine Casson, 2013). He also publishes on international business and business and economic history. Email:

Stefano Cazzago is a Doctoral Student in Management at the Lundquist College of Business, University of Oregon. His primary research interests include social networks and innovation, with a focus on interorganizational networks from an ego perspective. His current research explores the effects of social networks on innovation. Email:

James A. Cunningham is a Professor of Strategic Management at Newcastle Business School at Northumbria University in the United Kingdom. His main research interests focus on scientists as principal investigators, scientific entrepreneurship, university technology transfer and entrepreneurial universities. Email:

Per Davidsson is Professor of Entrepreneurship at Queensland University of Technology and the Jonkoping International Business School. Recognized as a leading scholar on business startups and small firm growth, he is past Chair of the Entrepreneurship Division of the Academy of Management and Field Editor of the Journal of Business Venturing. Email:

Marc Deloof is Professor of Finance at the University of Antwerp. While he has a broad interest in the fields of corporate finance and corporate governance, his research focuses on entrepreneurial and small business finance and financial history. Email:

Alfredo De Massis is a tenured Full Professor who holds the Chair in Entrepreneurship and Family Business at Lancaster University Management School (UK) and is Director of the School’s Centre for Family Business. He currently serves as Chairman of the European Leadership Council of the Global STEP Project for Family Enterprising p. xiand his research has been published widely in leading academic and professional journals and books. Email:

Denise Dunlap is an Assistant Professor of International Business and Strategic Management at Northeastern University’s D’Amore McKim School of Business. She is an interdisciplinary scholar in the areas of innovation, entrepreneurship and international business whose work is well-recognized in practitioner contexts and scholarly journals. Her main research focuses on how global knowledge sourcing practices in developed countries and emerging markets matter for innovation. Email:

Will Geoghegan is an Assistant Professor in the Management Department of Syracuse University’s Martin J. Whitman School of Management. He received his PhD from National University of Ireland, Galway and his research interests pertain to strategic management, innovation, innovation systems, technology transfer and entrepreneurship. Email:

Vivek Ghosal is Professor at the School of Economics at Georgia Institute of Technology. His current research interests include: firm strategy and innovation; impact of environmental regulations on business strategy, innovation and firm reorganization; and firms’ decision-making under uncertainty. He holds visiting professorships at the European Business School (Germany) and joint OECD-Korea Development Institute School of Public Policy and Management (South Korea). Email:

Jürgen Hanssens holds a Master’s degree in Business Administration (specialization: corporate finance) from Ghent University. He is currently a PhD Researcher at Ghent University. His research focuses on entrepreneurial finance. Email:

Christopher S. Hayter is an Assistant Professor at the Arizona State University School of Public Affairs where he focuses on entrepreneurship, technology policy and the organization of higher education and science. He is affiliated with the Center for Organization Research and Design and the Center for Science, Technology, and Environmental Policy Studies, and has more than 15 years of experience as a policy practitioner. Email:

Monika Herzig is a Senior Lecturer in Arts Administration at Indiana University, the author of David Baker – A Legacy in Music and an active touring and recording jazz artist with numerous recordings to her credit. Her research focuses on jazz as a creative and living art form. More inforp. xiimation and sound samples at Email:

Andrew Kao is a Graduate Student Affiliate at the Center for Organization Research and Design. His research interest sits at the intersection of science and technology policy and organization theory, specifically in university research centers’ organizational strategies, technology transfer mechanism and interactive relations among laboratories from different sectors (government, private and university). Email:

Martin Kenney is a Professor in the Department of Human and Community Development and a Senior Project Director at the Berkeley Roundtable on the International Economy. He is an Editor at Research Policy and for a Stanford University Press book series on innovation in the global economy. He is currently a Visiting Researcher at ETLA, the Research Institute for the Finnish Economy. Email:

Donald F. Kuratko is the Jack M. Gill Distinguished Chair of Entrepreneurship; Professor of Entrepreneurship; Executive and Academic Director of the Johnson Center for Entrepreneurship & Innovation, Kelley School of Business, Indiana University Bloomington. His research focuses on entrepreneurship and corporate entrepreneurship with 180 journal articles and 30 books, including one of the leading entrepreneurship books, Entrepreneurship: Theory, Process, Practice, 9th edn (2014). Email:

Hans Landström is Professor in Entrepreneurship at Lund University, Sweden. He is co-founder of two research centers on entrepreneurship and innovation at Lund University: CIRCLE and the Sten K. Johnson Centre for Entrepreneurship. His research interests include entrepreneurial finance, venture capital and business angels, entrepreneurial learning and the history of entrepreneurship research. Email:

Erik E. Lehmann is a Full Professor of Management and Organization at Augsburg University, Germany and Director of the Master Program Global Business Management, and Applied Professor at Indiana University, Bloomington. His research is focused on the links between governance structures in family and entrepreneurial firms and regional knowledge spillover theory. He serves as an Associate Editor of Small Business Economics. His work has been published in leading academic journals including The Review of Finance, Research Policy, Entrepreneurship Theory and Practice, Journal of Economic Behavior & Organization and Journal of Technology Transfer, among others. Email:

p. xiii Dennis Patrick Leyden is Associate Professor of Economics at the University of North Carolina at Greensboro. His research focuses on entrepreneurship in both the public and private sector, and on the role and behavior of universities in furthering such entrepreneurial activity and its impact on innovation and economic development. Email:

Albert N. Link is the Virginia Batte Phillips Distinguished Professor at the University of North Carolina at Greensboro. His research focuses on technology and innovation policy, academic entrepreneurship, public sector entrepreneurship and the economics of R&D. He is also the Editor-in-Chief of the Journal of Technology Transfer. From 2007 to 2012, he served as the US Representative to the United Nations Economic Commission for Europe (Co-vice-chairperson of Team of Specialists on Innovation and Competitiveness Policies Initiative) in Geneva. Email:

Xiaohui Liu is Professor of International Business and Strategy at the School of Business and Economics, Loughborough University. Her main research interests include knowledge spillovers, human mobility, innovation and the internationalization strategies of firms from emerging economies. She has published widely and is Senior Editor of Management and Organization Review and Advisory Editor of Research Policy. Email:

Sophie Manigart is Full Professor at Ghent University and Partner at Vlerick Business School. Her research deals with both the demand for and the supply of entrepreneurial finance (including venture capital and business angel funding). She is Associate Editor of Entrepreneurship Theory and Practice. She is also Non-executive Director of Business Angel Network Vlaanderen and Gimv (quoted private equity firm). Email:

Gideon D. Markman is a Professor at Colorado State University who studies competitive dynamics, market entry, entrepreneurship and innovation. He is an Associate Editor of the Academy of Management Perspectives and he serves on the editorial board of several journals, including Journal of Management Studies, Strategic Entrepreneurship Journal, and Journal of Management. He founded the Sustainability, Ethics, and Entrepreneurship Conference, which is supported by the Kauffman Foundation. His research appears in diverse journals: Academy of Management Review, Strategic Management Journal, Academy of Management Journal, Journal of Applied Psychology, Journal of Management, Journal of Management p. xivStudies, Journal of Business Venturing, and Academy of Management Perspectives. Email:

Heike Mayer is Professor of Economic Geography in the Institute of Geography and Co-director of the Center for Regional Economic Development at the University of Bern in Switzerland. She is also Adjunct Professor in the Urban Affairs and Planning program at Virginia Tech in the United States. Her primary area of research is in local and regional economic development with a particular focus on entrepreneurship and innovation dynamics. Email:

Michael H. Morris holds the James W. Walter Clinical Eminent Scholar Chair at the University of Florida. A pioneer in curricular innovation, he launched the first department and first school of entrepreneurship at major research universities. He has published 11 books and more than 150 articles, book chapters and other scholarly publications. His current research focuses on emergence in entrepreneurship. Email:

Andrew J. Nelson is Associate Professor of Management; Academic Director of the Lundquist Center for Entrepreneurship; and Bramsen Faculty Fellow in Innovation, Entrepreneurship and Sustainability at the University of Oregon. His research investigates the origins and evolution of new science-and technology-based fields, with an emphasis on how organizational and occupational contexts shape commercialization processes. Email:

Conor O’Kane is a Senior Lecturer in Strategic Management at the University of Otago in New Zealand. His current research interests focus on the changing role-identity of scientists, technology transfer offices and the entrepreneurial university at the micro-foundation of the triple helix. Email:

Damien Organ is a Postdoctoral Researcher at University College Cork (Ireland). His PhD research explored the micro-institutional dynamics of university-based entrepreneurship, focusing on the role of context in constraining and enabling entrepreneurial cognition and behavior. His current research explores the cognitive functioning of nascent entrepreneurial teams. Email:

Simon Parker is Director of the Entrepreneurship Research Center at Ivey. He researches the economics of entrepreneurship, and is an Associate Editor at the Journal of Business Venturing and the Journal of Economics and Management Strategy. He is also an active case writer, having published ten case studies to date. Email:

p. xv G. Tyge Payne is the Jerry S. Rawls Professor of Strategic Management at Texas Tech University in Lubbock, Texas. An award-winning scholar, he has published widely on such topics as configurations, firm-level entrepreneurship, organizational ethics, multi-level methods, social capital and temporality. He currently serves as an Associate Editor for Family Business Review. Email:

Markus Perkmann is Associate Professor in the Business School at Imperial College London. His research interests include the business of science, university–industry relations and academic entrepreneurship. He has published numerous articles in journals including Organization Science, Research Policy and Economic Geography, and serves as an Associate Editor of Innovation: Management, Policy & Practice. He holds a PhD in Sociology from Lancaster University, and is a Management Practices Fellow of the Advanced Institute of Management Research. Email:

Lois S. Peters is Associate Professor, Enterprise Management and Organization Area Coordinator and Director Technology Commercialization and Entrepreneurship Program at the Lally School of Management at Rensselaer Polytechnic Institute. Since 1995 she has been studying breakthrough innovation in collaboration with faculty at RPI, Babson and the Industrial Research Institute an association of the chief technology officers of Fortune 1000 companies. She is co-author of Radical Innovation: How Mature Companies Can Outsmart Upstarts, Harvard Business Press, 2000 and Grabbing Lightning: Building Capability for Breakthrough Innovation, Jossey Bass, 2008. Currently she is co-authoring her third book on this subject area, Institutionalizing a Breakthrough Innovation Capability through Talent Selection and Development, Stanford University Press. Email:

Phillip H. Phan is Professor at the Johns Hopkins University Carey Business School and Core Faculty at the Johns Hopkins Medicine Armstrong Institute for Patient Safety and Quality. He researches the management of technological innovation. He is Co-editor of the Academy of Management Perspectives and Associate Editor for the Journal of Family Business Strategy, Journal of Technology Transfer, and Journal of Financial Stability. Email:

Eko Agus Prasetio is a PhD student at the Faculty of Economics and Business Administration, FSU Jena, Germany. Prior to his studies, he had more than ten years of professional experience in innovation and R&D manufacturing. He gained his MBA from Nyenrode University, p. xviNetherlands and his Bachelor’s degree from ITB, Indonesia. Email:

Jacob H. Rooksby is Assistant Professor of Law at Duquesne University School of Law in Pittsburgh. His research interests concern intellectual property law and policy issues in higher education. Email:

Gordon E. Shockley, PhD, is Associate Professor of Social Entrepreneurship at Arizona State University. His teaching and research interests concentrate on building the field of non-market entrepreneurship as well as contributing to public policy modeling and the politics, economics, and sociology of the arts and humanities. He recently co-edited Non-market Entrepreneurship: Interdisciplinary Approaches with Peter Frank and Roger Stough (Edward Elgar). Email:

Thomas Standaert holds a degree in Business Engineering (Ghent University). He is a Research Assistant at Ghent University pursuing a doctoral dissertation on government intervention in venture capital markets. Email:

Anthony Talarico is a Research Assistant at Arizona State University. His work primarily focuses on the societal impact of entrepreneurship in its commercial, social and policy-based forms. In addition to his entrepreneurial research, he strategizes alternative funding models for nonprofit organizations designed to create venture capital for scaling operations. Email:

Roy Thurik is Professor of Economics and Entrepreneurship at Erasmus University Rotterdam and Professor of Entrepreneurship at the Free University of Amsterdam. He is Scientific Advisor at Panteia in Zoetermeer, the Netherlands. He is Directeur de la Recherche at the Montpellier Business School in France. He is a Research Fellow at two renowned Dutch research schools: the Tinbergen Institute for Economic Sciences and the Erasmus Research Institute for Management. He is a member of the IZA Institute for the Study of Labor. Email:

Tom Vanacker is Assistant Professor at Ghent University and Research Fellow at the Vlerick Business School. He was Visiting Scholar at the Carlson School of Management and the Wharton School. His research focuses on entrepreneurial finance and crosses the traditional boundaries between the disciplines of entrepreneurship, management and finance. Email:

p. xvii Silvio Vismara, PhD, is Associate Professor of Corporate Finance at the University of Bergamo, Italy. His research activity is in entrepreneurial finance and covers mainly public equity in the form of initial public offerings and crowdfunding. Silvio is Associate Editor of Small Business Economics and co-founder of the CISAlpino Institute for Comparative Studies in Europe. Email:

Nicholas S. Vonortas is Professor of Economics and International Affairs at The George Washington University. He joined the Department of Economics and the Center for International Science and Technology Policy (Elliott School of International Affairs) in 1990. During 2001–2012, he served as the Director of both the Center and of the graduate program in International Science and Technology Policy. He is also an Editor of the journal Science and Public Policy. Email:

Joel West is Professor of Innovation and Entrepreneurship at the Keck Graduate Institute of Applied Life Sciences. His research focuses on innovation communities, ecosystems and networks, and includes co-editing Open Innovation: Researching a New Paradigm and New Frontiers in Open Innovation. He has co-founded startups in the software and pharmaceutical industries. Email:

Paul Westhead is Professor of Entrepreneurship at Durham University Business School, Durham University. Email:

Katharine Wirsching is a Research Assistant at Augsburg University. Her research is focused on governance structures and innovation behavior in family firms. Her research has been published in the Journal of Business Economics and in edited volumes with Edward Elgar and Springer. Email:

Mike Wright is Professor of Entrepreneurship at Imperial College, Visiting Professor at University of Ghent, Director of the Center for Management Buy-out Research, Associate Director of the Enterprise Research Center and an Editor of Strategic Entrepreneurship Journal. He has honorary doctorates from the Universities of Ghent and Derby, is an Academician of the Academy of Social Sciences and was formerly Chair of the Academy of Management Entrepreneurship Division. Email: xviii