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This study investigates how venture development programs such as private incubators, university incubators, and accelerators influence the success of participating nanotechnology startups. With the recent growth in such programs, empirical work is needed to compare their impact on participants across programs and with nonparticipants. Using data on firm bankruptcies, liquidation, government grants, and venture capital, we find benefits, but the influence of each venture development program varies greatly. We further investigate the influence of program services and resources to clarify program heterogeneity beyond existing typologies. The results clarify the role of these programs and ecosystem intermediaries.

There is growing interest in the processes by which entrepreneurial opportunities are cocreated between entrepreneurs and their stakeholders. The longitudinal case study of de novo firm Wakefield Seafoods seeks to understand the underlying dynamics of phenomena that play out over time as stakeholders emerge and their contributions become essential to the opportunity formation process. The king crab data show that under conditions of uncertainty, characterized by incomplete or missing knowledge, entrepreneurial processes of experimentation, failure, and learning were effective in forming and exploiting an opportunity. Moreover, contrary to existing literature that either emphasizes heroic entrepreneurs or downplays their value, this article shows that both the vision of the entrepreneur and the stakeholder contributions are critical. This detailed examination of process data shows that the cumulative actions made by entrepreneurs in concert with their stakeholders formed an opportunity that coalesced into a new market.

Entrepreneurship is a perilous endeavor. Contextual changes, such as nascent technology emergence or new industry creation, can spawn entrepreneurial opportunities; however, these changes do not instantaneously create the resources and structures that new firms need to survive. This study examines the creation and configuration of the contextual infrastructure necessary for nascent technology entrepreneurship in new industries. Using the case of nanotechnology, I show how the elements of infrastructure emerge and configure through systemic coevolution. The data highlight how boundary crossing and obfuscation induces the configuration of separate elements into a cohesive infrastructure through heightened interaction and interdependence of organizations and institutions, both private and public.

In this article, we explore the relationship between innovation policy and new venture creation in the United States. Specifically, we examine two components of innovation policy in nanotechnology—science and technology (S&T) initiatives and economic initiatives—and their relationship with the founding of nanotechnology firms. We find strong support relating new firm formation to S&T and economic initiatives. States with both S&T and economic initiatives had six times as many firms founded than those states without such initiatives. We also find evidence of a first–mover advantage as states with the earliest innovation policies had higher rates of related firm foundings over time. These findings suggest that states that are most attractive to entrepreneurs not only pursue technological innovation and provide resources, but also encourage and legitimize commercial development. Implications for public policy makers and scholars are provided.