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We draw on institutional entrepreneurship theory to analyse the dynamics of institutional change in a healthcare context. The focus of our interest is in the relationship between an institutional entrepreneur's 'subject position', defined in terms of their structural and normative legitimacy within the existing institutional landscape, and the nature of the change enacted. We develop this approach through an examination of the implementation of new pathways for cancer genetic services within the English National Health Service. Employing comparative case analysis we show that those who have limited structural legitimacy under prevailing conditions are most willing to engender change, but also least able; whereas those who have strong structural legitimacy are most able, but often least willing. However, those who are able rhetorically to combine a balance of structural and normative legitimacy are most able to produce change. In doing so, we demonstrate the importance of the concept of institutional entrepreneurship to understand healthcare reform., (Copyright © 2011 Elsevier Ltd. All rights reserved.)

This article discusses the influence of formal technology transfer from a public research organization (PRO) on the amount of capital that a spin-off raises at start-up and the increase in capital post start-up. Examination of the relationships is provided using a sample of 135 spin-offs from PROs across five European countries. Findings suggest that spin-offs with formal technology transfer begin with a larger amount of capital, but ultimately do not raise more capital than spin-offs without formal technology transfer.

This article discusses how universities have emphasized the creation of new business enterprises as a mechanism for commercialization of intellectual property. This article assesses the rise in entrepreneurial activity at universities and the societal and organizational ramifications. The author describes the rise of entrepreneurial activity in the form of patenting, licensing, research joint ventures and the creation of spin-off companies. The fact that U.S. legislation has transferred ownership of intellectual property from federal research grants to universities from the agencies that sponsor research is mentioned.

We critically examine the potential that neuroscience holds for the future of entrepreneurship research and provide a framework for entrepreneurship researchers interested in pursuing this line of inquiry. Specifically, we propose four complementary mechanisms through which neuroscience can inform entrepreneurship theory and research. We conclude with a discussion of the limitations and ethical implications of a neuroscientific approach to entrepreneurship. [ABSTRACT FROM AUTHOR]

Intuition is a way of processing information that is largely unconscious, associative, fast and contextually dependent. As part of the growing cognition-oriented research agenda in the entrepreneurship field, the specific cognitive construct of intuition has attracted relatively little attention. The authors find this position surprising, particularly since some entrepreneurship scholars have described intuition as the seed of entrepreneurial activity. This review examines the small but rapidly growing literature at the intersection of intuition and entrepreneurship. In critically analysing this body of work, the authors reveal a number of areas that warrant further attention if scholars wish to enhance academic understanding of the role of intuition in the entrepreneurial process. From this review, the authors develop an agenda to help guide scholars of entrepreneurial cognition with a specific interest in intuition in their future research. In doing so, they address a gap in the entrepreneurial cognition literature, which currently lacks a clear view of the value of entrepreneurship research on intuition and of how it should be conducted. [ABSTRACT FROM AUTHOR]

In this paper, we employ resource-based and institutional theories to examine the current role of business schools in academic entrepreneurship. In particular, we seek to identify and understand the challenges to business schools contributing to the transfer of knowledge to enable academic entrepreneurship. Employing a case-based method, we present evidence from 42 interviews with technology transfer officers (TTOs), business school deans, business school entrepreneurship faculty and scientists in eight UK universities. Our empirical analysis is focused on analyzing the challenges arising from the links between business schools and three other principal stakeholders of academic entrepreneurship (i.e., the university management, TTOs and academics in science departments). The findings suggest that in addition to concerns about the nature of their human capital, the ability of business schools to fill knowledge gaps in the development of academic entrepreneurship is constrained by the institutional structures of universities which influence: the strategies of the university and the business school; links between business schools, TTOs and scientists; and process issues relating to differences in language and codes, goal differences, incentives and rewards, expertise differences and the content of interactions. We conclude that if business schools are to play a more prominent role in academic entrepreneurship there is a need to develop internal university processes and policies that promote rather than hinder internal knowledge flows between business schools, TTOs and science departments. [ABSTRACT FROM AUTHOR]

This paper uses a unique dataset to examine the neglected but important issue concerning the relationship between the human capital and fund characteristics of venture capitalists and post-investment follow-up behaviour in early stage high-tech investments. We found no indication that involvement in monitoring activities by the investment manager is determined by either fund or human capital characteristics. In relation to value-adding activities, human capital variables were the most important, with previous consulting experience and entrepreneurial experience contributing to a higher involvement in value-adding activities. Furthermore, the diversity of an investment manager's portfolio was negatively related to involvement in value-adding activities. Finally, with respect to fund level characteristics, we found that investment managers of captive funds were less involved in value-adding activities. [ABSTRACT FROM AUTHOR]

The article discusses the investor/investee relationship in entrepreneurship and equity syndicates, and mentions research on syndication, teams, and the networks of venture capitalists and entrepreneurs. In this special theme issue, researchers Manigart and colleagues, Cumming, Jääskeläinen, Maula, & Seppä, Dimov & De Clercq and others examine various aspects of venture capital syndication practices. Other topics include the investment strategies of venture capital firms and investor commitment in cross-border syndicates, as well as Forbes and colleagues' study on the dynamics of adding new members to the entrepreneurial team.

This article examines the dynamics of entrepreneurial teams as they evolve through the different stages of a spin-out process. Using a unique, hand-collected set of data covering all team members in 10 cases, an in-depth analysis of the heterogeneity of team members' experience and perception of the strategic orientation needed to attain different milestones in the spin-out process was performed. Our findings suggest that teams evolve over time and change in composition, and therefore, they cannot be studied as immutable entities. At the start of the venture formation, we introduced a new team role, the privileged witness, potentially specific for spinouts. Analysis of the teams indicates that the team's heterogeneity changes as it evolves through the different stages of the spin-out process. In particular, we found that new team members brought in different kinds of experience; however, they did not introduce a different view on doing business from the initial team members. [ABSTRACT FROM AUTHOR]

This paper evaluates a fellowship scheme aiming to overcome attitudinal and operational barriers towards university technology transfer. We propose barriers exist because of the focus of many academics exclusively within a peer review research network. We explore the case of the Medici Fellowship programme that was implemented in biomedical departments across five universities located in the midlands of England. Our evidence suggests that such fellowship programmes, through the retraining of academics, may have a positive impact on the commercialisation of research. In particular, the fellows, through the enhancement of their social and human capital, are able to act as agents of attitudinal change in their host departments and are seen to build bridges into external business networks that can provide early stage funding, market and legal information and help identify potential customers for nascent academic entrepreneurs. [ABSTRACT FROM AUTHOR]

Venture capital (VC) has become an international phenomenon, and VC firms are a specific kind of service firm whose characteristics have distinctive implications for international behaviour. There is now a disparate body of research on international aspects of VC across a number of disciplines comprising finance, economics, strategy, entrepreneurship, international business and economic geography. A novel aspect of this paper is that we review and synthesize this disparate literature. A number of research gaps and limitations in the theoretical and methodological approaches involved in previous studies are identified and suggestions made for further research. We show that the vast majority of the literature relates to cross-country comparisons; that is, macro-level comparisons of VC industries across different countries and micro-level comparisons of VC behaviour across countries. From our review of the literature, we argue that an under-researched area concerns the influence of institutional contexts, especially the role of social networks and cultures. Furthermore, our review of the literature indicates that there is a major research gap in relation to work dealing with the crossing of country borders by VC firms. We suggest that resource-based, capabilities, institutional and network theories may be offer insights to further our understanding of the behaviour of VC firms in this area. [ABSTRACT FROM AUTHOR]

This paper uses a large multi-country sample of venture capital firms to compare the approaches to investee valuation and sources of information used by venture capital investors in English, French and German legal systems as well as geographical regions. Different legal systems are significantly associated with the valuation mechanism used. In particular, compared to English-based Common Law systems, VC firms operating in a Germanic legal system are significantly more likely to use DCF based measures and significantly less likely to use PE comparators. This latter result is also the case for VC firms operating in a French legal system who are also significantly more likely to adopt historic cost valuation methods. VC firms in Europe and Asia are significantly less likely than US VC firms to make use of liquidation value methods but significantly more likely to use PE comparators. European firms are significantly less likely to adopt DCF methods compared to US VC firms. VC firms operating under a Germanic legal system are less likely to utilise information from the financial press but significantly more likely to use interviews with entrepreneurs. VC firms operating under a French legal system are more likely to utilise interviews with company personnel as well as sales and marketing information. VC firms in Europe and Asia are significantly more likely than US VC firms to use financial press. VC firms in Asia are significantly less likely to make use of interviews with entrepreneurs or business plan data. VC firms in Europe are significantly more likely to utilise sales and marketing information. [ABSTRACT FROM AUTHOR]

This exploratory study provides a review of the neglected area of entrepreneurial founder team turnover. A novel distinction is made between entrepreneurial founder team member entry and team member exit. Ninety owner-managed ventures were monitored between 1990 and 2000. Presented hypotheses relating to a team's human capital were explored using multivariate logistic regression analysis. Variables associated with entry were found not to be the same as those associated with exit. The size of the founding team was significantly negatively associated with subsequent team member entry. The link between team turnover and entrepreneurial team heterogeneity was mixed. Functional heterogeneity was weakly significantly positively associated with team member entry. Heterogeneity of prior entrepreneurial experience was significantly positively associated with team member exit. In addition, family firms were significantly negatively associated with team member exit. The average age of the team was not significantly associated with team member entry or exit. Additional insights in future research may be gathered if a broader definition of team turnover (i.e., considering team member entry and exit) is considered. Practitioner awareness of the different factors associated with team member entry and exit may encourage them to provide assistance, which facilitates the team building process over time in developing firms. Promising areas for additional research are highlighted. [ABSTRACT FROM AUTHOR]