The Globalization of Innovation and Entrepreneurial Talent

Chapter
Part of the International Handbook Series on Entrepreneurship book series (IHSE, volume 5)

Abstract

Venture capitalists find, fund, and assist high-impact entrepreneurs—individuals whose firms are instruments of Schumpeter’s (1939) “creative destruction” and the “creation of new economic spaces” (Acs, 2008). These entrepreneurs form firms characterized by a lack of substantial tangible assets, the expectation of several years of negative earnings, and extremely uncertain prospects. Venture capitalists provide these high-potential ventures with capital, advice, contacts, and experience. They bring to the table a host of financial and organizational “technologies” including screening capabilities, due diligence processes, staged financing, investment syndicates, compensation contracts, and corporate governance practices. Through these activities, venture capitalists help bring unproven, innovative ideas to market, overcoming the uncertainty and risk associated with new business development (Berger & Udell, 1998; Gompers & Lerner, 2001; King & Levine, 1993).

Keywords

Migration Europe Expense Harness Lewin 

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Copyright information

© Springer Science+Business Media, LLC 2010

Authors and Affiliations

  • Robert Wuebker
    • 1
  • Zoltan J. Acs
    • 2
  • Richard Florida
    • 3
  1. 1.Department of ManagementUniversity of Utah, David Eccles School of BusinessSalt Lake CityUSA
  2. 2.School of Public PolicyGeorge Mason UniversityFairfaxUSA
  3. 3.University of TorontoTorontoCanada

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