Editors’ Introduction: Habitual Entrepreneurs and Angel Investors

Wright, Mike; Westhead, Paul; Sohl, Jeffrey

doi:10.1177/104225879802200401

Cited by 79 publications

(54 citation statements)

References 36 publications

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“…The two principal assets that habitual entrepreneurs (Birley and Westhead, 1993;Rosa, 1998) appear to present to a new venture are described by Wright et al (1998) as experience and networks. Shane and Stuart (2002) analysed a large number of spin-outs from the Massachusetts Institute of Technology (MIT) and established that founders with existing direct and indirect relationships with investors are more likely to receive funding (Wright et al, 1997).…”

Section: A Key Factor Underlying the Operation Of Industry Clusters Imentioning

confidence: 99%

The effect of social capital in new venture creation: the Cambridge high-technology cluster

2005

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᭹Earlier studies of business clusters have been carried out at the level of companies and industries as units of analysis.This paper explores the Cambridge high-technology cluster with individuals as the principal focus as they help to shed light on entrepreneurial processes, particularly on how their prior work experience together has shaped many of the start-ups and spin-outs from the University of Cambridge, local consulting organizations and other companies. ᭹ This research explores serial entrepreneurship in the Cambridge high-technology cluster using a family tree and interlocking directorships approach. It reveals a mini-cluster of Cambridge entrepreneurs as the key influence on the success of the growth process and their links between the companies as the structural and relational social capital of the cluster.it relates to this context. At the centre of these networks is a mini-cluster of key individuals (investors, academics and serial entrepreneurs) who have an important influence on success.In The Cambridge Phenomenon, Segal et al. (1985) developed a complex family tree of spin-outs which provides a valuable basis for tracing the evolution of high-technology companies. This paper focuses at the level of individuals to illustrate the dynamics of social capital within the Cambridge cluster, to demonstrate that the role of individuals, especially of serial entrepreneurs, has been a significant contributory factor in explaining its emergence.This paper is also informed by the works of Rosa and Scott (1999) and New (2003), where they demonstrated that the most successful entrepreneurs tended to hold multiple direcStrat. Change 14: 165-177 (2005) Published online in Wiley InterScience (www.interscience.wiley.com).

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Section: A Key Factor Underlying the Operation Of Industry Clusters Imentioning

confidence: 99%

The effect of social capital in new venture creation: the Cambridge high-technology cluster

2005

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“…1 Limited comparative information is available surrounding the backgrounds, motivations, resources, skills and aspirations of novice, serial and portfolio entrepreneurs. In response to calls for studies to specifically focus upon the serial and portfolio entrepreneurs (Wright et al, 1998;Carter and Ram, 2003), this paper builds on fresh evidence relating to the scale of serial and portfolio entrepreneurship in Scotland to suggest policy directions for the support of entrepreneurship. In Scotland, assistance has been provided to convert individuals thinking about enterprise as a career option (i.e., nascent entrepreneurs (Reynolds, 1997) into novice entrepreneurs (Scott, 1998;Scottish Enterprise, 2000)).…”

Section: Introductionmentioning

confidence: 98%

Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions

et al. 2005

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Policy-makers and practitioners are considering whether to allocate resources towards portfolio and serial entrepreneurs, as well as the provision of additional initiatives to increase the pool of novice entrepreneurs. To inform this policy debate, univariate statistical tests were used to test for differences between 354 firms owned by novice, serial and portfolio entrepreneurs in Scotland. Also, univariate tests were conducted to compare responses made by pairwise groups of entrepreneurs. No significant differences were detected between the three types of entrepreneurs with regard to several entrepreneur and firm demographic characteristics. Additional analysis revealed that portfolio entrepreneurs have more diverse experiences, and more resources than serial or novice entrepreneurs. On average, portfolio entrepreneurs appear to offer more attractive growth prospects than other entrepreneurs. Copyright Springer 2005

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“…To put it in economic perspective, whereas the volume of formal venture capital investment was 0.2% of GDP, the estimated share of informal investment was 1% of GDP in 2001 on average in the 37 countries participating in the Global Entrepreneurship Monitor (Reynolds et al, 2002b). 1 Despite of the significant role of informal venture capital in the financing of small and new ventures, there is little theory-driven research focusing on the determinants of the propensity of individuals to make informal investments in businesses owned by others (Wright et al, 1998;Mason and Harrison, 2000a). In our research, we contribute to the understanding of drivers of informal investments by drawing on two theoretical frameworks, the social psychological theory of planned action (Ajzen, 1991), and the economic theory on household portfolios (Guiso et al, 2002b) to develop a set of hypotheses predicting the propensity of individuals to make informal investments in new businesses owned by others.…”

Section: Introductionmentioning

confidence: 99%

What Drives Micro-Angel Investments?

Maula¹,

Autio

Arenius³

2005

Small Bus Econ

112

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Despite of the significant role of informal venture capital in the financing of new entrepreneurial ventures, there is little research explaining the factors determining the propensity of individuals to make microangel investments. Building on two theoretical frameworks, a social psychological theory of planned behavior and an economic theory on the determinants of demand for risky assets in household portfolios, we develop a set of hypotheses predicting the propensity of individuals to make informal investments in new businesses owned by others. In our analysis we test whether the determinants of micro-angel investments are similar when investing in a business owned by a close family member versus more distant business. The hypotheses are tested using data from 6007 interviews of Finnish adults carried out in the Global Entrepreneurship Monitor program in 2000–2002. The findings show that the theoretical frameworks have more power in explaining investments in firms not owned by close family members. The study provides new understanding of the differences in the drivers of different types of micro-angel investments. Copyright Springer 2005household portfolios, informal venture capital, theory of planned behavior, G24, G28, M13, D14,

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Editors’ Introduction: Habitual Entrepreneurs and Angel Investors

Cited by 79 publications

References 36 publications

The effect of social capital in new venture creation: the Cambridge high-technology cluster

The effect of social capital in new venture creation: the Cambridge high-technology cluster

Novice, Serial and Portfolio Entrepreneur Behaviour and Contributions

What Drives Micro-Angel Investments?

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