Technical entrepreneurship: what do we know?

Abstract

Abstract The factors influencing the birth of new, high‐technology firms have been investigated in a number of separate studies. This paper summarizes and reports upon this research. New, technologically‐based firms have had, in the aggregate, substantial economic impact. The birth of these companies has been concentrated in particular places and at particular times. The decision to found a new company appears to be influenced by three major factors. The characteristics of the entrepreneur, including the many aspects of his background which make him more or less inclined toward entrepreneur‐ship, are important. The organization for which he has been working, which might be termed ‘the incubator organization’ also influences the entrepreneurial decision in various ways. A third factor consists of a complex of external influences, including the availability of venture capital and the collective attitudes toward entrepreneurship. Feedback processes appear to be at work such that past entrepreneurship makes future entrepreneurship more likely.

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