nep-ent New Economics Papers
on Entrepreneurship
Issue of 2015‒06‒20
nineteen papers chosen by
Marcus Dejardin
Université de Namur

  1. Wages in high-tech start-ups - do academic spin-offs pay a wage premium? By Dorner, Matthias; Fryges, Helmut; Schopen, Kathrin
  2. Testing the impact of unemployment on self-employment: empirical evidence from OECD countries By Halicioglu, Ferda; Yolac, Sema
  3. Students' Career Attitudes - How Entrepreneurial Are Prospective Scientists? By Nora Hesse
  4. Small Businesses and Small Business Finance during the Financial Crisis and the Great Recession: New Evidence From the Survey of Consumer Finances By Kennickell, Arthur B.; Kwast, Myron L.; Pogach, Jonathan
  5. Do Micro-Entrepreneurship Programs Increase Wage-Work? Evidence from Chile By Claudia Martinez A.; Esteban Puentes; Jaime Ruiz-Tagle
  6. Business regulations and growth By Divanbeigi,Raian; Ramalho,Rita
  7. What Determines SMEs’ Funding Obstacles to Bank Loans and Trade Credits? By Sandra M. Leitner; Robert Stehrer
  8. Can Recessions be 'Productive'? Schumpeter and the Moderns By Muriel Dal-Pont Legrand; Harald Hagemann
  9. Do your Rivals Enhance your Access to Credit? Theory and Evidence By Vittoria Cerasi; Alessandro Fedele; Raffaele Miniaci
  10. The significance of working capital management and its components on SMEs performance - Evidence from India By SATISH KUMAR
  11. “Differences in efficiency between Formal and Informal Micro Firms in Mexico” By Antonio Baez-Morales
  12. Preparedness of Thai Entrepreneurs for ASEAN Economic Community (AEC): A Case Study of Small and Medium Restaurant Businesses By Assistant Professor isaree karnreungsiri; Nattaya Praditsuwan
  13. Inverted-U relationship between innovation and survival: Evidence from firm-level UK data By Guidi, Francesco; Solomon, Edna; Trushin, Eshref; Ugur, Mehmet
  14. Downtown Revitalization: The Role of Small- and Medium-Sized Enterprises. A Case Study of Downtown Urbana, Illinois By Marc Steinke
  15. An experimental study of contact effects and their persistence on Malawian shopkeepers’ willingness to spend future time with their Chinese counterparts By Jun Gu; Annika Mueller; Ingrid Nielsen; Jason Shachat; Russell Smyth
  16. The impact of the regional environment on the knowledge transfer outcomes of public research organisations: preliminary results for Europe By Es-Sadki N.; Arundel A.V.
  17. Private Equity Investment in India: Efficiency vs Expansion By Troy D. Smith
  18. Informationsbeschaffung durch Crowdfunding-Vorverkäufe By Greggers, Timo
  19. De la société salariale à la société entrepreneuriale. Une analyse critique From the salarial to the entrepreneurial society: A critical analysis By Sophie BOUTILLIER; Dimitri UZUNIDIS

  1. By: Dorner, Matthias; Fryges, Helmut; Schopen, Kathrin
    Abstract: "Due to their origin from universities, academic spin-offs operate at the forefront of the technological development. Therefore, spin-offs exhibit a skill-biased labour demand, i.e. spin-offs have a high demand for employees with cutting edge knowledge and technical skills that distinguish them even from other high-tech start-up firms. In order to accommodate this demand, spin-offs may have to pay a relative wage premium compared to other high-tech start-ups. However, neither a comprehensive theoretical assessment nor the empirical literature on wages in start-ups unambiguously predicts the existence and the direction of wage differentials between spin-offs and non-spin-offs. This paper addresses this research gap and examines empirically whether or not spin-offs pay their employees a wage premium. Using a unique linked employer-employee data set of German high-tech start-ups, we estimate Mincer-type wage regressions applying the Hausman-Taylor panel estimator. Our results show that spin-offs do not pay a wage premium in general. However, a notable exception from this general result is that spin-offs that commercialise new scientific results or methods provide higher wages to employees with linkages to the university sector - either as university graduates or as student workers." (Author's abstract, IAB-Doku) ((en))
    Keywords: Unternehmensgründung, Hochschule, Wissenschaftler, Akademiker, Hochqualifizierte, Berufsanforderungen, Qualifikationsanforderungen, Lohnhöhe, Hochtechnologie, Integrierte Erwerbsbiografien
    JEL: J31 L26 M13 O34
    Date: 2015–06–09
  2. By: Halicioglu, Ferda; Yolac, Sema
    Abstract: The impact of unemployment on self-employment is rather an ambiguous issue in economics. According to refugee effect approach, there are two counter arguments: the theory of income choice argument suggests that increased unemployment may lead to increased self-employment activities whereas the counter argument defends the view that an increase in unemployment rates may decrease the endowments of human capital and entrepreneurial talent causing a rise in unemployment rates further. The empirical evidence on this issue seems to support both hypotheses. This research presents fresh and more comprehensive evidence on this issue from 28 OECD countries using the ARDL approach to co-integration technique over the period 1986-2013. The empirical results indicate that the first hypothesis holds in the case of Belgium, Canada, Sweden and the UK whereas the second hypothesis is valid in the case of Greece, Luxembourg and Portugal. The empirical results for the remaining OECD countries did not reveal any long-run relationship between the variables in question. The empirical results are also evaluated briefly for policy recommendations.
    Keywords: Self-employment, Unemployment, Refugee effect, OECD, Cointegration
    JEL: C22 E24 L2 L26
    Date: 2015
  3. By: Nora Hesse (Institute of Economic and Cultural Geography, Leibniz University Hannover, Germany,
    Abstract: The aim of this paper is to find out how entrepreneurial prospective scientists are compared to prospective entrepreneurs. This study investigates the relationship between the intention of students to become scientists or entrepreneurs and their attitudes towards self-realization, recognition, independence, innovation, role models, financial success and social welfare. The study is based on quantitative data from the universities in Hannover and Göttingen which was collected in the context of the Global University Entrepreneurial Spirit Students’ Survey. The results of the multinomial and binary logistic regression analyses surprisingly show that prospective scientists in fact are well equipped with attitudes which are conducive for starting a business. Prospective scientists and prospective entrepreneurs both find the realization of their dreams, independency and role models to be more important than other individuals. At the same time, both groups evaluate financial success to be less important than other individuals.
    Keywords: career attitude, entrepreneurial intention, prospective entrepreneur, scientist, student survey
    JEL: L26
    Date: 2015–06–10
  4. By: Kennickell, Arthur B. (Board of Governors of the Federal Reserve System (U.S.)); Kwast, Myron L. (FDIC); Pogach, Jonathan (FDIC)
    Abstract: We use the Federal Reserve's 2007, 2009 re-interview of 2007 respondents, and 2010 Surveys of Consumer Finances (SCFs) to examine the experiences of small businesses owned and actively managed by households during these turbulent years. This is the first paper to use these SCFs to study small businesses even though the surveys contain extensive data on a broad cross-section of firms and their owners. We find that the vast majority of small businesses were severely affected by the financial crisis and the Great Recession, including facing tight credit constraints. We document numerous and often complex interdependencies between the finances of small businesses and their owner-manager households, including a more complicated role of housing assets than has been reported previously. We find that workers who lost their job responded in part by starting their own small business, and that factors correlated with the survival of a small business differed greatly depending upon whether the firm was established or new. Our results strongly reinforce the importance of relationship finance to small businesses, and the primary role of commercial banks in such relationships. We find that both cross-section and panel data are needed to understand the complex issues associated with the creation, survival and failure of small businesses.
    Keywords: Great Recession; small business
    Date: 2015–02–27
  5. By: Claudia Martinez A.; Esteban Puentes; Jaime Ruiz-Tagle
    Abstract: Using a randomized controlled trial of a large-scale, publicly run micro-entrepreneurship program in Chile, we assess the effectiveness of business training and asset transfers to the poor. Using survey and monthly administrative data we study the effects of the program over a period of 46 months. We find that the program significantly increases employment by 15.3 and 6.8 percentages points 9 and 33 months after implementation, respectively. There is also a significant increase in labor income. The employment increase in the short run is through self-employment, while in the long run wage work also increases. In the long run, total labor increases mostly due to an increase in wage income. This is consistent with the hypothesis that skills taught during the training lessons are also useful for wage work. We also find that the quality of the intervention matter, especially in the long run. Finally, comparing two levels of asset transfers, different employment paths emerge: those who receive a low level of transfers mostly end up with salaried work whereas those who receive a high level of transfers tend to be self-employed.
    Date: 2015–06
  6. By: Divanbeigi,Raian; Ramalho,Rita
    Abstract: Over the past decade, there has been increased interest in improving business regulations, in part because of the increased availability of data that can inform and monitor those improvements. This paper analyzes whether these regulatory changes are linked to economic outcomes. With panel data for 10 years across more than 180 countries, the paper establishes the link between business regulations, firm creation, and growth. It is found that an improvement of 10 points in the overall measure of business regulations is linked to an increase of around 0.5 new businesses per 1,000 adults. Moreover, the results show that although small changes in the overall level of business regulations may have a negligible link to growth, moving from the lowest quartile of improvement in business regulations to the highest quartile is associated with a significant increase in annual per capita growth of around 0.8 percentage points. In addition, the results highlight the importance of sound entry and exit regulations and sound credit market regulations and court enforcement for growth.
    Keywords: E-Business,Economic Theory&Research,Business Environment,Competitiveness and Competition Policy,Business in Development
    Date: 2015–06–09
  7. By: Sandra M. Leitner (The Vienna Institute for International Economic Studies, wiiw); Robert Stehrer (The Vienna Institute for International Economic Studies, wiiw)
    Abstract: A Comparative Analysis of EU-15 and NMS-13 Countries This paper analyses bank credits and trade loans as the two most important sources of external finance of firms and identifies particular firm and country characteristics that determine the ease with which both external funding sources can be accessed. It focuses on SMEs in EU Member States and uses ECB/EU SAFE microdata, which differentiate between various degrees of external funding constraints. The results show that innovators of both products and processes have a harder time raising sufficient funds from banks. Further, smaller and younger firms and firms that are part of an enterprise are more likely to face stronger obstacles from banks. Moreover, it points to the important role previous bank loan and trade credit histories plays for successful application processes and demonstrates that banks and suppliers respond asymmetrically to changes in a firm’s financial and economic situation. Finally, it points to the importance of the state and structure of a country’s banking sector for successful bank loan and trade credit application processes.
    Keywords: funding obstacles, bank loans, trade credits, small and medium-sized enterprises
    JEL: G21 G23 O16
    Date: 2015–05
  8. By: Muriel Dal-Pont Legrand (GREDEG CNRS; University of Nice Sophia Antipolis); Harald Hagemann (University of Hohenheim, Stuttgart)
    Abstract: Joseph A. Schumpeter never ceased to inspire new generations of economists. One of his major contributions concerns his view of business cycles and economic development as closely interrelated dynamics. Among the different lines of research proposed by Schumpeter in order to allow economists to capture how growth and cycle dynamics intertwine, one can find the analysis of the investment decisions during recessions. Schumpeter considered this process of Creative Destruction as “the essential fact about capitalism” since the Industrial Revolution. According to him, the process of liquidation and reallocation of productive resources taking place in the recession and particularly in the depression phase is not only an essential and unavoidable characteristics of capitalist evolution, but also necessary and, finally, beneficial for long-run development. More recently, one can notice in the literature a revival of interest for these questions. This line of research has been developed again in the 1990s by Aghion and Saint-Paul (1991, 1993, 1998) and Saint-Paul (1994) but also Caballero and Hammour (1994, 1996). They elaborated the so-called “productive recessions” analysis respectively the ‘cleansing effect’ of recessions. Focusing exclusively on neo-Schumpeterian contributions which explicitly analyze the impact recessions can have on growth, our purpose is to examine the mechanisms involved in the modern literature mentioned above and to compare them with Schumpeter’s original writings. The objective of this paper is to question the ‘Schumpeterian character’ of this recent literature and then to investigate the degree of continuity as well as the differences. Some focus will be on potential differences with regard to economic policy.
    Keywords: business cycles, growth, creative destruction, productive recessions, Schumpeter
    JEL: B31 O11 O31 O47
    Date: 2015–06
  9. By: Vittoria Cerasi (University of Milano-Bicocca, Department of Economics, Management and Statistics); Alessandro Fedele (Free University of Bolzano‐Bozen, Faculty of Economics and Management); Raffaele Miniaci (University of Brescia, Department of Economics and Management)
    Abstract: In this paper, we unveil a potential, yet disregarded, benefit of product market competition for small and medium enterprises (SMEs). In a model where firms are financed through collateralized bank loans and compete à la Cournot, we introduce a probability of bankruptcy. We discuss the conditions under which an increase in the number of rivals within the industry enhances the equilibrium amount of bank lending through the impact on the resale value of collateralized productive assets. This benefit vanishes if firms outside the industry are willing to acquire the productive assets of the distressed incumbents. These predictions are empirically tested on a sample of Italian SMEs for which we know the percentage of productive investment funded with bank lending in addition to other characteristics. In line with the theoretical predictions, we find evidence of a beneficial effect of product market competition on the amount of bank lending only when outsiders are absent.
    Keywords: collateralized bank loans, product market structure, productive assets resale value
    JEL: G33 G34 L13 D22
  10. By: SATISH KUMAR (Malaviya National Institute of Technology Jaipur)
    Abstract: Purpose-The main aim of present study is to empirically examine the importance of working capital management and its components on the profitability of Small and Medium Enterprises (SMEs) in India.Design/methodology/approach - We employ panel data regression method on a sample of 433 Small and Medium Enterprises (SMEs) from India for the period spanning from 2007 to 2012. Following Deloof (2003); Garcia-Teruel and Martinez-Solano (2007) and Tauringana & Afrifa (2013), we use Cash Conversion Cycle (CCC) as measure of working capital management and its components (inventory, accounts receivable and accounts payable) and Return on Assets (ROA) as the proxy for SMEs profitability.Findings -Using panel data analysis, we find that the number of days of inventory (DI), number of days of accounts receivables (DAR), the number of days of accounts payables (DAP) and cash conversion cycle (CCC) are negatively correlated with profitability of SMEs in India. Results further show that the management of inventory (DI) and accounts receivables (AR) are important for SMEs profitability in India, albiet the latter is relatively less important than inventory management. Overall, our findings are consistent with the earlier work on SMEs by Garcia-Teruel and Martinez-Solano (2007) and Tauringana & Afrifa (2013).Research limitations/implications - Our sample is limited to 433 SMEs, and therefore the findings cannot be generalized to all the SMEs in India.Practical implications -Results of the present study imply that the SMEs in India need to focus their resources on managing inventory and accounts receivables in order to be more profitable.Originality/value-To best of author’s knowledge, the present study is the first to examine the relationship between WCM and its components to SMEs portability in India. The main contribution of this paper is the finding of relative importance of components of working capital management and their differential influence on profitability of SMEs in the Indian context.
    Keywords: Working capital management, Cash Conversion Cycle, India, Return on assets, Small to medium-sized enterprises, number of days of inventory.
    JEL: F40 G10
  11. By: Antonio Baez-Morales (Department of Econometrics. University of Barcelona)
    Abstract: The economic role of micro firms is still the subject of much discussion and debate. While these firms can be seen as potential growth drivers, as they are usually related to entrepreneurship, a relatively high share of micro firms can also be a sign of an underdeveloped productive system, which applies especially to developing countries, where micro firms represent the majority of business activity. Unlike other studies, this research separates formal and informal micro firms in order to test whether there are efficiency differences between them, and to explain these differences. One of the novelties of the study is the use of the Oaxaca-Blinder decomposition method, which enables an analysis of the differences between both groups of firms after controlling for their different allocation of factors. Micro firms in Mexico are taken as a case study, with the Encuesta Nacional de Micronegocios (ENAMIN, or the National Micro Firm Survey), for 2008, 2010 and 2011, used to carry out the analysis. The empirical evidence suggests that output differences can be explained by endowment characteristics, while efficiency differences are explained by endowment returns. The main variables to explain the gap between the groups are the owner’s level of education, the firm’s age, the owner’s motivations, and financing.
    Keywords: informality, micro firms, efficiency, productivity, decomposition method. JEL classification: D00, D22, D24
    Date: 2015–05
  12. By: Assistant Professor isaree karnreungsiri (Srinakharinwirot University); Nattaya Praditsuwan (Srinakharinwirot University)
    Abstract: The research on “Preparedness of Thai entrepreneurs for ASEAN Economic Community (AEC): A Case Study of Small and Medium Restaurant Businesses” was aimed at surveying demographic data and business operations of Thai entrepreneurs, who were in small and medium restaurant businesses. The survey also included their perception as well as their preparedness toward AEC. The convenience sampling and self-administered questionnaire were used in collecting and gathering data from 200 entrepreneurs who operated small and medium restaurants in Bangkok, Thailand. Descriptive statistic, including percentage, mean, and standard deviations were utilized when analyzing the data. Hypothesis tests were conducted by using statistical techniques T-Test and F-test. The research results revealed that more than 70 percent of the respondents perceived some information about AEC. For examples, the number of AEC member countries; the objectives of AEC establishment; advantages of AEC towards trading, services, capital, and labor mobilization; impacts of AEC toward restaurant businesses; opportunities for development due to an increase in number of tourists; and a higher competition due to free trades and investment in the businesses. Approximately, 55 to 69 percent of the respondents perceived the information of opportunities to be supported for new sources of capital and business innovation, and for higher opportunities of labor mobilization. Less than 50 percent of the respondents perceived the information of establishment of government supervisory center for restaurant businesses and new regulations for restaurant businesses.On the final part of the survey, most of the respondents rated overall activities towards AEC at the moderate degree of preparedness. In regard to the details, it was found that the respondents rated only one activity at high degree of preparedness. The activity was a renovation of restaurants for cleanliness and international modernist style. Besides, they rated many activities at moderate degree of preparedness. Those activities were an improvement on knowledge about AEC; adjustments for a wide variety and international dishes; design an attractive food menu with multiple languages; changes in food and dressing containers for modernization and beauty; developments on new channels of distribution; developments of training programs for staff; developments of promotion strategies; and adjustments of surroundings, landscapes and facilities.Lastly, the activities that the respondents rated at low degree of preparedness were the planning of conduct research on demand of customers, the necessary of quoting food price in inter currency, and an expansion of new branches or offices in tourist areas.
    Keywords: Thai Entrepreneurs, AEC, Restaurant businesses
    JEL: A12
  13. By: Guidi, Francesco; Solomon, Edna; Trushin, Eshref; Ugur, Mehmet
    Abstract: Theoretical and empirical work on innovation and firm survival has produced varied and often conflicting findings. In this paper, we draw on Schumpeterian models of competition and innovation and stochastic models of firm dynamics to demonstrate that the conflicting findings may be due to linear specifications of the innovation-survival relationship. We demonstrate that a quadratic specification is appropriate theoretically and fits the data well. Our findings from an unbalanced panel of 39,705 UK firms from 1997-2012 indicate that an inverted-U relationship holds for different types of R&D expenditures and sources of funding. We also report that R&D intensity is more likely to increase survival when firms are in more concentrated industries and in Pavitt technology classes consisting of specialized suppliers of technology and scale-intensive industries. Finally, we report that the effects of firm and industry characteristics as well as macroeconomic environment indicators are all consistent with prior findings. The results are robust to step-wise modeling, controlling for left truncation and use of lagged values to address potential simultaneity bias.
    Keywords: innovation,R&D,firm dynamics,survival anaysis
    JEL: C41 D21 D22 L1 O3
    Date: 2015–06–15
  14. By: Marc Steinke
    Date: 2015–06–09
  15. By: Jun Gu; Annika Mueller; Ingrid Nielsen; Jason Shachat; Russell Smyth
    Abstract: The last decade has seen a massive influx of Chinese migrants to sub-Saharan Africa, where many have opened small businesses to compete amongst local merchants. These Chinese have often met resistance from the local competition, resulting in a sharp social divide. The current paper draw’s on Allport’s (1954) contact hypothesis theory and reports on the results of two experimental studies that examined the effects of direct and imagined contact on indigenous Malawian shopkeepers’ willingness to spend future time with their Chinese counterparts. Results show that direct contact led to Malawians’ greater willingness to spend time with their Chinese counterparts, and this effect persisted over a time period of ten days, when a follow up survey was conducted. In contrast, imagined contact did not change Malawians’ willingness to spend future time with Chinese. Implications of these results for China’s ambitions to introduce its development model into Africa are discussed.
    Keywords: Chinese migrants in Africa, social contact, Chinese small business
    Date: 2015–01
  16. By: Es-Sadki N.; Arundel A.V. (UNU-MERIT)
    Abstract: We use survey data for 238 European universities and 24 research institutes to examine the effects of regional factors at the NUTS-1 or NUTS-2 level on three knowledge transfer outcomes of public research organisations the number of licence agreements, start-ups and RD agreements with companies. We find that 1 a larger share of regional employment in high and medium-high technology manufacturing sectors in the same region as the public research organisation has a positive impact on the number of licence agreements. 2 A larger share of employment in knowledge-intensive services has a positive impact on the number of start-ups and research agreements, but a negative impact on licence agreements. 3 Competition as measured by the number of public research organisations in a region has a negative impact on all three outcomes.
    Keywords: Higher Education and Research Institutions; Contracting Out; Joint Ventures; Technology Licensing; New Firms; Startups; Management of Technological Innovation and R&D;
    JEL: I23 O32 M13 L24
    Date: 2015
  17. By: Troy D. Smith (Stanford University)
    Abstract: While private equity (PE) is expanding rapidly in developing countries, there is little academic research on this subject. In this paper I exploit two new data sources and employ two distinct empirical strategies to identify the impact of PE on Indian firms. I compare the investments made by one of India’s largest PE firms to the investments that just missed (deals that made it to the final round of internal consideration). I also combine four large PE databases with accounting data on 34,000 public and private firms and identify effects using differences in the timing of investments. I find three results consistently in both databases. First, larger, more successful firms are more likely to receive PE investment. Second, firms that receive in- vestment are more likely to survive and also have greater increases in revenues, assets, employee compensation, and profits. Third, somewhat surprisingly, these firms’ productivity and return on assets do not improve after investment. This is consistent with PE channeling funding to high productivity firms rather than turning around low productivity firms. PE, at least in India, appears to alleviate expansion constraints and improve aggregate productivity through reducing misallocation rather than by increasing within-firm TFP.
    Keywords: Private Equity, India, Developing Countries, Entrepreneurship, Productivity, Emerging Markets.
    Date: 2015–06
  18. By: Greggers, Timo
    Abstract: Unternehmensgründer stehen bei der Finanzierung ihrer Investitionsprojekte oftmals vor Problemen, zum Beispiel wenn Kapitalgeber diese Projekte aufgrund mangelnder Sicherheiten und schwer einzuschätzender Erlöserwartungen nicht finanzieren. Dadurch können auch an sich vorteilhafte Projekte unterlassen werden und ein Wohlfahrtsverlust kann entstehen. Zunächst wird hier anhand eines 2-Perioden-Modells dargestellt, wie es zu einer Situation der Unterinvestition kommen kann, wenn die Vorteilhaftigkeit eines einzelnen Projektes nicht erkannt wird. Hiernach wird das Modell um ein Vorverkaufs- Crowdfunding erweitert und aufgezeigt, wie mit dieser Art des Crowdfundings Informationen über die Erlöse eines Projektes beschafft und vorteilhafte Projekte identifiziert werden können. Die Crowdfunding-Vorverkäufe ähneln dabei einer Stichprobe und erkennen die Vorteilhaftigkeit eines Projektes umso präziser, je größer der Stichprobenumfang ist.
    Keywords: Crowdfunding,advanced-purchase,sample,Vorverkäufe,Stichprobe,Kaufentscheidung
    JEL: G14 G32
    Date: 2015
  19. By: Sophie BOUTILLIER (Clersé (UMR-CNRS 8019), Université du Littoral Côte d’Opale); Dimitri UZUNIDIS (UTC, Greece)
    Abstract: Depuis le début des années 1980, la société entrepreneuriale a émergé. L’emploi salarié reste dans les économies développées la forme principale d’emploi, mais l’emploi devient plus précaire (travail intérimaire, contrat de travail à durée déterminée, augmentation du chômage, etc.). D’un autre côté, la création d’entreprise est conçue dans le cadre de politiques économiques comme un moyen de créer des emplois, d’innover ou de créer une activité économique dans des régions et les secteurs en déclin. L’objet de ce document est de présenter les caractéristiques de la société entrepreneuriale et et d’analyser de façon critique les politiques publiques d’aide à l’entrepreneuriat. Since the beginning of the 1980s the entrepreneurial society has emerged. In developed countries salaried employment is still the main form of employment, but it has become more precarious, due to factors such as an increase in unemployment, temporary employment, fixed-term contracts, etc. On the other hand new business start-ups are now understood by politicians as constituting a tool for job creation, innovation, and the redevelopment of areas or sectors in crisis. The purpose of this document is to present the characteristics of the entrepreneurial company and discuss public policies to support entrepreneurship.lization of new product technologies and services. Codification processes, knowledge sharing and transfer, project financing, informational and risk sharing asymmetries have all been affected by that trend towards opening up innovation models. In that view, the co-evolution of innovation models and knowledge management processes represents a major challenge for firms. This joint evolution raises important issues that both economists and organizational theorists that this contribution seeks to address.
    Keywords: Entrepreneur, Entrepreneuriat, Salariat, Innovation, Changement
    JEL: L26 E2 O3
    Date: 2015

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