Social capital of venture capitalists and start-up funding

How does the social capital of venture capitalists (VCs) affect the funding of start-ups? By building on the rich social capital literature, we hypothesize a positive effect of VCs' social capital, derived from past syndication, on the amount of money that start-ups receive. Specifically, we argue that both structural and relational aspects of VCs' social networks provide VCs with superior access to information about current investment objects and opportunities to leverage them in the future, increasing their willingness to invest in these firms. Our empirical results, derived from a novel dataset containing more than 1,500 first funding rounds in the Internet and IT sector, strongly confirm our hypotheses. We discuss the implications of our findings for theories of venture capital and entrepreneurship, showing that the role and effect of VCs' social capital on start-up firms may be more complex than previously argued in the literature

The entrepreneurial ladder, gender, and regional development

Gender differences at five levels of entrepreneurial engagement are explained using country effects while controlling for individual-level variables. We distinguish between individuals who have never considered starting up a business, those who are thinking about it, and nascent, young, and established entrepreneurs. We use a large international dataset that includes respondents from 32 European countries, three Asian countries, and the United States. Findings show that cross-country gender differences are largest in the first and final transitions of the entrepreneurial process. In par

Design concepts for a next generation light source at LBNL

The NGLS collaboration is developing design concepts for a multi-beamline soft x-ray FEL array powered by a superconducting linear accelerator, operating with a high bunch repetition rate of approximately 1 MHz. The CW superconducting linear accelerator design is based on developments of TESLA and ILC technology, and is supplied by an injector based on a high-brightness, highrepetition- rate photocathode electron gun. Electron bunches from the linac are distributed by RF deflecting cavities to the array of independently configurable FEL beamlines with nominal bunch rates of ∼100 kHz in each FEL, with uniform pulse spacing, and some FELs capable of operating at the full linac bunch rate. Individual FELs may be configured for different modes of operation, including self-seeded and external-laser-seeded, and each may produce high peak and average brightness x-rays with a flexible pulse format, and with pulse durations ranging from femtoseconds and shorter, to hundreds of femtoseconds. In this paper we describe current design concepts, and progress in RandD activities. Copyright © 2013 CC-BY-3.0 and by the respective authors

Design of the FRIB Cryomodule

An advanced, modular bottom-supported cryomodule design is described which is highly optimized for mass-production and efficient precision-assembly. The FRIB driver linac uses 4 types of superconducting resonators and 2 solenoid lengths which in turn require 7 individual cryomodule configurations. To meet alignment tolerances a precision-machined bolted cryomodule rail system is described. A novel, kinematic mounting system of the cold mass is introduced which allows for thermal contractions while preserving alignment. A first prototype will incorporate a wire position monitor for alignment verification. The cold alignment structure is supported by composite posts which also function as thermal isolators. The cryogenic system provides separate 2 K and 4.5 K liquid helium lines to cavities and solenoids. Details of the JT valves, heat exchanger, cool-down circuit and junction to cryogenic line will be provided. Transient cool-down was simulated for stresses and buckling failure. A 1100-O Aluminum shield is used as a thermal radiation shield. The paper also describes cryomodule interfaces with the linac tunnel, the RF input cables, and the cryogenic distribution system

The Internationalization of Born-Digital Companies

The impact of the digitalization phenomenon on international entrepreneurship and international business has, until now, received little attention from the research community, and the major models of internationalization do not fully address the digitalized type of company. In response, this chapter aims to conceptualize the idea that the emergence of born-digitals presents a distinct phenomenon of an internationalizing enterprise. We do so using an explorative approach based on a conceptual framework. We conduct the study through a conceptual, theoretical research model, classifying born-digital firms on two dimensions: their degree of digitalization and their degree of internationalization. The theoretical contributions of this research are to offer a descriptive approach to the new phenomenon formed by international born-digital firms, and to help develop the corresponding firm typology. In terms of management, this research suggests a series of strategies used by born-digital companies, strategies that can be helpful in facilitating entrepreneurial opportunities for a leaner internationalization process.Post-print / Final draf

Social Media and Small Entrepreneurial Firms’ Internationalization

AbstractSmall entrepreneurial firms often need to be quite creative when allocating and deploying their limited resources. Especially in grasping international opportunities, social media provides a seemingly affordable and far-reaching medium. However, challenges—such as the controllability of the content and the outcomes of using social media—become apparent as the reach of social media marketing expands beyond certain threshold limits. In this study, we rely on data from multiple case studies to evaluate to what extent and under which conditions social media can support small entrepreneurial firms’ international expansion. Thereby, we contribute to research on SME internationalization and business implications of digitalization. Our findings indicate that small entrepreneurial firms face somewhat different social media–related challenges in the international business environment compared to domestic settings. The controllability of the contents comes with new tones. Furthermore, small firms’ resources, both in terms of social media use and in different functions, play an important role in determining the extent to which the use of social media supports these firms’ internationalization.Abstract Small entrepreneurial firms often need to be quite creative when allocating and deploying their limited resources. Especially in grasping international opportunities, social media provides a seemingly affordable and far-reaching medium. However, challenges—such as the controllability of the content and the outcomes of using social media—become apparent as the reach of social media marketing expands beyond certain threshold limits. In this study, we rely on data from multiple case studies to evaluate to what extent and under which conditions social media can support small entrepreneurial firms’ international expansion. Thereby, we contribute to research on SME internationalization and business implications of digitalization. Our findings indicate that small entrepreneurial firms face somewhat different social media–related challenges in the international business environment compared to domestic settings. The controllability of the contents comes with new tones. Furthermore, small firms’ resources, both in terms of social media use and in different functions, play an important role in determining the extent to which the use of social media supports these firms’ internationalization

Performance-based vs socially supportive culture:a cross-national study of descriptive norms and entrepreneurship

This paper is a cross-national study testing a framework relating cultural descriptive norms to entrepreneurship in a sample of 40 nations. Based on data from the Global Leadership and Organizational Behavior Effectiveness project, we identify two higher-order dimensions of culture – socially supportive culture (SSC) and performance-based culture (PBC) – and relate them to entrepreneurship rates and associated supply-side and demand-side variables available from the Global Entrepreneurship Monitor. Findings provide strong support for a social capital/SSC and supply-side variable explanation of entrepreneurship rate. PBC predicts demand-side variables, such as opportunity existence and the quality of formal institutions to support entrepreneurship

Entrepreneurial role models, fear of failure, and institutional approval of entrepreneurship: A tale of two regions

Studies on the influence of entrepreneurial role models (peers) on the decision to start a firm ar-gue that entrepreneurial role models in the local environment (1) provide opportunities to learn about entrepreneurial tasks and capabilities, and (2) signal that entrepreneurship is a favorable career option thereby reducing uncertainty that potential entrepreneurs face. However, these studies remain silent about the role of institutional context for these mechanisms. Applying an ex-tended sender-receiver model, we hypothesize that observing entrepreneurs reduces fear of fail-ure in others in environments where approval of entrepreneurship is high while this effect is signif-icantly weaker in low approval environments. Taking advantage of the natural experiment from recent German history and using data from the Global Entrepreneurship Monitor Project (GEM), we find considerable support for our hypotheses

Sustainable Entrepreneurship: The Role of Perceived Barriers and Risk

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