64 research outputs found
Enhancing rigor in quantitative entrepreneurship research
MAULAN MUKAAN OA-ARTIKKELI. AVAA KUN ILMESTYY VIRALLISESTIReflecting on common empirical concerns in quantitative entrepreneurship research, recent calls for improved rigor and reproducibility in social science research, and recent methodological developments, we discuss new opportunities for further enhancing rigor in quantitative entrepreneurship research. In addition to highlighting common key concerns of editors and reviewers, we review recent methodological guidelines in the social sciences that offer more in-depth discussions of particular empirical issues and approaches. We conclude by offering a set of best practice recommendations for further enhancing rigor in quantitative entrepreneurship research.Peer reviewe
Risk capital for growing world-class companies: challenges for European policy
Brief to the Finnish Prime Minister’s Office in preparation for the Finnish Presidency of the European Commission 2006.EXECUTIVE SUMMARY
The availability of risk capital in all its variants is a critical resource for a modern
and adaptive economy. The effective exploitation of new knowledge requires a
commercialisation process that is conditional on informed, skilled and risk
accepting investors both as individuals (Business Angels) and professionals
(Venture Capitalists). Similarly, the restructuring and reinvigoration of large
established corporate businesses, often on an international or global scale, has
been materially assisted by the advent of a finance industry focused on
Management Buy-Out activity.
In Europe, the provision and use of equity-based financing is both patchy across
countries and materially lags behind the levels of development seen in the USA.
Both inefficiencies in the supply of venture capital and in the demand from
informed and growth-oriented entrepreneurs has resulted in parochial and
nationally focused risk capital industries that are individually and collectively
weaker than their US competitors.
Global trends in both the provision by and demands of institutional finance
seeking more and larger management buy-out opportunities, as well as the
increasingly borderless identity of new technology paradigms, is threatening the
relevance of Europe’s current, predominantly country-based model of private
equity. There is a real need to develop a more pan-European private equity
industry.
In creating an Entrepreneurial Europe, policy makers need to recognise that:
1. Business Angels are a fundamental and early building block of an innovative
and adaptive enterprise community. For early-stage ventures, they are
collectively more important than venture capital. The national fiscal
environment should incentivise and reward risk taking by entrepreneurs and
their early-stage financial backers.
2. The fiscal environment should allow inter-country tax transparency. The
costs associated with avoiding multiple taxation by private equity firms are a
material barrier to a European market for risk capital.
3. Government should work to encourage the involvement of private and
commercial investors rather than seeking to substitute for their unique skills
by acting as a direct investor of public monies into new enterprises. Where
government supports ‘hybrid’ venture capital funds by co-investing, it should
stipulate that such funds must be of a commercially viable scale.
4. Governments themselves can be highly entrepreneurial. Yet, inter-country
learning from both good and bad enterprise policy initiatives is poor and
should be addressed by greater international contact between policy makers
and academic experts.Finnish Prime Minister’s Office & Economic Council of Finlan
The Effects of Incentive Structures on the Performance of Publicly Funded Venture Capital Funds
A majority of developed countries have realized the importance of functioning venture capital markets for job creation, innovation, and economic growth. Accordingly, governments have taken measures to support the development and efficient functioning of national venture capital markets. As a policy response, particularly in the more problematic early-stage investment area, many countries have set up government financed support programs to channel risk capital to new ventures through private VC funds. The choice of the incentive structure for a publicly co-financed and privately managed venture capital fund is crucial for the success of a program. However, there is very little robust research determining the actual effects of different structures on fund performance. A comparison of government VC structures has been hindered by both the variety of utilized structures and the plurality of domestic environments. In this study, we examine the effects of different incentive structures on the performance of publicly co-financed venture capital programs under changing market conditions by comparing these structures in a simulation model
Public Financing of Young Innovative Companies in Finland
The access of young innovative companies in Finland to professionally delivered sources of start up and early
growth finance has improved significantly over the last decade. Despite this long-term positive trend, there are major
challenges that still remain. Finland’s world class innovation reputation is not yet matched by equivalent commercial
success for its innovative products and services despite many recent successes. At the start of the present
century, the international decline of the financial markets following the bursting of the dot.com bubble caused serious
damage to technology investors in Finland given the immature venture capital infrastructure at the time. Promising
but early stage enterprises were particularly vulnerable to negative market sentiments. At this crucial time,
Tekes, Finnish Industry Investment Ltd., Finnvera, and Sitra all directly addressed elements of the financing problem
for entrepreneurs. Each agency helped to fill the ‘financing gap’ experienced by young but high potential Finnish
firms with a range of targeted financing instruments. Public policy enacted through these agencies has been extremely
valuable, and probably essential, in helping many new young innovative companies to emerge and in supporting
existing young enterprises to survive the hostile first years of the twenty-first century.
However, over the next five to seven years, Finland needs to further develop the financing of young innovative
companies to reflect current and new challenges, and to ensure the continuing effectiveness of the Finnish financing
system across different stages of the economic cycle. A number of recommendations are made in this report. First,
Finland should set an ambitious goal to make Finland one of the most vibrant investment markets in the world for
investing in and creating and capturing value from young innovative companies. This market should be privately
led and provide clear incentives for professional investors as well as for the entrepreneurial owner-managers to invest
in and create and capture value from young innovative companies. Second, the government should give clear
signals of commitment of making high growth entrepreneurship and private risk taking valued and rewarded in
Finland. Tax incentives could be used to catalyze entrepreneurial activity and private investment and to reinforce
this signal. Third, Finland should take an open and global approach and leverage all available financial and human
resources to the nation’s long term advantage regardless of their origin. Fourth, Finland should be determined in
implementing this market-centered strategy. Accordingly, the government should remove unnecessary duplication,
fragmentation and unwarranted growth of public services. The improvement of inter-agency coordination and a
greater customer orientation in the provision of public finance should be a priority. The state’s primary responsibility
is to create the long-run conditions for the optimal working of competitive and efficient markets. Actions by the
state that replace or substitute for the private and fully commercial actions of professional investors should be taken
with great caution and should, at best, be viewed as temporary.Commissioned by Ministry of Trade and Industry, Finlan
Crafting and assessing design science research for entrepreneurship
Publisher Copyright: © The Author(s) 2022.Recognizing the importance of various types of artifacts for entrepreneurship, design science (DS) has been proposed as an inclusive approach that combines relevance and rigor. By enabling researchers to go beyond their traditional roles as observers and analysts of established artifacts to help design new artifacts, DS can improve the relevance of entrepreneurship research. However, there is a paucity of knowledge on how this type of research can be published in leading entrepreneurship journals. In this editorial, we seek to provide practical guidance on how to craft and assess DS studies that target Entrepreneurship Theory & Practice (ETP) and other top-tier journals.Non peer reviewe
Crafting and Assessing Design Science Research for Entrepreneurship
Recognizing the importance of various types of artifacts for entrepreneurship, design science (DS) has been proposed as an inclusive approach that combines relevance and rigor. By enabling researchers to go beyond their traditional roles as observers and analysts of established artifacts to help design new artifacts, DS can improve the relevance of entrepreneurship research. However, there is a paucity of knowledge on how this type of research can be published in leading entrepreneurship journals. In this editorial, we seek to provide practical guidance on how to craft and assess DS studies that target ETP and other top-tier journals
Suomen Teollisuussijoitus Oy:n (Tesi) arviointi
Arvioinnin kohteena on ollut työ- ja elinkeinoministeriön omistajaohjauksessa toimiva Suomen Teollisuussijoitus Oy:n (Tesi). Tesi on vuonna 1995 perustettu valtion omistama pääomasijoitusyhtiö, joka tekee vähemmistösijoituksia rahastoihin ja kohdeyrityksiin samoin ehdoin yksityisten sijoittajien kanssa.
Arviointi tarkastelee Tesin toiminnan tehokkuutta, vaikuttavuutta ja yhteistyötä osana julkisen yritysrahoituksen kokonaisuutta pääomasijoitusmarkkinoilla vuosina 2015–2022.
Pitkäjänteisen valtiollisen sijoittajan merkitys on korostunut epävarmoissa markkinatilanteissa ja markkinahäiriöissä. Viime vuosina erityisesti ilmastokriisi, koronapandemia ja Ukrainan sota ovat korostaneet Tesin roolia yhteiskunnallisten haasteiden ratkaisemisessa ja akuuttien markkinahäiriöiden tasaajana. Tesin toiminta muun muassa koronapandemian yhteydessä on laajasti koettu onnistuneena ja tärkeänä.
Tesin rooli suomalaisessa pääomasijoitusmarkkinassa on merkittävä ja sen toiminta koetaan laadukkaana ja asiantuntevana. Kriittiset näkemykset liittyvät lähinnä Tesin koettuun portinvartijarooliin uusien rahastojen perustamisessa, sekä jossain määrin suoriin sijoituksiin. Tesillä on myös suuri merkitys tiedon tuottajana, sparraajana ja verkostojen rakentajana.
Arviointi sisältää suosituksia sekä Tesin toiminnan kehittämiseksi että koko julkisen pääomasijoitustoiminnan vaikuttavuuden parantamiseksi
Pk-yritysten kumppani haasteissa ja mahdollisuuksissa : Finnveran arvioinnin loppuraportti
Finnvera Oyj on valtion täysin omistama erityistehtäväyhtiö, joka tarjoaa lainoja ja takauksia yritysten vienti-, kasvu- ja muutostilanteiden rahoittamiseen. Yhtiön tehtävänä on riskinjakaminen yksityisten rahoittajien kanssa markkinaehtoisesti.
Kokonaisarvio Finnveran toiminnasta on varsin myönteinen; se on ammattimaisesti hoitanut perustehtävänsä ja saavuttanut omistajan asettamat tavoitteet. Finnveran palveluprosessit ovat tehokkaita ja laadukkaita, ja se nauttii säännöllisesti erinomaista asiakaspalautetta. Finnveran rahoitus vastaa markkinoiden tarpeisiin ja sille asetettuihin elinkeinopoliittisiin tavoitteisiin tehokkaasti. Jatkossa eri instrumenttien (lainat, takaukset) käyttöä tulisi kuitenkin seurata, perustella ja optimoida kohderyhmissä tarkemmin.
Toimintansa kehittämiseksi arviointi suosittelee Finnveralle aktiivisempaa roolia pk-yritysten rahoituksen tarjonnassa esiintyvien puutteiden korjaamisessa, kohdennetun riskinoton lisäämistä pk-rahoituksessa ja vahvempaa roolia puhtaan siirtymän rahoituksessa. Vaikutusten seurantaa ja arviointia on tarvetta vahvistaa ohjauksen tueksi. Yhteistyötä muiden julkisen rahoittajien kanssa tulisi tiivistää ja EU-rahoituksen mahdollisuuksia hyödyntää aktiivisemmin
Globalisation challenges for Europe: Report by the Secretariat of the Economic Council - PART I
The report analyses globalisation and the policy challenges it poses for Europe. The report comprises 13 articles by European experts, the first describing the globalisation phenomenon and its consequences in the light of latest economic research, followed by three commentary articles to supplement the globalisation analysis. EU competitiveness and EU countries’ structural policy are then surveyed in general. Two articles examine the EU internal market, while four articles analyse innovation policy widely. The final two articles discuss political governance of global and European economic policy issues
- …