Entrepreneurship involves innovation and uncertainty. We outline a theory of entrepreneurship, which highlights the importance of social networks in promoting innovation and reducing uncertainty. Our findings suggest that this “social” aspect of entrepreneurship increases the probability of...

Five important policy initiatives were promulgated in response to the slowdown in U.S. productivity in the early-1970s, and then again in the late-1970s and early-1980s. These initiatives included the Bayh-Dole Act of 1980, the Stevenson-Wydler Act of 1980, the R&E Tax Credit of 1981, the Small...

This paper models the entrepreneurial process as both creation and discovery composed of an iterative two-step process where entrepreneurs create social networks based on subjective expectations about the future effectiveness of those networks, and then choose the innovation to pursue and map a...

The flow of knowledge from a university research park is not a new theme in the academic domain, but those studies that have focused on the prevalence of this phenomenon in the United States have been somewhat limited in the availability of data related to both the genesis of the park as well as...

This paper presents a systematic analysis of the net economic benefits associated with the Small Business Innovation Research (SBIR) program. We offer a derivation of producer and consumer surplus to estimate economic benefits. Fundamental to the implementation of these models is a specific...

We investigate the impacts of the U.S. publicly-funded Small Business Innovation Research (SBIR) program’s funding on the overall employment growth of SBIR-award recipient firms. This paper is motivated by the U.S. Congress’ continued emphasis of employment growth during its deliberations on...

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