Aproximació a la figura dels Business Angels

Els business angels són persones físiques que inverteixen una part dels seus diners en empreses joves, tot just acabades de crear, en alguns casos fins i tot ajuden a crear-les. El nom d’àngels té el seu origen en els rics filantrops de Nova York que finançaven les obres que s’estrenaven a Broadway. Aquests filantrops invertien els seus diners en una obra de teatre, pel plaer de contribuir a la cultura, molt sovint no arribaven a recuperar mai aquests diners. Els business angels, no són filantrops, inverteixen esperant guanyar diners, però al igual que els àngels de Broadway, els mou alguna cosa més que els diners, ja que està àmpliament documentat que darrera d’aquestes inversions hi ha també raons no financeres, com ara fomentar l’esperit emprenedor o fins i tot la cerca de diversió. Podríem dir que el terme “business angel” es va encunyar a principis dels 80 als EUA, per tant aviat farà 30 anys, no obstant, encara avui, la majoria de catalans no coneixen el significat d’aquest terme. A Catalunya i Espanya anem terriblement retardats en l’estudi i la promoció d’aquesta figura en relació a països com els EUA i el Regne Unit, però també massa enrera en relació a països com Finlàndia, Suècia, Noruega i Alemanya. L’objectiu d’aquest treball és doncs oferir una complerta aproximació a aquesta figura del business angel, una figura que entenem clau en el desenvolupament empresarial i per tant una figura que cal potenciar a tots els nivells. Per tal de contextualitzar aquesta important figura, el treball parteix de l’anàlisi de la relació existent entre emprenedoria i creixement econòmic, s’endinsa després en el capital risc, per presentar finalment qui és i que fa el business angel. El treball intenta també mostrar l’abús d’usos i la inconsistència de les definicions que es donen del terme “business angel” i per tant la gran confusió que tot això genera.

Determinants of high-growth firms:why do some countries have more high-growth firms than others?

High-growth firms have been shown to be a key factor for economic growth and structural change. This paper analyses the determinants of the number of high-growth firms in a country for 17 OECD countries between 1999 and 2005, using the Amadeus data set, the GEM data set, and others. The first contribution of this paper is that it is – as far as we know – the first empirical analysis of high-growth firms at the country level on the basis of actual measured growth. Second, we find indicative empirical evidence for three driving forces of high growth, viz. entrepreneurship, institutional settings, and opportunities for growth, all in accordance with theory and empirical findings in related fields of research. Third, the paper gives a tentative explanation of the differences in the average percentage of high-growth firms between countries. Finally, the paper gives some clues for policy makers how to promote high-growth firms. Keywords: high-growth firms, fast growing firms, entrepreneurship, institutional obstacles, opportunities for growth

Key competences in the new ventures: a model for evaluating

This research studies from an internal view based on the Competency-Based Perspective (CBP), key organizational competencies developed for small new business. CBP is chosen in an attempt to explain the differences characterizing the closed companies from the consolidated ones. The main contribution of this paper is the definition of a set of key organizational competencies for new ventures from services and low technology based sectors. Using the classification proposed by [1] and a review of the entrepreneurship literature, the main competencies were defined and classified as: managerial, input-based, transformation-based, and output-based competencies. The proposed model for evaluating new ventures organizational competence is tested by means of Structural Equation

Determinants of Spanish firms' life cycle and job

This paper examines the role of human capital, individual entrepreneurial traits and the business environment on firms' life cycle and on job creation in Spain. For this purpose, we have constructed a pseudo-panel, by using the Global Entrepreneurship Monitor survey over the period 2001-2008. We have found that the creation, maturity and survival of firms were aided by the availability of bank credit and the large immigration inflows that Spain received over this period. However, of these two factors, only bank credit had a positive effect on the creation of jobs and on improving expectations of job expansion. The relatively high levels of youth unemployment experienced even before the crises of 2008 hurt the firm's chances of maturity and survival. The results also suggested that the gender gap in entrepreneurial activities had narrowed. In relative terms, women with higher levels of education were more likely to create mature firms than men. Based on the empirical findings and those of related literature, the paper offers policy recommendations to foster a sustainable entrepreneurial sector capable of contributing to the recovery of the Spanish economy.

The generation and re-generation of social capital and enterprises in multi-stakeholders social cooperative enterprises: a system dynamic approach

Theories on social capital and on social entrepreneurship have mainly highlighted the attitude of social capital to generate enterprises and to foster good relations between third sector organizations and the public sector. This paper considers the social capital in a specific third sector enterprise; here, multi-stakeholder social cooperatives are seen, at the same time, as social capital results, creators and incubators. In the particular enterprises that identify themselves as community social enterprises, social capital, both as organizational and relational capital, is fundamental: SCEs arise from but also produce and disseminate social capital. This paper aims to improve the building of relational social capital and the refining of helpful relations drawn from other arenas, where they were created and from where they are sometimes transferred to other realities, where their role is carried on further (often working in non-profit, horizontally and vertically arranged groups, where they share resources and relations). To represent this perspective, we use a qualitative system dynamic approach in which social capital is measured using proxies. Cooperation of volunteers, customers, community leaders and third sector local organizations is fundamental to establish trust relations between public local authorities and cooperatives. These relations help the latter to maintain long-term contracts with local authorities as providers of social services and enable them to add innovation to their services, by developing experiences and management models and maintaining an interchange with civil servants regarding these matters. The long-term relations and the organizational relations linking SCEs and public organizations help to create and to renovate social capital. Thus, multi-stakeholder cooperatives originated via social capital developed in third sector organizations produce new social capital within the cooperatives themselves and between different cooperatives (entrepreneurial components of the third sector) and the public sector. In their entrepreneurial life, cooperatives have to contrast the "working drift," as a result of which only workers remain as members of the cooperative, while other stakeholders leave the organization. Those who are not workers in the cooperative are (stake)holders with "weak ties," who are nevertheless fundamental in making a worker's cooperative an authentic social multi-stakeholders cooperative. To maintain multi-stakeholder governance and the relations with third sector and civil society, social cooperatives have to reinforce participation and dialogue with civil society through ongoing efforts to include people that provide social proposals. We try to represent these processes in a system dynamic model applied to local cooperatives, measuring the social capital created by the social cooperative through proxies, such as number of volunteers and strong cooperation with public institutions. Using a reverse-engineering approach, we can individuate the determinants of the creation of social capital and thereby give support to governance that creates social capital.

The succession process at social enterprises in Brazil

This research was based on a study of social enterprises in Brazil, to find out if and how these organizations plan and manage the succession process for their senior positions. The study investigated the subset of the associations dedicated to collectively producing goods and services, because they are formally set up and aimed at speeding up the dynamism of local development. The empirical research consisted of two stages. The first was a survey covering a sample of 378 organizations, to find out which of those had already undergone or were undergoing a succession process. The second interviewed the main manager of 32 organizations, to obtain a description of their succession experience. In this stage, the research aimed to analyze how the Individual, Organization and Environment dimensions interact to configure the succession process, identifying which factors of each of these dimensions can facilitate or limit this process. The following guiding elements were taken as the analytical basis: Individual dimension - leadership roles, skill and styles; Organization dimension - structure, planning, advisory boards, communication (transparency), control and evaluation; and Environment dimension - influence of the stakeholders (community, suppliers, clients, and business partners) on the succession process. The results indicated that succession in the researched associations is in the construction stage: it adapts to the requirements of current circumstances but is evidently in need of improvement in order for more effective planning and shared management of the process to be achieved.

International analysis of the countries where Brazilian franchise chains operate

This paper aims to demonstrate which external environment factors are involved in the international commitment of Brazilian franchise chains. Our objectives herein are to understand which external country characteristics lead to international franchising operations and to ascertain the influence of such characteristics in the commitment of franchise chains in each country they operate in. The database has 54 Brazilian franchise chains with international operations in 26 countries, which implies in 157 franchises operating abroad. Regarding external environment factors, the independent variables form a group divided into market opportunity and business efficiency – trust and ease to doing business. The result of the three distinct clusters show how the market opportunity and the business efficiency (trust and ease in doing business) work as drivers to the international operation of Brazilian franchises. The paper shows that the franchise chains operating in the USA (cluster 3) have an inferior international commitment in comparison with the franchises which operate in developed countries and in small Latin American countries (cluster 2). It is also possible to notice a large number of franchises that operate in underdeveloped countries from Latin America and Africa (cluster 1) with worse business efficiency due to the advantage of learning how to operate in a country that could have some similarities with Brazil

Entrepreneur's Overconfidence, Private Benefits and the Market Performance of the Firm

Many firms around the world are managed and partially owned by entrepreneurs. These entrepreneurs hold under diversified portfolios and, therefore, bear idiosyncratic risk in addition to systematic risk. To compensate the additional risk borne, they extract private benefits. In this paper, we analyse how an entrepreneur's overconfidence affects the market performance of the firm, through the channel of private benefits. We show that two dimensions of overconfidence, namely overestimation of future cash-flows and underestimation of idiosyncratic risk (called miscalibration), have opposite effects on the private benefits extracted by the entrepreneur. As a consequence, firms managed and partially owned by overconfident entrepreneurs can deliver overperformance or underperformance, depending on the prevalence of overestimation or miscalibration of the beliefs of the entrepreneur.

Iniciativa emprenedora i immigració: característiques diferenciadores i factors d'èxit

 L’emprenedoria és una de les àrees de recerca que han tingut un major creixement en les dècades recents. En aquest camp, l’anàlisi del comportament dels emprenedors immigrants ha estat reconeguda com un dels temes amb un important increment d’estudis relacionats. En aquests moments, el fenomen de la immigració és un dels processos socials més importants i amb una major repercussió en el continent europeu, i el fet que hi hagi més iniciatives emprenedores liderades per immigrants que per nadius fa que l’anàlisi i l’exploració d’aquest tema tinguin un atractiu especial. Malgrat tot, i encara que en els darrers anys el nombre d’estudis que pretenen donar una explicació a aquest fenomen ha incrementat, la majoria dels estudis l’han analitzat des d’un punt de vista qualitatiu i centrant-se en situacions regionals específiques i grups concrets, sense que se n’hagin pogut extreure conclusions generals sobre el comportament emprenedor immigrant. De manera que uns dels aspectes clau que un estudi en profunditat requereix són ressaltar aquells factors que contribueixen a distingir el comportament emprenedor immigrant del nadiu, així com aquells factors que podrien motivar l’èxit o el fracàs d’aquest tipus d’iniciatives i com aquests factors condicionarien la resta del teixit empresarial. En aquest context, el principal objectiu d’aquest projecte consisteix en l’anàlisi de les característiques distintives del procés emprenedor dels immigrants. Es pretén abordar aquest objectiu desenvolupant diferents metodologies i combinant diferents fonts d’informació que permetin captar la situació i assolir una comprensió més rica del fenomen estudiat. Els principals resultats obtinguts ens han portat a entendre aspectes que afavoreixen l’emprenedoria immigrant, tals com una menor aversió al risc i un major control percebut. A més, s’han posat de manifest algunes barreres legals amb les que s’han d’enfrontar els emprenedors immigrants a Catalunya.

Organizational resources and intrapreneurial activities: a cross-country study

The importance of entrepreneurship for social and economic growth is generally accepted. In addition, intrapreneurship or corporate entrepreneurship is recognized as one of the key elements for organizational development. In this context, corporate culture and, specifically, entrepreneurial competences are considered to be catalysts for intrapreneurship. The main purpose of this paper is to analyse the influence of resources and capabilities on the probability of becoming an intrapreneur. Using data obtained from the Global Entrepreneurship Monitor (GEM) for 39 countries, and a logistic model, the study shows that entrepreneurial resources and capabilities, such as previous entrepreneurial experience, entrepreneurial competences and the ability to detect business opportunities, influence intrapreneurial behaviour. The contributions of this research are both conceptual (advancing corporate entrepreneurship theory) and practical (relating to the design of policies to foster intrapreneurial activities).

Kinship in entrepreneur networks: Performance effects of resource assembly in Africa

We examine the relationship between structural social capital, resource assembly, and firm performance of entrepreneurs in Africa. We posit that social capital primarily composed of kinship or family ties helps the entrepreneur to raise resources, but it does so at a cost. Using data drawn from small firms in Kampala, Uganda, we explore how shared identity among the entrepreneur's social network moderates this relationship. A large network contributed a higher quantity of resources raised, but at a higher cost when shared identity was high. We discuss the implications of these findings for the role of family ties and social capital in resource assembly, with an emphasis on developing economies.

The varieties of regional change

Many metropolitan areas have experienced extreme boom-bust cycles over the past century. Some places, like Detroit, grew enormously as industrial powerhouses and then declined, while other older cities, like Boston, seem quite resilient. Education does a reasonable job of explaining urban resilience. In this paper, we present a simple model where education increases the level of entrepreneurship. In this model, human capital spillovers occur at the city level because skilled workers produce more product varieties and thereby increase labor demand. We decompose empirically the causes of the connection between skills and urban success and find that skills are associated with growth in productivity or entrepreneurship, not with growth in quality of life, at least outside of the West. We also find that skills seem to have depressed housing supply growth in the West, but not in other regions, which supports the view that educated residents in that region have fought for tougher land-use controls. We also present evidence that skills have had a disproportionately large impact on unemployment during the current recession.

Excess Entry, Ambiguity Seeking, and Competence: An Experimental Investigation

Excess entry refers to the high failure rate of new entrepreneurial ventures. Economic explanations suggest 'hit and run' entrants and risk-seeking behavior. A psychological explanation is that people (entrepreneurs) are overconfident in their abilities (Camerer & Lovallo, 1999). Characterizing entry decisions as ambiguous gambles, we alternatively suggest following Heath and Tversky (1991) that people seek ambiguity when the source of uncertainty is related to their competence. Overconfidence, as such, plays no role. This hypothesis is confirmed in an experimental study that also documents the phenomenon of reference group neglect. Finally, we emphasize the utility that people gain from engaging in activities that contribute to a sense of competence. This is an important force in economic activity that deserves more explicit attention.

Formação Profissional e Empreendedorismo: O Caso do Centro de Juventude de S. Vicente

À medida que oportunidades de emprego para toda a vida escasseiam, altas taxas de desemprego têm despertado o interesse por empreendedorismo. A salvação passa a ser a empregabilidade, sendo a educação empreendedora apontada como uma das áreas chave para fazer com que todos descubram potencialidades inovadoras e criativas despertando comportamentos empreendedores. A inserção dos jovens no mercado de trabalho é neste momento um dos maiores problemas da ilha de São Vicente com 23,3% de desempregados numa população maioritariamente jovem (65,7%) segundo INE (Instituto Nacional de Estatística). É neste contexto marcado por instabilidade e incerteza, que o Centro de Juventude de São Vicente tem vindo a promover a formação profissional oferecendo cursos de curta duração visando a inserção sócio económica de jovens carenciados e em situação de risco. Com base num suporte teórico que revela a possibilidade de desenvolver o espírito empreendedor através do ensino, optou-se pela metodologia de estudo de caso para analisar de que forma o Centro de Juventude de São Vicente contribui na formação para a empregabilidade e/ou no despertar do espírito empreendedor. Os resultados revelam que o Centro está dando os primeiros passos nesse sentido e que terá um papel importante no estímulo e incentivo ao trabalho por conta própria através da formação profissional, desde que em estreita articulação com o IEFP (Instituto do Emprego e Formação Profissional) e o mercado de trabalho. Visando uma mudança de mentalidade tem propiciado aos jovens um contexto de estímulo à iniciativa sobretudo através do apoio psicológico e na busca de financiamento. While opportunities for lifetime jobs are decreasing, high unemployment rates have aroused the interest in entrepreneurship. Employability will be the solution, being entrepreneurial education pointed out as one of the key factors in finding out innovative and creative potentialities as well as in stimulating entrepreneurial behaviours. Inserting young people in the labour market is, at present, one of the biggest problems in S.Vicente, an island with 23,3% of unemployed in a population mostly constituted by young people (65,7%), according to INE (National Institute of Statistics). In this context characterised by instability and uncertainty, the Youth Centre in S.Vicente has been promoting professional training through short courses aimed at socioeconomic insertion of young people in vulnerable and risky situations. Based on a theoretical support which points out the possibility of developing entrepreneurial spirit through education, the case study methodology was selected in order to analyse how the Youth Centre contributes through its training courses to employability and/or entrepreneurial spirit. The results obtained indicate that the Centre is taking its first steps in this direction and will play an important role in encouraging self-employment, through professional training. This has to be carried out in close relationship with both IEFP (Institute of Employment and Professional Training) and the labour market. With a view to changing mentalities, the Centre has been providing young people with a context capable of stimulating initiative, especially by supplying psychological support and helping them find financing sources.