Abstract
The third industrial revolution, combining globalization with the Internet, produces major social and environmental challenges. Social capital, using social connections and relations to tackle the challenges, becomes a vital goal and asset of organizations of all kinds in the 21(superscript st) century. This paper provides the knowledge foundations for social capital in two aspects: (1) social capital as a science of effectual entrepreneurship; and (2) social capital as a historical science of effectual entrepreneurship. Both aspects are grounded in a recent entrepreneurship theory of effectuation. Managerial implications for practitioners in biotech and health care management are discussed.
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