Abstract
Many new product innovations are attributed to new venture creation. Although there are many success cases, many new ventures quit before they have fulfilled their greatest potential mainly because...
Highlights
New venture creation plays a significant role in today’s economy because it accounts for a considerable portion of new product innovations
Entrepreneurial teams are regarded as the major catalyst of new venture creation (Cooper & Daily, 1997) and touted to be “the superior entrepreneurial start-up concept” (Carland & Carland, 2012; Lechler, 2001)
Taking a step forward, the second contextual implication is that we focus on entrepreneurial teams that are tenants of a university incubator, directing attention to the nascent entrepreneurship context; meaning, before the new venture is well established or before it is founded at all, not fulfilling its commercial promise (Korunka, Frank, Lueger, & Mugler, 2003)
Summary
New venture creation plays a significant role in today’s economy because it accounts for a considerable portion of new product innovations. While Beckman (2006) found that “90% of the new ventures start as teams—not as solo entrepreneurs”—and the importance of the team has been pointed out in the past (Timmons, 1994), for many years the subject of entrepreneurship had been studied under the lens of the entrepreneur as a sole entity, as if one person only was responsible for the whole process of the venture creation (Gartner, Shaver, Gatewood, & Katz, 1994). It is only about the past 10 years that some researchers have started to select the entrepreneurial team as their unit of analysis (for an extensive review, see Klotz & Bolino, 2013), and this is the case for this research
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