THE NEW ENTREPRENEURIALISM

The knowledge economy propels innovative entrepreneurship into the spotlight. Because innovation is knowledge in action, opportunities for innovation proceed from the scientific work of the knowledge producers to the business actions pursued by the entrepreneurs. Those who create high-expectation, high-growth start-ups and look beyond national borders detect untapped opportunities not perceived by those who take the usual course of business.

Major corporations take primary responsibility for the creation of both entrepreneurial and academic ecosystems which lead to genetic mutations: from multinational to global integrated enterprises, from employees to intrapreneurs, from job seekers to hunters of entrepreneurial opportunities. Once upon a time, working for a large established company like IBM meant a job for life, but now the mutated genes are starting their own firms, leading to a growth in entrepreneurialism.

The global nature of the new entrepreneurialism make the world exposed to brain circulation – that is, the mobility of science-driven entrepreneurial talents and the sharing of ideas across borders which may initiate new businesses. New players coming out of India, China, Eastern Europe, the Gulf Region, Brazil, South Africa and other fast growing emerging markets, all add fresh ‘DNA’ to the global economy that will diffuse the effects of the new entrepreneurialism. Ironically, it is not a new model. In medieval times there was brain circulation between Europe’s leading universities, the outcome of which was a new approach to knowledge and learning. We are resuming that type of culture which was very entrepreneurial and was the origin of the Renaissance. International entrepreneurship breaks down traditional business borders. You might have the founder of a company in Dublin, another one in Stockholm, with some else in Riyadh and Beijing. An embryonic company with a global footprint requires less startup investment and 7 is better positioned to conquer more markets at launch and more likely to attract talents into the organisation because it is not tied to one place. Laboratory experiments where the function and performance of highexpectation/high growth start-ups are evaluated give entrepreneur candidates, financiers and policy makers a deeper understanding of the actual workings of real-world new markets.

Experiments point out how high-expectation entrepreneurs should cultivate market outcomes, which behaviour should guide trust building between the formers and their potential financiers, and how policy makers should design and test “rules of the game.”

We hope that most readers will find in this book motives for other journeys of discovery into the nature of the knowledge economy. The authors are deeply indebted to Professors Elais Carayannis and Martin Curley for their inspiring thoughts and contribution. A profound thanks also goes to John Edmondson, editor of Industry and Higher Education. Also, the authors are greatly thank the Ministry of Higher Education in Saudi Arabia for the full support to publish this book.

.Piero Formica and Ahmed Alshumaimri Dublin and Riyadh, Jan 2013

THE NEW ENTREPRENEURIALISM