Skip to main content
SpringerLink
Log in

The Globalization of Innovation and Entrepreneurial Talent

  • Chapter
  • First Online:
Handbook of Entrepreneurship Research

Part of the book series: International Handbook Series on Entrepreneurship ((IHSE,volume 5))

Abstract

Venture capitalists find, fund, and assist high-impact entrepreneurs—individuals whose firms are instruments of Schumpeter’s (1939) “creative destruction” and the “creation of new economic spaces” (Acs, 2008). These entrepreneurs form firms characterized by a lack of substantial tangible assets, the expectation of several years of negative earnings, and extremely uncertain prospects. Venture capitalists provide these high-potential ventures with capital, advice, contacts, and experience. They bring to the table a host of financial and organizational “technologies” including screening capabilities, due diligence processes, staged financing, investment syndicates, compensation contracts, and corporate governance practices. Through these activities, venture capitalists help bring unproven, innovative ideas to market, overcoming the uncertainty and risk associated with new business development (Berger & Udell, 1998; Gompers & Lerner, 2001; King & Levine, 1993).

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 259.00
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 329.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 329.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

References

  • Acs, Z. 2008. Foundations of High-Impact Entrepreneurship. Boston, MA: NOW Publishers.

    Google Scholar 

  • Acs, Z., & Armington, C. 2006. Entrepreneurship, Geography, and American Economic Growth. Cambridge: Cambridge University Press.

    Google Scholar 

  • Acs, Z. J., Audretsch, D. B., Braunerhjelm, P., & Carlsson, B. 2009. The knowledge spillover theory of entrepreneurship. Small Business Economics, 31(1): 15–30.

    Google Scholar 

  • Acs, Z., Dana, L. P., & Jones, M. V. 2003. Toward new horizons: The internationalization of entrepreneurship. Journal of International Entrepreneurship, 1: 5–12.

    Google Scholar 

  • Acs, Z., Morck, R., Shaver, J., & Yeung, B. 1997. The internationalization of small and medium-sized enterprises: A policy perspective. Small Business Economics, 9: 7–20.

    Google Scholar 

  • Acs, Z. J., Morck, R. K., & Yeung, B. 2001. Entrepreneurship, globalization, and public policy. Journal of International Management, 7(3): 235–251.

    Google Scholar 

  • Acs, Z., & Preston, L. 1997. Small and medium-sized enterprises, technology, and globalization: Introduction to a special issue on small and medium-sized enterprises in the global economy. Small Business Economics, 9(1): 1–6.

    Google Scholar 

  • Aghion, P., & Howitt, P. 1998. Endogenous Growth Theory. Cambridge: MIT Press.

    Google Scholar 

  • Aizenman, J., & Kendall, J. 2008. The internationalization of venture capital and private equity: SSRN.

    Google Scholar 

  • Anand, J., & Delios, A. 1997. Location specificity and the transferability of downstream assets to foreign subsidiaries. Journal of International Business Studies, 28(3): 579–603.

    Google Scholar 

  • Antras, P., & Helpman, E. 2004. Global sourcing. Journal of Political Economy, 112(3): 393–418.

    Google Scholar 

  • Arrow, K. 1962. The Rate and Direction of Inventive Activity. Princeton: Princeton University Press.

    Google Scholar 

  • Audretsch, D. B., & Stephan, P. 1996. Company-scientist locational links: The case of biotechnology. The American Economic Review, 86(3): 641–652.

    Google Scholar 

  • Audretsch, D. B., & Thurik, R. 2002. Linking entrepreneurship to growth. OECD STI working paper.

    Google Scholar 

  • Auerswald, P. 2006. Retroview: Schumpeter’s century. American Interest, November-December 2007. http://www.the-american-interest.com/contents.cfm?MId=16.

  • Audretsch, D. B. 2007. The Entrepreneurial Society. Oxford: The Oxford University Press.

    Google Scholar 

  • Autio, E. 2005. Creative tension: The significance of Ben Oviatt’s and Patricia McDougall’s article “Toward a theory of international new ventures”. Journal of International Business Studies, 36(1): 9–19.

    Google Scholar 

  • Autio, E., Sapienza, H. J., & Almedia, J. G. 2000. Effects of age at entry, knowledge intensity, and imitability on international growth. Academy of Management Journal, 43: 909–924.

    Google Scholar 

  • Autor, D. H., Levy, F., & Murnane, R. 2003. The skill content of recent technological change: An empirical exploration. Quarterly Journal of Economics, 118(4): 1279–1334.

    Google Scholar 

  • Avinimelech, G., Kenney, M., & Teubal, M. 2004. Building Venture Capital Industries: Understanding the U.S. and Israeli Experiences: 57. Jerusalem: The Hebrew University.

    Google Scholar 

  • Avinimelech, G., & Teubal, M. 2004. Venture capital, start-up co-evolution and the emergence and development of Israel’s new high tech cluster. Economics of Innovation and New Technology, 13(1): 33–60.

    Google Scholar 

  • Baumol, W. J., Litan, R. E., & Schramm, C. J. 2007. Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity. New Haven, CT: Yale University Press.

    Google Scholar 

  • Baygan, G., & Freudenberg, M. 2000. The internationalisation of venture capital activity in OECD countries: Implications for measurement and policy: 54: Organization for Economic Co-operation and Development.

    Google Scholar 

  • Becker, R., & Hellmann, T. 2005. The Genesis of Venture Capital: Lessons from the German Experience, Venture Capital, Entrepreneurship, and Public Policy. Cambridge, MA: The MIT Press.

    Google Scholar 

  • Bekaert, G., & Harvey, C. R. 1995. Time-varying world market integration. Journal of Finance, 50(2): 403–444.

    Google Scholar 

  • Berger, A. N., & Udell, G. F. 1998. The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle. Journal of Banking and Finance, 22: 613–673.

    Google Scholar 

  • Berlin, L. R. 2001. Robert Noyce and the rise and fall of Fairchild Semiconductor, 1957–1968. Business History Review, 75(1): 63–101.

    Google Scholar 

  • Berry, C. R., & Glaeser, E. L. 2005. The divergence of human capital levels across cities. Regional Science 84(3): 407–444.

    Google Scholar 

  • Brau, F., Francis, B., & Kohers, N. 2003. The choice of IPO versus takeover: Empirical evidence. Journal of Business, 76(4): 583–612.

    Google Scholar 

  • Braunerhjelm, P., Acs, Z., Audretsch, D., & Carlsson, B. 2009. The missing link: knowledge diffusion and entrepreneurship in endogenous growth. Small Business Economics, published online October 2009.

    Google Scholar 

  • Bresnahan, T., Gambardella, A., & Saxanian, A. 2001. “Old economy” inputs for “new economy” outcomes: Cluster formation in the new Silicon Valleys. Industrial and Corporate Change, 10(4): 835–860.

    Google Scholar 

  • Brightman, I. 2007. Global Trends in Venture Capital: 2006 Survey. New York: Deloitte Touche Tomatsu.

    Google Scholar 

  • Bronson, P. 1998. HotMale. Wired Magazine: 166–174.

    Google Scholar 

  • Brouthers, K., & Brouthers, L. 2003. Why service and manufacturing entry mode choices differ: The influence of transaction cost factors, risk and trust. Journal of Management Studies, 40(5): 1179–1204.

    Google Scholar 

  • Bruton, G. D., Dattani, M., Fung, M., Chow, C., & Ahlstrom, D. 1999. Private equity in China: Differences and similarities with the Western model. Journal of Private Equity, 1: 7–13.

    Google Scholar 

  • Bruton, G. D., & Ahlstrom, D. 2003. An institutional view of China’s venture capital industry: Explaining the differences between China and the West. Journal of Business Venturing, 18(2): 233.

    Google Scholar 

  • Bruton, G. D., Fried, V., & Manigart, S. 2005. Institutional influences on the worldwide expansion of venture capital. Entrepreneurship Theory and Practice, 29(6): 737–760.

    Google Scholar 

  • Buckley, P., & Casson, M. 1976. The Future of the Multinational Enterprise. London: MacMillan.

    Google Scholar 

  • Buckley, P. J., Pass, C. L., & Prescott, K. 1992. The internationalization of service firms: A comparison with the manufacturing sector. Scandinavian International Business Review, 1(1): 39–56.

    Google Scholar 

  • Buckley, P. J., & Lessard, D. R. 2005. Regaining the edge for international business research. Journal of International Business Studies, 35(6): 595–599.

    Google Scholar 

  • Cairncross, F. 1997. The Death of Distance: How The Communications Revolution Will Change Our Lives. Boston, MA: Harvard Business School Press.

    Google Scholar 

  • Campbell, J., & Hamao, Y. 1992. Predictable stock returns in the United States and Japan: A study of long-term capital market integration. Journal of Finance, 47(1): 43–69.

    Google Scholar 

  • Cantwell, J. 1995. The globalisation of technology: What remains of the product cycle model. Cambridge Journal of Economics, 19(1): 155–174.

    Google Scholar 

  • Carlsson, B. 2006. Internationalization of innovation systems: A survey of the literature. Research Policy, 35(55–67).

    Google Scholar 

  • Carlsson, B., Acs, Z. J., Audretsch, D. B., & Braunerhjelm, P. 2007. The knowledge filter, entrepreneurship, and economic growth: SSRN.

    Google Scholar 

  • Caves, R. E. 1982. Multinational Enterprise and Economic Analysis. Cambridge: Cambridge University Press.

    Google Scholar 

  • Chanda, R., & Sreenivasan, N. 2005. India’s experience with skilled migration. In C. Kuptsch, & E. F. Pang (Eds.), Competing for Global Talent: 215–256. Geneva: International Institute for Labour Studies.

    Google Scholar 

  • Chen, H., Gompers, P., Kovner, A., & Lerner, J. 2009. Buy local? The Geography of Successful and Unsuccessful Venture Capital Expansion. Boston, MA: Harvard Business School.

    Google Scholar 

  • Christensen, C., & Bower, J. 1993. Customer power, strategic investment, and the failure of leading firms. Strategic Management Journal, 17(3): 197–218.

    Google Scholar 

  • Clark, R. 1987. Venture Capital in Britain, America, and Japan. London: Croom Helm.

    Google Scholar 

  • Coase, R. H. 1934. The nature of the firm. Economica, 4: 386–405.

    Google Scholar 

  • Coff, R. W. 1997. Human assets and management dilemmas: Coping with hazards on the road to resource-based theory. Academy of Management Review, 22(2): 374–402.

    Google Scholar 

  • Cornelius, B., & Persson, O. 2006. Who’s who in venture capital research. Technovation, 26(2): 142–150.

    Google Scholar 

  • Cumming, D. 2008. Contracts and exits in venture capital finance. Review of Financial Studies, 21(5): 1947–1982.

    Google Scholar 

  • Cyert, R., & March, J. 1963. A Behavioral Theory of the Firm. Englewood Cliffs, NJ: Prentice Hall.

    Google Scholar 

  • De Clercq, D., Fried, V., Lehtonen, O., & Sapienza, H. 2006. An entrepreneur’s guide to the venture capital galaxy. Academy of Management Perspectives, 20(3): 90–112.

    Google Scholar 

  • Domke-Damonte, D. 2000. Interactive effects of international strategy and throughput technology on entry mode for service firms. Management International Review, 40(1): 41–59.

    Google Scholar 

  • Dossani, R., & Kenney, M. 2002. Creating an environment for venture capital in India. World Development, 30(2): 227–253.

    Google Scholar 

  • Dow Jones and Company. 2009. Dow Jones VentureSource. New York: News Corporation. http://www.venturecapital.dowjones.com.

  • Dunning, J. H. 1988. The eclectic paradigm of international production: A restatement and possible extensions. Journal of International Business Studies, 19: 1–31.

    Google Scholar 

  • Engardio, P., & Einhorn, B. 2005. Outsourcing innovation. Business Week: 85–94.

    Google Scholar 

  • Ernst, D. 2002. Global production networks and the changing geography of innovation systems: Implications for developing countries. Economics of Innovation & New Technology, 11(6): 497–523.

    Google Scholar 

  • Ernst, D. 2005. Complexity and internationalization of innovation: Why is chip design moving to China? International Journal of Innovation Management, 9(1): 47–73.

    Google Scholar 

  • EVCA, 2004. EVCA 2004 Yearbook. Brussels: European Private Equity Association.

    Google Scholar 

  • Faust, D. 2008. Why consecutive years of flat funding is putting a generation of science at risk. Testimony before the Senate Committee on Health, Education, Labor and Pensions, March 11, 2008. http://www.president.harvard.edu/speeches/faust/080311_NIH.php.

  • Fernhaber, S. A., & McDougall, P. P. 2009. Venture capitalists as catalysts to new venture internationalization: The impact of their investments, reputation, and knowledge resources. Entrepreneurship Theory and Practice, 33(1): 277–295.

    Google Scholar 

  • Florida, R. 1997. The globalization of R&D: Results of a survey of foreign-affiliated R&D laboratories in the USA. Research Policy, 26(1): 85–103.

    Google Scholar 

  • Florida, R., & Kenney, M. 1988a. Venture capital and high technology entrepreneurship. Journal of Business Venturing, 3: 301–319.

    Google Scholar 

  • Florida, R., & Kenney, M. 1988b. Venture capital, high technology, and regional development. Regional Studies, 22: 33–48.

    Google Scholar 

  • Florida, R. 2005a. The world is spiky. The Atlantic Monthly, 296: 48–51.

    Google Scholar 

  • Florida, R. 2005b. The Flight of the Creative Class: The New Global Competition for Talent. New York: Harper Collins Business.

    Google Scholar 

  • Freeman, R. 2006. Does globalization of the scientific/engineering workforce threaten U.S. economic leadership? National Bureau of Economic Research working paper 11457.

    Google Scholar 

  • Friedman, T. 2008. Flush with energy, New York Times Online: 9 August. http://www.nytimes.com/2008/08/10/opinion/10friedman1.html.

  • Friedman, T. L. 2005. The World Is Flat: A Brief History of the Twenty-First Century. New York: Farrar, Straus and Girox.

    Google Scholar 

  • Geringer, J. M., Beamish, P., & da Costa, R. C. 1989. Diversification strategy and internationalization: Implications for MNE performance. Strategic Management Journal, 10: 109–119.

    Google Scholar 

  • Gifford, S. 1997. Limited attention and the role of the venture capitalist. Journal of Business Venturing, 12(6): 459.

    Google Scholar 

  • Gompers, P., & Lerner, J. 1999. An analysis of compensation in the U.S. venture capital partnership. Journal of Financial Economics, 51(1): 3–44.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2000. Money chasing deals? The impact of fund inflows on private equity valuations. Journal of Financial Economics, 55(2): 281–325.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2001. The venture capital revolution. Journal of Economic Perspectives, 15(2): 145–168.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2004a. Does venture capital spur innovation? In P. Gompers (Ed.), The Venture Capital Cycle: 273–308. Cambridge, MA: The MIT Press.

    Google Scholar 

  • Gompers, P., & Lerner, J. 2004b. The Venture Capital Cycle (2nd ed.). Cambridge: MIT Press.

    Google Scholar 

  • Gompers, P. A. 1995. Optimal investment, monitoring, and the staging of venture capital. Journal of Finance, 50(5): 1461–1490.

    Google Scholar 

  • Gompers, P. A. 1996. Grandstanding in the venture capital industry. Journal of Financial Economics, 42(1): 133–156.

    Google Scholar 

  • Grossman, G., & Helpman, E. 1991. Innovation and Growth in the Global Economy. Cambridge: MIT Press.

    Google Scholar 

  • Guler, I., & Guillen, M. 2005. Institutions, networks, and organizational growth: The internationalization of U.S. venture capital firms. Boston University working paper.

    Google Scholar 

  • Guler, I., & McGahan, A. 2006. Do investors manage US ventures less intensively than ventures in other regions of the world? Available at SSRN: http://www.ssrn.com/abstract=913042.

  • Gupta, A. K., & Sapienza, H. J. 1992. Determinants of venture capital firms’ preferences regarding the industry diversity and geographic scope of their investments. Journal of Business Venturing, 7: 347–362.

    Google Scholar 

  • Haemmig, M. 2003. The Globalization of Venture Capital: A Management Study of International Venture Capital Firms. Zurich: Swiss Private Equity and Corporate Finance Association.

    Google Scholar 

  • Hall, J., & Hofer, C. 1993. Venture capitalists’ decision criteria in new venture evaluaton. Journal of Business Venturing, 8(1): 25–42.

    Google Scholar 

  • Hall, G., & Tu, C. 2003. Venture capitalists and the decision to invest overseas. Venture Capital, 5(2): 181–190.

    Google Scholar 

  • Hart, D. M. 2003. The Emergence of Entrepreneurship Policy: Governance, Start-ups, and Growth in the U.S. Knowledge Economy. Cambridge: Cambridge University Press.

    Google Scholar 

  • Hart, D. M., Acs, Z. J., & Tracy, S. L. 2009. High-tech Immigrant Entrepreneurship in the United States: 1–84. Washington, D.C.: Small Business Administration, Office of Advocacy.

    Google Scholar 

  • Hege, U., Palomino, F., & Schwienbacher, A. 2003. Determinants of venture capital performance: Europe and the United States: 43: RICAFE.

    Google Scholar 

  • Hellmann, T., & Puri, M. 2002. Venture capital and the professionalization of start-up firms: Empirical evidence. Journal of Finance, 57(1): 169.

    Google Scholar 

  • Hill, C. 2007. The post-scientific society, Issues in Science and Technology Online, Fall 2007 ed.http://www.issues.org/24.1/c_hill.html.

  • Hitt, M., & Barkus, B. 1997. International entrepreneurship. In J. A. Katz, & R. H. Brockhaus (Eds.), Advances in Entrepreneurship, Firm Emergence, and Growth: 7–30. Greenwich, CT: JAI Press.

    Google Scholar 

  • Hitt, M., Bierman, L., Uhlenbruck, K., & Shimizu, K. 2006. The importance of resources in the internationalization of professional services firms: The good, the bad, and the ugly. Academy of Management Journal, 49(6): 1137–1157.

    Google Scholar 

  • Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. 1994. A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20: 297–326.

    Google Scholar 

  • Hitt, M., Hoskisson, R., & Kim, H. 1997. International diversification: Effects on innovation and firm performance in product-diversified firms. Academy of Management Journal, 40(4): 767–798.

    Google Scholar 

  • Hochberg, Y., Ljungqvist, A., & Lu, Y. 2007a. Networking as a barrier to entry and the competitive supply of venture capital: SSRN.

    Google Scholar 

  • Hochberg, Y. V., Ljungqvist, A., & Lu, Y. 2007b. Whom you know matters: Venture capital networks and investment performance. Journal of Finance, 62(1): 251–301.

    Google Scholar 

  • Howells, J. 1999. The location and organization of research and development: New horizons. Research Policy, 19(2): 133–146.

    Google Scholar 

  • Hsu, D. H. 2004. What do entrepreneurs pay for venture capital affiliation? Journal of Finance, 59(4): 1805–1844.

    Google Scholar 

  • Hsu, D. H. 2006. Venture capitalists and cooperative start-up commercialization strategy. Management Science, 52(2): 204–219.

    Google Scholar 

  • Huang, H., & Wagjid, S. K. 2002. Financial stability in the world of global finance. Finance Development, 39(1): 13–16.

    Google Scholar 

  • Jääskeläinen, M., & Maula, M. 2005. The effects of direct and indirect foreign venture capital ties on exit market selection and exit modes. Helsinki University of Technology working paper.

    Google Scholar 

  • Jacks, D. S., Meissner, C. M., & Novy, D. 2006. Trade costs in the first wave of globalization. National Bureau of Economic Research working paper Series, No. 12602.

    Google Scholar 

  • Jensen, M. C., & Meckling, W. H. 1976. Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3: 305–360.

    Google Scholar 

  • Johanson, J., & Vahlne, J.E. 1977. The internationalization process of the firm—A model of knowledge development and increasing foreign market commitments. Journal of International Business Studies, 8(1): 23–32.

    Google Scholar 

  • Kenney, M., Haemming, M., & Goe, R. 2007. The globalization of the venture capital industry: 42: National Academy of Engineering.

    Google Scholar 

  • Kenney, M., Han, K., & Tanaka, S. 2004. Venture capital industries in East Asia. In S. Yusuf, M. Altaf, & K. Nabeshima (Eds.), Global Change and East Asian Policy Initiatives, Vol. 391–427. Oxford: Oxford University Press.

    Google Scholar 

  • Kim, W. C., Hwang, P., & Burgers, W. P. 1993. Multinationals’ diversification and the risk-return trade-off. Strategic Management Journal, 14: 275–286.

    Google Scholar 

  • King, R. G., & Levine, R. 1993. Finance and growth: Schumpeter might be right. Quarterly Journal of Economics, 108(3): 717.

    Google Scholar 

  • Lee, S. Y., Florida, R., & Acs, Z. 2004. Creativity and entrepreneurship: A regional analysis of new firm formation. Regional Studies, 38(8): 879–891.

    Google Scholar 

  • Lerner, J. 1994. Venture capitalists and the decision to go public. Journal of Financial Economics, 35(3): 293–316.

    Google Scholar 

  • Lerner, J. 1995. Venture capitalists and the oversight of private firms. Journal of Finance, 50: 301–318.

    Google Scholar 

  • Lewin, A. Y., & Peeters, C. 2009. Why are companies offshoring innovation? The emerging global race for talent. Journal of International Business Studies, 40: 901–925.

    Google Scholar 

  • Lieberman, J. I. (2004), Offshore outsourcing and America’s competitive edge: Losing out in the high technology R&D and services sector, office of senator Joseph I. Lieberman, Hartford, CT, May 11.

    Google Scholar 

  • Lieberthal, K., & Lieberthal, G. 2003. The great transition. Harvard Business Review, 81(10): 70–81.

    Google Scholar 

  • Lu, J., & Beamish, P. 2001. The internationalization and performance of SMEs. Strategic Management Journal, 22: 565–586.

    Google Scholar 

  • MacMillan, I. C., Siegel, R., & SubbaNarashima, P. N. 1985. Criteria used by venture capitalists to evaluate new venture proposals. Journal of Business Venturing, 1(1): 119–129.

    Google Scholar 

  • Maddison, A. 2007. Contours of the World Economy, 1-2030 A.D. Oxford: Oxford University Press.

    Google Scholar 

  • Mäkelä, M. 2004. Essays on Cross-Border Venture Capital. Helsinki: Helsinki University.

    Google Scholar 

  • Mäkelä, M., & Maula, M. 2005. Cross-border venture capital and new venture internationalization: An isomorphism perspective. Venture Capital, 7(3): 227–257.

    Google Scholar 

  • Mäkelä, M., & Maula, M. 2008. Attracting cross-border venture capital: The role of a local investor. Entrepreneurship and Regional Development, 20(3): 237–257.

    Google Scholar 

  • Manigart, S. 1994. The founding rate of venture capital firms in three European countries (1970–1990). Journal of Business Venturing, 9(6): 525–541.

    Google Scholar 

  • Manigart, S., Collewaert, M., Wright, M., Lockett, A., Bruining, H., Hommel, U., & Landstrom, H. 2006. Human capital and the internationalization of venture capital firms. University of Ghent working paper series.

    Google Scholar 

  • Manning, S., Massini, S., & Lewin, A. 2008. A dynamic perspective on next-generation outsourcing: The global sourcing of science and engineering talent. Academy of Management Perspectives, 22(3): 35–54.

    Google Scholar 

  • Martin, P. L. 2005. Competing for global talent: The U.S. experience. In C. Kuptsch, & E. F. Pang (Eds.), Learning Paths to Effective Outsourcing: From Cost Reduction to Knowledge Seeking: 87–106. Copenhagen: Copenhagen Business School.

    Google Scholar 

  • McCann, P., & Acs, Z. 2008. Globalization: Countries, cities and multinationals. Working paper.

    Google Scholar 

  • McDougall, P. P., Shane, S., & Oviatt, B. M. 1994. Explaining the formation of international new ventures: The limits of theories from international business research. Journal of Business Venturing, 9: 469–487.

    Google Scholar 

  • McDougall, P. P., & Oviatt, B. M. 2000. International entrepreneurship: The intersection of two research paths. Academy of Management Journal, 43(Special Research Forum): 902–906.

    Google Scholar 

  • Megginson, W. L. 2004. Toward a global model of venture capital? Journal of Applied Corporate Finance, 16(1): 89–107.

    Google Scholar 

  • Miller, S., & Parkhe, A. 1998. Patterns in the expansion of US banks’ foreign operations. Journal of International Business Studies, 29(2): 359–390.

    Google Scholar 

  • Murphy, K., Schleifer, A., & Vishny, R. 1991. The allocation of talent: The implications for growth. Quarterly Journal of Economics, 56: 503–530.

    Google Scholar 

  • Murray, G. C., & Marriott, R. 1998. Why has the investment performance of technology-specialist, European venture capital funds been so poor? Research Policy, 27(9): 947–976.

    Google Scholar 

  • O’Farrell, P. N., & Wood, P. A. 1994. International market selection by services firms: Key conceptual and methodological issues. International Business Review, 3(3): 243–261.

    Google Scholar 

  • O’Farrell, P. N., Moffat, L., & Wood, P. A. 1995. Internationalisation by business service firms: A methodological critique of foreign market entry mode choice. Environment and Planning, 27: 683–697.

    Google Scholar 

  • O’Farrell, P. N., & Wood, P. A. 1998. Internationalisation by business service firms: Towards a new regionally based conceptual framework. Environment and Planning, (30): 109–128.

    Google Scholar 

  • Obstfeld, M., & Taylor, A. M. 2003. Globalization and capital markets. NBER working paper.

    Google Scholar 

  • Olson, M. 1982. The Rise and Decline of Nations: Economic Growth, Stagflation, and Social Rigidities. New Haven, CT: Yale University Press.

    Google Scholar 

  • Ooghe, H., Manigart, S., & Fassin, Y. 1991. Growth patterns of the European venture capital industry. Journal of Business Venturing, 6(6): 381–404.

    Google Scholar 

  • Patel, P., & Vega, M. 1999. Patterns of internationalisation of corporate technology: Location vs. home-country advantages. Research Policy, 28(2/3): 145–155.

    Google Scholar 

  • Peng, M. 2001. The resource-based view and international business. Journal of Management, 27(6): 803–829.

    Google Scholar 

  • Peng, M. 2004. Identifying the big question in international business research. Journal of International Business Studies, 35(2): 99–108.

    Google Scholar 

  • Penrose, E. 1959. The Theory of the Growth of the Firm. Oxford: Oxford University Press.

    Google Scholar 

  • Porter, M. 2000. Location, competition, and economic development: Local clusters in a global economy. Economic Development Quarterly, 14(1): 15–34.

    Google Scholar 

  • Pruthi, S., Wright, M., & Lockett, A. 2003. Do foreign and domestic venture capital firms differ in their monitoring of investees? Asia Pacific Journal of Management, 20(2): 177–204.

    Google Scholar 

  • Reddy, P. 1997. New trends in globalization of corporate R&D and implications for innovation capability in host countries: A survey for India. World Development, 25(11): 1821–1837.

    Google Scholar 

  • Romer, P. 1986. Increasing returns and economic growth. American Economic Review, 94: 1002–1037.

    Google Scholar 

  • Sahlman, W. 1990. The structure and governance of venture capital organizations, Journal of Financial Economics, 27: 473–521.

    Google Scholar 

  • Sapienza, H. J., Amason, A., & Manigart, S. 1994. The level and nature of venture capitalist involvement in their portfolio companies: A study of three European countries. Managerial Finance, 20(1): 3–18.

    Google Scholar 

  • Sapienza, H., Autio, E., George, G., & Zahra, S. 2006. A capabilities perspective on the effects of early internationalization on firm survival and growth. Academy of Management Review, 31(4): 914–933.

    Google Scholar 

  • Sapienza, H. J., Manigart, S., & Vermeir, W. 1996. Venture capitalist governance and value added in four countries. Journal of Business Venturing, 11(6): 439–469.

    Google Scholar 

  • Saxenian, A. 1994. Regional Advantage: Culture and Competition in Silicon Valley and Route 128. Cambridge: Harvard University Press.

    Google Scholar 

  • Saxenian, A. 2002. Local and Global Networks of Immigrant Professionals in Silicon Valley. San Francisco, CA: Public Policy Institute of California.

    Google Scholar 

  • Saxenian, A. 2006. The New Argonauts: Regional Advantage in the Global Economy. Cambridge: Harvard University Press.

    Google Scholar 

  • Schumpeter, J. 1939. Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. New York: McGraw-Hill, Inc.

    Google Scholar 

  • Shane, S. 2008. The Illusions of Entrepreneurship: The Costly Myths That Entrepreneurs, Investors, and Policy Makers Live By. New Haven, CT: Yale University Press.

    Google Scholar 

  • Shane, S., & Venkataraman, S. 2000. The promise of entrepreneurship as a field of research. Academy of Management Review, 25(1): 217–226.

    Google Scholar 

  • Shepherd, D. A., & Zacharakis, A. 1999. Conjoint analysis: A new methodological approach for researching the decision policies of venture capitalists. Venture Capital, 1(3): 197–217.

    Google Scholar 

  • Shurkin, J. 2006. Broken Genius: The Rise and Fall of William Shockley. New York: Macmillan.

    Google Scholar 

  • Solow, R. M. 1956. A contribution to the theory of economic growth. Quarterly Journal of Economics, 70(1): 65–94.

    Google Scholar 

  • Sorenson, O., & Stuart, T. E. 2001. Syndication networks and the spatial distribution of venture capital investments. The American Journal of Sociology, 106(6): 1546–1588.

    Google Scholar 

  • Steger, M. B. 2003. Globalization: A Very Short Introduction. Oxford: Oxford University Press.

    Google Scholar 

  • Subraminiam, M., & Venkatraman, N. 2001. Determinants of transnational new product development capability: Testing the influence of transferring and deploying tacit overseas knowledge. Strategic Management Journal, 22(4): 359–378.

    Google Scholar 

  • Teece, D. J., Pisano, G., & Shuen, A. 1997. Dynamic capabilities and strategic management. Strategic Management Journal, 18(7): 509–533.

    Google Scholar 

  • Vernon, R. 1966. International investment and international trade in the product cycle. Quarterly Journal of Economics, 80(2): 190–207.

    Google Scholar 

  • Wadhwa, V., Saxenian, A., Freeman, R., Gereffi, G., & Salkever, A. 2009. America’s loss is the world’s gain: America’s new immigrant entrepreneurs. Kauffman Foundation Research Brief.

    Google Scholar 

  • Wang, H., Wuebker, R., Han, S., & Ensley, M. 2009. Strategic alliances in venture-backed firms: An empirical examination. Small Business Economics, forthcoming.

    Google Scholar 

  • Westhead, P., Wright, M., Ucbasaran, D., & Martin, F. 2001. International market selection strategies of manufacturing and services firms. Entrepreneurship and Regional Development, 13(17–46).

    Google Scholar 

  • Wilson, F. 2008. Travelin’ Man, A VC: Union Square Ventures Blog.

    Google Scholar 

  • Wozniak, S., & Smith, G. 2006. iWoz: From Computer Geek to Cult Icon: How I Invented the Personal Computer, Co-founded Apple, and Had Fun Doing It. New York: W.H. Norton and Company.

    Google Scholar 

  • Wright, M., Lockett, A., & Pruthi, S. 2002a. Internationalization of western venture capitalists into emerging markets: Risk assessment and information in India. Small Business Economics, 19: 13–29.

    Google Scholar 

  • Wright, M., Lockett, A., & Pruthi, S. 2002b. Internationalization of western venture capitalists into emerging markets: Risk assessment and information in India. Small Business Economics, 19(1): 13–13.

    Google Scholar 

  • Wright, M., Pruthi, S., & Lockett, A. 2005. International venture capital research: From cross-country comparisons to crossing borders. International Journal of Management Reviews, 7(3): 135–165.

    Google Scholar 

  • Wright, M., & Robbie, K. 1998. Venture capital and private equity: A review and synthesis. Journal of Business Finance Accounting, 25(5/6): 521.

    Google Scholar 

  • Wright, M., Westhead, P., & Ucbasaran, D. 2007. Internationalization of small and medium-sized enterprises (SMEs) and international entrepreneurship. Regional Studies, 41(1): 1013–1030.

    Google Scholar 

  • Yli-Renko, H., Autio, E., & Sapienza, H. 2001. Social capital, knowledge acquisition, and knowledge exploitation in young technology-based firms. Strategic Management Journal, 22(6–7): 587–613.

    Google Scholar 

  • Young, S., Dimitratos, P., & Dana, L. P. 2003. International entrepreneurship research: What scope for international business theories? Journal of International Entrepreneurship, 1(1): 31–42.

    Google Scholar 

  • Zacharakis, A., McMullen, J., & Shepherd, D. 2007. Venture capitalists’ decision policies across three countries: an institutional theory perspective. Journal of International Business Studies, 38: 691–708.

    Google Scholar 

  • Zacharakis, A. L. 1997. Entrepreneurial entry into foreign markets: A transaction cost perspective. Entrepreneurship Theory and Practice, 21(3): 23–40.

    Google Scholar 

  • Zahra, S. 2005. A theory of international new ventures: A decade of research. Journal of International Business Studies, 36: 20–28.

    Google Scholar 

  • Zahra, S., & George, G. 2002. International entrepreneurship: The current status of the field and future research agenda. In M. Hitt, D. L., S. M. Camp (Eds.), Strategic Entrepreneurship: Creating an Integrated Mindset: 255–288. Oxford: Blackwell.

    Google Scholar 

  • Zakaria, F. 2008. The Post-American World. New York: W.W. Norton.

    Google Scholar 

  • Zhou, P., & Leydesdorff, L. 2006. The emergence of China as a leading nation in science. Research Policy, 35(83–104).

    Google Scholar 

  • Zwieg, D. 2005. Learning to compete: China’s efforts to encourage a “reverse brain drain”. In C. Kuptsch & E. F. Pang (Eds.), Competing for Global Talent: 187–214. Geneva: International Institute For Labour Studies.

    Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Management, University of Utah, David Eccles School of Business, 1645 East Campus Center Drive, Salt Lake City, UT, 84112-9304, USA

    Robert Wuebker

  2. School of Public Policy, George Mason University, Fairfax, VA, USA

    Zoltan J. Acs

  3. University of Toronto, Toronto, ON, Canada

    Richard Florida

Authors
  1. Robert Wuebker
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Zoltan J. Acs
    View author publications

    You can also search for this author in PubMed Google Scholar

  3. Richard Florida
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Robert Wuebker .

Editor information

Editors and Affiliations

  1. School of Public Policy, George Mason University, University Drive, Fairfax, 22030, USA

    Zoltan J. Acs

  2. Indiana University, Bloomington, 47405, USA

    David B. Audretsch

Rights and permissions

Reprints and permissions

Copyright information

© 2010 Springer Science+Business Media, LLC

About this chapter

Cite this chapter

Wuebker, R., Acs, Z.J., Florida, R. (2010). The Globalization of Innovation and Entrepreneurial Talent. In: Acs, Z., Audretsch, D. (eds) Handbook of Entrepreneurship Research. International Handbook Series on Entrepreneurship, vol 5. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-1191-9_17

Download citation

Publish with us

Policies and ethics

Search

Navigation