Toms, S orcid.org/0000-0002-6147-7828, Wilson, N orcid.org/0000-0001-5250-9894 and Wright, M (2020) Innovation, intermediation, and the nature of entrepreneurship: A historical perspective. Strategic Entrepreneurship Journal, 14 (1). pp. 105-121. ISSN 1932-4391
Abstract
Research Summary: We consider two sources of innovation, technical and financial, and examine their separate and joint impacts, through the process of financial intermediation, on the nature of entrepreneurial opportunity. These impacts are time dependent and reflect the institutional context of entrepreneurship. As illustrations, we investigate three historical episodes, ranging from the product led innovations of the industrial revolution, to the closely aligned innovations of the buyout wave of the 1980s to the more recent effects of finance led innovation. We identify systematic underlying factors that can cause significant differences in the entrepreneurial opportunity set.
Managerial Summary: We provide lessons from three historical periods regarding how policy toward entrepreneurship might ensure technical and financial innovations are successfully intermediated. This implies an alliance‐based notion of entrepreneurship, underpinned by enabling systems of governance and suitable institutions reduced dependence on specific individuals or generations. A balance also should be struck to mitigate risky investment through sharing, and specifically equalizing rights and information between borrowers and lenders. Regulatory changes should discourage capital and information hoarding and support risky lending to asset‐backed, knowledge‐based industrial projects.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2019 Strategic Management Society. This is the peer reviewed version of the following article: Toms S, Wilson N, Wright M. Innovation, intermediation, and the nature of entrepreneurship: A historical perspective. Strategic Entrepreneurship Journal. 2019;1–17, which has been published in final form at https://doi.org/10.1002/sej.1310. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving. Uploaded in accordance with the publisher's self-archiving policy. |
Keywords: | credit institutions; entrepreneurship; industrial revolution; innovation; management buyouts |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 28 Nov 2018 12:10 |
Last Modified: | 08 Jan 2021 01:38 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1002/sej.1310 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:139236 |