Investor Exits, Innovation, and Entrepreneurial Firm Growth Questions for Research: Summary of a Workshop (2009) / Chapter Skim
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1 Background of the Workshop
1 Background of the Workshop
Pages 3-6
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Schumpeter's theory of creative destruction, which has had a dominant influence on contemporary entrepreneurship literature (Audretsch, 2002) , 4 suggests that new firms with entrepreneurial spirit displace less innovative incumbents, ultimately leading to higher productivity and a higher economic growth rate.
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6 What may matter more than a drop in the number of firms going public and exhibiting average performance is the lower probability of an IPO leading to an exceptional engine of breakthrough technology development and job creation. Another concern is that the shift from IPO to acquisition exits means generally lower returns to venture capital investing and therefore lower venture capital investment, which has played an important role in the development of technology-based firms in the United States since the 1980s.
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Rather, they were asked to outline research efforts that would improve understanding of the phenomena, identify hurdles to or opportunities for undertaking such research, and suggest what past or prospective public policy actions should be investigated as part of a broader research effort. 7 The costs and benefits of financial market regulation are, of course, a much bigger question in the aftermath of the 2008 market meltdown.
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