Institutional settings and the resulting incentive structures are crucial for economic development. The type of entrepreneurial activity and the entrepreneurial effort are especially dependent on underlying incentive structures. We argue that institutions with better incentive structures for...

Being a "jack-of-all-trades" increases the probability of running an entrepreneurial venture successfully; but what happens to "jack-of-few-trades" who lack sufficient skills? This paper investigates a possible compensation mechanism between balanced skills and cities, and how this compensatory...

This survey reviews the theoretical literature on high impact entrepreneurship. The survey is guided in part by the recent classification changes at the Journal of Economic Literature (JEL) regarding entrepreneurship. The board voted to create a new classification code, L26, for...

This paper is concerned with the relationship between innovative success of entrepreneurs and their prior knowledge at the stage of firm formation. We distinguish between different kinds of experience an entrepreneur can possess and find evidence that the innovative success subsequent to firm...

We formulate a model that explicitly separates two functions in the innovation process: The introduction of new goods and the quality improvement of existing goods. While the latter is performed by the corporate R+D sector, the first is performed by entrepreneurs. We show that in a three sector...