Entrepreneurs face higher commercialization costs than incumbents. We show that this implies that entrepreneurs will choose more risky projects than incumbents, aiming to reduce their high expected marginal commercialization cost. However, entrepreneurs may select too safe projects from a social...

We construct a model where incumbents can either acquire basic innovations from entrepreneurs, or wait and acquire developed innovations from entrepreneurial firms supported by venture capitalists. We show that venture-backed entrepreneurial firms have an incentive to overinvest in development...

The application of machine learning (ML) to big data has become increasingly important. We propose a model where firms have access to the same ML, but incumbents have access to historical data. We show that big data raises entrepreneurial barriers making the creative destruction process less...

Productive development policies (PDPs)-what used to be called industrial policies-are increasingly recognized as an essential part of the development toolkit, and the need for public-private cooperation is increasingly viewed as a key element for the successful design and implementation of such...

The Fourth Industrial Revolution (4IR) is impacting on the industrialization options for Africa inter alia through three interrelated sets of technologies, namely automation, additive manufacturing and the Industrial Internet. In this paper I set out the case for why Africa should industrialize....

A basic intellectual challenge for those concerned with the poverty of nations is to come to grips with the nature and causes of the wealth of the world's wealthier nations. One might then be in a position to inform the poorer nations how they might achieve similar outcomes. This paper is...

Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very...