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unicorns and gazelles are black swans

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Both the public and scholars pay a disproportionate amount of attention to the Silicon Valley model of entrepreneurship. But for every startup that becomes a unicorn, a thousand more mundane businesses are started. Howard Aldrich and Martin Ruef contextualize this ordinary entrepreneurship in a special issue of Academy of Management Perspectives on the reemergence of “Main Street entrepreneurship”:

Dazed and confused by the wild hype surrounding gazelles and unicorns, entrepreneurship researchers have focused on the black swans of the entrepreneurial world, even though IPOs and venture capital financing of firms are extremely rare events. Despite their rarity, entrepreneurship conferences and journals have been filled with papers on various aspects of the process of “going public” and “VC networks.” Fortunately, in the middle of the Silicon Valley mania, other scholars have been paying attention to the mundane aspects of business startups – – the ordinary business starts, numbering in the hundreds of thousands each year in the United States for businesses with employees. This special issue gives us an opportunity to look back over what we believe to be scholars’ misplaced attention to the extreme and their neglect of the mundane. Correcting the misperception that has been introduced into the literature by selection biases favoring growing and profitable firms will give scholars and policymakers a more accurate and policy-relevant picture of entrepreneurship in the 21st century.

Check it out!

 

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Written by epopp

November 14, 2017 at 1:00 pm

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