The future of entrepreneurship research in venture creation

The entrepreneurship community of scholars aims at consolidating its own research domain from an interdisciplinary approach.

Jan Brinckmann

This article is part of the ‘Inspiring Transformations’ series promoted by Esade Entrepreneur Institute for its 30th anniversary.


Entrepreneurship research in the venture creation domain is a dynamic field that continually evolves to keep pace with the changing market environments, business practices and technological advances. As a newer and rapidly expanding research stream it is also influenced or even guided by the development of other areas such as strategy and general management as well as other areas such as cognition research, psychology, sociology, economics, finance, innovation or technology management.

However, the entrepreneurship community of scholars commonly aims at establishing itself as its own research field rather than being just a specific context for these more established research domains. Going forward, different influences can be expected to affect the entrepreneurship research field as it develops and matures. 

As technology evolves, sustainability and social impact gain importance, data analytics and AI become increasingly critical, and globalization reshapes the entrepreneurial landscape, researchers will explore a broad range of topics: 

Technological advancements 

The future of entrepreneurship research in the venture creation domain will undoubtedly be influenced by rapid technological advancements. Innovations in artificial intelligence, blockchain, and quantum computing, to name a few, are reshaping the way entrepreneurs create and scale their ventures (Schwab, 2016). Researchers will need to investigate how these technologies impact startup strategies, business models, and competitive advantages (Eisenmann, 2018). Additionally, the ethical and regulatory aspects of these advancements will likely be subjects of extensive inquiry (Moor, 2016). 

Sustainability and social entrepreneurship 

Sustainability and social entrepreneurship are increasingly important areas of research within the venture creation domain. As societal and environmental concerns gain prominence, entrepreneurs are driven to develop ventures that address these issues (Mair & Marti, 2006). Future research will delve into how sustainability and social impact influence business models, funding sources, and performance metrics (Dacin, Dacin, & Tracey, 2011). Scholars may also explore the potential for collaboration between governments, NGOs, and venture creators to address global challenges (Austin, Stevenson, & Wei-Skillern, 2006). 

Data analytics and artificial intelligence (AI) 

Data analytics and artificial intelligence are revolutionizing the way entrepreneurs make decisions and manage their ventures. Research in this domain will investigate how startups can leverage big data, machine learning, and predictive analytics to enhance their strategic decision-making, customer insights, and operational efficiencies (Davenport & Harris, 2007). The ethical implications of using AI in venture creation will also be a subject of considerable interest (Floridi, 2014). 

Globalization and international entrepreneurship 

The future of entrepreneurship research will emphasize the globalization of venture creation. International entrepreneurship will gain prominence as researchers explore how startups can access global markets, adapt to cultural differences, and navigate regulatory challenges (McDougall & Oviatt, 2000). Issues related to the internationalization of venture capital, cross-border collaborations, and the impact of geopolitical shifts will be central topics of study (Chandra, Styles, & Wilkinson, 2012). 

Ecosystems and networks 

The concept of entrepreneurial ecosystems and networks will continue to shape the direction of research in venture creation. Scholars will examine how entrepreneurs access and utilize resources, including mentorship, financing, and social capital (Spigel, 2017). The dynamics of ecosystem development, governance, and the role of governments in supporting entrepreneurship will be focal points for future inquiry (Acs & Audretsch, 2010). 

Conclusion 

To advance the field of entrepreneurship research in the venture creation domain, scholars need to adopt an interdisciplinary approach, collaborate with practitioners, and remain responsive to the changing needs and challenges of the entrepreneurial community. By doing so, entrepreneurship research can continue to provide valuable insights and guidance to both emerging and established venture creators as they navigate the ever-evolving landscape of entrepreneurial opportunities. 

References and recommended readings

  • Schwab, K. (2016). The Fourth Industrial Revolution. Crown Business.
  • Eisenmann, T. (2018). Entrepreneurship in Online Social Networks. Harvard Business School Working Paper, 19-098.
  • Moor, J. H. (2016). The Dartmouth College Artificial Intelligence Conference: The Next Fifty Years. AI Magazine, 27(4), 87-91.
  • Mair, J., & Marti, I. (2006). Social entrepreneurship research: A source of explanation, prediction, and delight. Journal of World Business, 41(1), 36-44.
  • Dacin, P. A., Dacin, M. T., & Tracey, P. (2011). Social entrepreneurship: A critique and future directions. Organization Science, 22(5), 1203-1213.
  • Austin, J. E., Stevenson, H., & Wei-Skillern, J. (2006). Social and commercial entrepreneurship: Same, different, or both? Entrepreneurship Theory and Practice, 30(1), 1-22.
  • Davenport, T. H., & Harris, J. (2007). Competing on Analytics: The New Science of Winning. Harvard Business Press.
  • Floridi, L. (2014). The Fourth Revolution: How the Infosphere is Reshaping Human Reality. Oxford University Press.
  • McDougall, P. P., & Oviatt, B. M. (2000). International entrepreneurship: The intersection of two research paths. Academy of Management Journal, 43(5), 902-906.
  • Chandra, Y., Styles, C., & Wilkinson, I. F. (2012). The recognition of first time international entrepreneurial opportunities: Evidence from firms in knowledge-based industries. International Business Review, 21(3), 519-534.
  • Spigel, B. (2017). The relational organization of entrepreneurial ecosystems. Entrepreneurship Theory and Practice, 41(1), 49-72.
  • Acs, Z. J., & Audretsch, D. B. (2010). Handbook of Entrepreneurship Research. Springer Science & Business Media.
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