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Entrepreneurship

Entrepreneurship

    • Article

    Entrepreneurship as Experimentation

    By: William R. Kerr, Ramana Nanda and Matthew Rhodes-Kropf

    Entrepreneurship research is on the rise, but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of creative destruction. However, at a micro level, investment and continuation decisions are not always made in a competitive Darwinian contest. Instead, a few investors make decisions that are impacted by incentive, agency, and coordination problems, often before a new idea even has a chance to compete in a market. We contend that costs and constraints on the ability to experiment alter the type of organizational form surrounding innovation and influence when innovation is more likely to occur. These factors not only govern how much experimentation is undertaken in the economy, but also the trajectory of experimentation, with potentially very deep economic consequences.

    • Article

    Entrepreneurship as Experimentation

    By: William R. Kerr, Ramana Nanda and Matthew Rhodes-Kropf

    Entrepreneurship research is on the rise, but many questions about its fundamental nature still exist. We argue that entrepreneurship is about experimentation: the probabilities of success are low, extremely skewed, and unknowable until an investment is made. At a macro level, experimentation by new firms underlies the Schumpeterian notion of...

    • January 2014 (Revised October 2014)
    • Case

    Andreessen Horowitz

    By: Thomas R. Eisenmann and Liz Kind

    Andreessen Horowitz (a16z), a venture capital firm launched in 2009, has quickly broken into the VC industry's top ranks, in terms of its ability to invest in Silicon Valley's most promising startups. The case recounts the firm's history; describes its co-founders' motivations and their strategy for disrupting an industry in the midst of dramatic structural change; and asks whether a16z's success to date has been due to its novel organization structure. a16z's 22 investment professionals are supported by 43 recruiting and marketing specialists—an "operating team" that is an order of magnitude larger than that of any other VC firm. Furthermore, the operating team aims to not only assist a16z portfolio companies, but also to be broadly helpful to all parties in the Silicon Valley ecosystem, including search firms, journalists, PR agencies, and Fortune 500 executives. The bet: by providing "no-strings-attached" help to ecosystem partners, the partners might someday reciprocate by steering founders seeking funding to a16z. The case closes by asking whether a16z should seek to double its scale over the next years.

    • January 2014 (Revised October 2014)
    • Case

    Andreessen Horowitz

    By: Thomas R. Eisenmann and Liz Kind

    Andreessen Horowitz (a16z), a venture capital firm launched in 2009, has quickly broken into the VC industry's top ranks, in terms of its ability to invest in Silicon Valley's most promising startups. The case recounts the firm's history; describes its co-founders' motivations and their strategy for disrupting an industry in the midst of dramatic...

    • February 2014
    • Background Note

    Raising Startup Capital

    By: Jeffrey Bussgang

    Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a better position to make your company a massive success. But how do you finance a new venture? In this note, I will try to help answer this question by addressing the following topics: Types of funding. The two major types of startup capital are equity funding and debt funding although there are a few hybrid flavors as well. Sources of funding. These include venture capital firms, angel investors, crowd-funding, and accelerators/incubators. What investors look for. Each source has a different funding process and set of criteria which you need to understand before seeking funding from that source. The mechanics of equity funding. Seeking and securing funding involves setting amounts, agreeing to terms, and defining relationships.

    • February 2014
    • Background Note

    Raising Startup Capital

    By: Jeffrey Bussgang

    Entrepreneurs typically focus their full energies on business-building. But raising capital is a core part of building a valuable business. Developing expertise in raising capital is more than a necessary evil, it is a competitive weapon. Master it and you will be in a better position to make your company a massive success. But how do you finance...

    • January 2014
    • Article

    The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

    By: William R. Kerr, Josh Lerner and Antoinette Schoar

    This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding behavior over small changes in their collective interest levels to implement a regression discontinuity approach. We confirm the positive effects for venture operations, with qualitative support for a higher likelihood of successful exits. On the other hand, there is no difference in access to additional financing around the discontinuity. This might suggest that financing is not a central input of angel groups.

    • January 2014
    • Article

    The Consequences of Entrepreneurial Finance: Evidence from Angel Financings

    By: William R. Kerr, Josh Lerner and Antoinette Schoar

    This paper documents that ventures that are funded by two successful angel groups experience superior outcomes to rejected ventures: they have improved survival, exits, employment, patenting, web traffic, and financing. We use strong discontinuities in angel funding behavior over small changes in their collective interest levels to implement a...

    • September 2014 (Revised December 2014)
    • Case

    The Ullens Center for Contemporary Art

    By: Mukti Khaire and Nancy Hua Dai

    Since its opening in Beijing in November 2007 as the first non-profit art center in China, UCCA had been operating with the mission to "promote the continued development of the Chinese art scene, foster international exchange, and showcase the latest in art and culture to hundreds of thousands of visitors each year." For the past six years, UCCA had worked with more than 100 artists and designers to present 87 art exhibitions and 1,826 public programs to over 1.8 million visitors, including many important leaders from all over the world. Given the context of the economic and political environment in the rapidly changing Chinese art market, the founders and senior management of UCCA wondered what they could do to achieve growth and financial viability while continuing to realize their mission.

    • September 2014 (Revised December 2014)
    • Case

    The Ullens Center for Contemporary Art

    By: Mukti Khaire and Nancy Hua Dai

    Since its opening in Beijing in November 2007 as the first non-profit art center in China, UCCA had been operating with the mission to "promote the continued development of the Chinese art scene, foster international exchange, and showcase the latest in art and culture to hundreds of thousands of visitors each year." For the past six years, UCCA...

    • 2014
    • Discussion Paper

    The Promise of Microfinance and Women's Empowerment: What Does the Evidence Say?

    By: Dina D. Pomeranz

    The microfinance revolution has transformed access to financial services for low-income populations worldwide. As a result, it has become one of the most talked-about innovations in global development in recent decades. However, its expansion has not been without controversy. While many hailed it as a way to end world poverty and promote female empowerment, others condemned it as a disaster for the poor. Female empowerment has often been seen as one of the key promises of the industry. In part, this is based on the fact that more than 80% of its poorest clients, i.e., those who live on less than $1.25/day, are women. This paper discusses what we have learned so far about the potential and limits of microfinance and how insights from research and practice can help inform the industry's current products, policies and future developments.

    • 2014
    • Discussion Paper

    The Promise of Microfinance and Women's Empowerment: What Does the Evidence Say?

    By: Dina D. Pomeranz

    The microfinance revolution has transformed access to financial services for low-income populations worldwide. As a result, it has become one of the most talked-about innovations in global development in recent decades. However, its expansion has not been without controversy. While many hailed it as a way to end world poverty and promote female...

Initiatives & Projects

The Arthur Rock Center for Entrepreneurship and the Social Enterprise Initiative encourage innovation to address the large-scale issues that beset society.
Entrepreneurship
Social Enterprise

Our long tradition of research in Entrepreneurship goes back to the 1930's and 1940's with the “the father of venture capitalism,” General Georges Doriot, and Joseph Schumpeter’s theory of innovation as a process of “creative destruction.” Building on our intellectual roots, our scholars come from disciplines including economics, finance, sociology, strategy, business history, management, and social entrepreneurship. A number of our faculty come from practice as venture capitalists and start-up founders. We focus our research on the identification and pursuit of entrepreneurial opportunities; domestic and international funding of entrepreneurial endeavors; innovation, particularly technological innovation in international ventures; the environments in which entrepreneurs make decisions; and social entrepreneurship. As our research contributes new insights, we are advancing the world’s understanding of complex entrepreneurial issues and helping to increase the entrepreneurial success of our students and practitioners worldwide.

Initiatives & Projects

The Arthur Rock Center for Entrepreneurship and the Social Enterprise Initiative encourage innovation to address the large-scale issues that beset society.

Entrepreneurship
Social Enterprise

Recent Publications

Koroid: Rewiring Workforce Operations in the Age of AI

By: Regina E. Herzlinger, Brian L. Walker and Dino Bilkanov
  • September 2025 |
  • Case |
  • Faculty Research
This case is taught in the Scaling module of the Innovating in Health Care course and focuses on a founder’s decision-making at a pivotal inflection point: how to grow an innovative, AI-driven workforce platform beyond its initial success. After a successful pilot and deployment with Mass General Brigham—one of the most respected academic health systems in the U.S.—Dr. Gustaf Axelsson must decide how to scale Koroid. Should he continue building independently, align with a strategic partner, or consider an early exit? This case explores the managerial, technical, and strategic challenges of scaling health IT infrastructure across a fragmented delivery landscape. Along the way, students will examine the current scope of electronic medical record (EMR) systems like Epic and Cerner, assess how specialized staff scheduling and workforce optimization apps differ in functionality and fit, and explore the barriers and opportunities associated with alternative care sites such as ambulatory centers, hospice, and home health. A teaching note accompanies the case.
Keywords: Health Care and Treatment; AI and Machine Learning; Entrepreneurship
Citation
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Herzlinger, Regina E., Brian L. Walker, and Dino Bilkanov. "Koroid: Rewiring Workforce Operations in the Age of AI." Harvard Business School Case 326-034, September 2025.

Cristina Ventura at White Star Capital

By: Linda A. Hill, Allison J. Wigen, Dave Habeeb and Ruth Page
  • September 2025 |
  • Case |
  • Faculty Research
[pre-abstract] This multimedia case should be assigned to students in advance of class. [abstract] This multimedia case study focuses on General Partner and Chief Catalyst Officer Cristina Ventura at White Star Capital, as she builds an ecosystem for investors and startups in Southeast Asia. The case follows how Ventura worked to break down geographic siloes and build connections in the region, while setting up White Star Capital's office in Singapore, building a team both local and global. The case also charts Ventura's path as a leader, with particular focus on her ecosystem building, personal investment philosophy, and purpose-driven leadership. The case ends with White Star Capital looking to expand the firm's strength in Southeast Asia, while turning to new areas of growth and opportunity. Ventura is left wondering how she can apply the catalyst leadership lessons she has learned in the MENA region.
Keywords: Investing For Impact; Investment Fund; Investment Strategy; Entrepreneurial Ecosystems; Teams; Purpose; Asia; Southeast Asia; Technology; Start-ups; Venture Capital; Venture Investing; Investment; Investment Funds; Entrepreneurship; Leadership; Singapore; Asia; Southeast Asia; Europe
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Hill, Linda A., Allison J. Wigen, Dave Habeeb, and Ruth Page. "Cristina Ventura at White Star Capital." Harvard Business School Multimedia/Video Case 425-710, September 2025.

The Founder's Final Act: How to Hand Over Ownership—and Burnish Your Legacy

By: Josh Baron, Ben Francois, Tony Guidotti and Nien-hê Hsieh
  • September–October 2025 |
  • Article |
  • Harvard Business Review
As they approach retirement, company founders face a critical choice: Who will own their business next? That decision will reverberate for years, affecting not only them and their family but all the people whose lives are touched by the company. Though it can cement or undo an entrepreneur’s legacy, many founders postpone or avoid making it. And down the road that can lead to enormous tax consequences, family or employee infighting, and instability that disrupts or destroys the business. This article describes a structured process entrepreneurs can follow to choose the owner who will come after them, drawing on the experiences of the founders of Patagonia, John Lewis, Vanguard, Rolex, and more. The first step is to think about the outcomes they want for themselves, their family, their employees, their business partners, and their community and prioritize them.
Keywords: Management Succession; Ownership; Entrepreneurship; Family Business
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Baron, Josh, Ben Francois, Tony Guidotti, and Nien-hê Hsieh. "The Founder's Final Act: How to Hand Over Ownership—and Burnish Your Legacy." Harvard Business Review 103, no. 5 (September–October 2025): 86–94.

You've Got Mail! The Late 19th Century U.S. Postal Service Expansion, Firm Creation, and Firm Performance

By: Astrid Marinoni and Maria P. Roche
  • September 2025 |
  • Article |
  • Management Science
This paper examines the impact of the expansion of the U.S. Postal Service in the late 19th century on firm creation and performance. Utilizing newly digitized archival data on historic business establishments, post office locations, and road networks in California, our study identifies a positive relationship between the expansion of the Postal Service and the emergence of new firms. To address endogeneity concerns, we leverage an unexpected change in the Postal Service route network. Our findings suggest that the Postal Service played a significant role in facilitating firm entry by acting as a carrier of specialized knowledge, rather than as a financial service or mass communication infrastructure. We further reveal that while increased competition from new entrants generally exerted downward pressure on incumbent firms, those relying on specialized knowledge and public technology inputs significantly benefited from local Postal Service access. Taken together, our study underscores the critical role played by the Postal Service in knowledge diffusion and local economic development by enabling the sourcing of specialized knowledge and technologies from other geographies. Overall, our results contribute to a broader understanding of how communication and knowledge dissemination infrastructure can drive entrepreneurship and firm growth, carrying important implications for contemporary discussions on infrastructure development, its potential to stimulate entrepreneurial activity, innovation, and foster local economic communities.
Keywords: Institutional Innovation; Knowledge Exchange; US Postal Service; Firm Performance; Infrastructure; Expansion; Government Administration; Communication; Business History; Entrepreneurship; Public Administration Industry; California
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Marinoni, Astrid, and Maria P. Roche. "You've Got Mail! The Late 19th Century U.S. Postal Service Expansion, Firm Creation, and Firm Performance." Management Science 71, no. 9 (September 2025): 7223–7243.

Bobobox: Pods or Cabins?

By: Das Narayandas and Billy Chan
  • August 2025 |
  • Case |
  • Faculty Research
Following the success of their tech-enabled capsule hotel business in Indonesia, Bobobox founders Indra Gunawan and Antonius Bong seized the opportunity created by a dramatic shift in travel preferences during the COVID-19 pandemic. They developed a second accommodation product: vacation cabins. The rapid traction of the cabins put them at a crossroads. With limited resources as a startup, should they focus on the standardized, more scalable sleeping pod business—or the upscale, high-margin cabin business?
Keywords: Business Startups; Entrepreneurship; Growth and Development Strategy; Business Strategy; Accommodations Industry; Travel Industry; Indonesia
Citation
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Narayandas, Das, and Billy Chan. "Bobobox: Pods or Cabins?" Harvard Business School Case 526-001, August 2025.

The Role of African Fintechs in Facilitating Telemigration

By: Ebehi Iyoha, Omolola Amoussou and Paul Okundaye
  • 2025 |
  • Working Paper |
  • Faculty Research
Africa has experienced substantial growth in digitally delivered services exports driven by telemigration. However, cross-border payment frictions remain a significant barrier to expansion. This study examines how African financial technology entrepreneurs facilitate telemigration by addressing payment frictions, creating economic and social value. We combine case study evidence on a Nigerian fintech startup, a telemigration model incorporating payment costs, and empirical analysis of bilateral trade flows from 2011 to 2023. We find that a 10% increase in transaction costs lowers bilateral service exports by approximately 4.7%. Financial sector innovation moderates these effects, with the most developed fintech markets offsetting nearly all the negative impact of transaction costs. We estimate that a 50 percent reduction in payment frictions alone could generate between 900,000 and 1.1 million telemigrant employment opportunities across Africa. These results suggest that fintech innovation enables African participation in global digital service markets and progress towards Africa’s achievement of the Sustainable Development Goals related to poverty reduction, decent work, and reduced inequalities.
Keywords: Telemigration; African Fintech; Cross-border Payments; Remote Work; Entrepreneurship; Cross-Cultural and Cross-Border Issues; Economic Growth; Developing Countries and Economies; Financial Services Industry; Africa
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Iyoha, Ebehi, Omolola Amoussou, and Paul Okundaye. "The Role of African Fintechs in Facilitating Telemigration." Harvard Business School Working Paper, No. 26-010, August 2025.

Bridging Trust and Tech: Digitizing Morocco's Financial System

By: Lauren Cohen and Sophia Pan
  • August 2025 (Revised September 2025) |
  • Case |
  • Faculty Research
Fadwa Jouali, Senior Expert of Payment Development and FinTechs at Bank Al-Maghrib (Central Bank of Morocco), wondered how she could fast-track adoption of the country’s mobile payments system. Historically, many Moroccans had never held a bank account, perhaps due to cultural preferences towards cash. The Central Bank of Morocco succeeded in creating a National Payment System, which would allow consumers and merchants alike to facilitate transactions through a mobile device. However, adoption faltered behind expectations. Comparing progress to that of Pix, the payment scheme led by Brazil, Morocco’s mobile payments adoption was underwhelming. Jouali recognized that Morocco had unique characteristics, such as lower costs and a lingering presence of consumer distrust. Taking this into account, how would she help nurture the FinTech industry in Morocco to ensure broad stakeholder engagement and create the right incentives for the adoption of mobile payments?
Keywords: Technology Platform; Mobile Technology; Online Technology; Technology Adoption; Urban Development; Behavior; Attitudes; Motivation and Incentives; Trust; Technological Innovation; Behavioral Finance; Social Entrepreneurship; Central Banking; Geographic Location; Government Administration; Adoption; Culture; Financial Services Industry; Morocco
Citation
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Cohen, Lauren, and Sophia Pan. "Bridging Trust and Tech: Digitizing Morocco's Financial System." Harvard Business School Case 226-011, August 2025. (Revised September 2025.)

Modernizing Access to Credit for Younger Entrepreneurs: From FICO to Cash Flow

By: Christopher Hair, Sabrina Howell, Mark J. Johnson and Siena Matsumoto
  • 2025 |
  • Working Paper |
  • Faculty Research
Younger entrepreneurs are disadvantaged by the common practice of relying on personal credit scores to underwrite small business loans. In causal analysis exploiting within-applicant assignment to multiple lenders, we show that younger business owners have a higher chance of loan approval when the lender incorporates recent cash flows from business checking accounts. We present a new method—Tail Analysis for Comparative Outcomes (TACO)—to assess, in a nonparametric way, who benefits from alternative models. This method is especially useful for evaluating machine learning models. We show that incorporating cash flow data into default prediction models disproportionately benefits younger entrepreneurs.
Keywords: Age; Credit; Financing and Loans; Entrepreneurship; AI and Machine Learning; Cash Flow
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Hair, Christopher, Sabrina Howell, Mark J. Johnson, and Siena Matsumoto. "Modernizing Access to Credit for Younger Entrepreneurs: From FICO to Cash Flow." Working Paper, August 2025.

EchoVC: How Do You Do VC in Africa?

By: Emanuele Colonnelli, Josh Lerner, Nikolina Jonsson, Emilie Billaud and Srimayi Mylavarapu
  • July 2025 |
  • Case |
  • Faculty Research
In 2024, EchoVC, a pioneering Africa-focused venture capital firm, faced a defining moment. Founder Eghosa Omoigui and his team had built a diverse portfolio across emerging markets, yet fundraising, investor confidence, and the viability of the traditional VC model in Africa posed pressing challenges. As EchoVC prepared to launch Fund II, its upcoming generalist fund, key questions loomed: What fund size could balance risk and return? Which investors—DFIs, family offices, or local LPs—should they target? And should they continue with standard VC equity models or adopt hybrid financing to reflect Africa’s unique market dynamics? This case explores how EchoVC navigated the complexities of early-stage investing in underdeveloped ecosystems and examined how venture capital must adapt to succeed in Africa’s rapidly evolving landscape.
Keywords: Fundraising; Startup; Africa; Venture Capital; Entrepreneurship; Emerging Markets; Investment Funds; Finance; Risk and Uncertainty; Financial Strategy; Financial Services Industry; Technology Industry; Africa; Nigeria; London; United Kingdom
Citation
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Colonnelli, Emanuele, Josh Lerner, Nikolina Jonsson, Emilie Billaud, and Srimayi Mylavarapu. "EchoVC: How Do You Do VC in Africa? ." Harvard Business School Case 826-009, July 2025.

Rejuvenate Bio: Turning Back the Biological Clock

By: Shikhar Ghosh, Shweta Bagai and William Marks
  • July 2025 |
  • Case |
  • Faculty Research
The case traces the journey of Daniel Oliver and Noah Davidsohn, founders of Rejuvenate Bio, a biotech company developing gene therapies for age-related diseases. Inspired by Davidsohn's dog Bear and building on research from George Church’s lab at Harvard, the company aimed at extending healthy human lifespan by 20–40 years. By transforming the liver into a 'biofactory' for beneficial proteins, their approach targeted the root cause of multiple chronic diseases: aging itself. Rejuvenate Bio took the non-traditional path of pursuing parallel development in both human and animal health markets. With positive clinical data in canine heart disease, established commercial partnerships, and human trials approaching, the founders must decide whether to maintain their integrated dual-market strategy or split into separate companies. Their choice will determine both their business trajectory and how quickly aging technologies reach patients.
Keywords: Entrepreneurship; Health Testing and Trials; Partners and Partnerships; Research and Development; Science-Based Business; Business Strategy; Biotechnology Industry
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Ghosh, Shikhar, Shweta Bagai, and William Marks. "Rejuvenate Bio: Turning Back the Biological Clock." Harvard Business School Case 826-100, July 2025.
More Publications

Faculty

William R. Kerr
Lynda M. Applegate
William A. Sahlman
Thomas R. Eisenmann
Geoffrey G. Jones
Myra M. Hart
Rosabeth M. Kanter
Joseph B. Lassiter
Howard H. Stevenson
Josh Lerner
Paul A. Gompers
Richard G. Hamermesh
→See All

Seminars & Conferences

Oct 01
  • 01 Oct 2025
Entrepreneurial Management Seminar
Alireza Tahbaz-Salehi, Kellogg School of Management, Northwestern University
Oct 08
  • 08 Oct 2025
Entrepreneurial Management Seminar
Amir Sufi, University of Chicago Booth School of Business
→Seminars & Conferences

HBS Working Knowlege

    • 12 Nov 2024

    Inside One Startup's Journey to Break Down Hiring (and Funding) Barriers

    Re: Paul A. Gompers
    • 29 Oct 2024

    Can a Coffee Shop in Utah Help Solve Underemployment for People with Disabilities?

    Re: Richard S. Ruback
    • 15 Oct 2024

    What Sequoia Capital Can Teach Leaders About Sustaining Long-Term Growth

    Re: Jo Tango & Christina M. Wallace
→More Articles

Harvard Business Publishing

    • September–October 2025
    • Article

    The Founder's Final Act: How to Hand Over Ownership—and Burnish Your Legacy

    By: Josh Baron, Ben Francois, Tony Guidotti and Nien-hê Hsieh
    • September 2025
    • Case

    Cristina Ventura at White Star Capital

    By: Linda A. Hill, Allison J. Wigen, Dave Habeeb and Ruth Page
    • 2021
    • Book

    Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise

    By: Josh Baron and Rob Lachenauer
→More Harvard Business Publishing
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