Entrepreneurial Management

- January 2025
- Case
Untapped Global: Financing Africa’s Missing Middle

By: Raymond Kluender and Emanuele Colonnelli

In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion funding gap for small and medium-sized enterprises (SMEs) in emerging markets. By financing digital lenders who provided asset-backed loans to SMEs, Untapped combined flexible repayment structures with real-time data tracking, achieving strong results across 15 African countries. However, as both an investment fund raising capital from limited partners and a fintech startup seeking venture capital, the company’s dual structure had created operational challenges and conflicting priorities. This case provides an opportunity to examine the potential of RBF to address SME financing gaps in emerging markets and to explore the strategic and organizational decisions required to scale a mission-driven business operating at the intersection of finance and technology.
- January 2025
- Case
Untapped Global: Financing Africa’s Missing Middle

By: Raymond Kluender and Emanuele Colonnelli

In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion funding gap for small and medium-sized enterprises (SMEs) in emerging markets. By...
- January 2025
- Case
Hunter Point Capital

By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu

In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial fund, an unexpected opportunity emerged to expand into GP Financing Solutions. This new line of business, including Net Asset Value ("NAV") lending and preferred financing, aligned with Hunter Point's long-term strategy but arose earlier than anticipated. Expanding from a GP stakes-focused firm to a multi-product platform could potentially solidify Hunter Point's position within the broader GP capital solutions ecosystem. However, this move also carried significant risks, including operational strain, potential conflicts with existing investors, and concerns about the firm's strategic focus and capacity. Should Hunter Point seize the opportunity to diversify now, or focus on strengthening its position in the GP stakes market first?
- January 2025
- Case
Hunter Point Capital

By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu

In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial fund, an unexpected opportunity emerged to expand into GP Financing Solutions....
- January 2025
- Case
DMC Biotechnologies: Using Techno-Economic Modeling to Guide Production Strategy

By: Joshua Lev Krieger, Chris Burk and Jim Matheson
- January 2025
- Case
DMC Biotechnologies: Using Techno-Economic Modeling to Guide Production Strategy

By: Joshua Lev Krieger, Chris Burk and Jim Matheson

About the Unit

The Entrepreneurial Management Unit strives to raise the level of academic work in the field of entrepreneurship, in methodological rigor, conceptual depth, and managerial applicability. We also strive to improve the odds of entrepreneurial success for our students and for practitioners worldwide.

Because it is such a complex phenomenon, entrepreneurship must be studied through multiple lenses. We use three.

The process of entrepreneurship - We seek to understand the processes of entrepreneurial activity in start-ups and established firms by examining the antecedents and consequences of various forms of entrepreneurial opportunity identification and opportunity pursuit for individuals, organizations, and industries. We see experimentation and innovation in products, services, processes, and business models as central to entrepreneurial activity.
The finance of entrepreneurship - We seek to understand the financing of entrepreneurial ventures by studying the antecedents and consequences of entrepreneurial funding decisions both domestically and internationally.
The context of entrepreneurship - We seek to understand the ways in which entrepreneurs both respond to and shape the context in which they operate, by examining the history of entrepreneurship across time and national borders and by analyzing the legal and cultural contexts for managerial action.

Please also visit the Arthur Rock Center for Entrepreneurship.

Recent Publications

Untapped Global: Financing Africa’s Missing Middle

By: Raymond Kluender and Emanuele Colonnelli

January 2025 |
Case |
Faculty Research

In November 2024, Jim Chu, founder and CEO of Untapped Global, faced mounting internal tensions over the company’s strategic direction. Untapped had developed a data-driven revenue-based financing (RBF) model to address the “missing middle” problem—the $5.2 trillion funding gap for small and medium-sized enterprises (SMEs) in emerging markets. By financing digital lenders who provided asset-backed loans to SMEs, Untapped combined flexible repayment structures with real-time data tracking, achieving strong results across 15 African countries. However, as both an investment fund raising capital from limited partners and a fintech startup seeking venture capital, the company’s dual structure had created operational challenges and conflicting priorities. This case provides an opportunity to examine the potential of RBF to address SME financing gaps in emerging markets and to explore the strategic and organizational decisions required to scale a mission-driven business operating at the intersection of finance and technology.

Citation

Educators

Hunter Point Capital

By: Josh Lerner, John D. Dionne and Srimayi Mylavarapu

January 2025 |
Case |
Faculty Research

In the spring of 2023, Hunter Point Capital faced a pivotal decision that could define its trajectory as a new player in the growing GP stakes business. As the firm neared completion of three high-profile GP stakes investments, consuming nearly a third of its initial fund, an unexpected opportunity emerged to expand into GP Financing Solutions. This new line of business, including Net Asset Value ("NAV") lending and preferred financing, aligned with Hunter Point's long-term strategy but arose earlier than anticipated. Expanding from a GP stakes-focused firm to a multi-product platform could potentially solidify Hunter Point's position within the broader GP capital solutions ecosystem. However, this move also carried significant risks, including operational strain, potential conflicts with existing investors, and concerns about the firm's strategic focus and capacity. Should Hunter Point seize the opportunity to diversify now, or focus on strengthening its position in the GP stakes market first?

Citation

Educators

Time to Play? Netflix Considers Live Sports

By: Sara McKinley Torti

January 2025 |
Teaching Note |
Faculty Research

Citation

DMC Biotechnologies: Using Techno-Economic Modeling to Guide Production Strategy

By: Joshua Lev Krieger, Chris Burk and Jim Matheson

January 2025 |
Case |
Faculty Research

Citation

Educators

Launching Tough Tech Ventures

By: Joshua Lev Krieger and Jim Matheson

January 2025 |
Technical Note |
Faculty Research

Citation

Educators

Everyone Steps Back?: The Widespread Retraction of Crowd-Funding Support for Minority Creators When Migration Fear Is High

By: John (Jianqui) Bai, William R. Kerr, Chi Wan and Alptug Yorulmaz

January 2025 |
Article |
Research Policy

We study funding gaps on Kickstarter across multiple ethnic groups from 2009 to 2021. Scaling the concept of racially salient events, we quantify the close co-movement of minority funding gaps in crowd-funding to inflamed political rhetoric surrounding migration. The funding gap for minorities more than doubles in the most inflamed periods compared to baseline. Results are especially acute for Hispanic creators. Distant, mostly white backers are typically important for projects reaching a critical threshold of funding support. Retractions in support for minority creators during tense periods are even spatially, as present in liberal cities as in conservative ones.

Keywords: Crowdfunding; Prejudice and Bias; Race; Immigration; Public Opinion

Citation

Read Now