Governing the innovation process in entrepreneurial firms |
| |
| Institution: | 1. Department of Urology, Mayo Clinic Rochester, Minnesota;2. Department of Radiology, Mayo Clinic Rochester, Minnesota;3. Department of Radiation Oncology, Mayo Clinic Rochester, Minnesota;1. John Molson School of Business, Concordia University, Montreal, QC, Canada;2. Culverhouse College of Commerce & Business Administration, University of Alabama, Tuscaloosa, AL 35487-0225, United States;3. WHU-Otto Beisheim School of Management, Burgplatz 2, 56179 Vallendar, Germany |
| |
| Abstract: | We challenge the implicit assumption that entrepreneurs are the sole owners of their young firms and we suggest that because cutting-edge innovation projects are complex, they create substantial information asymmetry between entrepreneurs and their investors. Linking previous research on governance, entrepreneurship, and innovation, we ask what forms of governance and incentive systems are conducive to spur and implement innovation among young entrepreneurial firms. Using agency theory and building on the rich literature on governance, we make eight practical suggestions regarding the governance of young entrepreneurial firms. We suggest that early and effective governance systems may help entrepreneurs and investors work in alignment with each other's best interests. |
| |
| Keywords: | |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
