Milestones and new ventures

Innovativeness and Corporate Governance of New Ventures

Established firms often face significant obstacles to innovation. As a solution, it has been suggested to form corporate ventures. Based on a sample of corporate and independent ventures in German manufacturing, we show that corporate ventures are more innovative than the control group of independent ventures. In particular, corporate ventures are more successful at developing radical innovatio...

Multiagent systems: Milestones and new horizons.

Research in multiagent systems (MAS), or distributed artificial intelligence (DAI), dates back to the late 1970s. Initial work in the area focused on distributed interpretation of sensor data, organizational structuring and generic negotiation protocols. But several recent developments have helped reshape the focus of the field. Like the rest of Al, the field has matured from being largely expl...

Valuation and Return Dynamics of New Ventures

Valuation and Return Dynamics of New Ventures We develop and analyze a model of a multi-stage investment project that captures many features of R&D ventures and start-up companies. An important feature these problems share is that the firm learns about the potential profitability of the project throughout its life, but that technical uncertainty about the research and development effort is only...

Learning from Feedback: Evidence from New Ventures

Abstract This paper studies how early stage entrepreneurs learn about the quality of their ventures. I assess the effect of negative feedback on abandonment using application and judging data from 87 new venture competitions, 34 of which privately informed founders of their relative rank. I use a difference-in-differences design and matching estimators to compare lower and higher ranked losers,...

New Service Ventures – Struggling for Survival