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The purpose of this paper is to identify and analyse the characteristics of high net worth individuals (HNWI) as potential angel investor in Antofagasta, the main mining resource periphery in Chile.

Using the resource periphery approach and angel investing, the authors apply a survey to a sample of 37 HNWI in this region. The data collected were analysed using descriptive statistics.

Descriptive results show that the characteristics of these individuals do not significantly differ from those exhibited by angel investors in developed countries and that HNWI show a relative high willingness to become angels and to form a network.

This paper has some limitations regarding the size and scope of the sample. It is a relatively short sample that does not allow to make more sophisticated analysis and it is only regional and, therefore, it is not possible to make a comparison at a national level.

From the perspective the design of policies and programmes oriented towards the promotion of a high potential start-ups in resources peripheries, it is essential to know what the characteristics of HNWI are and their propensity to become angel investors.

Research on angel investment has been traditionally based on the experience of core regions in developed countries. This type of funding source, however, can play a significant role in the promotion of development and diversification in resource peripheries due to the limited access that these areas have to traditional capital funds and the orientation of angel investment towards innovative ventures, but studies from this perspective are very scarce. In this sense, this paper is pioneer in this topic in peripheral regions.

El objetivo de este artículo es identificar y analizar las características de las personas con alto patrimonio neto como potenciales inversionistas ángeles en Antofagasta, la principal fuente de recursos minerales en la periferia de Chile.

A través del enfoque de las periferias de los recursos naturales y la inversión ángel, se aplicó una encuesta a una muestra de 37 personas con alto patrimonio neto en esta región. La información recogida fue analizada usando estadística descriptiva.

Los resultados muestran que las características de estas personas no difieren significativamente de los inversionistas ángeles en países desarrollados y muestran un fuerte deseo de ser inversionistas ángeles y formar una red.

Este artículo presenta algunas limitaciones en relación al tamaño y el alcance de la muestra. Es una muestra relativamente pequeña y no permite realizar análisis más sofisticados y es solo a nivel regional y, por lo tanto, no es posible comparar a nivel nacional.

Desde la perspectiva del diseño de políticas públicas y programas orientadas a la promoción de empresas de alto potencial de crecimiento en las periferias de recursos naturales, es esencial conocer las características de las personas con alto patrimonio neto y su propensión a convertirse en inversionistas ángeles.

La investigación sobre inversión ángel ha estado tradicionalmente enfocada en la experiencia de las regiones centrales de los países desarrollados. Sin embargo, esta alternativa de financiamiento puede jugar un rol preponderante en la promoción del desarrollo y la diversificación en las periferias de recursos naturales debido al limitado acceso a fuentes de capital tradicionales y la orientación de la inversión ángel hacia emprendimientos innovadores en estas regiones. Los estudios desde esta perspectiva son muy escasos. En este sentido, este artículo es pionero en la investigación de la inversión ángel en las regiones periféricas de recursos naturales.

The purpose of the paper is to analyze the development of business angel networks (BANs) in emerging countries such as Chile and Colombia to understand how institutions affect their development.

This is a qualitative, exploratory, and descriptive study based on a comparative analysis between countries, with the BANs in Chile and Colombia as the unit of observation. The comparative analysis was made in relation with the creation, operation and sustainability of the BANs. The study interviews the partners/managers of the active networks in each of the countries, as well as key informants, totalling 12 interviews.

BAN activity in Chile and Colombia is quite recent, and the countries are on a similar level of development. However, in the long term, depending on how the cultural aspects evolve in both countries and the interest that the State may have in developing business angel activity, the results could be indeed different.

Business angel activity in Latin America is quite recent; nevertheless, this activity is increasing in the region. In that sense, this comparative analysis between Colombia and Chile contributes to a better understanding of business angel markets in Latin America and also to obtain better insights into the core challenges that these markets face in emerging countries due to the existence of institutional voids. This paper is a contribution for further knowledge of BANs in emerging countries’ economies from an institutional perspective.

This paper aims to analyse whether the degree of formal financial access in a country affects love money investment, defined as capital provided to entrepreneurs from family and friends to finance their businesses, in early-stage entrepreneurial activities.

The authors use multilevel mixed-effect regression models and an extensive database of over 700 thousand individuals from 53 countries between 2007 and 2017 taken from the Global Entrepreneurship Monitor adult population survey.

This paper finds that a country’s level of accessibility to bank debt and venture capital is positively associated with the likelihood of an individual becoming a love money investor. It also finds that the amount of capital invested by love money investors is positively correlated to the level of access to bank debt and venture capital. The results of this paper confirm the hypothesis of complementarity between the financial system and friends and family financing in the capital market for early-stage entrepreneurs.

This paper contributes to the entrepreneurial finance literature, particularly to a better understanding of the love money investors, an important source of funding and segment of the informal investment that is sparsely studied.

The purpose of this paper is to investigate what types of open innovation search strategies are associated with internal innovation activities in family and non-family SMEs within natural resource-based clusters.

This study is based on an empirical analysis of a sample of 245 Chilean firms.

Results suggest that while family and non-family SMEs do not significantly differ in terms of internal innovation activities, important differences exist in terms of open innovation search strategies. In particular, family SMEs search for new ideas and knowledge within their closest network of relationships (e.g. customers, suppliers and competitors), whereas non-family SMEs mainly focus on broader network relationships (e.g. universities, public institutions and fair trade organizations).

This study shows that within a natural resource cluster, the types of firm do matter. In fact, family and non-family SMEs use different open innovation search strategies to innovate; hence, this research may help and assist policy makers in tailoring innovation policies aimed at expanding the potential benefits of clusters for regional growth and development.

This research addresses the call to further investigate the link between family SMEs and innovation in developing countries, given that SMEs may also act as a lively player for regional development.

El objetivo de este artículo es investigar las estrategias de búsqueda de innovación abierta de las pequeñas y medianas empresas familiares y no familiares en un clúster basado en los recursos naturales.

Este estudio está basado en un análisis empírico con una muestra de 245 empresas Chilenas.

Los resultados muestran que no hay diferencias significativas en las actividades internas de innovación entre las pequeñas y medianas empresas familiares y no-familiares de la muestra. Sin embargo, se han encontrado diferencias en las estrategias de búsqueda de innovación abierta que utilizan de las empresas. Las empresas familiares buscan nuevas ideas y conocimiento para innovar entre sus contactos más cercanos (por ejemplo: clientes, proveedores y competidores). Las empresas no-familiares se enfocan en contactos más amplios (por ejemplo: tales como universidades, instituciones públicas y ferias internacionales).

Este estudio muestra que distinguir entre empresas familiares y no familiares dentro de los clúster basados en los recursos naturales es importante. Las pequeñas y medianas empresas familiares y no familiares usan diferentes estrategias de búsqueda de innovación abierta. Por lo tanto, nuestros resultados pueden ayudar al diseño de políticas públicas de innovación diferenciando empresas familiares y no familiares con el objetivo de potenciar los beneficios de los clúster para el crecimiento y desarrollo regional.

Este artículo intenta avanzar en la investigación relacionando innovación y pequeñas y medianas empresas familiares en países en desarrollo.

Existing deterministic models that predict the capacity of corroded reinforced concrete (RC) beams have limited applicability because they were based on accelerated tests that induce general corrosion. This research gap was addressed by performing a combined numerical and statistical analysis on RC beams, subjected to natural corrosion, to achieve a much better forecast.

Data of 42 naturally corroded beams were collected from the literature and analyzed numerically. Four constitutive models and their combinations were considered: the elastic-semi-plastic and elastic-perfectly-plastic models for steel, and two tensile models for concrete with and without the post-cracking stresses. Meanwhile, Popovics’ model was used to describe the behavior of concrete under compression. Corrosion coefficients were developed as functions of corrosion degree and beam parameters through linear regression analysis to fit the theoretical moment capacities with test data. The performance of the coefficients derived from different combinations of constitutive laws was then compared and validated.

The results showed that the highest accuracy (R² = 0.90) was achieved when the tensile response of concrete was modeled without the residual stresses after cracking and the steel was analyzed as an elastic-perfectly-plastic material. The proposed procedure and regression model also showed reasonable agreement with experimental data, even performing better than the current models derived from accelerated tests and traditional procedures.

This study presents a simple but reliable approach for quantifying the capacity of RC beams under more realistic conditions than previously reported. This method is simple and requires only a few variables to be employed. Civil engineers can use it to obtain a quick and rough estimate of the structural condition of corroding RC beams.

The purpose of this paper is to characterize the immigrant entrepreneurs of the Region of Antofagasta and identify their contribution to local development.

This is a descriptive study with a quantitative approach. Face-to-face interviews using a structured questionnaire were carried out with a sample of 314 immigrant entrepreneurs in the city of Antofagasta. The data were analysed using descriptive statistics and mean difference.

The results show a new type of entrepreneur that cannot be fully described by the theories developed for South–North immigrant entrepreneurs. The concept of the South–South entrepreneur is therefore proposed, in order to categorise these entrepreneurs and explain their behaviour, with the conclusion that this group makes a significant contribution to the local economy, both in terms of job and wealth creation and by broadening the availability of goods and services.

Given that immigrant entrepreneurs are a valuable socio-economic asset to the city in terms of job and wealth creation and service diversification, public administrations should endeavour to support these individuals and attract them to the city.

Knowledge of the contribution of this group will lead to a greater acceptance of immigrants who have recently been rejected by certain sectors of the population.

This study reveals the existence of a group of immigrant entrepreneurs whose characteristics and contribution to local development were previously not known.

El objetivo de este artículo es caracterizar a los inmigrantes emprendedores/as de la región de Antofagasta e identificar de su aporte al desarrollo local.

Es un estudio descriptivo, con un enfoque cuantitativo. Se realizaron entrevistas cara a cara con cuestionario estructurado a una muestra de 314 inmigrantes emprendedores de la ciudad de Antofagasta. Los datos fueron analizados utilizando estadística descriptiva y diferencia de medias.

Los resultados muestran un nuevo tipo de emprendedor que no pueden ser explicados a cabalidad por las teorías desarrolladas para inmigrantes emprendedores Sur-Norte. Por ello, se propone el concepto de emprendedores Sur-Sur, para categorizarles y explicar su comportamiento, concluyendo que realizan un aporte significativo a la economía local, tanto en generación de empleo y riqueza como en el incremento en la oferta.

Puesto que los inmigrantes emprendedores son un valioso activo socioeconómico para la ciudad en términos de generación de empleo, riqueza y diversidad en la oferta de servicios, las administraciones públicas deberían de tratar de apoyarlos, cuidarlos y atraer a la ciudad.

El conocimiento del aporte de este colectivo contribuirá a una mejor aceptación de los inmigrantes, que en los últimos años han sido rechazados por algunos sectores de la población.

Este estudio devela la realidad de un grupo de inmigrantes emprendedores del cual no se tenía conocimiento sobre sus características y su aporte al desarrollo local.

Economic growth is one the most relevant economic objectives for policy makers. In order to determine the variables that enhance such an objective it is important to consider different types of entrepreneurial activity. It is also necessary to consider the level of development and growth of a country to design the proper economic policy measures, given that entrepreneurship motivations and circumstances vary from country to country. Therefore, the purpose of this paper is to analyse the relationship between entrepreneurship and economic growth, including the role played by institutions and innovation considering two types of entrepreneurship (necessity and opportunity) and countries.

Data analysis of 31 countries with varying levels of growth and development yielded two large groups – either innovation-driven economies or efficiency-driven economies – following GEM classification based on the phases set out by the World Economic Forum. In order to test the hypotheses, a partial least squares analysis is carried out to show the existing relationships between the different variables, specifically: innovation, institutions, entrepreneurship and economic growth.

The empirical analysis used demonstrates that innovation positively affects economic growth and entrepreneurship. In addition, adequate functioning of institutions is shown to enhance economic growth and opportunity entrepreneurship. Finally, there is a positive relationship between entrepreneurship and economic growth.

Unlike other studies, different types of entrepreneurship (by necessity and opportunity) are essential to this analysis of the relationship between entrepreneurship and economic growth. The country sample was divided considering some country-specific structural circumstances. Neither aspect is considered in the literature and should be considered relevant for designing measures to enhance economic activity.

Monitoring of a process leading to the detection of faults and determination of the root causes are essential for the production of consistent good quality end products with improved yield. The history of process monitoring fault detection (PMFD) strategies can be traced back to 1930s. Thereafter various tools, techniques and approaches were developed along with their application in diversified fields. The purpose of this paper is to make a review to categorize, describe and compare the various PMFD strategies.

Taxonomy was developed to categorize PMFD strategies. The basis for the categorization was the type of techniques being employed for devising the PMFD strategies. Further, PMFD strategies were discussed in detail along with emphasis on the areas of applications. Comparative evaluations of the PMFD strategies based on some commonly identified issues were also carried out. A general framework common to all the PMFD has been presented. And lastly a discussion into future scope of research was carried out.

The techniques employed for PMFD are primarily of three types, namely data driven techniques such as statistical model based and artificial intelligent based techniques, priori knowledge based techniques, and hybrid models, with a huge dominance of the first type. The factors that should be considered in developing a PMFD strategy are ease in development, diagnostic ability, fault detection speed, robustness to noise, generalization capability, and handling of nonlinearity. The review reveals that there is no single strategy that can address all aspects related to process monitoring and fault detection efficiently and there is a need to mesh the different techniques from various PMFD strategies to devise a more efficient PMFD strategy.

The review documents the existing strategies for PMFD with an emphasis on finding out the nature of the strategies, data requirements, model building steps, applicability and scope for amalgamation. The review helps future researchers and practitioners to choose appropriate techniques for PMFD studies for a given situation. Further, future researchers will get a comprehensive but precise report on PMFD strategies available in the literature to date.

The review starts with identifying key indicators of PMFD for review and taxonomy was proposed. An analysis was conducted to identify the pattern of published articles on PMFD followed by evolution of PMFD strategies. Finally, a general framework is given for PMFD strategies for future researchers and practitioners.

Entrepreneurial knowledge occupies a significant place in policy discourse and practice, especially in developed economies. This study aims to examine the effect of entrepreneurial knowledge on the components of entrepreneurial intent of undergraduate students. The authors seek to decipher a deeper understanding of their orientation for engaging in new ventures. In addition, we analyze the mediating role of behavioral antecedents between entrepreneurial knowledge and entrepreneurial intent.

The authors collected the primary data of 400 undergraduate students from French universities and used structural equation modeling through Smart PLS software for testing several pertinent hypotheses.

The study’s results revealed that entrepreneurial knowledge negatively affects students’ attitudes in choosing entrepreneurship in favor of a corporate job. In addition, entrepreneurial knowledge does not affect the social norms and self-efficacy that shape entrepreneurial intent. Interestingly, our study also revealed no mediating role between entrepreneurial knowledge and students’ self-efficacy.

The findings of this study will contribute to the academic discourse on the role of entrepreneurial knowledge and its potential effect in promoting entrepreneurship. Furthermore, this study has policy implications and solicits developing entrepreneurship programs to enhance entrepreneurial intent among young people.

This study aims to challenge the generic interpretation of Multilatinas as Latin American firms that have been able to internationalize because of highly competitive strategic capabilities. The authors test whether capabilities that international business researchers commonly associate with internationalization are necessary at different stages of the internationalization process to better understand the extent to which emerging market (EM) firms need to develop them.

International business research suggests a positive association between strategic capabilities and firm internalization. However, it remains unclear what specific capabilities are necessary and when they are necessary. These questions are particularly important in the context of the internationalization of firms from emerging economies, such as Latin America. The authors apply necessary condition analysis (NCA) on a sample of Latin American firms at different internationalization stages to test what strategic capabilities represent necessary conditions for becoming a Multilatina.

The findings suggest that only a few strategic capabilities are necessary for Latin American firms to become “Multilatinas”. While entrepreneurial orientation and marketing and sales capabilities represent necessary conditions, EM firms may internationalize even though other capabilities are developed to a lesser extent. The authors reflect on how shifts in local markets and technology drive the emergence of different types of Multilatinas.

Measuring strategic capabilities across multiple EM firms implies a risk that firm-specific aspects are not fully captured. While the authors focused on the comparative competitive strength of capabilities and took great care to minimize measurement error, the authors acknowledge possible bias. Also, while NCA does not require a minimum sample size, findings from our sample of firms from four countries may not generalize to the region or other EMs.

As a relatively new statistical technique, the use of NCA has spread rapidly. To the best of the authors’ knowledge, the linkage between organizational capabilities and firm internationalization has not been tested from a necessary conditions perspective yet. The reflections on the “Multilatina” concept based on the notion of EM firms as configurations of strategic capabilities inform current debates on EM multinational enterprises.