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Financial assurance rules, also known as financial responsibility or bonding requirements, foster cost internalization by requiring potential polluters to demonstrate the financial resources necessary to compensate for environmental damage that may arise in the future. Accordingly, assurance is an important complement to liability rules, restoration obligations, and other regulatory compliance requirements. The paper reviews the need for assurance, given the prevalence of abandoned environmental obligations, and assesses the implementation of assurance rules in the United States. From the standpoint of both legal effectiveness and economic efficiency, assurance rules can be improved. On the whole, however, cost recovery, deterrence, and enforcement are significantly improved by the presence of existing assurance regulations.

Licensing from US universities is done within the overall legal framework of the Bayh–Dole Act of 1980 and the employment agreements of universities. This chapter explains common contracts used by universities to license technologies developed by their faculty and students within the context of these laws. In addition to the legal framework, the nature of license agreements is affected by the embryonic nature of most university inventions, which necessitates faculty and student involvement in development, and the entrepreneurial goals of the university. Universities have diverse goals in terms of revenue, licenses executed, inventions commercialized, patents filed, and number of startups formed. The somewhat obvious problem is that the goals of faculty, students, the university, and the licensee may not be aligned. Common contracts used are meant to align these goals. While some contracts include multiple terms such as upfront fees, running royalties, annual payments, and equity, Express Licenses are increasingly being used to accommodate the entrepreneurial environment. This chapter discusses these issues and also the importance of the rights to sublicense inventions.

Chapter Seven turns to what will be characterised as operational risks/uncertainties. The associated concept of strategic risks/uncertainties introduced in Chapter Six, is somewhat arbitrary as many risks and uncertainties fit into both categories. Further, a precise demarcation is not practically possible. Nevertheless, for purposes of introduction it is a helpful distinction.

Although it might be an overstatement, here operational risks/uncertainties do seem to offer greater opportunities for quantifiable measurement. This is simply because many operational functions are repetitive, offer numerous contexts where data can be gathered, and observations can lead to useful predictions of future outcomes. Supplementing individual organisation observations with sector-wide data is more possible as well. This is not to say that human factors do not matter, they most certainly do. Subjectivity also matters; but it remains the case that operational activity does present the better chance for measurement.

As with Chapters Five and Six, alternative perspectives are presented, and the complex adaptive systems idea reappears in relation to the processes by which operational risks/uncertainties are assessed and analysed.

This chapter deals with the process perspective of entrepreneurship, that is, what prospective entrepreneurs should do and how they do it (the processes they use) to launch a new venture in the tourism field. The main purpose of this chapter is to explain what the entrepreneurial process is, the steps/phases to transit from idea to enterprise and the risks involved.

General review was conducted on conceptual issues and managerial aspects of the entrepreneurial process and legal issues.

This chapter highlights that the entrepreneurial process undergone by entrepreneurs is dual in nature, both in terms of action and thinking process. Given that the failure rate of new ventures is high, there is a need to focus on the importance of understanding the dynamics of entrepreneurship, the action process of the prospective entrepreneur and the potential risk impact.

This chapter is explorative in nature because the discussion is based on a general review.

Prospective entrepreneurs should follow specific steps, a rational process to establish their business venture and to protect its operations against any event. Thus, any new business should manage risks appropriately, as well as record insurance to cover for unforeseen events.

This chapter provides an overview of the entrepreneurial process and legal risk issues that may affect the success of a new venture. The hands-on approach is particularly useful in dealing with the entrepreneurial mind when exploring new business ventures in the tourism field.

Product development becomes more complex when co-development involves multiple parties crossing boundaries of functions, companies, countries and even competitors. An interdisciplinary framework is needed to understand the challenges of structuring collaborative work within global product teams – especially in the research arenas of strategic partnerships, product development teams, collaboration, distributed work, organizational learning and new metaphors. The multi-party partnership of the Joint Strike Fighter Program at Lockheed Martin, the largest aerospace program in history, provides an illustration of the complex information-sharing and problem-solving challenges in aligning a large, distributed, global integrated product team in an environment where even connectivity is a challenge. It sets the stage for the innovative management approaches needed to build collaborative climates as well as research directions for the future.