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Article
Publication date: 6 March 2009

Stephanie A. Macht and John Robinson

Entrepreneurial businesses often face financial and experiential gaps, which can constrain their growth. Business angels (BAs) can provide sources of financial, human and…

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3039

Abstract

Purpose

Entrepreneurial businesses often face financial and experiential gaps, which can constrain their growth. Business angels (BAs) can provide sources of financial, human and social capital to overcome these gaps. Building on the work by Munck and Saublens, this paper aims to introduce a framework that seeks to provide a detailed understanding of the benefits that BAs can bring to the firms in which they invest.

Design/methodology/approach

In order to obtain a detailed understanding of the benefits that BAs bring to their investee companies, semi‐structured, in‐depth telephone interviews were conducted from an investee perspective. The key managers of nine angel‐funded companies were purposefully selected and the transcribed interviews analysed with the help of common qualitative analysis techniques.

Findings

According to investee managers, BAs provide benefits in all four areas of the proposed framework. Specifically, BAs: help overcome funding gaps; fill knowledge/experience gaps through provision of their own expertise and involvement; provide a wide range of contacts and leverage further funding, including their own follow‐on finance.

Research limitations/implications

The anonymous nature of the BA market requires convenience sampling, which, in addition to the small sample size used, does not allow for generalisability. The use of telephone interviews instead of face‐to‐face interviews did not allow for observation of non‐verbal cues. Nevertheless, the study identified various areas in need of further research.

Originality/value

In‐depth interview data enabled a detailed exploration of the financial and non‐financial benefits of BA funding from an under‐utilised investee perspective. The paper's main value, however, lies in establishing the usefulness of a framework showing BAs' benefits in a structured manner.

Details

International Journal of Entrepreneurial Behavior & Research, vol. 15 no. 2
Type: Research Article
ISSN: 1355-2554

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Article
Publication date: 10 October 2016

Stephanie Alexandra Macht

The purpose of this paper is to bring attention to “entrepreneurial finance education”, an aspect of entrepreneurship education that is widely taught but neglected by the…

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1916

Abstract

Purpose

The purpose of this paper is to bring attention to “entrepreneurial finance education”, an aspect of entrepreneurship education that is widely taught but neglected by the educational literature. It does so by exploring how social capital, a key resource for entrepreneurs, can be incorporated into entrepreneurial finance education.

Design/methodology/approach

By drawing upon social capital literature in the context of funding sources for entrepreneurs, the paper highlights the significance of bonding and bridging social capital for entrepreneurial finance.

Findings

The review of relevant literature confirms the importance of social capital for entrepreneurial finance. The existence of bonding social capital, which refers to a trusting relationship between entrepreneurs and financiers, allows entrepreneurs to access their financiers’ resources (e.g. contacts, knowledge, reputation, further funds) through bridging social capital.

Practical implications

Students of entrepreneurial finance need to understand the role that both facets of social capital play in the context of fundraising. This paper proposes ways of incorporating social capital into various approaches to entrepreneurial finance education. This allows educators to include relevant topics and research into their syllabi, while enabling students to study a crucial, yet under-represented, topic in entrepreneurial finance education.

Originality/value

Given that entrepreneurial finance education has to date been neglected in the educational literature, this paper begins to address a huge void. It clarifies potential contents of entrepreneurial finance education, demonstrates the importance of including social capital in the education of entrepreneurial finance students and suggests practical ways of achieving this.

Details

Education + Training, vol. 58 no. 9
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 10 October 2016

Stephanie Alexandra Macht and Steve Ball

This paper seeks to address an underdeveloped aspect of entrepreneurship education (EE), which is still criticised for not explicitly linking educational practice with…

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1210

Abstract

Purpose

This paper seeks to address an underdeveloped aspect of entrepreneurship education (EE), which is still criticised for not explicitly linking educational practice with established educational theory. As such, the purpose of this paper is to propose a novel educational framework – Authentic Alignment – that the authors evolved based on their own EE practice, as well as two major educational theories.

Design/methodology/approach

A review of a range of conceptual educational frameworks in EE revealed a gap in the current literature, referring to the fact that practice is not sufficiently linked to sound educational theory. The paper combines a range of educational theories – predominantly Constructive Alignment (CA) and Authenticity – to develop a novel conceptual framework, termed “Authentic Alignment”. The discussion of Authentic Alignment draws upon EE literature, as well as student feedback and the reflections and experiences of the practitioners and academics involved in delivering a higher education unit underpinned by Authentic Alignment.

Findings

It is argued that Authentic Alignment coherently and explicitly links educational practice to major established educational theories and as such presents a valuable approach to education through entrepreneurship as it aligns authentic approaches to instruction, learning and assessment that strike a balance between resembling and being relevant for real entrepreneurial activity.

Practical implications

The paper invites educators to draw upon Authentic Alignment for their own entrepreneurship units/programmes by customising the specific approaches to their own requirements, while retaining the underlying principle of constructively aligned authentic education.

Originality/value

By explicitly linking EE to CA and Authenticity, this paper introduces a novel educational framework that provides a valuable structure for education through entrepreneurship. The customisability of Authentic Alignment, however, suggests a wider applicability and is thus valuable also for education about and for entrepreneurship.

Details

Education + Training, vol. 58 no. 9
Type: Research Article
ISSN: 0040-0912

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Article
Publication date: 24 June 2019

Stephanie Macht and Geoffrey Chapman

Many businesses invest significant resources to develop human, social and psychological capital, yet Crowdfunding (CF) activities have the potential to build all of these…

Abstract

Purpose

Many businesses invest significant resources to develop human, social and psychological capital, yet Crowdfunding (CF) activities have the potential to build all of these non-financial forms of capital at the same time as raising finance. The purpose of this paper is to explore the non-financial forms of capital that entrepreneurs and businesses using online CF activities can gain from their backers without having to ask for it.

Design/methodology/approach

The study used thematic, qualitative analysis to explore the comments and queries that crowdfunders posted on the publicly visible message board of individual CF projects on Kickstarter, one of the world’s leading crowdfunding platforms (CFPs).

Findings

Fund-seekers can gain more than money from crowdfunders: they can enhance their own human capital (e.g. knowledge of the viability of the project), social capital (e.g. the development of a bonding relationship) and psychological capital (e.g. self-efficacy and resilience) by effectively interpreting unsolicited comments and questions.

Research limitations/implications

This study is based on typed comments on CFP message boards, which limits insights into underlying reasons and motivations. However, the qualitative analysis of message board comments demonstrates how this type of data can be utilised to explore crucial aspects of CF that have to date been neglected.

Practical implications

Comments from many crowdfunders can provide useful information to fund-seeking entrepreneurs and businesses, although some of it may require interpretation.

Originality/value

The opportunity for fund-seekers to gain non-financial capital from crowdfunders, without having to ask for it, has not previously been explicitly considered in the field.

Details

Asia-Pacific Journal of Business Administration, vol. 11 no. 2
Type: Research Article
ISSN: 1757-4323

Keywords

Content available
Book part
Publication date: 20 July 2016

Abstract

Details

International Perspectives on Crowdfunding
Type: Book
ISBN: 978-1-78560-315-0

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Article
Publication date: 8 February 2013

Lorraine Brown, John Edwards and Heather Hartwell

The purpose of this paper is to investigate the changes in emotion brought by eating the midday meal. Many aspects of eating out have been studied, yet emotions remain an

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2599

Abstract

Purpose

The purpose of this paper is to investigate the changes in emotion brought by eating the midday meal. Many aspects of eating out have been studied, yet emotions remain an under‐researched area, despite having been shown to play a significant role in food consumption.

Design/methodology/approach

This paper reports findings from a qualitative study, involving semi‐structured interviews with British undergraduates about changes in their emotional state after eating their lunchtime meal. Data were analysed through the technique of thematic analysis.

Findings

Participants observed a clear relationship between their emotions and eating a meal, with changes noted in concentration, energy and happiness levels. The quality of the food eaten was an issue of concern to participants; access to a healthy meal was seen to be important, given the perceived benefits for emotional and physical health. Finally, eating was deemed to be both a physical and social activity. Eating in company enhanced the emotional experience of dining, as it offered the opportunity to bond with friends. Recommendations for further research are made.

Originality/value

This research addresses a paucity of information on the link between food and emotion, helping to better understand the role of emotions when eating out. Further research into different settings is called for in order to broaden the understanding of the relationship between eating and emotional state, and to find out whether or not similar findings emerge from alternative settings.

Details

British Food Journal, vol. 115 no. 2
Type: Research Article
ISSN: 0007-070X

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Book part
Publication date: 10 February 2015

Eric Davoine, Stéphanie Ginalski, André Mach and Claudio Ravasi

This paper investigates the impacts of globalization processes on the Swiss business elite community during the 1980–2010 period. Switzerland has been characterized in the…

Abstract

This paper investigates the impacts of globalization processes on the Swiss business elite community during the 1980–2010 period. Switzerland has been characterized in the 20th century by its extraordinary stability and by the strong cohesion of its elite community. To study recent changes, we focus on Switzerland’s 110 largest firms’ by adopting a diachronic perspective based on three elite cohorts (1980, 2000, and 2010). An analysis of interlocking directorates allows us to describe the decline of the Swiss corporate network. The second analysis focuses on top managers’ profiles in terms of education, nationality as well as participation in national community networks that used to reinforce the cultural cohesion of the Swiss elite community, especially the militia army. Our results highlight a slow but profound transformation of top management profiles, characterized by a decline of traditional national elements of legitimacy and the emergence of new “global” elements. The diachronic and combined analysis brings into light the strong cultural changes experienced by the national business elite community.

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Article
Publication date: 6 March 2009

Oswald Jones

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482

Abstract

Details

International Journal of Entrepreneurial Behavior & Research, vol. 15 no. 2
Type: Research Article
ISSN: 1355-2554

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Book part
Publication date: 29 January 2021

Björn Hacker

In a globalised economy, the EU, being self-confident, could shape international standards by defending and promoting its own socioeconomic model. Social democratic…

Abstract

In a globalised economy, the EU, being self-confident, could shape international standards by defending and promoting its own socioeconomic model. Social democratic parties rhetorically confess the need for a ‘European social model’, but meanings and ways to achieve it differ largely. In a comparative case study on the programmatic positioning of the German Sozialdemokratische Partei Deutschlands and the Spanish Partido Socialista Obrero Español, the parties' perspectives on the integration mode and their handling of the Economic and Monetary Union framework and its crisis over the last decade are traced. Although similar paths from neoliberal convictions of the ‘third way’ to a positive integration process in a fiscal union setting are found, the scope and levels vary, illustrating the abilities of both parties to meet new transnational challenges. The crisis of the Eurozone was a definitive turning point for the positioning of the Social Democrats in Spain in favour of more political and fiscal integration. In contrast, their German comrades already advocated increased social integration of the EU since 2005 but remained very cautious regarding reforms of the economic framework established by the Eurozone.

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Book part
Publication date: 23 July 2016

Erwin Dekker

In this chapter it is argued that when the Austrian revival takes place in the 1970s and 1980s the image of economics as an analytical science which can be…

Abstract

In this chapter it is argued that when the Austrian revival takes place in the 1970s and 1980s the image of economics as an analytical science which can be methodologically kept clean from value judgments, and the economist as a pure truth-seeker shapes modern Austrian economics at the expense of an idea of a socially involved, embedded scholar with a responsibility toward society which was characteristic of the pre-WWII Austrian school. The neglect of that part of the Austrian heritage is important not only for how we understand the role and responsibility of the social scientist but also because it alters what we consider to be relevant and valid economic knowledge. The chapter demonstrates that insight into economic processes was excluded from what was considered valid economic knowledge and how social relevance of knowledge was no longer a goal in the postwar Austrian School. The chapter identifies alternative currents in the modern Austrian school to this general trend and suggests ways forward to think about the appropriate institutions to promote relevance and the moral conduct of (Austrian) economics.

Details

Research in the History of Economic Thought and Methodology
Type: Book
ISBN: 978-1-78560-960-2

Keywords

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