"The digital context of equity crowdfunding broadens and diversifies the pool of potential investors and is thus touted as a means to democratize access to capital for non-traditional innovators. It is unclear whether such democratization also applies to user entrepreneurs. User innovators are consumers who create products with the goal of serving their own unmet needs; if they subsequently pursue entrepreneurship as a means to commercialize their innovations they become user entrepreneurs. Importantly, user innovators are significant contributors to consumer product innovation. In contrast, traditional entrepreneurs, also called producer entrepreneurs, create products with the goal of profiting from them. We examine whether investors in equity crowdfunding respond differently to user entrepreneurs relative to traditional producer entrepreneurs, and explore heterogeneity in investor responses. Through a randomized field experiment, we find that less experienced investors are more receptive to user innovators than investors with more experience. Experienced investors are significantly less interested in ventures by user innovators, relative to those by producer innovators, likely due to experienced investors' concern about the ability of user entrepreneurs to commercialize their ideas. Consequently, the democratization of access to capital for user entrepreneurs comes from less experienced investors who are often inaccessible in traditional investment settings."

"Does growth training help entrepreneurs to scale-up new ventures? Our field experiment answering this question uses a sample of 181 startup founders from the population of Singapore-based entrepreneurs in 2017. The treatment consisted of classroom sessions conducted in workshop and lecture formats that provided content in growth-catalyst tools comprising of effective business model design, building effective venture management teams and leveraging personal networks, that help in entrepreneurial resource mobilization. Also, participants received individualized business coaching addressing their venture's issues and challenges in these domains. Our results show that entrepreneurs that received training in the three growth-catalyst tools achieved higher sales and employee growth for their ventures. In addition, entrepreneurs with higher educational attainment, higher prior work experience and higher growth goals benefited much more from the training intervention."

"We consider the role that gender-stereotyped behaviors play in investors' evaluations of men- and women-owned ventures. Contrary to research suggesting that investors exhibit bias against women, we find that being a woman entrepreneur does not diminish interest by investors. Rather, our findings reveal that investors are biased against the display of feminine-stereotyped behaviors by entrepreneurs, men and women alike. Our study finds that investor decisions are driven in part by observations of gender-stereotyped behaviors and the implicit associations with the entrepreneur's business competency, rather than the entrepreneur's sex."

"Through our analyzes of over 30 models of smallholder service delivery, in 16 different counties, we have been able to identify best practices and key drivers for farmer resilience and business sustainability. Here, in this report we share with you our findings. Read on to better understand the key leverage points for creating systemic improvements in delivery systems. The data we’ve gathered, and patterns observed should enable farmers, service providers and investors to make smarter decisions for sustainable growth. Couple this with innovative blended finance, to de-risk investments, and we will be able to unlock billions of dollars in smallholder agriculture to take these models to scale."

"Presenting rigorous and original research, this volume offers key insights into the historical, cultural, social, economic and political forces at play in the creation of world-class ICT innovations in Kenya. Following the arrival of fiber-optic cables in 2009, Digital Kenya examines why the initial entrepreneurial spirit and digital revolution has begun to falter despite support from motivated entrepreneurs, international investors, policy experts and others. Written by engaged scholars and professionals in the field, the book offers 15 eye-opening chapters and 14 one-on-one conversations with entrepreneurs and investors to ask why establishing ICT start-ups on a continental and global scale remains a challenge on the "Silicon Savannah". The authors present evidence-based recommendations to help Kenya to continue producing globally impactful ICT innovations that improve the lives of those still waiting on the side-lines, and to inspire other nations to do the same."

"The African Agricultural Capital Fund, managed by Pearl Capital Partners, primarily invests in small- and medium-sized agricultural enterprises to improve the livelihoods of smallholder farmers in East Africa.

This case study gives an overview of the fund, describes its capital structure, its primary impact governance mechanisms, and the stakeholders’ key risk mitigation strategies. To provide additional insight into the motivations and decisions that shaped the impact investment, interviews with representatives of the four investors and the fund manager are included."

"This primer is for philanthropists and social investors who want to learn more about the role of philanthropic capital in strengthening and growing enterprises. It serves as a "how-to" guide to social enterprise philanthropy by providing an overview of this sector and information about how philanthropists can most effectively work within it to achieve high social impact."

"A fundamental challenge for new ventures is overcoming liabilities of newness - particularly, lack of relevant knowledge. Accelerators, intense, time-compressed entrepreneurial programs, attempt to alleviate these liabilities by providing ventures with intensive learning. While accelerators have rapidly emerged as prominent players in the entrepreneurial ecosystem, entrepreneurs, policy makers, and other practitioners have continued to raise questions about their efficacy. Mirroring such concerns, extant organizational theories offer competing predictions about whether and for which ventures accelerator participation might be beneficial. Drawing on hybrid empirical methods that triangulate across multiple quantitative and qualitative analyses, we consistently find evidence that many accelerators do indeed aid and accelerate venture development and that their effects are neither due purely to selection or credentialing. Intriguingly, our results also indicate that accelerator participation complements rather than substitutes for many forms of prior founder experience (e.g., having worked for a company that produces a lot of startups). Overall, we contribute by pioneering work on the nature and outcomes of accelerators, offering insight into the fundamental value of intensive indirect learning (vs direct learning) in new ventures and extending understanding of how organizations may speed products and services to market."

"Innovative start-ups are often considered to be a key source of innovation and job creation. As such they are the subject of several types of supportive public policies. This study examines the short-term and long-term effects of business incubators on the performance of innovative start-ups in terms of sales revenues and job creation. A large sample of N-¯=-¯2544 innovative Italian start-ups, of which 606 were incubated, was followed over a period of up to six years. Tobit and Poisson regressions and propensity-score matching analyses point towards a significant negative effect of incubator tenancy on sales revenues and no significant effect of incubation on job creation. Findings also suggest that the initially negative effect of incubation on sales revenues turns into a positive effect in the long term. The effects of incubator characteristics, in terms of ownership, certification, and size on the growth of tenant start-ups were further analysed, but these effects were found to be negligible. The study contributes to the literature on the evidence-based evaluation of business incubation performance. It suggests that public policy makers should lower their expectations regarding the numbers of new jobs created by business incubation support."

"The objective of this paper is to understand the mechanisms by which development projects facilitate market linkage of smallholder farmers based on panel data from Nicaragua. We find that activities related to entrepreneurial practices have positive and statistically significant effect on commercialization. We also find that increased commercialization is positively correlated with total bean sales income, suggesting a positive indirect effect of the activities. Other activities demonstrate no positive and robust effect on commercialization while direct positive effects on sales income can be observed. This implies that market linkage of smallholder farmers require different sets of intervention tools than traditional farm technical assistance."