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The extraordinary advances in electronic technologies and global human interconnectedness present novel adaptational challenges and expanded opportunities for people to shape their social future and national life. The present article analyzes these pervasive transformational changes from an agentic theoretical perspective rooted in the exercise of perceived per-sonal and collective efficacy. By acting on their efficacy beliefs, people ply the enabling functions of electronic systems to promote their education,

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recognition and product innovation in entrepreneurial

PROEFSCHRIFT ter verkrijging van de graad van doctor aan de Universiteit Twente, op gezag van de rector magnificus, prof. dr. W.H.M. Zijm, volgens besluit van het College van Promoties in het openbaar te verdedigen op donderdag 20 januari om 13.15 uur door Marijke van der Veen

Improving venture capitalists' decision processes is key to reducing failure rates for venture capital backed companies and to improving portfolio returns. In this paper we describe the use of a novel technique---Bayesian causal maps---to support and improve venture capital decision making. We combine causal mapping and Bayesian network techniques to construct a Bayesian causal map. The resulting probabilistic model represents salient features of decision makers' mental models and inference processes. Heeding the call of prior research, we focus not on generating incremental descriptive insights into the actual decision processes of venture capitalists, but concentrate on creating a model designed to serve as a practical decision aid. The process of constructing Bayesian causal maps is presented using the real case of an experienced venture capitalist specializing in early stage, high technology investments. We then turn our attention from the construction of Bayesian causal maps to their application. Bayesian causal maps can support venture capital decision making through bias reduction, reduction of unsystematic error, assumption surfacing, what-if analyses, and by facilitating systematic learning from experience, both individual and collaborative. We discuss the advantages of Bayesian causal maps as well as the limitations and challenges inherent in their construction and use. Suggestions for future research are also offered. Keywords : Cognitive Theory (1) - Cognitive mapping (10) - Decision making (12) - Venture capital (49) Characterization: Empirical Does not specifically deal with women's entrepreneurship 3 By most measures, including available capital, number of funded proposals, deal size, number of venture capital firms, and number of venture capitalists (VC...

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Abstract—Technological newness and innovativeness are important aspects of small firm development, growth and wealth creation. The contribution of the study to entrepreneurship personality research and to technology-related research in entrepreneurship is that the model of the general personality driven technological development was developed and empirically tested. Hypotheses relating the big five personality factors (OCEAN: openness, conscientiousness, extraversion, agreeableness, and neuroticism) and technological developments were tested by using multiple regression analysis on survey data from a sample of 160 entrepreneurs from Slovenia. The model reveals two personality factors, which are predictive of technological developments: openness (positive impact) and neuroticism (negative impact). In addition, a positive impact of firm age on technological developments was found. Other personality factors (conscientiousness, extraversion and agreeableness) of entrepreneurs may not be considered important for their firm technological developments. Keywords—Big five factors, entrepreneur, personality, technology development. I.

Research on learning processes in an entrepreneurial context is still in an early stage. Only recently, researchers ’ attention has shifted on the cognitive processes that take place as opportunities are explored, solutions are developed, and their potential risk and returns are gradually made sense of. In this paper we report findings from a comparative study of factors that promote or hinder the learning process that underlies the successful production and application of new technological and market knowledge in entrepreneurial ventures. Our research was based on an in-depth study of two development projects ran within the same entrepreneurial firm at about the same time. The adoption of a rich, qualitative method for data collection and analysis helped us to explore the process of entrepreneurial learning and the underlying social and cognitive dynamics that influence the successful development of a new technology. Evidence from our study points at the self-reinforcing effect on the commitment of the entrepreneur- and on the consequent allocation of time, attention and resources- of prior related knowledge, perceived incentives and the degree of control on the process.

We also gratefully acknowledge the assistance of Wiboon Masuchun and Mark Brendle.