'' a person who attempts to profit by risk and initiative'''

- Organiser of production

- Risk taker

- Creator of new products

- possesion of certain personality traits

- Alert to business opportunies

- entrepreneurship process

- The founders of the company have been affiliated with the source of technology before establishing the company
- The business idea of the company is essentially based on exploiting advanced technological knowledge developed or acquired
    in a source of technology
- The company is independent
- The company is entrepreneurial, that is, it is controlled and managed by an entrepreneur or group of entrepreneurs

Researcher

Producer

User

Opportunist

Antecedent; personality/home context/background

Parental experience; work environment/institutional support

Environmental factors; technology/markets

Technical innovators ( high novelty of technology, low novelty of market)

Application innovators (low novelty of technology and established market)

Market innovators (low novelty of technology, high novelty of market)

Paradigm innovators ( high novelty of technology emerging markets

Application innovator ( uses existing technology to produce complementary products)

Market innovator (develop new markets with existing technologies)

Technology innovator (New technologies used in new products sold in established markets)

Paradigm innovators (new technologies, new products and new markets)

- Diffusion of knowledge
- Employee mobility
- Institutional support

- Access to venture capital

- Open Innovation

- Nature of new technologies

- Role models

Negative cashflow

Uncertainty about extent of negative cashflow

Uncertainty about when the project will breakeven

Lack of track record agianst which to borrow

Unwillingness of financial institutions to lend

level of funding, growth of new technology based firms

Full listing, AIM, Venture Capitalists, corporate venturing, business angels, banks, smart, bootstrapping, F, F&F

Using creative ways  of acquiring finance without recourse to banks or raising equity from traditional sources

minimising or eliminating the need for finance by securing resources at little or no cost

High net worth individuals seeking captial games ovver the life of their investment in a company

sometimes called informal investors

aim to invest near start up and harvest as the business matures making a capital gain

- Early stage and growing business with insufficient captial of their own to lever the right mix of other funding

- Young companies requiring amounts of equity investment too small to interest mainstream venture captialists

- Growing businesses who recognise the need to strengthen their board or management team to sustain succesfull development.

A 'formal, direct relationship, usually between a larger and an independent smaller company, in which both contribute financial, management or technical resources, sharing rewards equally for mutual growth.

- Borrow from institutional investors

- Aim for capital gain

- Act as intermediaries

- VC's expertise lies in evaluating the risks & growth potential of companies they back

- UK venture capital market is the largest in Europe

Is aimed at meeting the needs of smaller companies (especially ones that are technology based)

1) Determine the goals

2) Identify the tasks or activities to be undertaken

3) Estimate the duration of the activities/tasks

4) Determine the sequence in which the activities/tasks have to be completede and link them into the overall model of the
     project

5) Develop a project plan that provides an overall schedule for the project

Ideas are in, develop idea to prove principle

Develop idea to prove marketability

Develop idea into product module to prove manufacturability

New product development