IDEAS home Printed from https://ideas.repec.org/a/ssi/jouesi/v9y2021i1p644-662.html
   My bibliography  Save this article

Crossing the Valley of Death: lessons for young entrepreneurs

Author

Listed:
  • Mohammad Emad Al-Shaikh

    (Imam Abdulrahman Bin Faisal University, Saudi Arabia)

  • Kamran Ahmed Siddiqui

    (Imam Abdulrahman Bin Faisal University, Saudi Arabia)

Abstract

Valley of Death (VoD) is a metaphor often used to describe the situation in which many new startups fail to survive. This paper aims to share the experiences of developing guidelines for young entrepreneurs to successfully cross the Valley of death. The ideal target audience for this paper includes young entrepreneurs eager to launch their startups and preferably attending business incubation or acceleration programs. This research hypothesized to make a conceptual model crossing the Valley of death using the entrepreneurial ecosystem. The entrepreneurship ecosystem consists of six higher-order domains, including enabling government policies and leadership, financial capital, culture, support services, human capital, and markets. From earlier studies, entrepreneurial actions to cross the Valley of death were extracted. Entrepreneurship experts, including business incubation center managers, mentors, entrepreneurship faculty from business schools, validated these entrepreneurial actions. Analyses show four domains replicated in the study, enabling government policies and leadership, financial capital, support services, and markets. Furthermore, culture was partially replicated while the experts did not validate human capital. Finally, it presents entrepreneurial actions used to cross the Valley of death by new startups. These entrepreneurial actions are mapped on the entrepreneurial ecosystem. Findings include an emphasis on the understanding of ten issues including, entrepreneurial ecosystem, government rules, procedures, and incentives (like tax benefits, grants) for similar startups, intellectual property rights for similar projects, the role of leadership in startup performance, financial capital for the startup, risks and decision-making choices, regional entrepreneurial culture, support services for similar startups, markets, customers & competitors, the commercial value of the research project/product. Findings also show how to perform these actions and the appropriate timings of these entrepreneurial actions.

Suggested Citation

  • Mohammad Emad Al-Shaikh & Kamran Ahmed Siddiqui, 2021. "Crossing the Valley of Death: lessons for young entrepreneurs," Entrepreneurship and Sustainability Issues, VsI Entrepreneurship and Sustainability Center, vol. 9(1), pages 644-662, September.
    • Handle: RePEc:ssi:jouesi:v:9:y:2021:i:1:p:644-662
    DOI: 10.9770/jesi.2021.9.1(40)
    as

    Download full text from publisher

    File URL: https://jssidoi.org/jesi/uploads/articles/33/Al-Shaikh_Crossing_the_Valley_of_Death_lessons_for_young_entrepreneurs.pdf
    Download Restriction: no
    File URL: https://jssidoi.org/jesi/article/893
    Download Restriction: no
    File URL: https://libkey.io/10.9770/jesi.2021.9.1(40)?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Hermanto Bambang & Suryanto S. E., 2017. "Entrepreneurship Ecosystem Policy in Indonesia," Mediterranean Journal of Social Sciences, Sciendo, vol. 8(1), pages 110-115, January.
    2. Owen-Smith, Jason & Powell, Walter W., 2003. "The expanding role of university patenting in the life sciences: assessing the importance of experience and connectivity," Research Policy, Elsevier, vol. 32(9), pages 1695-1711, October.
    3. Pauwels, Charlotte & Clarysse, Bart & Wright, Mike & Van Hove, Jonas, 2016. "Understanding a new generation incubation model: The accelerator," Technovation, Elsevier, vol. 50, pages 13-24.
    4. Goldfarb, Brent & Henrekson, Magnus, 2003. "Bottom-up versus top-down policies towards the commercialization of university intellectual property," Research Policy, Elsevier, vol. 32(4), pages 639-658, April.
    5. Muhammad Shahid Qureshi & Saadat Saeed & Syed Waleed Mehmood Wasti, 2016. "The impact of various entrepreneurial interventions during the business plan competition on the entrepreneur identity aspirations of participants," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 6(1), pages 1-18, December.
    6. Abdul Rahim, H & Ab. Wahab, K & Saad, A, 2015. "The Shift from Traditional Marketing to Entrepreneurial Marketing Practices: A Literature Review," Business and Management Studies, Redfame publishing, vol. 1(2), pages 134-139, September.
    7. Malte Brettel & Andreas Engelen & Thomas Müller & Oliver Schilke, 2011. "Distribution Channel Choice of New Entrepreneurial Ventures," Entrepreneurship Theory and Practice, , vol. 35(4), pages 683-708, July.
    8. Chrys Gunasekara, 2006. "Reframing the Role of Universities in the Development of Regional Innovation Systems," The Journal of Technology Transfer, Springer, vol. 31(1), pages 101-113, January.
    9. Maria Minniti, 2008. "The Role of Government Policy on Entrepreneurial Activity: Productive, Unproductive, or Destructive?," Entrepreneurship Theory and Practice, , vol. 32(5), pages 779-790, September.
    10. Falahat, Mohammad & Ramayah, T. & Soto-Acosta, Pedro & Lee, Yan-Yin, 2020. "SMEs internationalization: The role of product innovation, market intelligence, pricing and marketing communication capabilities as drivers of SMEs’ international performance," Technological Forecasting and Social Change, Elsevier, vol. 152(C).
    11. George A Shinkle & Jo-Ann Suchard, 2019. "Innovation in newly public firms: The influence of government grants, venture capital, and private equity," Australian Journal of Management, Australian School of Business, vol. 44(2), pages 248-281, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Roberta Dutra de Andrade & Paulo Gonçalves Pinheiro & Matheus Dantas Madeira Pontes & Thayanne Lima Duarte Pontes, 2023. "Unleashing Knowledge Sharing in Emerging Economy Startups: A Multilevel Analysis," Sustainability, MDPI, vol. 15(13), pages 1-17, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Chang, Yuan-Chieh & Yang, Phil Yihsing & Martin, Ben R. & Chi, Hui-Ru & Tsai-Lin, Tung-Fei, 2016. "Entrepreneurial universities and research ambidexterity: A multilevel analysis," Technovation, Elsevier, vol. 54(C), pages 7-21.
    2. Tüzin Baycan, 2013. "Knowledge commercialization and valorization in regional economic development: new perspectives and challenges," Chapters, in: Tüzin Baycan (ed.), Knowledge Commercialization and Valorization in Regional Economic Development, chapter 1, pages 3-20, Edward Elgar Publishing.
    3. Marcel Hülsbeck & Erik Lehmann & Alexander Starnecker, 2013. "Performance of technology transfer offices in Germany," The Journal of Technology Transfer, Springer, vol. 38(3), pages 199-215, June.
    4. Baier-Fuentes, Hugo & Guerrero, Maribel & Amorós, José Ernesto, 2021. "Does triple helix collaboration matter for the early internationalisation of technology-based firms in emerging Economies?," Technological Forecasting and Social Change, Elsevier, vol. 163(C).
    5. Alice Bertoletti & Geraint Johnes, 2021. "Efficiency in university-industry collaboration: an analysis of UK higher education institutions," Scientometrics, Springer;Akadémiai Kiadó, vol. 126(9), pages 7679-7714, September.
    6. Aurora Teixeira & Cátia Coimbra, 2014. "The determinants of the internationalization speed of Portuguese university spin-offs: An empirical investigation," Journal of International Entrepreneurship, Springer, vol. 12(3), pages 270-308, September.
    7. Ani Gerbin & Mateja Drnovsek, 2016. "Determinants and public policy implications of academic-industry knowledge transfer in life sciences: a review and a conceptual framework," The Journal of Technology Transfer, Springer, vol. 41(5), pages 979-1076, October.
    8. Tüzin Baycan & Roger Stough, 2013. "Bridging knowledge to commercialization: the good, the bad, and the challenging," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 50(2), pages 367-405, April.
    9. Cumming, Douglas & Deloof, Marc & Manigart, Sophie & Wright, Mike, 2019. "New directions in entrepreneurial finance," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 252-260.
    10. Rakesh Sambharya & Martina Musteen, 2014. "Institutional environment and entrepreneurship: An empirical study across countries," Journal of International Entrepreneurship, Springer, vol. 12(4), pages 314-330, December.
    11. Fernando Castelló-Sirvent & Pablo Pinazo-Dallenbach, 2021. "Corruption Shock in Mexico: fsQCA Analysis of Entrepreneurial Intention in University Students," Mathematics, MDPI, vol. 9(14), pages 1-31, July.
    12. Wipo, 2011. "World Intellectual Property Report 2011- The Changing Face of Innovation," WIPO Economics & Statistics Series, World Intellectual Property Organization - Economics and Statistics Division, number 2011:944, June.
    13. Raquel Ortega-Argilés, 2022. "The evolution of regional entrepreneurship policies: “no one size fits all”," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 69(3), pages 585-610, December.
    14. Andersson Fredrik O. & Ford Michael, 2017. "Entry Barriers and Nonprofit Founding Rates: An Examination of the Milwaukee Voucher School Population," Nonprofit Policy Forum, De Gruyter, vol. 8(1), pages 71-90, January.
    15. Ricardo Moutinho & Manuel Au-Yong-Oliveira & Arnaldo Coelho & José Pires Manso, 2016. "Determinants of knowledge-based entrepreneurship: an exploratory approach," International Entrepreneurship and Management Journal, Springer, vol. 12(1), pages 171-197, March.
    16. Calvin Morrill, 2008. "Culture and Organization Theory," The ANNALS of the American Academy of Political and Social Science, , vol. 619(1), pages 15-40, September.
    17. Mónica Franco-Ángel & Mariam Rabih Awad Urbano, 2022. "An Analysis of Marketing Strategy in Small-and-Medium-sized Colombian Enterprises," Estudios Gerenciales, Universidad Icesi, vol. 38(165), pages 493-506, November.
    18. Alaassar, Ahmad & Mention, Anne-Laure & Aas, Tor Helge, 2021. "Exploring a new incubation model for FinTechs: Regulatory sandboxes," Technovation, Elsevier, vol. 103(C).
    19. Spyros Arvanitis & Ursina Kubli & Martin Woerter, 2006. "University-Industry Knowledge Interaction in Switzerland: What University Scientists Think about Co-operation with Private Enterprises," KOF Working papers 06-132, KOF Swiss Economic Institute, ETH Zurich.
    20. Alberto Arenal & Claudio Feijoo & Ana Moreno & Sergio Ramos & Cristina Armuña, 2021. "Entrepreneurship Policy Agenda in the European Union: A Text Mining Perspective," Review of Policy Research, Policy Studies Organization, vol. 38(2), pages 243-271, March.

    More about this item

    Keywords

    Valley of Death; entrepreneurship; lessons for entrepreneurs;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ssi:jouesi:v:9:y:2021:i:1:p:644-662. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Manuela Tvaronaviciene (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.