Valuing an Entrepreneurial Enterprise
Entrepreneurs generally lack the marketing capabilities necessary to bring their new product to market. To engage the resources required to do this, they must somehow place a value on the enterprise. However, all of the methods of valuation currently available are based on the use of historical or current revenues, and therefore are not applicable to an entrepreneurial enterprise with a first-time product. In Valuing an Entrepreneurial Enterprise, Audretsch and Link present a valuation method uniquely tailored to emerging technology-based ventures that have no revenue history to lean on. Unlike many traditional methods, theirs does not take into account the track record of companies and products similar to that being valuated. Instead, it draws on economic theory to formulate a solution to the problem. The book develops conceptual ground, including trends in entrepreneurship, models of innovation, and the economics of standards and entrepreneurship policy. The authors review the traditional valuation methods and illustrate them numerically with case studies to show how the traditional approach produces an incorrect valuation. The core of the book presents the new methodology and demonstrates how it avoids the pitfalls of past approaches. The authors also show how public policy on technology and infrastructure changes valuations of start-up firms in areas such as stem-cell products and renewable fuels projects. Valuing an Entrepreneurial Enterprise will serve as a valuable resource for advanced students, economists, financial planners, and valuators interested in new valuation methods and the theory behind them, as well as those interested in entrepreneurship. Available in OSO: http://www.oxfordscholarship.com/oso/public/content/management/9780199730377/toc.html
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References listed on IDEAS
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- Zoltan Acs & Pamela Mueller, 2008.
"Employment effects of business dynamics: Mice, Gazelles and Elephants,"
Small Business Economics,
Springer, vol. 30(1), pages 85-100, January.
- Zoltan Acs & Pamela Mueller, 2006. "Employment effects of business dynamics: Mice, Gazelles and Elephants," Papers on Entrepreneurship, Growth and Public Policy 2006-23, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
- Audretsch, David B. & Link, Albert N., 2011.
"Valuing an Entrepreneurial Enterprise,"
11-20, University of North Carolina at Greensboro, Department of Economics.
- Audretsch, David B. & Link, Albert N., 2012. "Valuing an Entrepreneurial Enterprise," OUP Catalogue, Oxford University Press, number 9780199730377, March.
- David Audretsch & Albert Link, 2012. "Valuing an entrepreneurial enterprise," Small Business Economics, Springer, vol. 38(2), pages 139-145, February.
- Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-46, September.
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