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Valuing an Entrepreneurial Enterprise

Author

Listed:
  • Audretsch, David B.

    (Indiana University)

  • Link, Albert N.

    (University of North Carolina at Greensboro)

Abstract

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

Suggested Citation

  • Audretsch, David B. & Link, Albert N., 2012. "Valuing an Entrepreneurial Enterprise," OUP Catalogue, Oxford University Press, number 9780199730377.
  • Handle: RePEc:oxp:obooks:9780199730377
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    References listed on IDEAS

    as
    1. Zoltan Acs & Pamela Mueller, 2008. "Employment effects of business dynamics: Mice, Gazelles and Elephants," Small Business Economics, Springer, pages 85-100.
    2. David Audretsch & Albert Link, 2012. "Valuing an entrepreneurial enterprise," Small Business Economics, Springer, pages 139-145.
    3. Audretsch, David B. & Link, Albert N., 2012. "Valuing an Entrepreneurial Enterprise," OUP Catalogue, Oxford University Press, number 9780199730377.
    4. 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.
    5. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, pages 827-846.
    6. Audretsch, David B. & Link, Albert N., 2011. "Valuing an Entrepreneurial Enterprise," UNCG Economics Working Papers 11-20, University of North Carolina at Greensboro, Department of Economics.
    7. Zoltán J. Ács & László Szerb & Raquel Ortega-Argilés & Ruta Aidis & Alicia Coduras, 2015. "The Regional Application of the Global Entrepreneurship and Development Index (GEDI): The Case of Spain," Regional Studies, Taylor & Francis Journals, vol. 49(12), pages 1977-1994, December.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. David B. Audretsch & Erik E. Lehmann & Stefano Paleari & Silvio Vismara, 2016. "Entrepreneurial finance and technology transfer," The Journal of Technology Transfer, Springer, vol. 41(1), pages 1-9, February.
    2. Audretsch, David B. & Link, Albert N., 2011. "Entrepreneurship and Innovation: Public Policy Frameworks," UNCG Economics Working Papers 11-19, University of North Carolina at Greensboro, Department of Economics.
    3. David Audretsch & Albert Link, 2012. "Entrepreneurship and innovation: public policy frameworks," The Journal of Technology Transfer, Springer, vol. 37(1), pages 1-17, February.
    4. David Audretsch & Albert Link, 2012. "Valuing an entrepreneurial enterprise," Small Business Economics, Springer, pages 139-145.
    5. Audretsch, David B. & Link, Albert N., 2011. "Valuing an Entrepreneurial Enterprise," UNCG Economics Working Papers 11-20, University of North Carolina at Greensboro, Department of Economics.
    6. Audretsch, David B. & Link, Albert N., 2012. "Valuing an Entrepreneurial Enterprise," OUP Catalogue, Oxford University Press, number 9780199730377.
    7. Hayter, Christopher S., 2016. "Constraining entrepreneurial development: A knowledge-based view of social networks among academic entrepreneurs," Research Policy, Elsevier, pages 475-490.
    8. Niccolò Ghio & Massimiliano Guerini & Erik Lehmann & Cristina Rossi-Lamastra, 2015. "The emergence of the knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, pages 1-18.

    More about this item

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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