Founder personality and entrepreneurial outcomes: A large-scale field study of technology startups.

Technology startups play an essential role in the economy-with seven of the ten largest companies rooted in technology, and venture capital investments totaling approximately $300B annually. Yet, important startup outcomes (e.g., whether a startup raises venture capital or gets acquired) remain difficult to forecast-particularly during the early stages of venture formation. Here, we examine the impact of an essential, yet underexplored, factor that can be observed from the moment of startup creation: founder personality. We predict psychological traits from digital footprints to explore how founder personality is associated with critical startup milestones. Observing 10,541 founder-startup dyads, we provide large-scale, ecologically valid evidence that founder personality is associated with outcomes across all phases of a venture's life (i.e., from raising the earliest funding round to exiting via acquisition or initial public offering). We find that openness and agreeableness are positively related to the likelihood of raising an initial round of funding (but unrelated to all subsequent conditional outcomes). Neuroticism is negatively related to all outcomes, highlighting the importance of founders' resilience. Finally, conscientiousness is positively related to early-stage investment, but negatively related to exit conditional on funding. While prior work has painted conscientiousness as a major benefactor of performance, our findings highlight a potential boundary condition: The fast-moving world of technology startups affords founders with lower or moderate levels of conscientiousness a competitive advantage when it comes to monetizing their business via acquisition or IPO.

Quantifying the dynamics of failure across science, startups and security.

Human achievements are often preceded by repeated attempts that fail, but little is known about the mechanisms that govern the dynamics of failure. Here, building on previous research relating to innovation1-7, human dynamics8-11 and learning12-17, we develop a simple one-parameter model that mimics how successful future attempts build on past efforts. Solving this model analytically suggests that a phase transition separates the dynamics of failure into regions of progression or stagnation and predicts that, near the critical threshold, agents who share similar characteristics and learning strategies may experience fundamentally different outcomes following failures. Above the critical point, agents exploit incremental refinements to systematically advance towards success, whereas below it, they explore disjoint opportunities without a pattern of improvement. The model makes several empirically testable predictions, demonstrating that those who eventually succeed and those who do not may initially appear similar, but can be characterized by fundamentally distinct failure dynamics in terms of the efficiency and quality associated with each subsequent attempt. We collected large-scale data from three disparate domains and traced repeated attempts by investigators to obtain National Institutes of Health (NIH) grants to fund their research, innovators to successfully exit their startup ventures, and terrorist organizations to claim casualties in violent attacks. We find broadly consistent empirical support across all three domains, which systematically verifies each prediction of our model. Together, our findings unveil detectable yet previously unknown early signals that enable us to identify failure dynamics that will lead to ultimate success or failure. Given the ubiquitous nature of failure and the paucity of quantitative approaches to understand it, these results represent an initial step towards the deeper understanding of the complex dynamics underlying failure.

Early-life exposure to hardship increased risk tolerance and entrepreneurship in adulthood with gender differences.

Many entrepreneurs credit their success to early hardship. Here, we exploit geographical differences in the intensity of China's Great Famine to investigate the effect of hardship during formative years on individual personality and engagement in business entrepreneurship. To exclude factors that might confound the relation between famine intensity and entrepreneurship, we model famine intensity by random weather shocks. We find robust evidence that individuals who experienced more hardship were subsequently more likely to become entrepreneurs (defined broadly as self-employed or business owners). Importantly, the increase in entrepreneurship was at least partly due to conditioning rather than selection. Regarding the behavioral mechanism, hardship was associated with greater risk tolerance among men and women but increased business ownership only among men. The gender differences were possibly due to the intricate relationship between a Chinese social norm­men focus more on market work, while women focus more on domestic work­and interspousal risk pooling associated with occupational choices. Scientifically, these findings contribute to a long-standing debate on whether entrepreneurship is due to nature or nurture, particularly how hardship conditions people to be entrepreneurial. The findings also highlight the importance of gender differences in shaping the effect of early-life experience on life cycle outcomes.

Examining the Effect of Entrepreneurial Leadership on Nursing Team Creativity in New Hospitals: A Structural Equation Model.

METHODS: This cross-sectional study sampled 833 nurses from 2 new hospitals in Guizhou Province, China. They completed a questionnaire on entrepreneurial leadership, nursing team creativity, innovation climate, creative self-efficacy, team psychological safety, and knowledge sharing. Data were analyzed using structural equation modeling. RESULTS: Entrepreneurial leadership positively influenced nursing team creativity. Innovation climate, creative self-efficacy, team psychological safety, and knowledge sharing mediated the relationship between entrepreneurial leadership and nursing team creativity in new hospitals. CONCLUSIONS: This study confirmed the significant role of innovation climate, creative self-efficacy, team psychological safety, and knowledge sharing in mediating the relationship between entrepreneurial leadership and nursing team creativity through empirical analysis.

Assessing the impact of Medical Education's Innovation & Entrepreneurship Program in China.

OBJECTIVE: A growing number of clinical undergraduates are chosen to enter institutions for higher education biotechnology and industry workforce, though most need more laboratory experience training and business practice. Innovation and Entrepreneurship Program (I&E Program) can benefit from biological experiment and commercialization training largely absent from standard clinical medical educational curricula. Our study investigates the impact and status of the I&E Program in enhancing medical students' research and entrepreneurial abilities and provides recommendations for improving this program. METHODS: A cross-sectional study was applied by delivering a questionnaire to survey medical students from Central South University who participated in the I&E Program. The questionnaire consisted of three parts: basic information, the impact of the I&E Program on medical students' research and entrepreneurial abilities, and attitudes and recommendations regarding the I&E Program. RESULTS: Many students participating in the I&E Program have received competition awards and improved their academic experience, article writing, and application patents. Their research-related abilities have been enhanced, including in-lab techniques, theoretical research skills, data analysis knowledge, clinical research skills, experimental research skills, entrepreneurship, data analysis ability, teamwork, and communication. While 73.93% of students express satisfaction with the I&E Program, there are still several areas of improvement, including more robust practical components, increased support, and enhanced teamwork. CONCLUSION: The scale of the I&E Program is rapidly expanding to address scientific research or business skills needed by college students in the new era. However, more programs still need to be discontinued during their further study. The I&E Program significantly enhances research abilities and fosters confidence in their study. This analysis emphasizes the importance of research-oriented and interdisciplinary education for students' holistic development in medical schools compared with formal medical education.

Toward a low carbon path: Do E-commerce reduce CO2 emissions? Evidence from China.

To address global climate change, achieving carbon peak and carbon neutrality has become a global consensus. However, the means to simultaneously achieve carbon reduction and promote green economic development, particularly in developing countries, require further investigation. This study evaluates the impact of e-commerce on CO2 emissions. Through an examination of the effects of the National E-Commerce Demonstration City (NEDC) policy from 2006 to 2017, this paper reveals that e-commerce growth facilitated by the NEDC policy resulted in a 7.89% reduction in total CO2 emissions and a per capita reduction of 1.1146 tons in the pilot cities. Mechanism analysis demonstrates that the upgrading of industrial structure, development of digital finance, and the growth of innovation and entrepreneurship serve as primary pathways for this impact. The robustness of the findings is supported by parallel trend tests, placebo tests, and additional sensitivity analyses. Furthermore, the research reveals that the NEDC policy exhibits a more significant reduction in CO2 emissions in cities with higher levels of economic development and non-resource-based cities. Welfare analyses show that the NEDC policy has significant socio-economic effects. These findings provide new evidence on the environmental effects of the digital economy and offer insights into achieving carbon neutrality.

Scientific venturing for early-stage professionals (ESPs), a key concept in the innovation ecosystem.

Early-stage professionals (ESPs) and senior scientists who want to transition from academia to the industry need support to develop new skills and know-how to endeavor this challenge. However, this topic is significantly underserved in the field of cell and gene therapy, slowing down ESPs' potential to make this step. The authors of this article, members of the ESPs in the South and Central America Subcommittee at the International Society for Cell and Gene Therapy, propose the concept of "scientific venturing," which stands for the process by which scientists become entrepreneurs or part of a company. In our article, we provide key aspects to understand this concept, considering key personality traits that need to be developed and a discussion about the "innovation ecosystem." Later, we consider how scientific venturing may result in an increase in difficulty in nascent innovation ecosystems such as Latin America, in comparison with those more advanced and mature in high-income countries. Finally, we provide key information for the ESPs and other professionals about the stages of private and public investment, including information about the resources needed for the sustainability of companies and startups. Understanding what scientific venturing involves for ESPs is key to taking advantage of the maturity of an innovation ecosystem, its network, and available opportunities.

Entrepreneurship in care for elderly people with dementias: situated responses to NPM-based healthcare reforms in the Netherlands.

BACKGROUND: Despite the great confidence of Western governments in the principles of New Public Management (NPM) and its ability to stimulate "healthcare entrepreneurship", it is unclear how policies seeking to reform healthcare services provoke such entrepreneurship in individual institutions providing long-term healthcare. This study examines such situated responses in a Dutch nursing home for elderly people suffering from dementias such as Alzheimer's disease. METHODS: A four-year inductive longitudinal single-case study has been conducted. During this time period, the Dutch government imposed various NPM-based healthcare reforms and this study examines how local responses unfolded in the nursing home. Through interviews conducted with managers, administrators and supporting staff, as well as the examination of a large volume of government instructions and internal documents, the paper documents how these reforms resulted in several types of entrepreneurship, which were not all conducive to the healthcare innovations the government aspired to have. RESULTS: The study records three subsequent strategies deployed at the local level: elimination of healthcare services; non-healthcare related collaboration with neighboring institutions; and specialization in specific healthcare niches. These strategies were brought about by specific types of entrepreneurship - two of which were oriented towards the administrative organization rather than healthcare innovations. The study discusses the implications of having multiple variations of entrepreneurship at the local level. CONCLUSION: Governmental policies for healthcare reforms may be more effective, if policymakers change output-based funding systems in recognition of the limited control by providers of long-term healthcare over the progression of clients' mental disease and ultimate passing.

The relationship between succession and intellectual capital with entrepreneurship in hospitals.

BACKGROUND: The hospital environment is very dynamic and faces many internal and external changes. Healthcare knowledge and technology are developing at a swift pace. This study investigated the relationship between succession and intellectual capital with entrepreneurship at the Qazvin University of Medical Sciences hospital, Iran. METHODS: The number of employees working in six hospitals was 2256, and according to Morgan's table, the required number of samples was 331. We distributed three hundred sixty-five questionnaires considering 10% of sample loss. We used a multi-stage stratified sampling method. In the first stage, each hospital was considered a stratum. After that, occupational groups were considered the next stratum within each hospital, and based on the ratio, the required number of samples for each occupational group was randomly selected. We used the Sobel test to investigate the mediating role of intellectual capital and the structural equation model to fit the research model. RESULTS: Succession aspects, including culturalization, meritocracy, job promotion path, and the role of senior managers, have a positive and significant effect on intellectual capital. Succession is only effective on intellectual capital and does not affect the personnel's entrepreneurship directly or through intellectual capital. CONCLUSION: Conducting training classes and intervention programs and using localized succession models can create a suitable platform for increasing organizational creativity and entrepreneurship, motivating the hospitals' personnel, and increasing intellectual capital.

The Gap Between AI and Bedside: Participatory Workshop on the Barriers to the Integration, Translation, and Adoption of Digital Health Care and AI Startup Technology Into Clinical Practice.

BACKGROUND: Artificial intelligence (AI) and digital health technological innovations from startup companies used in clinical practice can yield better health outcomes, reduce health care costs, and improve patients' experience. However, the integration, translation, and adoption of these technologies into clinical practice are plagued with many challenges and are lagging. Furthermore, explanations of the impediments to clinical translation are largely unknown and have not been systematically studied from the perspective of AI and digital health care startup founders and executives. OBJECTIVE: The aim of this paper is to describe the barriers to integrating early-stage technologies in clinical practice and health care systems from the perspectives of digital health and health care AI founders and executives. METHODS: A stakeholder focus group workshop was conducted with a sample of 10 early-stage digital health and health care AI founders and executives. Digital health, health care AI, digital health-focused venture capitalists, and physician executives were represented. Using an inductive thematic analysis approach, transcripts were organized, queried, and analyzed for thematic convergence. RESULTS: We identified the following four categories of barriers in the integration of early-stage digital health innovations into clinical practice and health care systems: (1) lack of knowledge of health system technology procurement protocols and best practices, (2) demanding regulatory and validation requirements, (3) challenges within the health system technology procurement process, and (4) disadvantages of early-stage digital health companies compared to large technology conglomerates. Recommendations from the study participants were also synthesized to create a road map to mitigate the barriers to integrating early-stage or novel digital health technologies in clinical practice. CONCLUSIONS: Early-stage digital health and health care AI entrepreneurs identified numerous barriers to integrating digital health solutions into clinical practice. Mitigation initiatives should create opportunities for early-stage digital health technology companies and health care providers to interact, develop relationships, and use evidence-based research and best practices during health care technology procurement and evaluation processes.

Innovation for Orthopaedic Surgeons.

Entrepreneurship and innovation are cornerstones of the economy and move healthcare forward. Most physicians have little experience or knowledge in developing and commercializing novel concepts and ideas. It is important to focus on structured thinking concepts, fundraising, intellectual property, FDA regulations, and initial incorporation and teambuilding strategies. There are various aspects of creating ideas and moving them from notes scribbled on a napkin to a product or service, which can then be integrated into the economic fabric of the healthcare system. Surgeon founders and innovators can then share key aspects any surgeon should consider when becoming an entrepreneur.

How does digital finance affect industrial structure upgrading? Evidence from Chinese prefecture-level cities.

Digital finance is playing an increasingly prominent role in economic development. This paper examines the impact of digital finance on industrial structure upgrading based on panel data from 289 Chinese prefecture-level cities from 2011 to 2020. The paper adopts fixed effects, mediating effects, and spatial econometric models and the findings are as follows. First, digital finance development significantly boosts industrial structure upgrading in Chinese cities. The evidence remains valid after various robustness tests. Second, digital finance and industrial structure upgrading exhibit positive spatial spillover effects. Third, digital finance indirectly affects industrial structure upgrading through innovation, entrepreneurship and the structure of household consumption channels. Fourth, the influence of digital finance is more significant in cities with more developed economies, less financialization and lower income inequality. Finally, among the sub-indicators of digital finance, the breadth of coverage plays the most significant role, inspiring policymakers and financial institutions to speed up the digitization infrastructure in backward areas.

Political factors, entrepreneurship and female employment vulnerability in sub-Saharan Africa.

This study examines the relationship between political factors, entrepreneurship, and female employment vulnerability in sub-Saharan Africa. Using data from the World Development Indicators (WDI) and World Governance Indicators (WGI) of the World Bank for the period 2001 - 2022, the study employs the Generalised Method of Moments to control for endogeneity. The results show that there exists an elastic relationship between voice and accountability and female vulnerability to employment in these sub-regions. It implies that a percentage increase in voice and accountability will result in a 11.9%, 3.07%, 1.08% decrease in female vulnerability to employment in Central, East, West and Southern Africa, respectively. These findings suggest that improving political institutions and reducing corruption could help to promote female entrepreneurship and reduce vulnerability in Sub-Saharan Africa.

Cette étude examine la relation entre les facteurs politiques, l'entrepreneuriat et la vulnérabilité de l'emploi des femmes en Afrique subsaharienne. Utilisant les données des Indicateurs de développement dans le monde (WDI) et des Indicateurs de gouvernance mondiale (WGI) de la Banque mondiale pour la période 2001-2022, l'étude utilise la méthode généralisée des moments pour contrôler l'endogénéité. Les résultats montrent qu'il existe une relation élastique entre la voix et la responsabilité et la vulnérabilité des femmes à l'emploi dans ces sous-régions. Cela implique qu'une augmentation en pourcentage de la voix et de la responsabilité entraînera une diminution de 11,9 %, 3,07 % et 1,08 % de la vulnérabilité des femmes à l'emploi en Afrique centrale, orientale, occidentale et australe, respectivement. Ces résultats suggèrent que l'amélioration des institutions politiques et la réduction de la corruption pourraient contribuer à promouvoir l'entrepreneuriat féminin et à réduire la vulnérabilité en Afrique subsaharienne.

Self-efficacy in nurse entrepreneurs: A concept analysis.

BACKGROUND: Nursing entrepreneurship represents an important opportunity for the nursing profession to address population health challenges and improve health care access. Although nurse entrepreneurs can be agents of change, the role of self-efficacy, as a determinant of nurses' success in business, is under-studied conceptually and in research. PURPOSE: This paper presents an in-depth concept analysis and model of self-efficacy within the context of the nurse entrepreneur role. METHODS: We used Walker and Avant's concept analysis methodology. DISCUSSION: A systematic understanding of self-efficacy in nurse entrepreneurs provides insights into how it may influence their judgments and actions. Our analysis sets the stage for research on how self-efficacy in nurse entrepreneurs impacts success in the nursing business. CONCLUSION: A conceptual model of self-efficacy in nurse entrepreneurs can guide their development through education and networking activities that incorporate experiential components to improve leadership and managerial skills for success in the health care business.

[ENTREPRENEURSHIP AND INTRAPRENEURSHIP IN PUBLIC HEALTH: A THEORETICAL REVIEW].

The article considers theoretical approaches to determining the essence and characteristics of the organization of entrepreneurial activity in the field of public health. The emphasis is on innovative entrepreneurship, which involves entering new, often unknown or untested markets, which are characterized by high uncertainty. Innovation-driven entrepreneurship does not necessarily require new high-tech advances - rather, it is a new recombination that creates a new way of doing a certain set of activities. It is noted that intrapreneurship, which is based on innovative developments of employees of medical organizations, is also a form of entrepreneurial activity in the field of public health.