Picot, Arnold; Laub, Ulf; Schneider, Dietram
Comparing Successful and Less Successful New Innovative Businesses.
In: European Journal of Operational Research, Vol. 47, No. 2: pp. 190-202
This contribution offers a conceptual framework for the analysis of innovative business start-ups. This framework mainly draws on transaction cost theory. On basis of a broad empirical study of 52 hightech business start-ups in Germany the fruitfulness of the transaction cost approach with respect to research on innovation is demonstrated. Transaction cost theory gives valuable hints for the interpretation of the personal role of the entrepreneur as well as for the economic evaluation of the entrepreneurial idea. Special importance refers to the results on the organization of market transactions as a decisive determinant of economic success of innovative business start-ups.