Entrepreneurship deals with the creation of new firms, as well as the possibility to adopt an entrepreneurial logic within existing firms to allocate new resources and to start new projects (i.e. internal entrepreneurship). Entrepreneurship deals with the identification and exploitation of opportunities, which leads to market entry. Innovation – in the broad sense we conceive it – lays on the development and the novel recombination of new and existing knowledge and capabilities.
These processes of knowledge and capabilities recombination involve networks of individuals, firms and institutions. Innovation and entrepreneurship imply coping with uncertainty and complexity. Understanding innovation and entrepreneurship implies penetrating uncertainty and complexity, and this is why, despite the large amount of studies and literature, both innovation and entrepreneurship are still only marginally understood. The research in the field of entrepreneurship and innovation is characterized by an international research community. Research results are usually published in English in international scientific journals.
The research area is concentrated on topics as: entrepreneurship and innovation as complex subjects, as a dynamic system; ill-structured decision problems; emergence of new firms, business models and industries; entrepreneurship and innovation in family businesses or as a form of internationalization; decision making in entrepreneurial firms.
The Project offers the opportunity to significantly increase the international visibility of the Faculty of Economics and Management at the Free University of Bozen-Bolzano for several reasons. First, it focuses on a research subject that is a central part of the emerging field of behavioural decision making, i.e. the use of heuristics in managerial and entrepreneurial decision-making especially in the team context. Second, the research shifts the focus in decision making from the individual to the team; while behavioural decision making research is focused on the individual, the team is the locus of important decisions in entrepreneurial firms. Third, the research project lays the ground for future research not only of the Faculty of Economics and Management but as well for applications of other faculties through establishing state-of-the-art experimental laboratories that can be used for various scholarly and practical research projects. Fourth, it offers the opportunity to educate senior and junior faculty members in sophisticated research techniques that are increasingly used in various universities and research institutions worldwide.