1. The topic of how entrepreneurs succeed in creating wealth in the face of fundamental uncertainty has figured prominently in the work of Kirzner (1973, 1997), Knight (1921); Hayek (1945); and of course Schumpeter (1950). Venkataraman (1997) has suggested that a focus on markets of the future is a distinctive contribution of the study of entrepreneurship. We would argue that creating future new businesses is the distinctive focus of an entrepreneurial mindset.

2. The Citibank study represents our first major collaboration. Called Citiventures, the project was a three-year field study of dozens of corporate ventures started in the bank. During the study, we observed many attempts at new business creation within a single firm. We ...

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