The role models as determinants of new technology-based firms: An exploratory study

The new technology-based firms (NTBF) are a key element of economic growth, and therefore, understanding NTBF´s driving forces becomes a particularly important field of study. Relatively few studies have addressed the analysis of the determinants of technology entrepreneurship (TE), and those that did, have paid more attention to institutional or external factors (Aceytuno & de Paz, 2008). Role models have received less attention but seem to play a determinant role regarding TE (Venkataraman, 2004). The present chapter aims to analyse whether these role models and its proximity to potential entrepreneurs influence the NTBF creation. Using a sample of 65 countries over the period 2006-2013, we apply panel data random effect models. Overall, empirical evidence revealed that the variables media attention on entrepreneurship and personally know an entrepreneur exert significant influence on of technology entrepreneurship (TE).
This paper aims to fill this gap in the literature on technology entrepreneurship (TE). Using a sample of 65 countries over the period 2006-2013, we apply panel data random effect models to analyse whether the role models and its proximity to potential entrepreneurs influence the new technology-based firms (NTBF) creation. In so doing, this paper contributes to the discussion of the role played by cultural values in start-up activity. At a scientific level, empirical research aimed at analysing the importance of role models for (nascent) entrepreneurs is scarce (Bosma et al., 2012). To the best of our knowledge, this is the first study that addresses this issue focusing on TE. At a policy level, the creation of this kind of firm has often been linked to economic growth and usually supported by public policies at both national and regional level. Knowing how cultural values such as role models, as well as its proximity to the potential entrepreneurs, might influence NTBF creation could help policy-makers to design supportive policies.