A Model of Venture Creation in New Industries
研究了新行业中创业的创建过程，指出信息获取和融资是主要障碍，且受过去成功水平影响，形成反馈机制，最终使创业率降至接近零。
The peculiarities of new industries make them particularly favorable to the creation of new ventures. The ventures arise from among those parties that have access to Information about the new product, a community that expands over time. But certain activities of the creation process—especially Information gathering and fundraising—stop many ventures from continuing. Moreover, these constrictions In the process are Influenced by past levels of success of the process Itself. This sets up feedback mechanisms that regulate creation rates In various patterns, but eventually lower them to near zero, completing the familiar cycle of new industry entries.