Creating New Ventures: A Review and Research Agenda

Dean A. Shepherd*, Vangelis Souitaris, Marc Gruber

*Corresponding author for this work

Research output: Contribution to journalReview Articlepeer-review

104 Citations (Scopus)


Creating new ventures is one of the most central topics to entrepreneurship and is a critical step from which many theories of management, organizational behavior, and strategic management build. Therefore, this review and proposed research agenda are relevant to not only entrepreneurship scholars but also other management scholars who wish to challenge some of the implicit assumptions of their current streams of research and extend the boundaries of their current theories to earlier in the organization’s life. Given that the last systematic review of the topic was published 16 years ago, and that the topic has evolved rapidly over this time, an overview and research outlook are long overdue. From our review, we inductively generated 10 subtopics: (a) lead founder, (b) founding team, (c) social relationships, (d) cognitions, (e) emergent organizing, (f) new-venture strategy, (g) organizational emergence, (h) new-venture legitimacy, (i) founder exit, and (j) entrepreneurial environment. These subtopics are then organized into three major stages of the entrepreneurial process: co-creating, organizing, and performing. Together, the framework provides a cohesive story of the past and a road map for future research on creating new ventures, focusing on the links connecting these subtopics.

Original languageEnglish
Peer-reviewed scientific journalJournal of Management
Issue number1
Pages (from-to)11-42
Number of pages32
Publication statusPublished - 01.2021
MoE publication typeA2 Review article in a scientific journal


  • 512 Business and Management
  • entrepreneurial cognition/psychology
  • entrepreneurial/new-venture strategy
  • entrepreneurship theory


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