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Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Tables and Figures -- Foreword -- Preface and Acknowledgments -- Introduction -- 1. A Tale of Two Entrepreneurs -- 2. Creating the Opportunity -- 3. Marketing the Better Mousetrap: A Technologist's Perspective -- 4. Evolution and Competition in Technology Markets -- 5. Technology and the Fight for Competitive Advantage -- 6. A Tale of Two Entrepreneurs: The Journey Continued Through Heights and Valleys -- 7. New Venture Finance: An Entrepreneur's Perspective

AbstractIn 1982, the Congress authorized $11 billion to modernize the nation's air traffic control system—one of the largest infrastructure investments since the building of the interstate highway system. Although this investment appears to offer a large and robust return, the economic results depend strongly on productivity gains through system consolidation. It is uncertain what balance the Congress will strike between the long‐term, widely shared benefits of greater productivity and the immediate job losses from system consolidation. This risk can be included in the calculus of expected return through Monte Carlo analysis. When this is done, the expected return drops very close to the 10% hurdle rate that the government often uses for such projects. This method of integrating political risk can be applied to any investment, public or private, for which political action joins the customary economic and technical uncertainties in affecting the outcome.

"A compact and readable book will help executives, entrepreneurs, and venture investors learn to search out and plan for those enterprise hazards that reside outside the bell curve, the conventional domain of risk: Uncertainty, where outcomes can be characterized in advance, reliable estimates cannot be made for the likelihood that they will occur; Ambiguity, where the events and outcomes cannot be well characterized, in some cases because we cannot imagine them and in others because characterization depends upon the institutional interests or cultural values of the observer; and, Ignorance, where neither likelihood estimates nor well-characterized events enjoy much credibility. This edited volume emphasizes practical strategies for understanding and managing the hazards of the new venture in light of recent research. It will help corporate innovators, entrepreneurs, and investors employ a wider spectrum of risk management strategies than is now possible."--Publisher's website