WHO WE AREAND WHAT MAKES US TICK

www.efer.eu

Our approach

How do we do what we do best.

Our team

Who do we rely on to make things happen.

Our work

What are the things that set us apart.

Our idea

Why do we do what we do every day.

THE EUROPEAN FORUM FOR ENTREPRENEURSHIP RESEARCH

Founded in 1987, the European Forum for Entrepreneurship Research (EFER) fosters and promotes research, teaching and networking in the field of entrepreneurship at institutions of higher education across Europe.

Over 25 years of enabling entrepreneurship education in Europe

WHY DO WE DO WHAT WE DO EVERY DAY.

EFER seeks to put entrepreneurship on the roadmap of European higher education and to develop a network of first-class European professors and active entrepreneurs.

OUR REACH

582 Professors Across years we have managed to prepare almost 600 professors and specialists in the field of entrepreneurship.

225 Institutions We have worked with more than 200 universities and organisations that are enabling Entrepreneurship Education.

50 Countries We have a network of contacts and Alumni from all corners of Europe, as well as from across the continent.

13 Programs We have delivered until now 13 Entrepreneurship Educational Programs both in the U.S. and in major university centres across Europe.

HOW DO WE DO WHAT WE DO BEST.

NEED FOR ECONOMIC GROWTHNEED FOR

ENTREPRE-NEURSHIP

NEED FOR CREATING

MORE JOBS

Teach the teachers programs

Networks for teachers and entrepreneurs

Research projects and

papers

The European Entrepreneurship

Colloquium

Cases Book: Entrepreneurial

Icebreakers

EFER.net, EFER Alumni Conference

WHO DO WE RELY ON TO MAKE THINGS HAPPEN.

BERT TWAALFHOVEN Chairman of the Board

Serial entrepreneur and investor, started 54 companies across the world, including Indivers and Gilde Ventures.

Founder and President of EFER.

JANOS VECSENYI Executive Director Professor at Corvinus University and the Technical University of Budapest and EFER Executive Director; former Learning & Development Leader at GE Capital Hungary.

KAREN WILSON Advisor & Board member Entrepreneur and policy advisor in entrepreneurship to international public bodies, private sector firms, international organisations, foundations and universities.

MARC VERHAEREN Treasurer Entrepreneur and investor; Managing Partner of Funds for Good – an investment firm, which donates significant portion of its revenues to social enterprises and initiatives.

CORE TEAM

SANDRA LISIETZKY Program Manager Currently a member of the EFER team working on the annual European Entrepreneurship Colloquium (EEC) and supporting other EFER activities such as Alumni Conferences.

MICHAEL OMESCU Operations Manager Joined EFER in early July 2015 as Operations Manager, focusing on the coordination of the ongoing projects, fundraising activities and operations within the organisation.

WILLY VAN DER LUUR Netherlands Office Secretary and Personal Assistant of Bert Twaalfhoven and has been helping him with EFER, his speeches, travels and all other arrangements on a part-time basis since the fall of 1997.

ADVISORY BOARD

CORE TEAM

DEREK ABELL Founding Rector of ESMT

KAREN MAEX Dean of UVA & VU

KLAUS NATHUSIUS GENES Ventures

GAZMEND HAXHIA President A.S.G. Company

GABOR BOJAR Chairman of Graphisoft SE

*Part of the Academic Advisory Board we include: Bert Twaalfhoven, Janos Vecsenyi, Karen Wilson and Marc Verhaeren.

HONORARY CHAIR

HOWARD H. STEVENSON Professor Emeritus at HBS

ADVISORY BOARD

WHAT ARE THE THINGS THAT SET US APART.

OUR CURRENT PROJECTS

EFER ALUMNI CONFERENCE 2015, Amsterdam, The Netherlands This conference is designed to be a convergence point between Academics, Entrepreneurs, I&E Centre managers and Policy makers.The overall objectives of the conference are the following:• to understand better how to make the teaching and

research more practice-oriented, and therefore to be more relevant to both experienced and starting entrepreneurs.

• to help both students and university faculty and staff create new ventures and commercialise their research

• to discover Science Park Amsterdam and it’s facilities.

EUROPEAN ENTREPRENEURSHIP COLLOQUIUM 2016, Boston, USA The overall objectives of the program: • to reinforce our ties in the US (HBS, MIT, Babson,

Stanford) back to the starting point and celebrate our founding father Bert and spiritus rector H. Stevenson

• to highlight the global growth (steady, fast, regional and global growth)

• to find out more about supporting educational ecosystems for students’ entrepreneurship and for global entrepreneurship (EU-US and US-EU), Boston as a beach head

• to introduce and reinforce cutting edge pedagogy in entrepreneurship education

HISTORY OF 3 DECADESIn the midst of the seventies Prof. David Birch of MIT, expert in planology, found that jobs were created by new startups; 90% of all jobs was created by start-ups, which had, on average, a lifecycle of less than 10 years. In addition, 3/4 of all start-ups were from families. Later he found that only 3% of these start-ups grew beyond 10 persons and he coined these the “Gazelles”.

In the early 80's Howard Stevenson, Professor of Entrepreneurship at Harvard Business School, studied the careers of its alumni and was astounded to learn that half of the alumni, after age 35, became entrepreneurs (if one includes venture capital). Over the years Harvard Business School expanded its entrepreneurship faculty to 35, and made it a course requirement for all 1st year students (900 per year in its 2-year program). The Entrepreneurship Center was established with a donation from Arthur Rock, venture capitalist.

HISTORY OF EFER

Bert Twaalfhoven and John McDonald of McKinsey, both HBS ’54, founded EFER and held annual conferences primarily with HBS European Alumni, who supported EFER with donations. The annual meeting in Davos of The World Economic Forum was an important gathering to promote entrepreneurship.

EFER held Annual Forums at IMD, Insead, IESE, London Business School and a large Forum-Conference in Berlin attended by 1,000 participants including Laura Tyson, Chairman of the U.S. Council of Economic Advisors. EFER supported 95 research papers and cases by 165 professors and researchers.

In the 90’s annual seminars were held across Eastern Europe with the main emphasis on the importance of new enterprises; the job creators. Professor Howard Stevenson of Harvard and Professor Franklin Johnson of Stanford led several seminars attended by academics, entrepreneurs and policy makers.

EFER jointly with EY identified the 500 fastest growing entrepreneurs in Europe and EFER set up a separate activity called Europe's 500 (E500). In 1996 a new listing of the 500 fast growing entrepreneurs was made again. However, EY later started their own very successful global activity “Entrepreneur of the Year”, with the winners selected in coordination with EY offices across the globe.

Professor Derek Abell, at that time Dean of IMD in Lausanne (later of ESMT in Berlin), published a research publication: "Dynamic Entrepreneurship in Central and Eastern Europe".

During the late 90’s and early 2000’s, EFER conducted a number of studies looking at entrepreneurship in Europe, measuring progress to the U.S. These studies were conducted by Julia Prats and others.

EFER conducted a survey, led by Karen Wilson and in collaboration with EFMD, on entrepreneurship education in Europe, which was the first of its kind conducted on a pan-European basis. This led to several EU initiatives focused on entrepreneurship in higher education.

EFER continued with a series of research studies and surveys including looking at the role of universities, including technical universities, as “centers/hubs” of entrepreneurship, the role of spin-offs, etc. Tea Petrin.

An initiative to identify international “champions” from Central and Eastern Europe was launched, led by Julia Prats. The project resulted in the publication in 2015 of “Entrepreneurial Icebreakers”, a book including cases studies on 15 companies

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EFER started its 1st annual one-week entrepreneurship teacher training Colloquium at the University of Cambridge with 10+ academics teaching, experts in the field of entrepreneurship from Harvard, Cambridge, LSB and other leading universities. Over 50 professors from across Europe attended.

By a gift to Harvard Business School from Bert Twaalfhoven 4 one-week European entrepreneurship teacher training Colloquiums (EECPCL) were held at Harvard Business School. 

Given de growing alumni base of entrepreneurship faculty, EFER started Roundtable meetings (2-day programs) for its alumni across Europe, including a very successful event in St. Petersburg in 2010. These roundtables have provided an opportunity for the alumni to share practices and continue building on the learnings from the training programs.

In addition EFER started a Bologna Faculty Exchange program to address the issue that 90% of entrepreneurship academics in Europe teach only in their own country. 21 Professors completed this one-week pilot program between Fall 2007 and Spring 2009. This highly successful initiative was unfortunately discontinued for lack of resources. It was 1 week in order to avoid approvals from university bureaucracies.

The 6th EFER Colloquium was held in Maastricht co-sponsored by the Dutch government, the Limburg Province, the University of Maastricht and Bert Twaalfhoven.

The European Commission co-sponsored 6 Colloquiums (EEC) with Bert Twaalfhoven in Cambridge, Barcelona, Warsaw, Leuven, Istanbul and Munich.

In 2016 it is planned to hold a one-week colloquium at Harvard Business School for 50-60 EFER academic alumni in July 2016.

EFER HAS OVER THESE YEARS TRAINED, PRIMARILY THROUGH CASE STUDIES, 582 ACADEMICS FROM 225 INSTITUTIONS IN 28 EU COUNTRIES AND OCCASIONALLY A CANDIDATE FROM 22 OTHER COUNTRIES AT THESE ONE-WEEK COLLOQUIUMS.

BOLOGNA FACULTY EXCHANGE PROGRAM

We had 21 exchanges from:

France 2 Poland 1Germany 2 Portugal 1Ireland 3 Romania 1Kazakhstan 1 Russia 2Latvia 1 Slovakia 1Netherlands 2 Slovenia 1Norway 1 Spain 1Poland 1 U.K. 1

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TEACHER TRAINING COLLOQUIUMS

EFER 1st Forum at IMD in Lausanne, Switzerland, on “Emerging Growth Companies”. Dealt with the perspectives on growth in small and high technology based firms and established the tradition of open debate of entrepreneurship research. EFER published a book based on the findings of the Forum’s research papers.

EFER 2nd Forum at INSEAD in Fontainebleau, France, on “Building European Ventures”. As a record of the Forum’s Proceedings, EFER published the book Building European Ventures. The principal part of the agenda was the panel on teaching entrepreneurship organized for venture capitalists, entrepreneurs, government representatives and sponsors.

EFER 3rd Forum at IESE in Barcelona, Spain, on “Growth Capital and Entrepreneurship”. The Forum was another contribution to the wave of entrepreneurship spreading throughout Europe and fostering research into the key factors for the success of the emerging growth companies. A book was published with the Forum’s findings.

EFER 4th Forum in East Berlin, Germany, on “The New Europe and Entrepreneurship”, created tremendous interest across all European borders. Focus switched to those who are searching for, and helping to create, the entrepreneurial Eastern Europe of the 1990s. The first edition of proceedings and the cases was published in 1992, and the second edition in February 1993.

EFER 5th Forum in London, Great Britain, at the London Business School, on “Realizing Enterprise Value”. A major research project was carried out and the research results, which dealt with the practical functioning of the security markets in Western Europe and the problems facing entrepreneurs, were presented. A book summarising the key findings was published in November 1993. Another important venture – EASDAQ – come out as an initiative born at this Forum.

EFER 6th Forum on Europe’s 500 – Roundtable of European Entrepreneurs ”Restoring the Growth and Employment Through Dynamic Entrepreneurship” was held on November 16-18, 1995 in Gent, Belgium. The preliminary results of the major research study “Europe’s 500” were presented to an audience that ranged from academics, entrepreneurs, venture capitalists and intermediaries

EFER ROUNDTABLES

EFER Alumni Roundtableat the International Management Center in Budapest

EFER Alumni Roundtable at the BI Norwegian School of Management, Oslo

EFER/EECPCL Working Meeting at Schloss Rahe and Eurogress in Aachen,

EFER/EECPCL Network Meeting/Roundtable at the University of Ljubljana,

EFER/EECPCL Network Roundtable at De Vlerick Leuven Gent Management School in Gent

EEC and EECPCL EFER Alumni Roundtable hosted by the Graduate School of Management (GSOM) St. Petersburg State University, with support from the U.S. Russia Center for Entrepreneurship (CFE) and the Russian Association for Entrepreneurship Education (RAEE)

EFER Alumni Roundtable hosted by the University of St. Gallen

EFER Alumni Roundtable hosted b Riga Technical University

EFER Alumni Roundtablehosted by EFER Entrepreneur Board Member Gábor Bojár in conjunction with the EIT Awards 2013 at Graphisoft Park in Budapest

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EFER RESEARCH PAPERS

European Entrepreneurship: Emerging Growth Companies, Edited by Prof. Sue Birley, Cranfield School of Management (UK); Published by EFER.Building European Ventures, Edited by Prof. Sue Birley, Cranfield School of Management (UK); Published by Elsevier Science Publishers.Growth Capital and Entrepreneurship; Edited by Prof. Sue Birley, Cranfield School of Management (UK) and Prof. Juan Roure, IESE Business School (E); Published by Estudios y Ediciones, IESE. Dynamic Entrepreneurship in Central and Eastern Europe; Edited by Prof. Derek Abell, IMD Lausanne (CH) and Dr. Thomas Köllermeier, IESE Business School (E); First edition published by EFER, 1992; Second edition published by Delwel.Realizing Investment Value; Edited by Prof. William Bygrave, Babson College (USA), Prof. Michael Hay, London Business School (UK) and Dr. Jos Peeters, Capricorn Venture Partners (B); Published by Pitman Publishing.Venture Capital and Entrepreneurship in Central and East Europe; Final Report – Survey and the Directory of 832 CEE Dynamic Entrepreneurs by Mr. Heinrich von Liechtenstein and Dr. Jan Zizek.  Co-ordinated by Ms. Gordana Coric; Edited by the EFER team.  Published by EFER.Central and East European Dynamic Entrepreneurs; Report – Survey and the Study of over 500 CEE Dynamic Entrepreneurs by Mr. Heinrich von Liechtenstein and Dr. Jan Zizek. Co-ordinated by Mr. Brady Clough; Edited by the EFER team. Published by EFER.

Empirical Models of Successful Entrepreneurial Strategies • International business and local growth

strategies. Prof. B. Johannkeelisso & Dr. H. Gyllberg, Vajo University, Sweden; R. Macleod (discussant), Adia International, Switzerland (1988/89).

• Competitive advantages in successful growth processes. Prof. G. Corbetta & Prof. P. Mazzola, SDA Bocconi University, Milan, Italy; Prof. Philippe Albert (discussant), Lyon Graduate School of Business, France (1988/89).

• The European challenge: multidimensional modelling of strategic behaviour in expansion-oriented small and medium-sized enterprises. Prof. R. Donckels, Small Business Research Institute, UFSAL, Belgium; Prof. G. Dyas (discussant), INSEAD, France (1988/89).

• The internationalisation of the venture capital market. K. Manning, Imperial College of Science & Technology/The Management School and Newchurch & Co., London, UK & D. Watson (discussant), Eurotechnology Associates, Belgium (1988/89).

High Technology Growth Forms • Acquisitions as joint ventures? Perspectives on

growth in small, high technology firms. Dr. E. Garnsey & Dr. J. Roberts, University of Cambridge, UK; D. Watson (discussant), Eurotechnology Associates, Belgium (1989).

• Critical success factors in the process of internationalization of small, hi-tech firms. M. Lindqvist, IIB, Stockholm School of Economics, Sweden; T.J. Schoonderbeek (discussant), Arthur Andersen & Co., The Netherlands (1989).

• New technology based firms: an instrument in the diffusion process of radical innovations. Case studies in the artificial intelligence and biotechnology sector. Prof. R. van Dierdonck & P. Gemmel, De Vlerick School of Management, Gent, Belgium; R. The Venture Capital Industry

• Critical factors for the strategic management of venture capital companies. C. Schroder, Technische Universitat Berlin & Matuschka Group, Germany; Dr. N. Cross (discussant), Investors In Industry (3i), UK (1989).

• The added value of international venture capital funds. R. van Wakeren, Dr. D. van der Werf, Dr. G. Vonk & Asst. Prof. J. Schuit, Erasmus University, Rotterdam and Europe Transfer Consultants, The Netherlands; J. Peeters (discussant), European Venture Capital Association, Belgium (1989).

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• The internationalisation of venture capital: the relationship between strategy and investment criteria. K. Manning & M. Russell, Imperial College of Science & Technology/The Management School and Newchurch & Co., UK; J. Schmidt (discussant), Sofinnova, France (1989).

Creating Successful New Firms • Building European ventures, introduction. Prof.

S. Birley, Cranfield School of Management, UK/Academic Director EFER (1990).

• Assessing New Ventures Success. Dr. P. Dubini, SDA Bocconi University, Milan, Italy; Prof. A. Gibb (discussant), Durham University Business

School, UK (1989). • Relationships between types of risks and new

ventures success. Prof. V. Ramus & Prof. Y. Livian, Lyons Graduate School of Business, France; F. Lacoste (discussant), private investor, France (1989).

• High growth ventures: entrepreneurial origins and developmental transitions. Prof. J. Murray, University of Dublin, Ireland (1989) 

Panel Discussions • Can business schools teach entrepreneurship?

Prof. H. Stevenson, Harvard Business School, USA; Prof. I. MacMillan, The Wharton School, University of Pennsylvania, USA; Prof. S. Birley, Cranfield School of Management, UK/Academic Director EFER; Prof. J. Timmons, Harvard Business School, USA (1989).

• How to teach entrepreneurship. Prof. S. Birley, Imperial College of Science & Technology/The Management School, London, England; Prof. A. Bhide, Harvard Business School, USA; Prof. N. Churchill, Babson College, USA/INSEAD, France; Prof. P. Nueno, IESE, Barcelona, Spain; Prof. M. Olle, ESADE, Spain (1991).

• Eastern Europe panel session: Conditions of entrepreneurship in our countries - some examples. Prof. D. Abell, former dean IMEDE, Lausanne, Switzerland; Z. Ranki, EastWest Institute, Hungary; Dr. D. Purg, Executive Development Centre, Yugoslavia; Prof. A. Sterlin, Soviet Academy of Sciences, Russia; Dr. O. Landa, Czechoslovak Academy of Sciences, Czechoslovakia (1991).

Successful Entrepreneurial Ventures • Growth companies in Europe: Salomon SA, a

case study. Prof. R. Calori & Prof. H. Bonamy, Lyon Graduate School of Business, France; J. McDonald (discussant), McKinsey & Company, UK (1988/89).

• ‘Pretty Polly' in the world hosiery industry: the rise of a small firm in a highly competitive fashion market. Dr. S. Chapman, University of Nottingham, UK; Prof. C. Jarillo (discussant), Instituto de Empresa, Madrid, Spain (1988/89).

• Case analyses of successful Austrian ventures trading throughout Europe. Dr. H. Stattler, Hernstein Institute, Vienna, Austria; Prof. L. Vickery (discussant), INSEAD, France (1988189).

• John Pryke and trivial pursuits: a European venture to print money (including a case study and teaching note). M. Ullmann & D. Molian, INSEAD, France (1988/89).

Technology Based Ventures • Growth patterns in technical innovations. Dr. D.

McQueen & Dr. T. Wallmark, Chalmers University of Technology, Sweden; R. Dillon (discussant), Dillon Technology International Ltd., UK (1988/89).

• High tech entrepreneurship in Madrid. Prof. R. Ramos, Madrid University of Technology, Spain; C.A.P. Vermeulen (discussant), NMB Bank, The Netherlands (1988/89).

• Comparison of predicting factors of successful high growth technological ventures in Europe and the USA. Prof. J. Roure, IESE Barcelona, Spain & Dr. R. Keeley, Stanford University, USA; V.A. Bonesteel (discussant), Houthoff Nutter McClennan, Netherlands/USA (1988/89).

Growth Capital and Entrepreneurship • Growth capital and entrepreneurship,

introduction. Prof. J. Roure, IESE, Barcelona, Spain & Prof. S. Birley, Imperial College of Science & Technology/The Management School, London, England (1991).

• Aftermath of acquisition of high technology ventures; a further case comparison. Dr. E. Garnsey & Dr. J. Roberts, University of Cambridge, UK (1991).

• Acquisition as long-term venture; cases from high technology industry. Dr. E. Garnsey, H. Alford & Dr. J. Roberts, University of Cambridge, UK (1991).

• Determinants of performance in emerging high technology firms: positioning for success in biotechnology. J. Vila, IESE, Barcelona, Spain/The Wharton School, University of Pennsylvania, USA (1991).

• The evolution of an entrepreneurial family company and future challenges. Ms. M. Tsiakkas, Tsialdcastel Ltd., Nicosia, Cyprus (1991).

• The evolution of an entrepreneurial family company and future challenges. Ms. M. Tsiakkas, Tsialdcastel Ltd., Nicosia, Cyprus (1991).

• Entrepreneurial Irish family companies; case analysis of the growth of Jefferson Smurfit and Guinness Peat Aviation into major worldwide multinationals. R. Dillon, Dillon Technology International Ltd., UK (1991).

• Fight for survival and growth of an entrepreneurial family company - a case from Hungary. Dr. Z. Roman, Hungarian Academy of Sciences, Hungary (1991).

• Chemical labour grouping. Prof. L. Renart, IESE, Barcelona, Spain (1991). Appraisal growth potential: key issues in the thresholds of growth of the independent business. Prof. A. Gibb, Durham University Business School, UK (1991).

• Entrepreneurial growth without capital: a case study. Prof. N. Churchill, Babson College, USA; D. Espinosa del Castillo & M. Ullman, INSEAD, France (1991).

• How 4 emerging Irish companies (family owned) and 2 technology driven have deak with the challenge of rapid growth since their beginnings. J. Walsh & M. McHale, College University Cork, Ireland (1991).

• Management buy-ins as a vehicle for growth. D. Clutterbuck, Clutterbuck Associates, Bucks, England; D. Snow, The ITEM Group, UK; M. Wright & K. Robbie, Centre for the Study of Management Buy-outs, University of Nottingham, UK (1991).

• Emerging firms in Spanish capital markets. Prof. P. Fernandez, IESE, Spain, W. Scherk, subdirector de Bolsa de Barcelona, R. Figueras, Area de Estudios y Nuevos Mercados, Bolsa de Barcelona (1991).

• The Ceselsa Case: a Spanish entrepreneurial venture going European. Prof. R. Ramos, Madrid University of Technology (1991).

• Beverly PLC 1. R. Brown, Cranfield School of Management, UK (1991).

• Capital market efficiency and the underpricing of new issues on the UK unlisted securities market. Prof. K. Keasey & H. Short, School of Business and Economic Studies, University of Leeds, UK; R. Watson, School of Management, University of Manchester Institute of Science and Technology, UK (1991).

Dynamic Entrepreneurship in Central and Eastern Europe • The entrepreneurial awakening in Central and

Eastern Europe, introduction. Prof. D. Abell, IMEDE, Switzerland & Dr. T. Köllermeier, IESE, Spain (1992).

• The nature of entrepreneurship. Prof. H. Stevenson, Harvard Business School, USA (1992).

• The role of dynamic entrepreneurs. B. Twaalfhoven, EFER/Indivers N.V., The Netherlands (1992).

• Dynamic entrepreneurship & job creation: the US experience. D. Birch, MIT/Cognetics Inc., USA (1992).

• Six Dynamic Eastern European entrepreneurs, introduction. M. Andersson, EVCA/SITRA, Finland (1992).

Views on Central and Eastern Europe • The enabling environment for entrepreneurship.

Prof. L. Tyson, University of California, USA (1992).

• The policy maker's view. Dr. H. von Moltke, European Commission, DGXXIII (1992).

• The investor's view. G. Andlinger, Andlinger & Company, USA (1992).

• The auditor's view. T. Brass, KPMG, Poland (1992).

• The technologist's view. Prof. G. Seliger, Technische Universitat Berlin/Institute of Management and Technology, Germany (1992).

• The educator's view. Prof. H. Stevenson, Harvard Business School, USA & Prof. J. Timmons, Harvard Business School/Babson College, USA (1992).

The Eastern Europe Experience • The Eastern European transition. Dr. T.

Köllermeier, IESE, Spain (1992).• Germany between East and West. Dr. H.

Kremendahl, Berlin Senate for Science and Technology, Germany (1992).

• The Treuhand as a privatization agent. Dr. R. Klinz, Treuhandanstalt, Germany (1992).

• The practice of privatization. C. Andres, Baker & McKenzie, Germany (1992).

• The entrepreneurial challenge in Eastern Germany. G. Pamberg, Alcyon SA, Switzerland (1992).

• The role of Western commercial banks. J. Werner, Deutsche Bank AG, Germany (1992).

• The role of supporting institutions. J. Allesch, Technologie-Vermittlungs-Agentur Berlin, Germany (1992).

• Business practices in transition. Dr. T. Köllermeier, IESE, Spain (1992).

Pricing and Underpricing of IPOs • Does knowing who sells matter in IPO pricing?

R. Paliard, Groupe ESC Lyon, Lyon, France (1992).

• Empirical examination of the underpricing of IPOs on the Brussels stock exchange. S. Manigart, B. Rogiers, De Vlerick School voor Management, Gent, Belgium (1992).

• IPO misprizing - evidence from Germany. B. Hansson, School of Economics and Management, Lund University, Lund, Sweden (1992).

• Realizing enterprise value in Italy (the IPO market in Italy: institutional aspects and empirical evidence). A. Gervasoni, Istituto Lorenzetti, Universita Bocconi, Milan, Italy. U. Cherubini, M. Ratti, Banca Commerciale Italiana, Milan, Italy (1992).

MBOs, MBIs and Acquisitions • Realizations, longevity and the life cycle of

management buy-outs and buy-ins: a four ‑country study. M. Wright, K. Robbie, Centre for Management Buy-Out Research, School for Management and Finance, University of Nottingham, United Kingdom. Y. Romanet, Groupe ESC Lyon, Lyon, France. S. Thompson, School of Management, UMIST, Manchester, United Kingdom. R. Joachimssan, Uppsala University, Uppsala, Sweden. J. Bruining, Faculty of Economics, Erasmus University, Rotterdam, The Netherlands (1992).

• Realizing enterprise value in Italian family business. G. Corbetta, C. Dematte, SDA Bocconi, Milan, Italy (1992).

• The acquisition of technology through large firms buying small firms. K. Relander, SITRA - The Finnish National Fund for Research and Development, Helsinki, Finland (1992).

• The cyclicality of trends in the United Kingdom venture capital industry and the implication for future patterns of investments and preferred method. M. Bleakey, M. Hay, London Business School, London, United Kingdom (1992).

Post IPO Performance • European IPO markets: a comparative

performance study. B. Leleux, D. Muzyka, INSEAD, Fontainebleau, France (1992).

• IPOs, equity carve-outs and takeover activity. K. Hogholm, Swedish School of Economics and Business Administration, Vasa, Finland. K. Rydquist, Stockholm School of Economics, Stockholm, Sweden (1992).

• IPOs in the United Kingdom. B. Rees, University of Strathclyde, Glasgow, Scotland, United Kingdom (1992).

• IPOs: the Spanish experience. A. Rahnema, IESE, Barcelona, Spain (1992).

Building and Realizing Value • Realizing value in a family-owned unlisted

company (case study). G. Copin, R. Paliard, Groupe ESC Lyon, Lyon, France (1992).

• Disc N.V.: IPO vs trade sale (case study). Y. Fassin, H. Ooghe, De Vlerick School voor Management, Gent, Belgium (1992).

• The effect of venture capital on entrepreneurship and business performance. J. Mekkes, N.V. NOM, Groningen, The Netherlands (1992).

• Exiting from early stage, high technology, seed capital investments. G. Murray, Warwick Business School, the University of Warwick, United Kingdom (1992).

• Information exchange market for medium size companies. W. Gerke, University of Mannheim, Mannheim, Germany (1992).

RESEARCH • 2000: Research by Julia Prats• 2004: European Entrepreneurship Education Pilot

Survey• 2004: Breeding Gazelles: The Role of European

Universities• 2006: EFER survey: "8 Centers of Dynamic

Entrepreneurship" • 2006: EFER survey: "EFER and the Role

Entrepreneurship in European Universities (Gazelles)• 2007: EFER Research Centres (update)• 2007: Entrepreneurship Education in German

Speaking Europe" by Ann-Kristin Achleitner, Christoph Kasher, Svenja Jarchow and Karen Wilson (CEFS, EFER, TUM)

• 2009: EFER Research of European Entrepreneurship Organisations by Michael Güllich

• 2012: EFER Alumni Survey on Entrepreneurship Curriculum and Teaching by Karen Wilson and Goncalo Neves-Correia

EFER CASE BIBLIOGRAPHY Cases available through The European Case Clearing House (UK)

AG INVEST (A & B): Specialization or diversification in the Czechoslovakian Markets. Prepared by David Ryba (Czechoslovakia) and Mark Preston (BP Oil International of England). Revised by Colleen Kaftan. © 1991 by EFER.ALEKSANDER AND ZDENKA & TEACHING NOTE. Prepared by Nenad Filipovi_ (International Executive Development Centre of Slovenia). © 1991 by EFER. BACKGROUND NOTE ON ENTREPRENEURSHIP IN BULGARIA. Prepared by Plamen Puchev (Bulgarian Industrial Association of Sofia, Bulgaria). Edited by Dr. Abby Hansen and Prof. Derek Abell (IMD). © 1991 by EFERBVA COMPANY/CASE COMMENTARY & TEACHING NOTE. Prepared by Alexander I. Naumov (Associate Professor of Moscow State University of Russia). © 1991 by EFER. CONDITIONS FOR ENTREPRENEURSHIP IN THE CIS (FORMER USSR). Prepared by Andrei R. Sterlin (Professor, Academy of Science, CIS). Edited by Colleen Kaftan and Prof. Derek Abell (IMD). © 1992 by EFER.

CONDITIONS FOR ENTREPRENEURSHIP IN THE CSFR. Prepared by Ms. Judith Brandsma (Ministry of Economic Policy and Development, CSFR) and Dr. Ondrej Landa (Inventa, CSFR). Edited by Colleen Kaftan and Prof. Derek Abell (IMD). © 1992 by EFER. CONDITIONS FOR ENTREPRENEURSHIP IN EASTERN GERMANY. Prepared by Jurgen Muller (Professor, German Institute for Economic Research). Edited by Colleen Kaftan and Prof. Derek Abell (IMD). © 1992 by EFER.CONDITIONS FOR ENTREPRENEURSHIP IN HUNGARY. Prepared by Ms. Zsuzsanna Ranki (EastWest Management Institute of Hungary). Edited by Colleen Kaftan and Prof. Derek Abell (IMD). © 1992 by EFER.CONDITIONS FOR ENTREPRENEURSHIP IN POLAND. Prepared by Piotr Ploszajski (Professor, Polish Academy of Science). Edited by Colleen Kaftan and Prof. Derek Abell (IMD). © 1992 by EFER.CONDITIONS FOR ENTREPRENEURSHIP IN YUGOSLAVIA. Prepared by Dr. Danica Purg (International Executive Development Centre of Slovenia). Edited by Colleen Kaftan and Prof. Derek Abell, IMD. © 1992 by EFER.COURIER-5: A Privately Owned Newspaper Group in Bulgaria/CASE COMMENTARY & TEACHING NOTE. Prepared by Plamen Puchev (Bulgarian Industrial Association of Sofia, Bulgaria). Edited by Dr. Abby Hansen and Prof. Derek Abell (IMD). © 1991 by EFER.EKOLOG COMPANY: A Waste Water Success Story/CASE COMMENTARY & TEACHING NOTE. Prepared by Andrzej K. Kozminski (Professor of Warsaw University of Poland). © EFER.ESKOD (A & B) / CASE COMMENTARY & TEACHING NOTE. Prepared by Milenko Gudic (Institute of Economics of Belgrade). © 1992 by EFER.PERESTROIKA: The Context for Entrepreneurship in the USSR. This note is based on "Conditions for Entrepreneurship: USSR" by Dr. Andrei R. Sterlin (Institute of World Economy and International Relations UUR Academy of Sciences). © EFER.PRAZISIONS ELEKTRONIK: Reactivation through New Products. 1992.STANTRET: A Private Cargo Airline in the USSR/CASE COMMENTARY & TEACHING NOTE. Prepared by Dr. Igor Touline (Institute of World Economy and International Relations, Moscow, Russia). Edited by Dr. Abby Hansen and Prof. Derek Abell (IMD). © 1992 by EFER.

1997

1997

15 cases published in the second part of the book “Entrepreneurial Icebreakers” (see Books Published), representing a broad level of diversity with regard to countries, industries, topics, growth phases, challenges and internationalisation strategies. Firms are from ten different countries: Czech Republic (1), Croatia (1), Estonia (2), Hungary (2), Macedonia (1) Poland (2), Romania (1), Russia (3), Slovakia (1) and Slovenia (1). They cover nearly as many industries as we have cases, including science, software, movie animation, aviation, construction materials, cosmetics, manufacturing, and food, among others. The cases include amazing stories from entrepreneurs and their companies from a wide range of backgrounds for example, one who was supported personally by Steve Jobs, one whose technology was so innovative that it was featured in an American TV crime series, and one that competed against giant competitors from Hollywood and even won an Oscar for its work.4 cases written about Bert Twaalfhoven by Prof. Derek Abell:1. Bert Twaalfhoven (A): The Making of a

Global Entrepreneur2. Bert Twaalfhoven (B): In Pursuit of

Opportunity 3. Bert Twaalfhoven (C): Professional

Entrepreneurship4. Bert Twaalfhoven (D): Giving Back

BOOKS PUBLISHED “Learn Earn Return, the Journey of a Global Entrepreneur” is telling the story of an entrepreneur, Bert Twaalfhoven, exploring the entrepreneurial process, the identification and pursuit of opportunity, the growth of new ventures, and the harvesting of value created. It is not a book of tools for entrepreneurship since that cannot be. It is well recognised that entrepreneurs work in an unknown world, making it impossible to determine any rules according to which entrepreneurs would have to act. It is a book about Twaalfhoven’s fascinating entrepreneurial journey throughout his life, and it offers many valuable insights into what it means to practice entrepreneurship. The book was written by Bert Twaalfhoven and Shirley Spence, and published by EFER.

EFER research “New European Champions” by Julia Prats resulted in 15 cases (see Cases, 2010). The book “Entrepreneur ia l Icebreakers" written by Julia Prats, Marc Sosna and Sylwia Sysko-Romanczuk was published in 2014

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