ABSTRACT
The entrepreneurial marathon takes place over time, and time – with all the contingencies it brings – brings naturally an attrition and sorting among the participants. Ideation focuses on the generation and initial refinement of entrepreneurial ideas. Incubation focuses on the design of a viable business model, with all the validation of its component and, if necessary, of market potential. The ultimate validation of that model is the successful launch of the venture on some small scale. Acceleration focuses on building up on the small-scale success and scaling up the venture for a wider impact. There is often talk in policy circles about market failure for entrepreneurial finance. It is based on the observation that there are ideas looking for capital and capital looking for ideas, but the two do not easily meet and merge.
