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Truls Erikson

Professor - Entrepreneurship

Email truls.erikson@sfe.uio.no

Room 6465

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Visiting address Ole-Johan Dahl's house Gaustadalléen 32 D

Postal address Postboks 1080 Blindern 0316 Oslo

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Truls is a professor of entrepreneurship and innovation at the University of Oslo where he serves as a head of the research group on entrepreneurship. He has his doctorate from Manchester Business School, and has held positions at several colleges and at the Norwegian University of Science and Technology (NTNU), and visiting fellowships at Harvard, Stanford, and Cambridge. His research interests gravitate around entrepreneurship and innovation generally, but more specifically, entrepreneurship as design, strategic negotiations, and venture governance and, not least, leadership.

The research group addresses the when, why, and how of entrepreneurship, and currently addresses research questions such as when, why and how entrepreneurs collaborate with artificial intelligence in the creative enterprise, and when, why and how artificial intelligence changes how we collaborate and compete.

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Tags: Entrepreneurship

Erikson, Truls (2026). Interlocking dynamics in suprateams. In Bolton, Brian & Park, Jung (Ed.), Advancing Corporate Governance Research. Edward Elgar Publishing. ISSN 9781035324965. p. 131–147. doi: 10.4337/9781035324965.00017. Full text in Research Archive Show summary
Suprateams are the ‘upper echelons’ of new firms. In the current study, I develop the term ‘suprateam’ that runs prior to supra-new venture teams, which again runs prior to supra-top management teams. However, by highlighting new firms in their forming years, the supra-new venture team is the venture management team and the board, but I operationalize here ‘suprateam’ as the founder manager and the board. Specifically, I assess the relationship between the superstructure of the emerging new board and its overall effect on the performance of the emerging new firm, as the leadership structure of new entrepreneurial firms, and their configuration of human and social resources, are vital components in the governance architecture of such new firms.
Leunbach, Daniel; Kristiansen, Glenn Roger & Erikson, Truls (2025). Understanding entrepreneurial imagination through poetry: lessons from John Keats’ ‘Ode to a Nightingale’. Entrepreneurship and Regional Development. ISSN 0898-5626. 37(7-8), p. 906–932. doi: 10.1080/08985626.2025.2463594. Full text in Research Archive Show summary
Previous entrepreneurship research, particularly within effectuation theory, has been built upon a foundational set of assumptions regarding how entrepreneurs use their powers of imagination to generate novelty. These assumptions include the belief that self-focused attention is the proper starting point of the creative process, that imagination operates as an expressive process from within to without, and that humans, more broadly, are best understood as disembodied wills who find meaning by giving expression to their inner psychological cores. In this paper, we explore the historical origin and contemporary implications of these assumptions, juxtaposing them with alternative viewpoints found in the poetry and philosophy of John Keats (1795–1821). Drawing inspiration from Keats’ deep insights into both the human condition and the creative process, as articulated in his canonical poem ‘Ode to a Nightingale’, we illuminate several promising avenues for research that transcend the conventional disembodied inside-out conception of entrepreneurial imagination.
Bjørnåli, Ekaterina Shepeleva; Erikson, Truls & Aspelund, Arild (2024). The role of board leadership in deliberating international entry. Journal of International Entrepreneurship. ISSN 1570-7385. doi: 10.1007/s10843-024-00352-x. Full text in Research Archive Show summary
The current study addresses the formal and informal board leadership roles in new high-tech firms. Overall, we find that board leadership affects international engagements in idiosyncratic ways. Initially, we conjectured that the board leadership role structure would influence time to new markets, but the leadership role structure fails to do so, which indicates that neither a divided board leadership structure nor a dual board leadership structure matters. Instead, we find that the facilitating role of board chair leadership does. Although board chair leadership efficacy has a deliberating effect, we find it to have an interactive effect with a more resourceful board, indicating that efficacious leadership is more important than we typically would expect. Noteworthy, these dynamic interactions not only contribute to advancing new high-tech firms, but also contribute to shaping a resilient high-tech entrepreneurial ecosystem from within.
Erikson, Truls; Leunbach, Daniel & Zhao, Yangyang (2024). Making the leap: Negotiating resource acquisition. Journal of Business Venturing Design (JBVD). doi: 10.1016/j.jbvd.2024.100021. Full text in Research Archive Show summary
To suspend uncertainty, we can simply just choose to believe. A leap of faith - or the suspension of uncertainty - is the essence of trust, yet it remains a relatively unexplored phenomenon within the entrepreneurship literature. Trust reflects a willingness to bear risks, and as such, it is an underappreciated risk-bearing mechanism. Choosing to trust not only translates into the way entrepreneurs negotiate, but as we will see, also into the negotiated outcome. In the current study, we show that trust relates positively to negotiations, but we find that positional negotiations relate negatively to accomplishments, whereas collaborative negotiations relate positively. We study entrepreneurs who act as if those whom they are negotiating with are trustworthy, and we explore the effects of such leaps of faith on not only collaborative, but also positional negotiations, and their interaction effects. Using abductive reasoning, we unpack three related design principles.
Erikson, Truls; Bjørnåli, Ekaterina Shepeleva & Coleridge, Chris (2024). The moderating role of efficacious board leadership in high tech startups. Journal of High Technology Management Research. ISSN 1047-8310. 35(2). doi: 10.1016/j.hitech.2024.100500. Full text in Research Archive Show summary
Firms not only need to access and mobilize external resources, but they also need to deploy them in a useful manner. Board leadership may enable such services from outside directors embedded in the wider entrepreneurial ecosystem. In the current study, we find that board interaction dynamics explain the lack of substantive relationships between outside directors and firm performance in past studies. Although we do not find a direct correlate from external directors on the effectiveness of venturing teams, we do find that efficacious board leadership interacting with external directors indeed impacts the performance of such teams.
Bjørnåli, Ekaterina Shepeleva; Erikson, Truls & Coleridge, Chris (2023). Competitive moves in new high-tech firms: The role of board heterogeneity and family ties. Journal of High Technology Management Research. ISSN 1047-8310. 34(2). doi: 10.1016/j.hitech.2023.100482. Full text in Research Archive Show summary
Drawing on the entrepreneurial theory of the firm with dispersed knowledge, together with fundamental uncertainty, we examine what we label as heterogenous expectations through board members' imaginative faculties. Specifically, we unpack how outside board members construct heterogeneity, and how heterogenous expectations affect the level of competitive moves in new high-tech firms. We hypothesize and find that family funding positively moderates the relationship between board heterogeneity and competitive moves, although family sponsorship in the form of funding has a direct negative effect. Implications for the entrepreneurial theory of the firm and its relevance to practice are discussed.
Erikson, Truls (2023). Negotiating possible futures. Journal of Business Venturing Design (JBVD). doi: 10.1016/j.jbvd.2023.100014. Full text in Research Archive
Gan, Dennis & Erikson, Truls (2022). Venture governance: CEO duality and new venture performance. Journal of Business Venturing Insights. ISSN 2352-6734. 17. doi: 10.1016/j.jbvi.2022.e00304. Full text in Research Archive Show summary
The ‘one person, two jobs’ role (known as CEO duality) has been debated for decades. In this study, we address how the overall leadership structure of new firms relates to their performance. We investigate direct effects as well as conditional effects. Our main finding is that CEO duality is beneficial in the earliest growth stage and that the number of board members is important. Contextualizing the leadership structure, we find that CEO duality is beneficial with smaller boards, and vice versa with larger boards. Implications for theory and practice are discussed.
Erikson, Truls; Coleridge, Chris & Bjørnåli, Ekaterina S. (2022). Venture governance and its dynamics: Intraboard relationships and CEO duality. Technovation. ISSN 0166-4972. 115. doi: 10.1016/j.technovation.2022.102540. Full text in Research Archive Show summary
In this study, we conjecture that the governance structure matters when it comes to maximizing the growth potential under conditions of fundamental uncertainty. Whereas agency theory is concerned with minimizing potential agency costs, and is concerned with control, stewardship theory, in contrast, relies on trust, and is concerned with maximizing potential joint performance. In support of stewardship theory, we find that intraboard trust (a trusting relationship among board directors, and the incumbent CEO) directly influences the effectiveness of the venturing teams, but also that intraboard behavioural integration mediates this relationship. Intraboard trust and intraboard behavioural integration reflects the less studied board internal social capital (as contrasted to the more studied board external social capital). We also find that CEO duality moderates these relationships in two out of three possible ways. Our approach aligns the ‘flipped’ role of the CEO – which has most recently been argued to represent an innovation in corporate governance – to stewardship theory. Implications for theory and practice are discussed.
Undheim, Kristin; Erikson, Truls & Timmermans, Bram (2022). True uncertainty and ethical AI: regulatory sandboxes as a policy tool for moral imagination. AI and Ethics. ISSN 2730-5953. doi: 10.1007/s43681-022-00240-x. Full text in Research Archive
Gan, Dennis & Erikson, Truls (2022). Venture governance as a syndicate. Journal of Business Venturing Insights. ISSN 2352-6734. 18. doi: 10.1016/j.jbvi.2022.e00330. Full text in Research Archive
Erikson, Truls & Knockaert, Mirjam (2021). Negotiating incomplete contracts. Journal of Strategic Contracting and Negotiation. ISSN 2055-5636. 5(3), p. 153–169. doi: 10.1177/20555636211042093. Full text in Research Archive
Leunbach, Daniel; Erikson, Truls & Bjørnåli, Ekaterina S. (2020). A subjectivist approach to team entrepreneurship. The Quarterly Journal of Austrian Economics. ISSN 1098-3708. 23(3-4), p. 542–567. doi: 10.35297/qjae.010079. Full text in Research Archive Show summary
Many scholars have pointed to Austrian subjectivism as an appropriate framework for understanding and studying entrepreneurship. Yet very few empirical studies in the field of entrepreneurship have applied a subjectivist lens. This research article responds to calls for more subjectivist entrepreneurship research by theoretically refining and empirically extending the subjectivist approach to team entrepreneurship. The findings presented in this study, which are based on data from 124 high-tech start-ups founded in Norway, suggest that positive internal and external team dynamics contribute to team effectiveness, as measured by the lead entrepreneur’s subjective assessment of his or her team. Implications for theory and practice are discussed.
Leunbach, Daniel; Erikson, Truls & Rapp-Ricciardi, Max (2019). Muddling through Akerlofian and Knightian uncertainty: The role of sociobehavioral integration, positive affective tone, and polychronicity. Journal of International Entrepreneurship. ISSN 1570-7385. p. 1–20. doi: 10.1007/s10843-019-00255-2. Full text in Research Archive
Erikson, Truls (2017). Skaleringsforhandlinger - utfordringer knyttet til rask vekst. Magma forskning og viten. ISSN 1500-0788. 0817, p. 79–85. Full text in Research Archive
Bjørnåli, Ekaterina S.; Knockaert, Mirjam; Foss, Nicolai; Leunbach, Daniel & Erikson, Truls (2017). Unraveling the Black Box of New Venture Team Processes, The Wiley Handbook of Entrepreneurship. Wiley-Blackwell. ISSN 9781118970836. p. 313–348. doi: 10.1002/9781118970812.ch15. Full text in Research Archive Show summary
This chapter argues that new venture team (NVT) processes are relatively ill-understood in the entrepreneurship literature, and describes various theoretical and empirical research avenues that may be pursued in order to improve our understanding of these processes. It then focuses on the widely established input-processes-outcome (IPO) framework. This framework has long been used within the field of organizational behavior as it seeks to understand group performance and other group-level outcomes as the consequence of the inputs and processes that precede them. Building upon the foundations of Entrepreneurial Theorizing, the chapter argues how and when specific theories such as faultline theory, creativity and imagination, and organizational and team justice may be instructive in studying NVT processes at the prefounding phase, and particularly the (self)-selection of individuals into (out of) the NVT through social interaction. Faultlines hold great potential for understanding NVT processes both in the prefounding and postfounding phases.
George, Bradley; Erikson, Truls & Parhankangas, Annaleena (2016). Preventing dysfunctional conflict: examining the relationship between different types of managerial conflict in venture capital-backed firms. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. 18(4), p. 279–296. doi: 10.1080/13691066.2016.1224457. Full text in Research Archive
Bjørnåli, Ekaterina S.; Knockaert, Mirjam & Erikson, Truls (2016). The Impact of Top Management Team Characteristics and Board Service Involvement on Team Effectiveness in High-Tech Start-Ups. Long Range Planning. ISSN 0024-6301. 49(4), p. 447–463. doi: 10.1016/j.lrp.2015.12.014. Full text in Research Archive Show summary
In this paper, we unite upper echelon theory and the attention based view of the firm to provide a deeper understanding of which top management team (TMT) characteristics, directly, or indirectly through board service involvement, result in TMT effectiveness in high-tech start-ups. In order to do so, we build upon data collected from 103 Norwegian academic spin-outs. The findings demonstrate that diversity and cohesion among TMT members directly and positively affect TMT effectiveness, and that board service involvement mediates the relationship between TMT diversity and TMT effectiveness. Finally, we find that higher proportions of board outsiders positively moderate the relationship between board service involvement and TMT effectiveness.
Foo, Maw Der; Knockaert, Mirjam; Chan, Elsa T & Erikson, Truls (2016). The Individual Environment Nexus: Impact of Promotion Focus and the Environment on Academic Scientists' Entrepreneurial Intentions. IEEE transactions on engineering management. ISSN 0018-9391. 63(2), p. 213–222. doi: 10.1109/TEM.2016.2535296. Full text in Research Archive
Lahn, Leif Christian & Erikson, Truls (2016). Entrepreneurship education by design. Education + Training. ISSN 0040-0912. 58(7-8), p. 684–699. doi: 10.1108/ET-03-2016-0051. Full text in Research Archive
Erikson, Truls & Korsgaard, Steffen (2016). Knowledge as the source of opportunity. Journal of Business Venturing Insights. ISSN 2352-6734. 6, p. 47–50. doi: 10.1016/j.jbvi.2016.10.002. Full text in Research Archive
Erikson, Truls; Knockaert, Mirjam & Foo, Maw Der (2015). Enterprising scientists: The shaping role of norms, experience and scientific productivity. Technological Forecasting and Social Change. ISSN 0040-1625. 99, p. 211–221. doi: 10.1016/j.techfore.2015.06.022. Full text in Research Archive
Knockaert, Mirjam; Foo, Maw Der; Erikson, Truls & Cools, Eva (2015). Growth intentions among research scientists: A cognitive style perspective. Technovation. ISSN 0166-4972. 38, p. 64–74. doi: 10.1016/j.technovation.2014.12.001. Full text in Research Archive
Erikson, Truls; Løvdal, Nicolai Solberg & Aspelund, Arild (2015). Entrepreneurial judgment and value capture, the case of the nascent offshore renewable industry. Sustainability. 7(11), p. 14859–14872. doi: 10.3390/su71114859. Full text in Research Archive Show summary
Entrepreneurship may be regarded as the mechanism of change towards sustainability. Any entrepreneur that seeks to start a new venture in an emerging industry will face resource and time constraints. The question we raise here is how the entrepreneur should prioritize use of time and resources to increase likeliness of success. To address this question we depart from a theoretical perspective of entrepreneurship seen as judgment, and bridges it over to entrepreneurship seen as co-creation. In other words, we combine the subjective with the intersubjective, and explore the effects of the actions successful green technology entrepreneurs in the emerging offshore renewable energy industry make in building their new ventures in nascent markets. Inspired by earlier studies on market entry, combined with new ways to understand new venture emergence, we find that independent entrepreneurs benefit from leapfrogging typical stages in the technology development process and rather devote time and efforts on resource acquisition. We also find that the most important value-capturing, decision-making heuristics are those related to “hybrid governance”. We discuss implications for theory, practice, and policy.
Erikson, Truls; Svalastog, Mari Saua & Leunbach, Daniel (2014). Global start-up internships as a source of experiential learning. In Fayolle, Alain & Redford, Dana T. (Ed.), Handbook on the Entrepreneurial University. Edward Elgar Publishing. ISSN 9781781007013. p. 301–320. doi: 10.4337/9781781007020.00020. Full text in Research Archive Show summary
To prepare students for the realities of today’s ever-changing, hypercompetitive and global marketplace, new forms of academic–industry collaborations need to be explored and developed. In fact, EU and national policies are gradually becoming more focused on the role of universities in job creation. This has led to increased focus on academic–industry collaborations (Etzkowitz, 1998), and not least, entrepreneurship education. During the 1980s, the atmosphere for academic institutions changed as new disciplines such as biotechnology and ICT developed remarkably quickly (Iversen et al. 2007). The Bayh-Dole Act in the USA created debates in many Western countries, including Norway, and a comparable law was introduced in 2003. This law extended the societal role of Norwegian universities to include the ‘Third Mission’. In practice, the law abolished professors’ long-held privilege regarding ownership of his or her inventions (ibid., p. 398), and it smoothed the progress of the Technology Transfer Offices. It was during these formative days that Gründerskolen emerged, and the programme’s emergence can be seen in light of these Third Mission debates. As such, we consider Gründerskolen as a response to these wider societal changes. The emphasis of Gründerskolen is on international technology entrepreneurship, and the curriculum reflects the workload of a full semester. The programme, which is carefully designed around experiential learning, is, of course, experience-based as students work on real projects, not only as part of their course assignments, but also as part of a 12-week start-up internship abroad. As such, it is one way of facilitating academic–industry collaborations.
Knockaert, Mirjam; Bjørnåli, Ekaterina S. & Erikson, Truls (2014). Joining forces: Top Management Team and Board Chair Characteristics as Antecedents of Board Service Involvement. Journal of Business Venturing. ISSN 0883-9026. 30(3), p. 420–435. doi: 10.1016/j.jbusvent.2014.05.001. Full text in Research Archive Show summary
Boards in early stage high tech firms have an important role to play through their involvement in service tasks. Building on the attention based view of the firm and self-efficacy theory, we investigate the role of top management team (TMT) and board chair characteristics as antecedents of board service involvement (BSI). Studying a sample of 117 Norwegian early stage high tech firms, we find that TMT diversity positively affects BSI, whereas CEO duality negatively affects BSI. We further find that the industry experience of the board chair positively moderates the relationship between TMT size and BSI whereas CEO duality reinforces the TMT diversity-BSI relationship.
Knockaert, Mirjam; Bjørnåli, Ekaterina S. & Erikson, Truls (2013). Board Strategic Involvement in Early Stage High Tech Firms: An Attention Based Perspective. Academy of Management Proceedings. Full text in Research Archive
Erikson, Truls & Bjørnåli, Ekaterina (2011). Styret som ressurs og ressursene i styret. Magma forskning og viten. ISSN 1500-0788. 14(7), p. 37–45. Full text in Research Archive
Sætre, Alf Steinar & Erikson, Truls (2011). Deep Sea Fishing Inc.: Acquiring the 'right' capital for a new technology-based firm. In Westhead, Paul; Wright, Mike & McElwee, Gerard (Ed.), Entrepreneurship: Perspectives and cases. Prentice-Hall. ISSN 9780273726135. p. 320–326. doi: 10.5367/000000003101299564. Full text in Research Archive
Erikson, Truls & George, Bradley (2010). Decision-making disagreements and performance in venture capital backed firms. In Brush, Candida G; Kolvereid, Lars; Widding, Lars Øystein & Sørheim, Roger (Ed.), The Life cycle of new ventures. Edward Elgar Publishing. ISSN 9781848446977. p. 127–141. Full text in Research Archive
Erikson, Truls & Zacharakis, Andrew (2010). Exploring the venture capitalist/entrepreneur relationship: the effect of conflict upon confidence in partner cooperation. In Brush, Candida G; Kolvereid, Lars; Widding, Lars Øystein & Sørheim, Roger (Ed.), The Life cycle of new ventures. Edward Elgar Publishing. ISSN 9781848446977. p. 175–187. Full text in Research Archive
Bjørnåli, Ekaterina Shepeleva; Sørheim, Roger & Erikson, Truls (2010). Design characteristics associated with venture capital acquisitions in academic spin-offs. In Brush, Candida G; Kolvereid, Lars; Widding, Lars Øystein & Sørheim, Roger (Ed.), The Life cycle of new ventures. Edward Elgar Publishing. ISSN 9781848446977. p. 157–171. Full text in Research Archive
Bjørnåli, Ekaterina Shepeleva & Erikson, Truls (2010). Board features associated with new team member addition in academic spin-offs. In Brush, Candida G; Kolvereid, Lars; Widding, Lars Øystein & Sørheim, Roger (Ed.), The Life cycle of new ventures. Edward Elgar Publishing. ISSN 9781848446977. p. 142–156. Full text in Research Archive
Zacharakis, Andrew; Erikson, Truls & George, Bradley (2010). Conflict between the VC and Entrepreneur: The Entrepreneur's Perspective. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. Full text in Research Archive
Erikson, Truls & Berg-Utby, Terje (2009). Preinvestment Negotiation Characteristics and Dismissal in Venture Capital-Backed Firms. Negotiation journal. ISSN 0748-4526. 25(1), p. 41–57. doi: 10.1111/j.1571-9979.2008.00207.x. Full text in Research Archive Show summary
In this study, we investigated idiosyncratic preinvestment process characteristics that influence the dismissal of management team members of venture capital-backed firms in the postinvestment phase by analyzing sixty-three portfolio firms. We considered two salient perspectives within the literature on governance of interfirm relationships: contractual and relational governance, which are related to positional and collaborative negotiation styles. Our findings indicate that positional bargaining in the preinvestment phase may be a reliable indicator that there is a greater risk that new venture team members will be dismissed when things get tough in the post-investment period.
Erikson, Truls; Sørheim, Roger & Berg-Utby, Terje (2009). Relasjonsbasert eierstyring i venturekapital-finansierte teknologibedrifter. In Aspelund, Arild; Moen, Øystein; Sætre, Alf Steinar; Sørheim, Roger & Widding, Lars Øystein (Ed.), Teknologibasert nyskaping i Norge. Tapir Akademisk Forlag. ISSN 9788251924818. p. 89–102. Full text in Research Archive
Moen, Øystein; Sørheim, Roger & Erikson, Truls (2008). Born Global Firms and Informal Investors: Examining Investor Characteristics. Journal of Small Business Management. ISSN 0047-2778. 46(4), p. 536–549. Full text in Research Archive
Erikson, Truls (2007). Discriminating 'Schumpeterian' from 'Austrian' informal investors - an empirical assessment. Journal of International Entrepreneurship. ISSN 1570-7385. 5(1/2), p. 1–10. doi: 10.1007/s10843-007-0005-3. Full text in Research Archive Show summary
This study proposes a theoretically informed typology of international informal investors. This means that the Schumpeterian type is contrasted with Austrian informal investors. The governing paradigm in the neoclassical framework is economic equilibrium. However, the creation of disequilibrium is central to Schumpeterian entrepreneurship. This is unlike Austrian entrepreneurship, which regards movement toward economic equilibrium. Hence, Schumpeterian-type investors are perceived to facilitate disequilibrating change, whereas Austrian-type investors promote equilibrating change. Employing a two-group discriminant analysis with robust data from Norway, the findings support the concept that Schumpeterian and Austrian-type investors differ with regard to their selection of investment proposals, monitoring, and, not least, their backgrounds. The data suggest that Schumpeterian-type investors invest more actively, into the “early stage” category of new firms than Austrian-type investors. Schumpeterian-type investors are more highly educated than their counterparts and monitor their firms more actively by financial reports and stockholder meetings. By contrast, Austrian-type investors appear to have more experience than their Schumpeterian counterparts. The implications of these findings are discussed.
Sanz-Velasco, Stefan & Erikson, Truls (2006). The Entrepreneur – venture capitalist learning interface: Evidence from the Nordic market, Nordic Seed and Venture Capital Markets for Innovation. Nordic Innovation Centre. p. 70–93. Full text in Research Archive
Jenssen, Jan Inge; Jenssen, Jan Inge; Kolvereid, Lars; Kolvereid, Lars & Erikson, Truls (2006). Introduksjon til entreprenørskap. In Kolvereid, Lars; Erikson, Truls & Jenssen, Jan Inge (Ed.), Perspektiver på entreprenørskap / Jan Inge Jenssen, Lars Kolvereid og Truls Erikson (red.). Cappelen Damm Høyskoleforlaget. ISSN 9788276346732. p. 17–24. Full text in Research Archive
Erikson, Truls (2006). Økonomistyring i oppstartsbedrifter. In Jenssen, Jan Inge; Kolvereid, Lars & Erikson, Truls (Ed.), Perspektiver på entreprenørskap. Cappelen Damm Høyskoleforlaget. ISSN 9788276346732. Full text in Research Archive
Jenssen, Jan Inge; Kolvereid, Lars & Erikson, Truls (2006). Introduksjon. In Jenssen, Jan Inge; Kolvereid, Lars & Erikson, Truls (Ed.), Perspektiver på entreprenørskap. Cappelen Damm Høyskoleforlaget. ISSN 9788276346732. Full text in Research Archive
Erikson, Truls (2005). Idiosyncratic portfolio characteristics of seed and venture capital funds. Journal of Small Business and Enterprise Development. ISSN 1462-6004. 12(4), p. 545–555. Full text in Research Archive
Drnovsek, Mateja & Erikson, Truls (2005). Competing models of entrepreneurial intentions. Economic and Business Review. ISSN 1580-0466. 7(1), p. 55–71. Full text in Research Archive
Sti, Arne Dag & Erikson, Truls (2005). Bedriftsøkonomiske kostnadsbegreper, Teknologiledelse - Økonomiske betraktninger. p. 9–30. Full text in Research Archive
Sti, Arne Dag & Erikson, Truls (2005). Bedriftsøkonomiske kostnadsbegreper, Teknologiledelse - Økonomiske betraktninger. p. 11–91. Full text in Research Archive
Erikson, Truls & Sørheim, Roger (2005). Technology angels and other informal investors. Technovation. ISSN 0166-4972. 25. Full text in Research Archive
Erikson, Truls; Sørheim, Roger & reitan, bjørnar (2003). Familiy Angels vs. Other Informal Investors. Family Business Review. ISSN 0894-4865. xiv. Full text in Research Archive
Erikson, Truls (2003). Towards a Taxonomy of Entrepreneurial Learning Experiences among Potential Entrepreneurs. Journal of Small Business and Enterprise Development. ISSN 1462-6004. 10(1), p. 106–112. Full text in Research Archive
Erikson, Truls & Gjellan, Are (2003). Training Programmes as Incubators. Journal of European Industrial Training. ISSN 0309-0590. 27(1), p. 36–40. Full text in Research Archive
Sætre, Alf Steinar & Erikson, Truls (2003). Dealcrafting the right capital for a venture: the case of Deep Sea Fishing Inc. International Journal of Entrepreneurship and Innovation. ISSN 1465-7503. 4(3), p. 197–203. Full text in Research Archive
Erikson, Truls (2002). Entrepreneurial Capital: The Emerging Venture's Most Important Asset & Competitive Advantage. Journal of Business Venturing. ISSN 0883-9026. 17, p. 275–290. Full text in Research Archive Show summary
This study presents a parsimonious model of entrepreneurial capital defined as a multiplicative function of entrepreneurial competence and entrepreneurial commitment. This approach is an extension of Ulrich's (1998) proposition of intellectual capital to a practical framework of entrepreneurial capital. The relationship between entrepreneurial competence and commitment is argued to be a multiplicative one rather than additive as both components must be strongly present in order for development to take place. For example, the presence of entrepreneurial competence without any commitment creates little value for the new venture. In contrast, the presence of entrepreneurial commitment without adequate entrepreneurial competence may be regarded as a waste of both time and resources. However, the presence of both entrepreneurial competence and commitment lays the foundation for enterprise generation and performance. Inherent in this view on competence is the capacity to identify opportunity. Kruger and Dickson (1994) found that an increase in perceived capability increases perceptions of opportunity. That is, individuals who perceive themselves as entrepreneurially capable are expected to be alert and sensitive to opportunities, and able to take advantage of such opportunities if they consider the endeavor worthwhile. In other words, entrepreneurial capital is defined as the capacity to identify opportunities, acquire requisite resources and see ventures through fruition. Entrepreneurial capital can also be conceived as the present value of future entrepreneurial behavior similar to how the PV rule is used in the finance literature. Similar notion is used when social capital is conceived as the sum of resources in networks. However, McGrath (1996) conceived opportunities as latent potential or shadow options. Entrepreneurial capital can then be conceptualized as the present value of an infinite series of shadow options. In this study, entrepreneurial behavior is conceived as the pursuit of opportunities without regard to resources currently controlled. The perceived capacity to venture is investigated in a prospective research design. Prospective MBAs serve as a study sample. The empirical evidence of this study supports the proposed relationship between the main components in the equation. The practical implications for society and educational institutions are that the focus of training should be on the drivers of the components in the equation. Investors and prospective entrepreneurs are also advised to be concerned about these issues. The practical implications for venturing individuals are that it is vital to demonstrate their competence and motivation toward possible stakeholders. The practical implications for investors are that they should be more concerned about competence and motivation issues among individuals and individuals in venturing teams, e.g. is the venturing team properly matched?
Erikson, Truls (2002). Goal Setting and Entrepreneuriual Self-Efficacy. International Journal of Entrepreneurship and Innovation. ISSN 1465-7503. p. 183–189. Full text in Research Archive Show summary
In order to become novice, portfolio or serial entrepreneurs, individuals’ must first become nascent entrepreneurs. Hence, the focus of this article is how potential entrepreneurs transform to nascent entrepreneurs. The present study supports that goal setting is imperative in nurturing entrepreneurial motivation among prospective entrepreneurs. As goal setting is closely linked to beliefs about personal capabilities, business schools should influence individuals’ beliefs about their personal capabilities, which is a precondition for congruent entrepreneurial goals.
Aernoudt, Rudy & Erikson, Truls (2002). Business Angel Networks; a European Perspective. Journal of Enterprising Culture. ISSN 0218-4958. 10(3). Full text in Research Archive Show summary
This paper highlights the importance of business angel networks, as a tool of stimulating an entrepreneurial culture and small business financing. It also sheds light on current practices and the dimensions of business angels in Europe. A study made in 1998 for the European Commission suggests that the potential for investments by business angels is estimated to be between 10 and 20 billion € [Euro] per year. This can be compared with the 3 million Euro in seed and start-up investments made in 1999 by the venture capital industry. A remarkable difference, which deserves further attention. This particular inquiry includes a brief benchmarking exercise on informal private investor networks, known as business angel networks. The background for this study is the underlying thesis that the potential for investments through business angels is insufficiently developed. Implications for policy makers and future research are discussed.
Erikson, Truls (2001). Revisiting Shapero. Towards a taxonomy of entrepreneurs. New England Journal of Entrepreneurship. ISSN 1550-333X. 4(1), p. 9–14.. Full text in Research Archive Show summary
The governing paradigm of industrial organization is the state of economic equilibrium. By contrast, Schumpeterian entrepreneurship creatively destructs such an equilibrium state. Moreover, Austrian entrepreneurship represents the arbitrage movement towards economic equilibrium. It is recognized that this interplay between movement towards and away from an equilibrium point is at the very heart of economic development and the evolution of industries. Those with the ability to deal with these movements towards and away from equilibria are entrepreneurs. That is, entrepreneurs' cognitive and behavioral ability to align their behavior with entrepreneurial opportunities is the fundamental mechanism to entrepreneurial supply. Based on the Shapero model, an entrepreneurial taxonomy is developed and implications are discussed.
Erikson, Truls & Nerdrum, Lars (2001). New venture management valuation; a special case of human capital. Venture Capital : an International Journal of Entrepreneurial Finance. ISSN 1369-1066. 3(4), p. 277–290. Full text in Research Archive Show summary
A theory of new venture management valuation should answer the two questions: (1) What should be assessed? (2) How can it be assessed? In response to the work of Smart (1999), we address the first question and suggest a conceptual framework for the valu ation of founder managers
Nerdrum, Lars & Erikson, Truls (2001). Intellectual capital: a human capital perspective. Journal of Intellectual Capital. ISSN 1469-1930. 2(2), p. 127–135. Full text in Research Archive Show summary
Congruent with Ulrich (1998), we see intellectual capital as complementary capacities of competence and commitment. Based on theoretically and empirically robust human capital theory, we define intellectual capital as individuals
Erikson, Truls (2001). Perceiving Entrepreneurial Opportunities in the Wireless Alley. Quarterly Journal of Electronic Commerce. ISSN 1528-3526. 2(1), p. 25–30. Full text in Research Archive Show summary
The introduction of the GPRS or the UMTS technology is Schumpeterian entrepreneurship in practice. That is, Schumpeterian entrepreneurship creatively destructs existing economic equilibrium states. By contrast, Austrian entrepreneurship represents the arbitrage movement towards economic equilibrium. That is, most of the [content] suppliers take the role as Austrian entrepreneurs. It is recognized that this interplay between movements towards and away from an equilibrium point is at the very heart of economic development and the evolution of industries. Hence, the magnitude of this interplay is a major criterion for the wireless industry‘s successful emergence. Those with the ability to arbitrage away market imperfections are netpreneurs . That is, netpreneurs' cognitive and behavioral ability to align their behavior with entrepreneurial opportunities is an emerging industry’s scarce source of entrepreneurial supply.

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Jenssen, Jan Inge; Kolvereid, Lars & Erikson, Truls (2012). Perspektiver på Entreprenørskap. Cappelen Damm Akademisk. ISBN 9788276349566. 356 p. Full text in Research Archive
Kolvereid, Lars; Erikson, Truls & Jenssen, Jan Inge (2006). Perspektiver på entreprenørskap / Jan Inge Jenssen, Lars Kolvereid og Truls Erikson (red.). Cappelen Damm Høyskoleforlaget. ISBN 9788276346732. 306 p. Full text in Research Archive
Jenssen, Jan Inge; Kolvereid, Lars & Erikson, Truls (2006). Perspektiver på entreprenørskap. Cappelen Damm Høyskoleforlaget. ISBN 9788276346732. 306 p. Full text in Research Archive

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Harutyunyan, Tatevik; Erikson, Truls & Bjørnåli, Ekaterina Shepeleva (2024). Interlocking Directorships and New Venture Performance. Full text in Research Archive
Bjørnåli, Ekaterina Shepeleva & Erikson, Truls (2023). The relationship between dispersed knowledge and distributed leadership in entrepreneurial ecosystems: When why and how new firms form interorganizational ties. Full text in Research Archive
Gan, Dennis; Erikson, Truls & Bjørnåli, Ekaterina Shepeleva (2022). The role of relational pluralism in entrepreneurial ecosystems. Full text in Research Archive
Bjørnåli, Ekaterina Shepeleva; Erikson, Truls & Aspelund, Arild (2022). The role of board leadership in international engagement. Full text in Research Archive
Gan, Dennis & Erikson, Truls (2021). Start-Ups as Acquiree: The Moderating Role of Pluralistic Ties. Full text in Research Archive
Gan, Dennis & Erikson, Truls (2021). In The Pursuit Of Growth: Flipping The Principal-agent Roles In Venture Boards. Full text in Research Archive
Erikson, Truls (2021). In the Pursuit of Growth - Flipping the Principal-Agent Roles in Venture Boards. Full text in Research Archive
Erikson, Truls; Coleridge, Chris & Bjørnåli, Ekaterina S. (2020). Effective venturing teams in entrepreneurial ecosystems: The moderating role of board chair leadership. Full text in Research Archive
Erikson, Truls; Coleridge, Chris & Bjørnåli, Ekaterina S. (2020). Intraboard relationships and the effectiveness of venturing teams in high-tech firms; the moderating role of CEO duality. Full text in Research Archive
Pershina, Raissa; Leunbach, Daniel & Erikson, Truls (2018). The Role of Generalized Trust and Aristotle’s Rhetoric in Crowdfunding. Full text in Research Archive
Erikson, Truls & Pershina, Raissa (2018). The Role of Trust in Crowdfunding. Full text in Research Archive
Kubberød, Elin; Pettersen, Inger Beate; Erikson, Truls & Lahn, Leif Christian (2018). Progresjon og kvalitet i høyere entreprenørskapsutdanning. Uniped - Tidsskrift for universitets- og høgskolepedagogikk. ISSN 1500-4538. 41(1), p. 5–9. doi: 10.18261/issn.1893-8981-2018-01-01. Full text in Research Archive
Erikson, Truls (2014). Entrepreneurship as subjective, intersubjective and objective. Full text in Research Archive
Erikson, Truls (2014). Entrepreneurship by design. Full text in Research Archive
Erikson, Truls; Aspelund, Arild & Løvdal, Nicolai Solberg (2014). Value Capture in Nascent Industries: The Case of the Emerging Offshore Renewable Industry. Full text in Research Archive
George, Bradley; Erikson, Truls & Parhankangas, Annaleena (2013). Preventing Dysfunctional Conflict: Examining the Relationship between Different Types of Managerial Conflict in VC-backed Firms. Full text in Research Archive
Knockaert, Mirjam; Bjørnåli, Ekaterina & Erikson, Truls (2013). Board Strategic Involvement in Early Stage High Tech Firms: An Attention Based Perspective. Full text in Research Archive Show summary
Boards in early stage high-tech firms have an important role to play in strategic decision making. Building on the attention based view of the firm and self-efficacy theory, w e study the role of top management team (TMT) and board chair characteristics as antecedents of board strategic involvement (BSI). Studying a sample of 117 Norwegian academic spin-offs, we find that TMT diversity positively affects BSI, w hereas CEO duality negatively affects BSI. We further find that the industry experience of the board chair positively moderates the relationship between TMT size and BSI whereas CEO duality reinforces the TMT diversity-BSI relationship.
Bjørnåli, Ekaterina; Erikson, Truls & Knockaert, Mirjam (2011). The Impact of Top Management Team Characteristics and Board Strategic Involvement on Team Effectiveness in High-Tech Start-Ups. Academy of Management Proceedings. Full text in Research Archive
Bjørnåli, Ekaterina; Erikson, Truls & Knockaert, Mirjam (2011). The Impact of Top Management Team Characteristics and Board Strategic Involvement on Team Effectiveness in High-Tech Start-Ups. Full text in Research Archive
Erikson, Truls & Berg-Utby, Terje (2007). Pre-investment negotiation characteristics and CEO dismissal in venture capital-backed firms. Full text in Research Archive
Berg-Utby, Terje; Sørheim, Roger & Erikson, Truls (2007). The influence of interaction history and time horizon on the venture-capitalist/new-venture team cooperation. Full text in Research Archive
Erikson, Truls & Berg-Utby, Terje (2005). Governance logic and new venture performance. Full text in Research Archive
Erikson, Truls & Sørheim, Roger (2003). 'Schumpeterian' versus 'Austrian' Angels. Full text in Research Archive Show summary
In this paper, serial venture investors are conceptualized as entrepreneurs. The paper contrasts 'Schumpeterian' angels with 'Austrian' angels. The former are serial investors in technology based firms with an international market potential. 'Austrian' angels are conceptualized as serial investors in firms with an international market potential. The data support the notion that Schumpeterian and Austrian angels differ on several grounds. In fact, they differ with regard to sources of deal origin, selection, monitoring and exit preferences.
Sørheim, Roger & Erikson, Truls (2002). 'Technology angels' and other informal investors. Full text in Research Archive
Erikson, Truls & Gjellan, Are (2002). University Incubation Programmes as an Entrepreneurship Learning Facility. Full text in Research Archive
Erikson, Truls (2001). The Creation of an 'Austrian' Mindset: Two Competing Paradigms. Full text in Research Archive Show summary
It is recognized that Austrian entrepreneurship promotes equilibrium within an existing economic situation. That is, Austrian entrepreneurs have the ability to initiate movement towards economic equilibria. As Austrian entrepreneurship emphasizes market opportunities, it should have a central place in entrepreneurship behavior theory. Implications for further research are discussed.
Erikson, Truls (2001). Towards a Taxonomy of Investors - a risk exposure perspective. Full text in Research Archive Show summary
It is generally acknowledged that early stage enterprise finance is associated with high risk. This study investigates the risk profiles of institutionalized seed capital funds as compared to institutionalized venture capital funds. However, as this typ e of risk exposure hardly can be measured directly, the underlying thesis is that the funds
Bjørnåli, Ekaterina Shepeleva; Erikson, Truls & Gulbrandsen, Magnus (2009). Board of Directors, Top Management Team and the Developmentof Academic Spin-Off Companies. Norges teknisk-naturvitenskapelige universitet. ISSN 9788247116784. Full text in Research Archive Show summary
This dissertation addresses the under-studied area of the role of the top management team (TMT) and board of directors in the development of academic spin-off companies (ASOs) originating from public research institutes. ASO research receives growing attention internationally following the rise in commercialization activities in the vast majority of universities. The studies identify the barriers to and facilitators of ASO formation and growth, which are related to faculty attributes and incentives, university technology transfer policies and practices, and the external environment. Few studies examine the founding team demonstrating that it evolves in to a TMT and board during legal incorporation and that the TMT heterogeneity has significant performance consequences. Even fewer studies investigate the board in ASOs. This is surprising since well-networked outside directors may contribute to ASO development by increasing a firm’s legitimacy and thus reducing liabilities of newness and providing access to critical external resources that young ASOs need to survive. In this dissertation I therefore contribute by addressing this research gap and I explore the board formation and changes in board composition and try to relate these changes to the development stages of an ASO. Given limited prior research on board dynamics I employ an inductive multiple case research design. I also examine the role of the board in accessing needed external managerial resources and how the board and TMT themselves can be valuable resources that help an ASO to achieve the important entrepreneurial milestone of acquiring venture capital. For these studies the data on 135 ASOs in Norway are collected and analyzed using logistic regression. I find that the dynamics of the development stages in an ASO is related to the dynamics of its board. In successful ASOs the board contribution is dynamic. The board chair’s social networks seem to be essential when attracting key members to the board of an ASO. Key board members bring in needed resources that the TMT lacks, ranging from finance and industry experience in earlier stages to executive and marketing/sales experience in later development stages. Thus, they help an ASO to prove a venture’s viability and approach a stage of sustainable returns. Board size and networking appear to be important when recruiting new TMT members with necessary competences who open for new growth opportunities. ASOs that have value adding boards and TMT members with diverse functional and industry backgrounds succeed in recruiting new team members and acquiring venture capital. The likelihood of attracting venture capital increases if ASOs have previously managed to receive seed capital and support from industrial partners.
Berg-Utby, Terje & Erikson, Truls (2007). Venture Capital Ownership - Perspectives on the Venture-Capitalist/New Venture Team Relationship. NTNU. ISSN 9788247107492. Full text in Research Archive
Sjölander, Sören; Erikson, Truls; Sæmundsson, Rögnvaldur J; Hellström, Tomas; Magnusson, Mats & Björkdahl, Joakim [Show all 8 contributors for this article] (2006). Nordic Seed and Venture Capital Markets for Innovation. Nordic Innovation Centre. Full text in Research Archive

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Published Nov. 4, 2010 2:52 PM - Last modified Nov. 13, 2023 5:50 PM