Entrepreneurship Department

With a focus on new venture creation, intrapreneurship and entrepreneurial management within existing organizations, our Entrepreneurship Department fosters the entrepreneurial spirit. It is this spirit that has led a third of our alumni to participate in the creation of a company at some point during their career.

Among its activities, the department leads the core second-year MBA course on entrepreneurship, taught since 1974, in which students develop business plans. The best plans are presented at the annual New Business Forum. The Finaves venture capital fund has been providing seed money for alumni entrepreneurs since it was founded in 2000, and the Business Angels and Family Office Network helps create new high-growth businesses. The department is a key element of IESE’s entrepreneurial ecosystem for the development of new ventures, innovation and growth.

Coursework includes: Fundamentals of Entrepreneurial Management, Entrepreneurial Strategies for Social Impact, Entrepreneurial Negotiations, and Financing Entrepreneurial Opportunities.

Through their research, the department’s faculty is exploring cutting-edge topics related to entrepreneurship that affect the business community.


The Entrepreneurship Department, together with the Entrepreneurship and Innovation Center, Finaves and the Business Angels Network, regularly participates in and contributes to conferences and forums to support the entrepreneurial spirit. Some examples are:

  • Investment Forums by the IESE Business Angels
  • The Global Entrepreneurship Week
  • Ernst & Young Entrepreneur of the Year Award in Spain
  • European Foundation for Entrepreneurship Research
  • Association of High Growth Entrepreneurs Growth Plus

Areas of expertise

  • Innovation management
  • Entrepreneurship, intrapreneurship and starting new ventures
  • Growth management and ownership strategy
  • Growth strategies in turbulent environments
  • Organizational learning and capabilities
  • Growth of start-up companies
  • Family governance and venturing
  • Venture capital and private equity
  • Technology innovation, entrepreneurship and strategy



Journal Articles (refereed)

SNIHUR, Y., AMIT, R., ZOTT, C. (2021). Managing the Value Appropriation Dilemma in Business Model Innovation. Strategy Science, 6 (1), 22-38. doi:10.1287/stsc.2020.0113.
KAPOOR, R., KLUETER, T. M. (2021). Unbundling and managing uncertainty surrounding emerging technologies. Strategy Science, 6 (1), 62-74. doi:10.1287/stsc.2020.0118.
NECKEBROUCK, J., MEULEMAN, M., MANIGART, S. (2021). Governance Implications of Attracting External Equity Investors In Private Family Firms. Academy of Management Perspectives, 35 (1), 25-44. doi:https://doi.org/10.5465/amp.2017.0204.
DUSHNITSKY, G., E. GRAEBNER, M., ZOTT, C. (2020). Entrepreneurial responses to crisis. Strategic Entrepreneurship Journal, 14 (4), 537-548. doi:10.1002/sej.1383.
MOREIRA, S., KLUETER, T. M., TASSELLI, S. (2020). Competition, Technology Licensing-in, and Innovation. Organization Science, 31 (4), 1012-1036. doi:10.1287/orsc.2019.1337.
KAPOOR, R., KLUETER, T. M. (2020). Innovation’s uncertainty factor. Innovators must ask five critical questions to anticipate the trajectory and impact of a disruptive value proposition. MIT Sloan Management Review, 61 (4), 1-7.
ZOTT, C., SNIHUR, Y. (2020). The genesis and metamorphosis of novelty imprints. how business model innovation emerges in young ventures. Academy of Management Journal, 63 (2), 554 - 583. doi:https://doi.org/10.5465/amj.2017.0706.
SHANTZ, A., KISTRUCK, G., PACHECO, D., WEBB, J. (2020). How formal and informal hierarchies shape conflict within cooperatives. A Field experiment in Ghana. Academy of Management Journal, 63 (2), 503-529. doi:10.5465/amj.2018.0335.
MEULEMAN, M., WILSON, N., WRIGHT, M., NECKEBROUCK, J. (2020). When the going gets tough. Private equity firms' role as agents and the resolution of financial distress in buyouts. Journal of Small Business Management. doi:https://doi.org/10.1080/00472778.2020.1717242. (Online first)
KAPOOR, R., KLUETER, T. M. (2020). Progress and Setbacks: The Two Faces of Technology Emergence. Research Policy, 49 (1), Article 103874. doi:10.1016/j.respol.2019.103874.

Working Papers

KLUETER, T. M., ROSENKOPF, L., GHOSH, A. (2021). Back to the familiar?. How attention and rare experiences overcome local search in external technology sourcing.
MEHTA, K. (2019). Multi-Sensory Creative Thinking: A Synesthetic Technique for Design (WP-1216-E).
AGULLES, R., PRATS, M. J. (2012). Change, growth and learning (DI-955-E).
AGULLES, R., PRATS, M. J. (2011). Learning in practice: What organizational and management literature can contribute to professional and occupational development (DI-938-E).
MANIT, R., ZOTT, C. (2010). Business model innovation: Creating value in times of change (DI-870-E).


DUNLAP, D. R., KLUETER, T. M. (2018). Laggards, Leading Imitators or Leapfroggers: How Are Emerging Markets Innovating? Academy of Management Proceedings.
GURSES K.,, GIONES, F., MEHTA, K. (2018). Global diffusion and deinstitutionalization of a controversial practice. Academy of Management Proceedings.
CONTI, R., KACPERCZYK, A. J., VALENTINI, G. (2018). Discrimination and Entrepreneurship: Evidence from LGBT Rights Laws. Academy of Management Proceedings.
FRANKENBERGER, K., ZOTT, C. (2018). The role of differentiation, integration, and governance in developing innovative business models. Academy of Management Proceedings.
SNIHUR, Y., ZOTT, C. (2018). The Genesis and Metamorphosis of Imprints: How Business Model Innovation Evolves in Young Firms. Academy of Management Proceedings.

WALDRON, T., NAVIS, C., ARONSON, O., YORK, J., PACHECO, D. (2019). Values-based rivalry. A theoretical framework of rivalry between activists and firms. Sustainability, Ethics, and Entrepreneurship Conference, Miami , USA..
PACHECO, D., GREENE, J., DEAN, T. J. (2019). The New sustainability frontier. Accelerating innovation through system change. Sustainability, Ethics, and Entrepreneurship Conference. Miami, USA..
PACHECO, D., DIVITO, L., WALDRON, T. (2018). Filling the gap. The role of entrepreneurs in driving change towards sustainability in the sustainable apparel industry. Academy of Management Conference. Chicago, USA.
SHANTZ, A., KISTRUCK, G., PACHECO, D., WEBB, J. (2018). Intervening with structure. The Effects of formal and informal governance on intra-group conflict. 78th Annual Meeting of the Academy of Management. Chicago, USA. Academy of Management.
SHANTZ, A., KISTRUCK, G., PACHECO, D., WEBB, J. (2018). Intervening with structure. The Effects of formal and informal governance on intra-group conflict. 34th EGOS Colloquium. Tallinn, Estonia.

Articles in other publications

IESE INSIGHT, (2020). How business model innovation can help your firm out of the crisis. IESE Business School Insight (156), pp. 8-32.
MOREIRA, S., KLUETER, T. M., TASSELLI, S. (2020). When licensing new tech is better than building it in-house. Harvard Business Review Digital Articles.
PRATS, J., SIOTA, J. (2019). How corporations can better work with startups.. Harvard Business Review Digital Articles.
DÁVILA, A., FOSTER, G., HE, X., SHIMIZU, C. (2019). Los 'rankings', un arma de doble filo. IESE Business School Insight (152), pp. 68 - 75.
DÁVILA, A., FOSTER, G., HE, X., SHIMIZU, C. (2019). How rankings shape your growth story. IESE Business School Insight (152), pp. 68 - 75.


NUENO, P. (2021). Mayores dirigiendo bien. Barcelona: Plataforma Editorial.
AMIT, R., ZOTT, C. (2020). Business model innovation strategy. Transformational concepts and tools for entrepreneurial leaders. Chichester: John Wiley & Sons.
NUENO, P. (2020). Dirigiendo con velocidad. Barcelona: Plataforma Editorial.
NUENO, P. (2019). Cheating yourself in business. Barcelona: Plataforma Editorial.
NUENO, P. (2019). Autoengaño y empresa. Barcelona: Plataforma Editorial.

Edited books

DÁVILA, A., EPSTEIN, M. J., MANZONI, J.-F. (2012). Performance Measurement and Management Control. Global Issues. Bingley [etc.]: Emerald Group Publishing Limited.
EPSTEIN, M. J., DÁVILA, A., MANZONI, J.-F. (2010). Performance Measurement and Management Control. Innovative Concepts and Practices. Bingley [etc.]: Emerald Group Publishing Limited.

Book Chapters

ROURE, J., SEGURADO, J. L. (2016). El legado emprendedor en la Familia Empresaria. El papel de la Family Office. En Marcelo Paladino, Lucio Traverso, Paula Caputo (Eds.), De la Empresa Familiar a la Familia Empresaria: Un itinerario para la trascendencia (pp. 373 - 427). Argentina: LID Editorial Empresarial.
ENER, H., HOANG, H. (2016). When do biotechnology ventures pursue international R&D alliances?. In Phillip H. Phan (Ed.), Academic Entrepreneurship: Translating Discoveries to the Marketplace (pp. 65 - 93). Cheltenham: Edward Elgar Publishing.
NUENO, P. (2016). El despliegue global de las empresas. En Gerardo Bongiovanni y Álvaro Vargas Llosa (Ed.), Ideas en Libertad. Homenaje de 80 autores a Mario Vargas Llosa (pp. 171 - 173). Argentina: LID Editorial Empresarial.
KLUETER, T. M., DUSHNITSKY, G. (2016). Linking Technologies to Applications - Insights from Online Markets for Technology. In Timothy B. Folta , Constance E. Helfat , Samina Karim (Eds.), Resource Redeployment and Corporate Strategy (pp. 285 - 317). Bingley: Emerald Group Publishing Limited.
AMIT, R., ZOTT, C. (2016). Business Model Design: A Dynamic Capability Perspective. In David J. Teece and Sohvi Leih (Ed.), The Oxford Handbook of Dynamic Capabilities (pp. 1 - 4). Cape Town: Oxford University Press.


PRATS, J., ALCARAZ, J. A. (2021). Análisis de una nueva generación de start-ups en España y Portugal. CaixaBank.
PRATS, J., SIOTA, J., BRIA, V. E. (2021). How corporate giants can better collaborate with deep-tech startups. The case of East and Southeast Asia. IESE, Barcelona, Spain.
DE SAN JOSÉ RIESTRA, A., ROURE, J. (2020). Informe Business Angels 2020. La Inversión en startups. Actividad y Tendencias.
ROURE, J., DE SAN JOSÉ RIESTRA, A. (2020). Business Angels Investments 2020 Report - Spain. Investing in startups activity and trends.
KOLAROVA, L., DÁVILA, A., JOHNSON R., R., KELLY, P. (2020). International Search Funds 2020. Selected Observations. IESE.


KOLAROVA, L., JOHNSON R., R. (2021). Accolade Group. IESE, E-225-E.
JOHNSON R., R. (2021). Nordic Technologies AB. IESE, E-224.
JOHNSON R., R. (2021). Nordic Technologies AB. IESE, E-224-E.
DE ROS, M. D. M., SAN ROMÁN, E., PRATS, M. J. (2021). Iberostar: Wave of Change. A Family Business Face to Face With a Global Problem. IESE, E-223-E.
DE ROS, M. D. M., SAN ROMÁN, E., PRATS, M. J. (2021). Iberostar: ola de cambio. Una empresa familiar, que se enfrenta a un problema global, cara a cara. IESE, E-223.

Technical Notes

SIMON, J. (2020). Letter to a Young Operator on Managing During a Crisis. IESE, EN-34-E.
JOHNSON, R. (2020). Valuing Early-Stage Businesses: The Venture Capital Method. IESE, EN-33-E.
CASTELLTORT, A., ROURE, J. (2016). Emprendiendo en la era lean: ¿Por qué nos adentramos en ella? IESE, EN-20.
JOHNSON, R. (2013). Assessing a New Business Opportunity. IESE, EN-17-E.
NIEBOER, I., CARENZO, M., DÁVILA, A. (2012). Diez preguntas a tener en cuenta antes de hacer una adquisición emprendedora. IESE, EN-15.