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Professor Saras Sarasvathy

Saras D. Sarasvathy (born 1959) is an American entrepreneurship professor and recipient of the 2022 Global Award for Entrepreneurship Research.[1][2]  She is currently the Paul M. Hammaker Professor in Business Administration at the University of Virginia Darden School of Business and the Jamuna Raghavan Chair Professor in Entrepreneurship, Indian Institute of Management, Bangalore.[3]  She serves on the editorial boards or as associate editor of several academic journals[1] as well as serving as an outside director to the public company Lending Tree.[4]  She is most well known for her conception of Effectuation, a theory of Entrepreneurial action based on the study of Expert Entrepreneurs.[5]  Her award winning journal article - "Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency" is one of the most highly cited academic articles about entrepreneurship of all time.[1][6]

Early life, Entrepreneurial Career, and Education

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Sarasvathy grew up in Mumbai and received her B.Com. in statistics at the University of Bombay before embarking on a career of entrepreneurship.[1] From 1980 to 1991 she founded or co-founded 5 different businesses on three different continents that included a restaurant and a manufacturing company.[7]  Her 5th business was destroyed by a flood leaving Sarasvathy without a company but motivated to more rigorously understand her chosen field of Entrepreneurship.[7]

In 1992 Sarasvathy was accepted to Carnegie Mellon Graduate School of Industrial Administration, graduating in 1994. In 1994 she was accepted into the PhD program for information systems at Carnegie Mellon University where her research was supervised by Nobel Laureate Herbert Simon, considered a pioneer in Artificial Intelligence.[1]  While at CMU Sarasvathy began her study of Entrepreneurship by writing her dissertation about the differences between how bankers and entrepreneurs view and manage risk, which resulted in her first article co-Authored with Herbert Simon.[8]

Academic Career and the Introduction of Effectuation

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Sarasvathy’s study of expert entrepreneurs and their thinking process began while she was at CMU and would continue through the rest of her career. From 1998 to 2004 she was an assistant professor at University of Maryland and then University of Washington before being named Associate Professor at the University of Virginia’s Darden School of Business in 2004 where she is now the Paul Hammaker Professor.[1]

Through her publications and research, Sarasvathy is known for her creation of Effectuation, a logic of Entrepreneurial Action, based on her studies of Expert Entrepreneurs.[9][5] Named for its contrast to causal thinking, a tenet of managerial decision making, Effectual thinking or Effectuation is means-driven and eschews predictive thinking common in large companies.[10][11]  Together the five principles of Effectuation place an emphasis on taking action over planning.[12] In 2011 Professor Sarasvathy and Effectuation were the subject of the cover article of Inc. Magazine[5] and her article “What Makes Entrepreneurs Entrepreneurial?" was discovered by leading Venture Capitalist Vinod Khosla who called it “The first good paper I’ve seen”.[13][14]

Sarasvathy has published over 60 peer reviewed articles in prestigious journals, such as Strategic Management Journal, The Academy of Management Review, Entrepreneurship Theory & Practice, Entrepreneurship and Regional Development, and the Journal of Business Venturing.[1] She has also authored 8 books and over 36 book chapters.[15]

In 2020 Effectuation was the subject of a special issue of the Small Business Economic Journal.[16]

In 2022 Sarasvathy received the Global Award for Entrepreneurship Research[2], considered the top award for academic scholarship in Entrepreneurship[17] and was also invited to give the 5th Herbert Simon Society lecture.[18]

Selected Honors and awards

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6 Best Paper Awards from leading international conferences

Invited keynote speaker at 72 international conferences and events

Selected Books & Journal Articles

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Books[15]

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Sarasvathy, S. D.  2021.  2nd Edition. Effectuation:  Elements of Entrepreneurial Expertise. Edward Elgar, New Horizons in Entrepreneurship Series.

Sarasvathy, S. D., Venkataraman, S., and Dew, N.  2020 Shaping Entrepreneurship Research:  Made, as well as found.  Oxford, UK: Routledge.

Read, S., Sarasvathy, S. D., Dew, N., and Wiltbank, R. 2016. 2nd Edition. Effectual Entrepreneurship 2nd Edition. Oxford, UK: Routledge

Read, S., Sarasvathy, S. D., Dew, N., Wiltbank, R. and Ohlsson, A.V. 2011. Effectual Entrepreneurship. Oxford, UK: Routledge (Translated into Portuguese, Dutch, French, Russian, Japanese and Chinese.  Won the gold medal in 2012 Axiom Business Book Awards)[25]

Sarasvathy, S. D.  2008.  Effectuation:  Elements of Entrepreneurial Expertise. Edward Elgar, New Horizons in Entrepreneurship Series. (Nominated for the 2009 Terry Book Award[3], Academy of Management and translated into Chinese, Japanese and Russian)

Most Cited Journal Articles

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  1. Sarasvathy, S. D. (2001). Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency. Academy of management Review, 26(2), 243-263.
  2. Dew, N., Read, S., Sarasvathy, S. D., & Wiltbank, R. (2009). Effectual versus predictive logics in entrepreneurial decision-making: Differences between experts and novices. Journal of business venturing, 24(4), 287-309.
  3. Wiltbank, R., Dew, N., Read, S., & Sarasvathy, S. D. (2006). What to do next? The case for non-predictive strategy. Strategic management journal, 27(10), 981-998.
  4. Sarasvathy, S. D., & Dew, N. (2005). New market creation through transformation.Journal of evolutionary economics, 15, 533-565.
  5. Read, S., Dew, N., Sarasvathy, S. D., Song, M., & Wiltbank, R. (2009). Marketing Under Uncertainty: The Logic of an Effectual Approach. Journal of marketing, 73(3), 1-18.

Source: Retrieved from Scopus[26]

Recently Published Journal Articles

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  1. Sarasvathy, S., & Botha, H. (2022). Bringing People to the Table in New Ventures: An Effectual Approach. Negotiation Journal, 38(1), 11-34.
  2. Sarasvathy, S. D. (2021). The Middle Class of Business: Endurance as a Dependent Variable in Entrepreneurship. Entrepreneurship Theory and Practice, 45(5), 1054-1082.
  3. Mauer, R., Nieschke, S., & Sarasvathy, S. D. (2021). Gestation in new technology ventures: Causal brakes and effectual pedals. Journal of Small Business Management, 1-36.
  4. Sarasvathy, S. D. (2022). An Effectual Analysis of Markets and States. Questioning the Entrepreneurial State, 37.
  5. Chowdhury, R., Sarasvathy, S. D., & Freeman, R. E. (2022). Toward a Theory of Marginalized Stakeholder-Centric Entrepreneurship. Business Ethics Quarterly, 1-34.

Source: Retrieved from Scopus[26]

References

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  1. ^ a b c d e f g Foss, Nicolai J.; Andersson, Martin; Henrekson, Magnus; Jack, Sarah; Stenkula, Mikael; Thorburn, Karin; Zander, Ivo (2023-03-28). "Saras Sarasvathy: recipient of the 2022 Global Award for Entrepreneurship Research". Small Business Economics. doi:10.1007/s11187-023-00746-6. ISSN 1573-0913.
  2. ^ a b "2022 Saras D. Sarasvathy – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  3. ^ a b "Saras D. Sarasvathy". UVA Darden School of Business. Retrieved 2023-04-07.
  4. ^ MarketScreener. "LendingTree, Inc. Appoints Saras Sarasvathy as an Independent Member of the Board of Directors | MarketScreener". www.marketscreener.com. Retrieved 2023-04-07.
  5. ^ a b c d Buchanan, Leigh (February 1, 2011). "How Great Entrepeneurs Think". Inc. Magazine. pp. 54–61. Retrieved April 7, 2023.
  6. ^ Sarasvathy, Saras D. (April 2001). "Causation and Effectuation: Toward a Theoretical Shift from Economic Inevitability to Entrepreneurial Contingency". The Academy of Management Review. 26 (2): 243. doi:10.2307/259121.
  7. ^ a b Silberzahn, Philippe (2022-06-09). "Why the award received by Saras Sarasvathy is important". Philippe Silberzahn. Retrieved 2023-04-07.
  8. ^ Sarasvathy, D. K.; Simon, Herbert A.; Lave, Lester (1998-01-01). "Perceiving and managing business risks: differences between entrepreneurs and bankers". Journal of Economic Behavior & Organization. 33 (2): 207–225. doi:10.1016/S0167-2681(97)00092-9. ISSN 0167-2681.
  9. ^ Sastry, Prathibha (2020-01-16). "Prof Saras D. Sarasvathy Talks About Effectuation in Entrepreneurship". Entrepreneur. Retrieved 2023-04-07.
  10. ^ Deutsch, Waverly (November 26, 2016). "Corporate Leaders: Watch How Entrepreneurs Think". Chicago Booth Review.
  11. ^ Taylor, Bill (2009-05-04). "MBAs vs. Entrepreneurs: Who Has the Right Stuff for Tough Times?". Harvard Business Review. ISSN 0017-8012. Retrieved 2023-04-07.
  12. ^ Schlesinger, Len (February 10, 2012). "Just Start! - Bloomberg". Bloomberg Business. Retrieved 2023-04-07.
  13. ^ "Effectuation – The best theory of entrepreneurship you actually follow, whether you've heard of it or not". Necrophone. 2014-01-21. Retrieved 2023-04-07.
  14. ^ "What Makes Entrepreneurs Entreprenerial?" (PDF). Khosla Ventures. Retrieved April 7, 2023.
  15. ^ a b "Saras Sarasvathy CV" (PDF). Darden.Virginia.Edu. Retrieved April 7, 2023.
  16. ^ a b "Special Issue: Effectuation and entrepreneurship theory: How effectuation relates to other concepts, models, and theories within entrepreneurship". Small Business Economics. 54 (3). March 2020.
  17. ^ Henrekson, Magnus; Lundström, Anders (2009-01-01). "The Global Award for Entrepreneurship Research". Small Business Economics. 32 (1): 1–14. doi:10.1007/s11187-008-9141-y. ISSN 1573-0913.
  18. ^ "5TH HERBERT SIMON HONORARY LECTURE" (PDF). herbertsimonsociety.org. November 21, 2022.
  19. ^ "2022 Saras D. Sarasvathy – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  20. ^ "Entrepreneurship researcher is 2022s honorary doctor". Mirage news. February 15, 2022. Retrieved April 7, 2023.
  21. ^ "UVA Darden Effectuation Pioneer Receives Global Legacy Impact Award". Darden Report Online. 2019-10-01. Retrieved 2023-04-07.
  22. ^ "Foundational Paper Award - Entrepreneurship Division". ent.aom.org. Retrieved 2023-04-07.
  23. ^ "Business Case Studies & Business Publications - Darden Business Publishing. Saras Sarasvathy Honored with Jubilee Professorship". webcache.googleusercontent.com. Retrieved 2023-04-07.
  24. ^ College, Babson. "Entrepreneurial Leaders Named 2013 Babson Honorary Degree Candidates and Commencement Speakers". www.prnewswire.com. Retrieved 2023-04-07.
  25. ^ "2012 Medalists". axiomawards.com. Retrieved 2023-04-07.
  26. ^ a b "Scopus preview - Sarasvathy, Saras D. - Author details - Scopus". www.scopus.com. Retrieved 2023-04-07.

The Global Award for Entrepreneurship Research is a prestigious international award that recognizes outstanding contributions to the field of entrepreneurship research. Established in 1996, it aims to promote the advancement of knowledge in entrepreneurship and to encourage research efforts in the field.[1]

The criteria for winning the Global Award for Entrepreneurship Research are based on the significance and impact of the researcher's contributions to entrepreneurship theory, methodology, and/or empirical research. The evaluation considers the following aspects:

  1. The originality and innovativeness of the research.
  2. The impact of the research on the scientific community and the advancement of entrepreneurship as a field of study.
  3. The practical relevance of the research for policymakers, educators, and practitioners in the field of entrepreneurship.[2]

The award is currently sponsored by a consortium of organizations including the Swedish Entrepreneurship Forum (Entreprenörskapsforum), the Research Institute of Industrial Economics (IFN), and Vinnova, which is the Swedish government agency responsible for promoting innovation.[1] Additionally, the consortium collaborates with renowned international organizations and academic institutions to ensure the highest quality of evaluation and recognition for the awardees.

The Prize

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The recipient of the Global Award for Entrepreneurship Research is awarded a prize sum of 100,000 Euros, making it one of the most prestigious and financially significant awards in the field of entrepreneurship research.[1] Recipients also receive a reproduction of Swedish Sculpter Carl Milles' The Hand of God.[3]

Conditions of the award

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The Global Award for Entrepreneurship Research has been regarded as the most prestigious award in the field of entrepreneurship and has been called the Nobel Prize of Entrepreneurship.[4][5][6][2] The award is presented annually with a ceremony typically held in Stockholm with the award being presented by the Minister of Sweden's Ministry of Enterprise and Education. The current awardee presents a prize lecture after receiving the award.[7]

The Global Award for Entrepreneurship Research recognizes individuals who have made outstanding contributions to the field of entrepreneurship and small business development. The primary criterion for receiving the award is exceptional scientific achievement, but other factors may also be considered. The award aims to emphasize the importance of entrepreneurship research, stimulate and promote further research in the field, and disseminate state-of-the-art research among scholars, practitioners, and small business developers.[2]

Each year, leading entrepreneurship scholars worldwide are invited to nominate candidates. A Prize Committee, consisting of six to eight members who are full professors at Swedish universities working on small business and entrepreneurship issues, selects the winner. The committee members are appointed for a standard term of 2 years, while the chairperson is elected for 1 year, with the possibility of re-election for additional terms.[8]

List of Global Award for Entrepreneurship recipients[9]

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Source: https://www.e-award.org/award-winners/

Year Award Recipient Affiliation (when awarded)
2023 Per Davidsson announced but not awarded[10] Queensland University of Technology
2022 Saras Sarasvathy University of Virginia Darden School of Business
2021 Cancelled N/A
2020 John Haltiwanger University of Maryland, College Park
2019 Boyan Jovanovic New York University
2018 Olav Sorenson Yale University
2017 Hernando de Soto Institute for Liberty and Democracy
2016 Philippe Aghion Collège de France
2015 Sidney G. Winter Wharton School of the University of Pennsylvania
2014 Shaker Zahra University of Minnesota
2013 Mary Ann Feldman University of North Carolina at Chapel Hill
2012 Kathleen Eisenhardt Stanford University
2011 Steven Klepper Carnegie Mellon University
2010 Josh Lerner Harvard University
2009 Scott Shane Case Western Reserve University
2008 Bengt Johannison[11] Växjö University
2007 The Diana Group, creators of The Diana Project (Candida Brush, Nancy Carter, Elizabeth Gatewood, Patricia Green, Myra Hart) Babson College
2006 Israel Kirzner New York University
2005 William Gartner Clemson University
2004 Paul Reynolds Babson College
2003 William J. Baumol New York University
2002 Giacomo Becattini & Charles Sabel University of Florence & Columbia University
2001 Zoltan Acs & David B. Audretsch University of Baltimore & Indiana University Bloomington
2000 Howard E. Aldrich University of North Carolina at Chapel Hill
1999 Ian MacMillan Wharton School of the University of Pennsylvania
1998 David Storey University of Warwick
1997 Arnold C. Cooper Purdue University
1996 David L. Birch Massachusetts Institute of Technology

References

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  1. ^ a b c Henrekson, Magnus; Lundström, Anders (October 15, 2008). "The Global Award for Entrepreneurship Research". Small Business Economics. 32 (1): 1–14. doi:10.1007/s11187-008-9141-y. ISSN 0921-898X.
  2. ^ a b c Braunerhjelm, Pontus; Henrekson, Magnus (May 2009). "Awarding Entrepreneurship Research: A Presentation of the Global Award". Entrepreneurship Theory and Practice. 33 (3): 809–814. doi:10.1111/j.1540-6520.2009.00327.x. ISSN 1042-2587.
  3. ^ "The Prize – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  4. ^ "Entrepreneurship Nobel to Steven Klepper". Organizations and Markets. 2011-01-29. Retrieved 2023-04-07.
  5. ^ "Per Davidsson on LinkedIn: 2023 Per Davidsson | 153 comments". www.linkedin.com. Retrieved 2023-04-07.
  6. ^ "Vishal Gupta and the Nobel Prize For Entrepreneurship Research". Journal of Business Venturing Blog. Retrieved 2023-04-07.
  7. ^ "Ceremonies – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  8. ^ "Prize Committee – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  9. ^ "Award Winners – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  10. ^ "2023 Per Davidsson – Global Award for Entrepreneurship Research". Retrieved 2023-04-07.
  11. ^ Lindholm Dahlstrand, Åsa (2014-10-30). "A Complete Human Being. Interview with a pioneer in Entrepreneurship Research: Bengt Johannisson:". Revue de l’Entrepreneuriat. 12 (3): 85–96. doi:10.3917/entre.123.0085. ISSN 1766-2524.
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