An Agent-Based Model of New Venture Creation: Conceptual Design for Simulating Entrepreneurship

Document Type

Conference Paper

Publication Date


Publication Title

Selected Papers Presented at MODSIM World 2011 Conference and Expo



Conference Name

MODSIM World 2011 Conference and Expo, October 11-14, 2011, Virginia Beach, VA


There is a growing debate over the means by which regions can foster the growth of entrepreneurial activity in order to stimulate recovery and growth of their economies. On one side, agglomeration theory suggests the regions grow because of strong clusters that foster knowledge spillover locally; on the other side, the entrepreneurial action camp argues that innovative business models are generated by entrepreneurs with unique market perspectives who draw on knowledge from more distant domains. We will show you the design for a novel agent-based model of new venture creation that will demonstrate the relationship between agglomeration and action. The primary focus of this model is information exchange as the medium for these agent interactions. Our modeling and simulation study proposes to reveal interesting relationships in these perspectives, offer a foundation on which these disparate theories from economics and sociology can find common ground, and expand the use of agent-based modeling into entrepreneurship research.


"Public use permitted"


0000-0002-8012-2272 (Collins)

Original Publication Citation

Provance, M., Collins, A. J., & Carayannis, E. (2012). An agent-based model of new venture creation: Conceptual design for simulating entrepreneurship. In T.E. Pinelli & L.S. Bullock (Eds.), Selected Papers Presented at MODSIM World 2011 Conference and Expo (pp. 299-304). NASA Center for AeroSpace Information. https://ntrs.nasa.gov/citations/20130008625