Turning Small Talk into Big Ideas
KANSAS CITY, Mo. (Aug. 14, 2006) - To be a successful entrepreneur, the people you know are as important as your ideas, according to the winner of the 2007 Ewing Marion Kauffman Prize Medal for Distinguished Research in Entrepreneurship.
The Kauffman Foundation awarded the Kauffman Prize Medal to Toby Stuart on Aug. 14, 2006, at the Academy of Management annual meeting in Atlanta. Stuart is a professor at the Harvard Business School. Previously, he was the Arthur J. Samberg Professor at Columbia Business School and prior to that, the Fred Steingraber-A.T. Kearney Professor at The University of Chicago Graduate School of Business.
Stuart received the Medal for his pioneering research into social networks and their effects on entrepreneurship. His work points to the dynamics of networking and proves that successful entrepreneurs need more than good ideas and intelligence. They also need to be perceived positively in their networks.
"As an organizational sociologist, my research shows how social and industrial networks shape fundamental individual and firm outcomes in technology-intensive industries. Many of the core elements of the entrepreneurial process are dependent on the individual or firm's positions in a social network," said Stuart. "I am pleased to be honored for my work and receive this award from the Kauffman Foundation."
As a tribute to Ewing Marion Kauffman and his entrepreneurial work, the Kauffman Foundation established the Kauffman Prize Medal in 2005 to inspire promising young scholars to contribute new insight into the field of entrepreneurship. The Medal, which includes a $50,000 prize, is awarded every two years to one scholar under age 40, whose research has made a significant contribution to entrepreneurship.
The inaugural Medal winner was Professor Scott Stern from Northwestern University's Kellogg School of Management. He received the award for his enterprising research into the idea marketplace and the development of new market approaches that enable entrepreneurs to better produce and sell their intellectual property.
"As the American economy thrives on the innovation and insight of entrepreneurs, the field itself is relatively new as a course of academic study," said Carl Schramm, Kauffman Foundation president and CEO. "The Kauffman Prize Medal underscores the importance of scholarly research of entrepreneurship as we continue to better understand the field."