Research on entrepreneurial decision-making awarded € 100,000

The 2022 Global Award for Entrepreneurship Research goes to Saras D. Sarasvathy, Professor Darden School of Business, University of Virginia. Sarasvathy is awarded for her pathbreaking research on entrepreneurial decision-making and the entrepreneurial process. The Global Award is the foremost international award in entrepreneurship research with a prize sum of € 100,000.

Saras D. Sarasvathy’s research has fundamentally changed and invigorated the conversation in the domain of entrepreneurship research. Her work on effectuation emphasizes how entrepreneurs operate based on available resources, think in terms of affordable loss rather than profit maximization, leverage trustworthy partnerships, and treat unforeseen contingencies as opportunities rather than problems. It has led and inspired a new generation of researchers in the quest for a better understanding of how entrepreneurs make their decisions and the unfolding of the entrepreneurial process.

Professor Sarasvathy’s most important contributions include:

  • Giving practicing entrepreneurs a perspective that resonates with and enlightens their experiences. At the same time, she has given the academic community a novel tool that could be useful for explaining and teaching entrepreneurship.
  • Building a long and well-established stream of research on decision-making yet giving it a unique expression. In that context, controlling rather than predicting, the future and goal ambiguity plays a central role in the entrepreneur’s deliberations in the new venture creation process.

Professor Sarasvathy’s conceptual framework for understanding entrepreneurial decision-making has reached well beyond the boundaries of entrepreneurship research, including the domains of marketing, strategy, and international business. In that capacity, it is a prime example that shows how entrepreneurship scholars can contribute to the development of neighboring domains of research. As an originator, driving force, and ambassador for entrepreneurship research, Professor Sarasvathy embodies all those qualities instrumental for maintaining entrepreneurship as a vigorous, impactful, and practically relevant domain of research.

The Award ceremony will take place in Stockholm on May 25. For further information, please visit our website,


The Global Award for Entrepreneurship Research is the foremost global award for research on entrepreneurship. The Award honors significant contributions to theory-building on entrepreneurship and small business development. The Award consists of the statuette ”The Hand of God” by the Swedish sculptor Carl Milles and a prize amount of 100 000 Euros.

Founder of the Award: Swedish Entrepreneurship Forum. Co-founder: The Research Institute of Industrial Economics (IFN). Sponsor:Vinnova – Sweden´s Innovation Agency. Donor: Lars Backsell.

For more information, please visit or contact Pernilla Heed.