IBS Lunchtime Research Seminar - ‘Mr Fane’s Fire Balls’: A case study of entrepreneurial failure during the Industrial Revolution

Dr Joe Lane gave a research paper examining a case of entrepreneurial failure during the Industrial Revolution. This is based on research conducted as part of a British Academy funded research project into failure in the pursuit of innovation during the Industrial Revolution.

Abstract:

Histories of inventors and entrepreneurs are biased toward the successful or the famous. This is especially true of the Industrial Revolution. This survivorship bias skews our understanding of why some inventors and entrepreneurs succeeded where others failed. We explore the case of Thomas William Parr, a lesser-known inventor and entrepreneur, and his experience of commercialising a military invention through the Board of Ordnance during the Napoleonic Wars. Parr’s case highlights several important lessons for our understanding of entrepreneurial success: the role of debt, the culture of gentlemanly conduct, the role of social capital and reinforces the importance of the subjective judgments of individuals.

Authors:

Dr Joe Lane, Henley Business School, University of Reading

Dr Stephen Billington, Ulster University