BENOIT LELEUX is Stephen Schmidheiny Professor of Entrepreneurship and Finance at IMD, Switzerland, where he was previously Director of the MBA Program and Director of Research and Development. He specialises in venture financing and management, combining expertise in entrepreneurship, venture capital, private equity and growth management. SAMUEL L. HAYES holds the Jacob H. Schiff Chair in Investment Banking Emeritus, at the Harvard Business School, USA. Professor Hayes has consulted for a number of corporations, financial institutions, and government agencies, including the Justice Department, the Treasury Department, the Federal Trade Commission, and the Securities and Exchange Commission. He currently serves on the boards of Telect, Inc., and Yakama, Inc. and is on the investment advisory boards of Edward Jones and Arcapita, Inc.