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 A great deal has been made of this data, but its many limitations need to be acknowledged.  This is an N of 3 companies, in different developmental phases, each in a different industry.  Thus, generalizing across these cases may be difficult if not unsound.  Secondly, the data presented were collected at three, four, or five points in time, and the intervals between them varied within and between cases.  This again speaks against any clean generalizations of the data.  Finally, this qualitative data is broadly analyzed; alternative versions and different interpretations are to be expected.

 With those caveats in mind, we identify three implications.  From a teaching standpoint, helping students identify resources at particular stages may give them a better chance of success, especially in times of uncertainty and change.  Second, from a practitioner standpoint it should be helpful to see that certain combinations of resources may be more useful in certain developmental phases.  Identifying and organizing against these resources may lower the risk that entrepreneurs face in going out into the marketplace. Third, even this initial empirical confirmation of the RBT is quite valuable from a theoretical perspective. Yet much more is needed.  For example, future research should begin to explore the causes or catalysts of these shifts, and a preliminary understanding is also needed about the speed of change itself.  These questions provide leverage for others to build on our empirical formulation.



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