The programme focuses on the study of firms, from their origins and evolution to financing choices, internal organisation, and performance. One of its primary goals is to understand the specific challenges surrounding the birth of new firms, such as skills and traits of successful entrepreneurs, the environment conducive to their development, and the importance of different financial options available to fund start-ups (bank finance, angel finance, crowdsourcing, and venture capital). Another primary goal of the programme is to develop a better understanding of persistent performance differences across seemingly similar organisations, in particular how such differences correlate with financial policies, governance structures, and management practices. Within the GEM programme, there are currently two sub-programmes: one on Private Equity, Venture Capital and Entrepreneurial Finance, led by Ulf Axelson, and one on Governance, led by Daniel Ferreira.