Entrepreneurial success has always depended on access to capital, but the definition of capital is undergoing a profound transformation. In earlier eras, land, labor, and financial resources determined who could build and scale a business. In the industrial age, machinery and physical infrastructure separated large firms from small ones. In the digital age, data and networks became decisive advantages. Today, artificial intelligence represents a new and increasingly dominant form of capital, one that does not sit on a balance sheet in the traditional sense but fundamentally alters how value is created, captured, and scaled. AI capital refers to the strategic accumulation and deployment of artificial intelligence systems, models, data pipelines, and automation capabilities that amplify human decision-making and execution. Unlike financial capital, AI capital does not simply fund activity. It actively participates in the entrepreneurial process by analyzing markets, generating content, optimizing operations, predicting outcomes, and continuously learning. This shift is changing who can succeed as an entrepreneur and how quickly that success can be achieved. Managers face a strategic choice between a closed, proprietary mode of IT governance focused on internal control and an open, ecosystem-driven model that uses external resources, when it comes to using technology to facilitate how their business functions and grows. New technologies like blockchain provide businesses the opportunity to decentralize key activities, forcing managers to reconsider the trade-off between closed, proprietary control and open strategies that involve external contributors (Hui, et al., 2025).
Miguel Virgen (2026) studied this question.
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