Liudmila Nazarkina, oikos PhD Fellow at the University of St. Gallen, Switzerland, and Raja Singaram, doctoral candidate at the University of Twente in the Netherlands are in Filzbach, Switzerland at the oikos Young Scholars Entrepreneurship Academy for researchers in the field of cleantech entrepreneurship, finance and policy. Their guest is Dr. Itai Sened, Professor of Political Science at Washington University in St. Louis. Prof. Sened is the Director of the Center for New Institutional Social Science. He is carrying the legacy of Douglass North, co-recipient of the 1993 Nobel Memorial Prize in Economic Sciences.