This document outlines an economic model examining the relationship between growth, capital flows, and risky entrepreneurship. The model considers a small open economy with heterogeneous agents - workers and entrepreneurs who differ in entrepreneurial ability. Entrepreneurs undertake risky investment that drives growth but also saves in safe assets. The model is used to study how saving, investment, capital flows and growth interact under incomplete risk-sharing. It aims to explain empirical patterns like the positive correlation between growth and net capital outflows. Key results include how risk-sharing affects the economy's dynamics and the welfare gains from reducing risk.