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Dynamics of knowledge intensive entrepreneurship: Business strategy and public policy
Abstract
Knowledge intensive entrepreneurship lies at the core of the structural shift necessary for the growth and development of a knowledge based economy, yet research reveals that the EU has fewer young leading innovators, and Europe's new firms do not adequately contribute to industrial growth. This is especially true in the high R&D intensive, high-tech sectors. This structural malaise, undermining Europe's growth potential, is well diagnosed, but poorly understood. This volume fills this important gap by exploring new firms that have significant knowledge intensity in their activity and develop and exploit innovative opportunities in diverse sectors. Through an evolutionary and systemic approach to entrepreneurship, focusing on knowledge intensive entrepreneurship as both a micro and a macro phenomena and analyzing firms in the context of various socio-economic models, the authors explore firms creation and origins around the world, their organization, strategies and business models as well as the role of innovation systems and institutions in their formation and growth. This comprehensive research text is vital reading for academics, researchers and students of high-tech and knowledge intensive entrepreneurship as well as those with an interest in industrial dynamics, innovation management and public policy. © 2016 Franco Malerba, Yannis Caloghirou, Maureen McKelvey and Slavo Radosevic. All rights reserved.
... Given the density of resources and connections, EEs are ideal environments for knowledge-intensive entrepreneurs (KIEs) to emerge and thrive (Bertello et al., 2022;Nicotra et al., 2018). This concept identifies the strategic behaviour of entrepreneurs actively acquiring resources (most notably knowledge) by interacting with other organizations, and recombining them into original innovations to obtain a competitive advantage in the market (Malerba et al., 2015;Moraes et al., 2023). Previous studies have specifically investigated how ecosystem features impact the development of such enterprises (Fischer et al., 2022a, b;Siqueira et al., 2023) and hinted at the role played by KIEs in dynamizing their local ecosystem (Malerba & McKelvey, 2020;Sousa & Silva, 2019) but research on the role of KIEs in connecting different ecosystems is still in its infancy. ...
Entrepreneurial ecosystems (EEs) are regarded as ideal breeding ground for knowledge-intensive entrepreneurs (KIEs). Yet, as EEs are mostly considered isolated from each other and their connectedness is neglected, there is a lack of research on their capacity to attract KIEs rather than to locally nurturing them. Inadequate data has been a major obstacle to this line of work as well. Aiming to address this gap, the present study investigates KIEs’ mobility providing empirical evidence at support of EEs’ connectedness. The career history of 3,897 biotech KIEs across 32 European countries over a 15-year time was analysed. A stochastic actor-oriented model (SAOM) was employed to identify the key determinants attracting flows of biotech KIEs from one EE to another. Crucially, this analysis included both location-specific variables for every EE, as well as the dynamics of the inter-EE mobility network itself. Though the results are specific to KIEs in the biotech sector and more research is necessary to further confirm them, they provide evidence that KIEs’ mobility emerges from multiscalar phenomena extending beyond ecosystem boundaries. Both the academic community and policymakers should take such dynamics seriously to understand and shape EEs connectedness to the larger world. Moreover, as KIEs’ mobility cannot be fully understood without accounting for inter-EE connectedness, the multiscalar understanding of EEs can significantly benefit from the use of KIEs’ mobility data.
... Following the definition by Malerba and McKelvey (2019), we categorize the following enterprises as KIEs. These featured by innovativeness, significant knowledge intensity in their business activities, exploiting innovative opportunities in diverse sectors under uncertainties, high dependency on knowledge capital such as technology advancement, market intelligence and human resources for their growth and the ability of (re)configuring knowledge and capabilities over the course of growth (Hirsch-Kreinsen & Schwinge, 2014; Kotsopoulos et al., 2022;Malerba et al., 2015;Malerba & McKelvey, 2019). ...
Knowledge-intensive enterprises (KIEs) play a significant role in creating value in larger ecosystems by exploiting innovative opportunities. The survival and development of KIEs significantly rely on the resources that they can obtain from heterogeneous regional endowments. However, few studies have investigated KIE development in relation to the evolutionary characteristics of the external environment under a specific regional context. Adopting the lens of ecosystems and a processual approach, using a case study of China’s IC design industry, the present study explores how KIEs coevolve with innovation ecosystems over time. More specifically, our case study reveals the mechanism by which KIEs benefit from innovation ecosystems by responding to changing resource dynamics over the course of ecosystem development, which in turn facilitates and shapes the development of KIEs into either market-oriented growth or technology-oriented growth paths. The theoretical contribution and practical implications based on our findings are discussed.
... KIE places emphasis on: (a) knowledge -related to science, technology and design and creative activities, and education and advanced skills, as well as (b) the innovation systems -that surround, support and interact with the entrepreneur. For the purposes of this study, and in line with the works of Malerba et al. (Malerba, Caloghirou, & McKelvey, 2015;Malerba & McKelvey, 2019), KIEs bear the following characteristics: ...
Knowledge Intensive Enterprises (KIEs) constitute one of the most promising forms of entrepreneurial activity that can boost economic growth. Especially within the context of Innovation Ecosystems (IEs), KIEs play a central role in modern innovation research. The Covid-19 pandemic highlighted strongpoints and deficiencies in the broader ecosystems, the companies themselves, and most importantly, their founders and employees. Despite the external hindrances, many enterprises found growth driven by their ecosystems’ dynamic and their staffs’ capabilities. Combining insights from a quantitative survey, with actual growth data in the context of a Venture Capital (VC)-driven IE, we argue that enterprise profile - as defined by its innovation capability and its members’ personal, organizational, and demographic characteristics – affect KIE growth potential, and actual growth. In addition, we argue that both enterprise profile, as well as KIE growth, affect its members’ emotional reaction to the Covid-19 crisis, in terms of worry, hope, and optimism.
This paper offers a new approach to implementing next-generation technology transfer strategies, policies and practices by conceptualising and testing the use of a professional social matching (PSM) system to recommend partnerships for innovation and technology transfer. Innovation is increasingly dependent on interactions between heterogeneous actors, as they produce and share technical knowledge. However, the identification of suitable partners is mostly unstructured and has not employed modern recommendation systems, nor has it accounted for the existence of multiscalar dynamics in innovation networks. After reviewing the most recent academic literature on PSM systems and innovation ecosystems, an original framework for a professional social matching for innovation and technology transfer (PSM4ITT) system was developed. Its applicability was tested on a sample of 2261 organisations innovating in photodegradation and photocatalyst technologies, with the US as a focus country. Key metrics to assess the impact of the PSM4ITT system were identified and tested using different design strategies and recommendation algorithms. It was found that the PSM4ITT system performed better when multiscalar information was an integral part of its design and recommendation algorithm, ultimately improving the positioning and cohesiveness of the US in the global network. Although limited to a proof-of-concept, this work enriches academia with first conceptualizations and results, opening new research opportunities for management and innovation scholars. Most importantly, it may guide the adoption of PSM4ITT systems, thus supporting policymakers in balancing openness and protectionism in times of change and uncertainty.
By facilitating the capture, organization, and dissemination of knowledge within and beyond the institution, knowledge management (KM) in higher education institutions (HEIs) fuels innovation, enhances research impact, and strengthens collaboration, ultimately leading to the creation of new knowledge and its valuable exchange. However, there is still much to explore in terms of the enablers of knowledge creation, sharing, and transfer. Therefore, this paper aims to identify the enablers of effective KM in the Polytechnique University of Leiria, which serves as a benchmark for other higher education institutions due to its leadership role in RUN-EU, a consortium of European universities. To achieve this, a narrative analysis based on information from SCOPUS and the institute’s website, focusing on innovation, research, and development strategies, is proposed. The findings suggest that for KM initiatives to be successful, they need to be strategically designed, culturally supported, technologically enabled, and integrated into existing workflows.
This study explores the role of women in top-level management positions in effectively managing and navigating corporate crises. The primary objective is to examine how gender differences influence the perception of crisis susceptibility and preparedness in sport-based entrepreneurship within organizational settings. Specifically, the research aims to investigate the actions, decision-making processes, abilities, and opportunities women can leverage to steer businesses during times of crisis.
A single case study approach was employed to answer the research question, focusing on the basketball club “Virtus Cassino” competing in the Italian national Serie B basketball championship. Semi-structured interviews were conducted with the female entrepreneur, and various sources such as strategic business documents, the club’s website, and press articles on Virtus Cassino were analyzed. The female entrepreneur’s role is a crucial aspect of the analysis, as she represents both the subject of study and a strategic management model for crisis management. The frameworks proposed by Ratten (International Entrepreneurship and Management Journal, 7, 57–69, 2011) and Ahonen (Journal of Entrepreneurship and Public Policy, 8(1), 22–39, 2019) were utilized to test the research findings and achieve the research objectives. Additionally, the research results were triangulated to ensure data integrity and reliability.
This paper contributes to the literature on gender and crisis management by presenting a strategic management model for crisis management in sports entrepreneurship guided by a female entrepreneur. The research findings also enrich the literature on sport-based entrepreneurship and entrepreneurship theory, as they identify the strategic levers of crisis management under the leadership of a female entrepreneur. These levers encompass various elements, including intangible factors such as the manager’s entrepreneurial skills, the cultural background of the stakeholders, and the relationships established by the sports club with fans and industry professionals. This model offers insights into the valuable role women can play in overcoming managerial crises, even within sports enterprises.
This paper builds on Qian and Acs (Small Business Economics, 40, 185–197, 2013) concept of entrepreneurial absorptive capacity and empirically investigates its role in the context of new knowledge intensive entrepreneurship. When it comes to the business formation phase and especially to the creation of knowledge intensive entrepreneurial ventures, knowledge inheritance of new firms seems to be more related to individual attributes. The knowledge intensity of these ventures is very much dependent on the founders’ capability to understand new knowledge, combine their knowledge with external knowledge sources, and exploit it in the context of opportunities they can recognise; that is, their absorptive capacity. This study provides new insights into the concept of absorptive capacity by studying it at the individual level enhancing the way of measuring it. Based on quantitative data from a large-scale survey, we conducted a partial least squares structural equation modelling (PLS-SEM) application, which verified the role of entrepreneurial absorptive capacity in triggering knowledge intensive entrepreneurship. Furthermore, the results imply a weaker but positive indirect effect of absorptive capacity to new venture performance. There is also a statistically significant negative influence of competition intensity and a positive influence of equity funding on the formation of knowledge intensive entrepreneurship. At the policy level this analysis reveals the importance of micro-determinants in fostering knowledge intensive entrepreneurial activities.
This paper aims to enlarge our understanding of how the creative industries affect an economy’s innovation activities both by developing and introducing innovations as part of their business activities and stimulating innovation in other sectors. It applies a two-stage analysis. As to the first stage, it attempts to identify the innovation determinants of creative firms considering several characteristics of their founders and employees and different types of knowledge sources. In the second stage, the paper seeks to explore whether and how creative firms’ innovative output helps their business clients from other (creative or non-creative) industries to innovate accounting for endogeneity issues. Our analysis is based on more than 1000 firms operating in various creative industries in 5 European countries (Italy, UK, Sweden, Denmark, Greece). The main findings in the first stage of the analysis suggest that younger founders and employees with creativity expertise are significantly associated with an increased probability of creative firms introducing both product and process innovation. In the second stage of analysis, we provide strong empirical evidence that creative industries support innovation in the wider economy. We show that the innovation output of creative firms constitutes a crucial input for the innovativeness of their business clients from other (creative or non-creative) industries.
From the perspective that a region’s industrial development mostly builds upon existing local capability endowments to form a trajectory of related diversifications, we argue that regions with a strong technology-based knowledge-intensive business service (T-KIBS) sector potentially have resource-based relatedness in their ‘knowledge space’ allowing their local manufacturing sector to diversify production more easily towards Industry 4.0. The study assays whether the internal configuration of the local KIBS sector contributes to the economic outcome of local industry by implementing spatial econometrics models on a regionalized database for 24 European Union countries.
A key issue for transition to a more sustainable future is how to promote collaboration for innovation amongst multiple diverse partners. However, collaborating for innovation requires that firms overcome the paradox of openness, i.e., they need to be open to collaboration to innovate and at the same time protect their internal knowledge and intellectual assets to appropriate value from their innovations. The aim of this paper is to investigate how knowledge-intensive entrepreneurial (KIE) firms can overcome this paradox—which is an important barrier to future transitions—by choosing a combination of collaborative partners and appropriability strategies that support their ability to create more radical innovations. We analyze a sample of over 2450 KIE firms, drawing from a cross-European survey. Our results indicate how different partners, and different appropriability strategies, are more, or less, relevant to the generation of the radical innovations needed to transform society into one with a sustainable future; university collaboration and the use of formal protection mechanisms seem especially important for such new-to-the-world innovations. Our study includes important policy implications for how to support and promote future sustainable transitions and also establishes a foundation for future lines of research regarding entrepreneurship and sustainable transition.
This study explores configurations for firm-environment alignment of entrepreneurial opportunity exploitation in technology based ventures to explain firm performance. Classifying entrepreneurial opportunities by their source and location as technology driven and market driven, we develop a framework to investigate a multitude of factors in the firm and in the environment that influence firm performance only when aligned with each other. The study examines technology-based ventures using fuzzy-set qualitative comparative analysis. Our results highlight the presence of complete firm-environment alignment of technological and market opportunity exploitation in cases with very high organizational growth rates. High-growth cases are driven by market opportunity exploitation. Firm-environment misalignment characterizes low-growth cases. Our results extend entrepreneurial opportunity exploitation literature to encompass a configurational setting from a quality perspective and provides entrepreneurs, managers, and policy-makers with informed choices of alternative growth strategies when focusing on organizational and policy priorities.
Smart specialization strategies represent public policy initiatives to develop regions based on new combinations of knowledge and industries. The aim of this article is to enrich the theory and practice of smart specialization strategies (S3) by integrating the conceptualization of knowledge-intensive entrepreneurship (KIE). We propose that knowledge-intensive entrepreneurship is necessary in order to specify how public and private support of KIE firms can be beneficial to develop new knowledge relevant to the fulfillment of specific sustainable development goals. We did so by further developing a conceptual model of innovation governance routines by integrating sustainability goals. We also illustrated our conceptual model through two case studies from the Swedish maritime cluster. By extrapolating from the combination of the conceptual model and two case studies, we make three propositions about the different strategic roles that KIE firms can play within a broader S3 policy setting, and in such a way as to promote sustainability-related outcomes.
The two main purposes of this article are: 1) To propose a conceptual model for governance at the interface of science and technology with knowledge-intensive innovative entrepreneurship and 2) To develop propositions and propose a future research agenda on evolutionary governance routines. Our proposed conceptualization of governance depends upon an understanding of how different ways of developing rules and norms to interact and make decisions collectively are created and maintained, including two sub-processes. One process is to develop advanced knowledge and the second process is where entrepreneurs transform that knowledge developed as the public good and privatize it through value creation. We propose that a main task for this type of entrepreneur is to manage their engagement in the overall governance in such a way as to be perceived by others as continuing to contribute to the collective action problem. The article provides definitions and propositions in relation to the conceptualization, as well as interesting trajectories for future research.
This article analyzes the core features of the new, innovative, and outward‐looking entrepreneurial paradigm arising in Greece during the post‐2008 contraction of the economy. Through case studies of 21 selected firms, we demonstrate the ways in which the new paradigm differs from the pre‐2008 prevailing business practices and the reasons why it has appeared at this particular moment in time. We argue that if it expands, this phenomenon may have the potential to change the face of Greece but that at this moment in time, it is at a critical turning point.
To date, there is little empirical evidence on the specificities and commonalities of entrepreneurship in the creative industries relative to other sectors. This paper explores this issue by comparing knowledge‐intensive entrepreneurship (KIE) in the manufacturing and creative industries by examining their differences and similarities. Given the lack of prior studies, our comparison is exploratory and based on descrip- tive statistics. The data comes from the AEGIS survey, which studied KIE firms across 10 countries and a diverse set of industries. Our analysis shows that KIE firms in cre- ative industries resemble those in manufacturing in several dimensions, but also that there are some pronounced differences, such as (i) a higher level of knowledge intensity of KIE firms in creative industries, with higher educational attainment of both founders and employees; (ii) that personal financing plays a much larger role in creative industries; (iii) KIE in creative industries focuses more on service innovations, but introduces radical innovations to a lesser extent; and (iv) they remain smaller in terms of number of employees and turnover, but are more profitable than KIE in manufacturing relative to their size. We end the paper by pointing out directions for future research, based on our exploratory results.
Over the past two and a half decades, the economic landscape of Central and Eastern European countries (CEECs) has considerably changed. The demise of traditional industries and the rise of the service sector during the 1990s inclined economic structure towards deindustrialisation. In years that followed, new industries emerged in many of these countries and brought them back on the route of reindustrialisation. Across countries, this process developed at an uneven pace. The recent rise of awareness about the importance of industrial development for the well-being of nations makes it relevant to investigate the sources behind changes in the economic structure of CEECs. Our findings reveal that reindustrialisation takes place at an uneven pace. No support was found for horizontal economy-wide industrial policies advocated within new classical economics. Strong impulse to reindustrialisation comes through improvements in export sophistication. Such findings are in line with those on the position of CEECs in global value chains.
The principal characteristic of entrepreneurship as a socioeconomic phenomenon is its immanent diversity, which, arguably, poses a challenge for researchers. In turn, it is crucial that policymakers recognize the internal diversity of business establishments and their leaders, as it allows them to influence more effectively—with the use of various instruments—the pace and the directions of development within the enterprise sector. A total of 24 facets of entrepreneurship have been conventionally divided into three main groups. The first one is the segment of small business. The second group features entrepreneurship facets reflecting the renaissance of entrepreneurship at the turn of the 21st century. The third group encompasses diverse manifestations of entrepreneurial attitudes outside the business sector.
Virtually all developed economies utilize taxpayers' money to provide either free or subsidized assistance to small business, the self-employed or to potential small business owners. Sometimes this assistance is direct financial payments in the form of subsidies to encourage investment in human or physical capital. In other cases, subsidies are in the form of free or subsidized advisory services in starting or developing small business or in specialized areas, such as exporting or the use of new technology.
Today it is a well-established fact that small- and medium-sized enterprises (SMEs) are important for economic growth and renewal. The ‘carrying out of new combinations’ may, however, have less to do with the size of a firm or organization, instead ‘newness’ in the form of innovation and entrepreneurship has again caught the attention of many academics and policymakers. Even so it is argued in this paper that the two areas of innovation policy and entrepreneurship policy (both relatively recent as distinct policy areas) are seldom integrated and the concept of ‘innovative entrepreneurship policy’ has not yet fully emerged. This paper attempts to make a bridge between and integrate innovation and entrepreneurship policy. The paper presents an overview of innovation and entrepreneurship policies as derivatives of other policy areas, hinting at why it might be problematic to integrate an innovative entrepreneurship policy into existing policy areas. It is argued that public policy promoting innovation and economic growth must also involve instruments promoting entrepreneurship. Since this task is not easily accomplished, the concept of an Innovative entrepreneurship policy is also introduced in the discussion. It is argued that policies in favor of ‘innovative’ entrepreneurship should be considered in the context of a ‘holistic’ entrepreneurship policy framework. For innovative entrepreneurship to be able to fully contribute to economic growth and development it is suggested that its importance will need to be further acknowledged in innovation as well as entrepreneurship policies. Keywords: small- and medium-sized enterprises; science and technology; innovative firms; entrepreneurial firms; start-ups; growth (Published: 7 October 2010) Citation: Annals of Innovation & Entrepreneurship 2010, 1: 5602 - DOI: 10.3402/aie.v1i1.5602
The report explores the role of technology and innovation in driving productivity growth and economic growth, and the extent to which employment and wealth trends are driven by a few high-growth firms in most economies. It examines the dynamics of technologies absorbed by firms and technology-based firms themselves, their growth dynamics in Scotland and their contribution to the Scottish economy.
The methodology consists of a literature review of evidence on: the role of technology and technology based firms in an economy; barriers to innovation and growth; and R&D, technology development and innovation in Scotland.
The report finds little evidence that high-tech sectors or hi-tech-high-growth firms are the driving forces in the Scottish innovation system, and that innovation in Scotland is largely done through technology adoption rather than more radical product development. It suggests that the barriers to innovation in smaller Scottish firms are due to a lack of in-house capabilities to undertake R&D and innovation (non-technological) and that this may be linked to an overemphasis on higher as opposed to vocational education. The failure on behalf of Scottish firms to absorb the research output of the university system is highlighted. Although high-growth firms are found to be under-represented in high-tech sectors in Scotland, this is comparable with their representation in other countries. The report concludes that high-growth firms are not exclusively found in high-tech sectors and play two different roles in the modern economy: high-growth firms create jobs and economic growth; and high-tech firms to generate productivity growth over the longer term.
It is recommended that current Scottish innovation and enterprise policies be rebalanced towards increasing innovation activity in existing companies rather than on creating new technology-based firms. The report calls for greater integration of innovation and business support policies with education and training policies in order to tackle the problem of the low absorptive capacity of Scottish firms.
Almost a century ago, in The Theory of Economic Development (first published in German in 1911 and translated into English in 1934), Joseph Schumpeter argued that an analysis of the "Circular Flow of Economic Life as Conditioned by Given Circumstances" could not explain economic development. By the "Circular Flow" Schumpeter meant what we now call "general equilibrium theory"; a theory of an economy in which market competition equilibrates the relation between supply and demand across a plethora of markets to achieve the "optimal" allocation of resources in the economic system as a whole. For anyone who has not studied economics, Schumpeter's argument may seem rather esoteric and academic. Even today, however, the policy pronouncements that most economists make on how to foster economic development derive from a "theory of the market economy" that, as Schumpeter recognized, cannot explain the wealth of nations. Prevailing economic orthodoxy assumes that a developed capitalist economy is essentially a market economy in which, through the equilibration process, the allocation of resources across factor and product markets yields the best possible economic outcomes.
Research on entrepreneurship has flourished in recent years and is evolving rapidly. This article explores the history of entrepreneurship research, how the research domain has evolved, and its current status as an academic field. The need to concretize these issues stems partly from a general interest in defining the current research domain and partly from the more specific tasks confronting the prize committee of the Global Award for Entrepreneurship Research. Entrepreneurship has developed in many sub-fields within several disciplines—primarily economics, management/business administration, sociology, psychology, economic and cultural anthropology, business history, strategy, marketing, finance, and geography—representing a variety of research traditions, perspectives, and methods. We present an analytical framework that organizes our thinking about the domain of entrepreneurship research by specifying elements, levels of analysis, and the process/context. An overview is provided of where the field stands today and how it is positioned relative to the existing disciplines and new research fields upon which it draws. Areas needed for future progress are highlighted, particularly the need for a rigorous dynamic theory of entrepreneurship that relates entrepreneurial activity to economic growth and human welfare. Moreover, applied work based on more careful design as well as on theoretical models yielding more credible and robust estimates seems also highly warranted.
Despite an almost universally accepted belief outside academia that entrepreneurial activity is a positive driving force in the economy, the accumulated evidence remains largely inconclusive. The paper positions the increased interest in entrepreneurship since the 1980s within its historical context and highlights the significant methodological problems with its analysis. Taking these problems into account it re-evaluates the performance of entrepreneurial firms in terms of innovation, job creation, economic growth, productivity growth, and happiness to show how both positive and negative interpretations can emerge. A pattern of increasingly positive interpretation is observed as one moves from analysis to policy. To address this bias, the paper suggests the single category 'entrepreneurial firms' be broken up along a continuum from the large number of economically marginal, undersized, poor performance enterprises to the small number of high performance "gazelles" that drive most positive impact on the economy. This would allow a more realistic evaluation of the impact of entrepreneurs by avoiding a composition fallacy that assigns the benefits of entrepreneurship to the average firm.
This study advances research on entrepreneurial orientation and social capital by examining how the configuration of a founding team's intra- and extraindustry net- work ties shapes the relationship between entrepreneurial orientation and new ven- ture performance. Using an original data set of 90 new ventures in the emerging open source software industry, we found that the combination of high network centrality and extensive bridging ties strengthened the focal link. Among firms with few bridging ties, centrality weakened the relationship between entrepreneurial orientation and performance. Overall, these findings contribute to a better understanding of when network centrality represents an asset or a liability for entrepreneurial firms. Although a firm's entrepreneurial processes may facilitate the pursuit of new entry opportunities that enhance its performance, adopting a strong entrepreneurial orientation is increasingly consid- ered necessary but insufficient for wealth creation by new ventures (Covin & Slevin, 1989; Ireland, Hitt, & Sirmon, 2003; Lumpkin & Dess, 1996). A better understanding of the conditions under which an entrepreneurial orientation enhances firm performance may thus require a contingency perspective that emphasizes the importance of fit among a firm's strategic posture and other con- structs of interest (Lumpkin & Dess, 1996). Whereas much work has focused on the moderating role of environmental and organizational factors, surpris- ingly few studies have examined how a firm's em- beddedness in interfirm networks influences the wealth creation potential of its entrepreneurial ori- entation (Simsek, Lubatkin, & Floyd, 2003). The limited empirical evidence that exists suggests that although networks may facilitate the performance of entrepreneurial firms, not all ties do so equally (Peng & Luo, 2000). Thus, identifying conditions under which particular relationships enhance or
The constructs of social capital, entrepreneurial orientation, and performance have been widely researched over the last decade.
There is, however, limited evidence of the interrelation between these constructs in a knowledge-based environment. This research
investigated such relationships in academic institutions in Metropolitan Melbourne. As a motive to improve performance of
academic staff within universities, we examined the role of social capital in fostering entrepreneurial activities. A quantitative
survey methodology is implemented via electronic media, facilitated by empirical analysis using correlation and multiple regression.
While it can be concluded that the constructs are all multidimensional, varying relationships were identified when statistically
examining the interrelations. Overall, there is a significant relationship between the dimensions of social capital and performance,
albeit varying between structural, relational, and cognitive dimensions. Entrepreneurial orientation also portrays such significance,
albeit varying between dimensions of autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness.
Limitations and further research are cited to enhance the understanding of the interrelation of the constructs.
The literature on national systems of innovation (NIS) has neglected the issue of entrepreneurship because of several incompatibilities between the two notions. The Schumpeterian legacy, the current person-centric view of entrepreneurship, and methodological problems related to treating entrepreneurship at the macrolevel, have made it difficult to integrate entrepreneurship into the NIS perspective. At national level it is more appropriate to treat entrepreneurship as a ‘property’ (dimension) of NIS. In order to link NIS and entrepreneurship we must establish a common conceptual basis. Our argument is that the functional view of NIS and entrepreneurship presents a common basis for such an approach. We develop criteria for the entrepreneurial NIS which we define as being those that can change balance between individual and cooperative entrepreneurship; that enhance both the opportunity and skill aspects of entrepreneurship; and that can balance generation of uncertainty with support to business models and other organisations which pool uncertainty. From the NIS perspective, we explain entrepreneurship as a systemic phenomenon driven by complementarities between technological, market and institutional opportunities. This framework builds on three research traditions in the entrepreneurship/NIS literature (Schumpeterian, Kirznerian and Listian) which jointly form a multi-level, multi-dimensional framework for understanding entrepreneurship from a NIS perspective. This framework could be useful as a heuristic for empirical research on entrepreneurship. Finally, we analyse policies for entrepreneurship and find that they are highly dependent on underlying and previously discussed conceptions of entrepreneurship.
The transition economies have lower rates of entrepreneurship than are observed in most developed and developing market economies. The difference is even more marked in the countries of the former Soviet Union than those of Central and Eastern Europe. We link these differences partly with the legacy of communist planning, which needs to be replaced with formal market-supporting institutions. But many of these developments have now taken place, yet entrepreneurial activity still remains low in many places. To analyse this longer term issue, we highlight the necessarily slow pace of development of new informal institutions and the corresponding social attitudes, notably rebuilding the generalised trust. We argue that changes are even slower in the former Soviet Union than Central and Eastern Europe because communist rule was much longer, leading to a lack of institutional memory. We posit that changes in informal institutions may be therefore delayed until after full generational change.
Recombinant property is a form of organizational hedging in which actors respond to uncertainty by diversifying assets, redefining and recombining resources. It is an attempt to hold resources that can be justified by more than one legitimating principle. Property transformation in postsocialist Hungary involves the decentralized reorganization of assets and the centralized management of liabilities. Together they blur the boundaries of public and private, the boundaries of enterprises, and the boundedness of justificatory principles. Enterprise-level field research, data on the ownership structure of Hungary's 220 largest enterprises and banks, and an examination of the government's recent debt consolidation programs suggest the emergence of a distinctively East European capitalism that will differ as much from West European capitalisms as do contemporary East Asian variants.
This article examines the opportunities and constraints for entrepreneurship offered by the evolving institutional environment and the characteristics of the people who stepped up to the challenge. It places the concept of entrepreneurship in a transition context, before identifying in the third section the unique features of entrepreneurship in transition economies. The article discusses the evolving business environment, and reports the scale and nature of entrepreneurship in transition economies. The personal characteristics and the business strategies of entrepreneurs in transition economies are also discussed. The article concludes by outlining directions for future work.
This book reveals how government and its allies (like business associations) can help people to start businesses that have the potential to grow rapidly and make major contributions to the economy. Although many entrepreneurs think of government as the enemy, and many policy-makers simply ignore entrepreneurs and potential entrepreneurs, this volume argues that the two groups should be allies, since their goals of building a vibrant economy and new businesses are interconnected. Contributors to the volume assert that mutual education and careful attention to the design of new policies will help this alliance to grow stronger.
'This ambitious book draws upon a wide variety of literature in developing a comprehensive theory of entrepreneurship, ranging from the discovery of entrepreneurial activities, to industry differences in entrepreneurial activity, to the organizing process. It represents a major contribution to the field.' - Arnold C. Cooper, Purdue University, US. 'Professor Scott Shane provides a deep and comprehensive discussion of the individual-opportunity nexus in entrepreneurship. Eschewing the usual approaches of either focusing exclusively on the individuals and their motivations and actions or focusing exclusively, almost always ex-post, on the economic potential of opportunities, Scott Shane fixes his gaze squarely on the nexus of the individual and the opportunity. It is this nexus that I believe is the building block for a better understanding of the entrepreneurial phenomenon.' - From the foreword by Sankaran Venkataraman. In the first exhaustive treatment of the field in 20 years, Scott Shane extends the analysis of entrepreneurship by offering an overarching conceptual framework that explains the different parts of the entrepreneurial process - the opportunities, the people who pursue them, the skills and strategies used to organize and exploit opportunities, and the environmental conditions favorable to them - in a coherent way.
'Knowledge Intensive Entrepreneurship taps into a growing trend of entrepreneurship research which recognises that not all start-ups are the same - and specifically that knowledge-intensive firms are important drivers of economic development. By focusing on the birth, growth and exit of knowledge-intensive firms, this book is a valuable addition to the literature which should be of vital interest to scholars and policy-makers alike.' © Frédéric Delmar and Karl Wennberg 2010. All rights reserved.
This book is part of a larger effort undertaken by the World Bank to understand the development experience of the 1990s, an extraordinary eventful decade. Each of the project’s three volumes serves a different purpose. Development Challenges in the 1990s: Leading Policymakers Speak from Experience offers insights on the practical concerns faced by policymakers, while At the Frontlines of Development: Reflections from the World Bank considers the operational implications of the decade for the World Bank as an institution. This volume, Economic Growth in the 1990s: Learning from a Decade of Reform, provides comprehensive analysis of the decade’s development experience and examines the impact of key policy and institutional reforms of growth.Economic Growth in the 1990s confirms and builds on the conclusions of an earlier World Bank book, The East Asian Miracle (1993), which reviewed experiences of highly successful East Asian economies. It confirms the importance of growth of fundamental principles: macro stability, market forces governing the allocation of resources, openness, and the sharing of the benefits of growth. At the same time, it echoes the finding that these principles translate into diverse policy and institutional paths, implying the economic policies and policy advice must be country-specific and institutional-sensitive if they are to be effective. The authors examine the impact of growth of key policy and institutional reforms: macroeconomic stabilization, trade liberalization, deregulation of finance, privatization, deregulation of utilities, modernization of the public sector with a view to increasing its effectiveness and accountability, and the spread of democracy and decentralization. They draw lessons both from a policy and institutional perspective and from the perspective of country experiences about how reforms in each policy and institutional area have affected growth.
To date, the phenomenon of entrepreneurship has lacked a conceptual framework. In this note we draw upon previous research conducted in the different social science disciplines and applied fields of business to create a conceptual framework for the field. With this framework we explain a set of empirical phenomena and predict a set of outcomes not explained or predicted by conceptual frameworks already in existence in other fields.
Why do firms form strategic alliances? The traditional theoretical answer has been transaction cost explanations. Yet, these explanations which center on transaction characteristics, static efficiency, and routine situations do not capture the strategic and social factors which propel many firms into alliance formation. In this study, however, we combine these alternative social and strategic explanations for alliance formation. Consistent with these explanations, we find that alliances form when firms are in vulnerable strategic positions either because they are competing in emergent or highly competitive industries or because they are attempting pioneering technical strategies. We also find that alliances form when firms are in strong social positions such that they are led by large, experienced, and well-connected top management teams. The underlying logic of alliance formation is, thus, strategic needs and social opportunities.
We develop these findings by extending the resource-based view of the firm to alliance formation and then examining the resulting hypotheses using product development alliances. The study is longitudinal and focuses on entrepreneurial semiconductor firms. Overall, strategic and social explanations of organizational phenomena as well as industry, firm, and top management team factors emerge as central in the paper. This suggests that these factors are relevant for predicting alliance formation, especially in high-velocity industries such as semiconductors. We conclude that failure to include social and strategic explanations creates an impoverished view of alliance formation.
The article presents a review of the book “Business Strategies in Transition Economies,” by Michael W. Peng. Despite the title, the bulk of the book presents an analysis of the relations between the unique institutions of the transition economies (TEs) and the behaviors of firms that operate in those economies. This analysis is particularly helpful to business executives (especially those based in industrialized market economies) seeking an in-depth understanding of their potential competitors, collaborators, suppliers, and customers from TEs.
While theory suggests that management has discretion in manipulating resources in order to build competitive advantage, resource-based research has focused on the characteristics of resources, paying less attention to the relationship between those resources and the way firms are organized. In explaining performance, entrepreneurship scholars have focused on a firm's entrepreneurial strategic orientation (EO), leaving its interrelationship with internal characteristics aside. We argue that EO captures an important aspect of the way a firm is organized. Our findings suggest that knowledge-based resources (applicable to discovery and exploitation of opportunities) are positively related to firm performance and that EO enhances this relationship. Copyright © 2003 John Wiley & Sons, Ltd.
Whereas much is known about the relationships between strategy and structure, and between environment and structure, too little is known about a third link—the relationship between strategy-making and environment. An empirical study was conducted upon two distinct samples of firms. We hypothesized that increases in environmental dynamism, hostility and heterogeneity should be related to specific changes in the amount of analysis and innovation which characterizes strategy-making activity. Most of these relationships tended to be much stronger in successful than in unsuccessful samples of firms.
Clarifies the nature of the entrepreneurial orientation (EO) construct and proposes contingency models for investigating the relationship between EO and firm performance. EO is contrasted to entrepreneurship. Entrepreneurship is new entry. Entrepreneurial orientation is the processes, practices, intentions, and decision-making activities leading to new entry. It has five key dimensions: autonomy, innovativeness, risk taking, proactiveness, and competitive aggressiveness. Although all five dimensions are central to understanding the entrepreneurial process, they occur in different combinations, and the factors vary independently in a given context. Contingency theory suggests that congruence among variables (such as environmental and organizational factors) is crucial for optimal performance; hence the relationship between EO and firm performance is context specific. Key contingencies associated with the relationship between EO and performance are identified. Then four alternative contingency models (moderating, mediating, independent and interaction effects) are proposed for the purpose of testing the relationship of EO and performance. The analysis further delineates various organizational characteristics related to each of the four models that may impact firm performance, including the structure chosen, integrating activities, top management team characteristics and the industry. These characteristics may all affect the five dimensions of entrepreneurial orientation and impact performance. (TNM)
Innovation is conceptualized in different ways from firm to firm. While some firms tend to accept a more conservative approach towards innovation, other firms approach innovation from a more entrepreneurial perspective. A conservative model of innovation and an entrepreneurial model of innovation are presented, considering such firm characteristics as environmental variables, information processing variables, structural variables, and decision making variables. The methodology for the study includes data collected via questionnaire from 52 diverse firms in the Montreal region; these firms represent a variety of industries, including broadcasting, food, electronics, chemicals, and publishing, to name a few. The data were analyzed using both a correlational analysis and curvilinear regression analysis to better understand the influence of the respective variables for each model. The findings indicate that innovation within conservative firms correlates positively to the aforementioned variables. Within conservative firms, innovation occurs when 1) environmental challenges and instabilities are present; 2) these instabilities are made explicit to and analyzed by the management team; and 3) financial and structural resources are available for innovation to occur. Entrepreneurial firms also exhibit positive correlations with environmental and structural variables; however, negative correlations are also observed regarding information processing, decision making, and structural integration. Innovation occurs on an extreme level within entrepreneurial firms except in cases when information processing systems, as well as analytical and strategic planning processes and structural integration devices, warn the management team of the risks associated with extreme innovation. The results indicate that a balance between the extremes of conservativism and entrepreneurship must be considered. (AKP)
Examines the strategic postures, competitive tactics, and organization structures of small manufacturing firms that are associated with high performance in both hostile and benign environments. Hostile environments have such characteristics as difficult business climates, intense competition, and few opportunities, making such environments difficult for smaller, resource poor firms, and such environments are increasingly common in manufacturing. Two hypotheses suggest that the relationships between the organization structure and strategic posture can be determined by the level of hostility in the environment. Data were collected via surveys sent to single-industry, independently owned firms in western Pennsylvania, of which 161 responses were analyzed from among those in business for at least five years. Findings indicate that: (1) small firms with organic structures perform best in hostile environments, while small firms with mechanistic structures perform best in more benign environments; and (2) entrepreneurial firms perform better in hostile environments, while small conservative firms perform best in more benign environments. (SFL)
Abstract In the past 10 years, various stylized facts have accumulated regarding the rate at which firms spawn spinoffs, the performance of spinoffs, and the effect of spinoffs on their parents. We review the evidence and use it to reflect on the various theories that have been developed to explain spinoffs. Many questions remain about spinoffs, and we discuss research opportunities associated with these questions. We also discuss implications of the accumulating evidence and theories for public policies bearing on spinoffs.
Our knowledge of corporate entrepreneurship (CE) continues to expand. However, this knowledge remains quite fragmented and non-cumulative. Herein, we conceptualize CE strategy as a useful focal point for integrating and synthesizing key elements within CE's intellectual domain. The components of our CE strategy model include (1) the antecedents of CE strategy (i.e., individual entrepreneurial cognitions of the organization's members and external environmental conditions that invite entrepreneurial activity), (2) the elements of CE strategy (i.e., top management's entrepreneurial strategic vision for the firm, organizational architectures that encourage entrepreneurial processes and behavior, and the generic forms of entrepreneurial process that are reflected in entrepreneurial behavior), and (3) the outcomes of CE strategy (i.e., organizational outcomes resulting from entrepreneurial actions, including the development of competitive capability and strategic repositioning). We discuss how our model contributes to the CE literature, distinguish our model from prior models, and identify challenges future CE research should address.
The objective of the research was to discover the chief determinants of entrepreneurship, the process by which organizations renew themselves and their markets by pioneering, innovation, and risk taking. Some authors have argued that personality factors of the leader are what determine entrepreneurship, others have highlighted the role played by the structure of the organization, while a final group have pointed to the importance of strategy making. We believed that the manner and extent to which entrepreneurship would be influenced by all of these factors would in large measure depend upon the nature of the organization. Based upon the work of a number of authors we derived a crude typology of firms: Simple firms are small and their power is centralized at the top. Planning firms are bigger, their goal being smooth and efficient operation through the use of formal controls and plans. Organic firms strive to be adaptive to their environments, emphasizing expertise-based power and open communications. The predictiveness of the typology was established upon a sample of 52 firms using hypothesis-testing and analysis of variance techniques. We conjectured that in Simple firms entrepreneurship would be determined by the characteristics of the leader; in Planning firms it would be facilitated by explicit and well integrated product-market strategies, and in Organic firms it would be a function of environment and structure. These hypotheses were largely borne out by correlational and multiple regression analyses. Any programs which aim to stimulate entrepreneurship would benefit greatly from tailoring recommendations to the nature of the target firms.
Over the past several years corporate entrepreneurship has been widely touted by executives and researchers alike as an effective means for revitalizing companies and improving their financial performance. For the most part, the call for greater entrepreneurial behavior on the part of established companies has been accepted on faith as an inherently desirable objective. The implicit logic behind the pervasive belief in the value of corporate entrepreneurship seems to be that risk taking, innovation, and aggressive competitive action—the key elements of entrepreneurial corporations—will help in identifying and pursuing lucrative product/market opportunities and in providing new bases for achieving superior competitive positions.
Success in today's competitive environment requires a company to pursue a coherent technology strategy to articulate its plans to develop, acquire, and deploy technological resources to achieve superior financial performance. This strategy clarifies the company's choices on: being a technological pioneer or a follower, the breadth of the technology product and process portfolios, amounts of investments in internal R&D and external sources of technology, and levels of technological forecasting to be performed. In turn, these choices require making decisions on the basic and applied R&D to be conduced, the intended offensive or defensive uses of the technology, and emphasis on incremental and radical R&D.
This study examined the association between a firm's external environment, corporate entrepreneurship, and financial performance. The study emphasized three propositions: (1) perceived—rather than objective-characteristics of the environment significantly influenced entrepreneurship activities; (2) a multidimensional definition of a firm's environment was essential to unravel the interplay between the environment, orporate entrepreneurship activities, and financial performance; and (3) a taxonomic approach had the advantage of accounting for the interrelationships among the dimensions of the environment in classifying firms.
The social conditions that affect innovation change over time and vary across productive activities. Hence theoretical analysis of the innovative enterprise must be integrated with historical study through the use of what I call a historical‐transformation methodology —a methodology that stands in sharp contrast to, but can nonetheless be complemented by, the constrained‐optimization methodology favored by conventional economists. In surveying some major attempts to analyze the role of the business enterprise in generating superior economic performance in the advanced economies, including the works of Oliver Williamson, Alfred Chandler, Edith Penrose, and resource‐based theorists, I explain what a historical‐transformation methodology is and why such a methodology is needed for understanding how and under what conditions business enterprises can in fact be innovative enterprises.
This paper is concerned with the distinctiveness of entrepreneurship and small business development in countries that are at different stages of transformation to market based economies. Following a discussion of the potential relevance of selected conceptualisations of entrepreneurship to transition conditions, the authors present original empirical data referring to the characteristics of entrepreneurs and their businesses from countries at different stages of market reform. Distinctive features of entrepreneurial behaviour identified reflect the unstable and hostile nature of the external environment and the scarcity of key resources, particularly capital. In an unstable and weakly structured environment, informal networks often play a key role in helping entrepreneurs to mobilise resources, win orders and cope with the constraints imposed by highly bureaucratic structures and often unfriendly officials. Moreover, the social context inherited from the former socialist period appears to affect both the attitudes and behaviour of entrepreneurs and the attitudes of society at large towards entrepreneurship. Copyright 2001 by Kluwer Academic Publishers
It is often claimed that small and young firms account for a disproportionately large share of net employment growth. We conduct a meta analysis of the empirical evidence regarding whether net employment growth rather is generated by a few rapidly growing firms – so-called Gazelles – that are not necessarily small and young. Gazelles are found to be outstanding job creators. They create all or a large share of new net jobs. On average, Gazelles are younger and smaller than other firms, but it is young age more than small size that is associated with rapid growth. Gazelles seem to be overrepresented in services.
Drawing on a database of 149 university spin-offs, we investigated the impact of network capability (NC), defined as a firm's ability to develop and utilize inter-organizational relationships, and entrepreneurial orientation (EO) on organizational performance. Not only do the results suggest that a spin-off's performance is positively influenced by its NC, but the findings also indicate that a spin-off's EO fosters competitive advantages. Although no direct relationship is apparent between EO and sales growth, sales per employee, or profit attainment, moderated hierarchical regression analyses reveal that NC strengthens the relationship between EO and spin-off performance. In sum, our research shows that a spin-off's organizational propensities and processes that enhance innovation, constructive risk taking, and proactiveness in dealing with competitors per se do not enhance growth and secure long-term survival. However, we found that NC moderates the relationship between EO and organizational performance.
We introduce a new hybrid approach to joint estimation of Value at Risk (VaR) and Expected Shortfall (ES) for high quantiles of return distributions. We investigate the relative performance of VaR and ES models using daily returns for sixteen stock market indices (eight from developed and eight from emerging markets) prior to and during the 2008 financial crisis. In addition to widely used VaR and ES models, we also study the behavior of conditional and unconditional extreme value (EV) models to generate 99 percent confidence level estimates as well as developing a new loss function that relates tail losses to ES forecasts. Backtesting results show that only our proposed new hybrid and Extreme Value (EV)-based VaR models provide adequate protection in both developed and emerging markets, but that the hybrid approach does this at a significantly lower cost in capital reserves. In ES estimation the hybrid model yields the smallest error statistics surpassing even the EV models, especially in the developed markets.
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