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Ecosystem as the Source of Entrepreneurial Opportunities
Abstract
The present paper aims to develop an understanding of interconnections between the entrepreneurial ecosystem and entrepreneurial opportunity. The first step of this research was to disclose the development of the ecosystem within two higher (efficiency- and innovation-driven) stages of economic development and the transition between them according to the World Economic Forum, based on the model by Dutch researcher Erik Stam. The Estonian entrepreneurial ecosystem was analyzed as an example. Secondary data on Estonian entrepreneurial ecosystems were collected and analyzed.
In its second step, this research follows a case-study design. The start-up period of the studied Estonian companies represents different degrees of the maturity of the ecosystem: Regio and Mobi Solutions – efficiency-driven, GrabCAD – the transition from efficiency to innovation-driven, and Bolt (Taxify) – an innovation-driven economy.
The example of the Estonian ICT sector proves that the most important contributors to the talent growth, the knowledge base, and framework conditions of the entrepreneurial ecosystem are the state through its infrastructure decisions and educational programs along with successful entrepreneurs who shape the role models known in Estonia today as the Skype-effect. Decisions on digital telecom infrastructure and e-society in the early stage of the transition in tandem with enterprise encouragement created a subsequent boom in ICT-based ventures in Estonia 10-15 years later. The processes resulted in achieving an innovation-driven society and the highest level of opportunity-driven entrepreneurship in Europe in 2017. With that, new venture funding has replaced the former development engine – foreign direct investment (FDI).
Examples of ICT-based new ventures have demonstrated that the growing maturity of the ecosystem increased venture investment from “bootstrapping” to millions of euros of seed-funding and shortened new product development cycles from 5-7 to 1-3 years. The study shows that maturing ecosystems shorten business development processes, thereby increasing the integration of different ecosystems. The start-up success stories enhance trust in the particular business environment, and they both increase investments and accelerate the entry of new ventures, making better use of the emerging windows of opportunities.
Keywords: entrepreneurial ecosystem; opportunity identification and transformation; window of opportunity; innovation economy; ICT sector
... And, finally, the most important goal of state stimulation of entrepreneurship in agriculture is the formation, cultivation and preservation of the system of entrepreneurial values [15]. At the same time, these values should be enshrined in the current legislation, which ensures the development of entrepreneurial activity in agriculture. ...
... We are talking about export, innovation strategies, strategies of socio-economic development, strategies for digitalization of certain sectors of the economy, etc. In some countries, for example, this is the Strategy for the development of telecommunications infrastructure and "electronic society" [15]. ...
... Moreover, we are talking not only about entrepreneurship in the IT sphere, but also other types of entrepreneurship, including farming. Examples of entrepreneurship development in individual countries indicate that a significant contribution to the growth of human capital, knowledge base and the creation of structural conditions for the development of energy efficiency is made by the state (through infrastructure solutions and educational technologies) and successful businessmen who serve as an example for others [15]. ...
In the context of the theory of entrepreneurial ecosystems (EE), a set of administrative and legal measures that stimulate the development of entrepreneurship in agriculture have been identified and analyzed. These elements of EE are poorly studied in science, at the same time, administrative and legal measures to stimulate entrepreneurship in agriculture are positioned from the point of view of the development of the institution of state regulation in agriculture and can have a significant impact on all structural elements of EE. The authors have identified three models of state regulation of entrepreneurship in agriculture, one of which is the model of state stimulation of entrepreneurship in agriculture. State and non-state measures to stimulate entrepreneurship in agriculture are highlighted, the forms and levels of regulation are indicated in state regulation. The quantitative and qualitative growth of rural entrepreneurship subjects, the introduction of innovations, the formation of entrepreneurial values, the potential for solving modern problems of agricultural entrepreneurship are highlighted as the goals of state stimulation of entrepreneurship in agriculture. It is concluded that it is possible to single out an agricultural entrepreneurial ecosystem (AEE).
... This gives us a strong foundation for conducting an in-depth analysis of the papers from this stream of research. The sample of articles for investigating the essence of the EE concept included 8 most locally cited papers, which together account for 54.12% of all the citations within the sample as well as three relevant Russian papers [Chepurenko, 2019;Solesvik, Westhead, 2019;Trabskaja, Mets, 2019]. All the papers provided in the table are solely concentrated upon the notion of entrepreneurial ecosystem and will allow us to come up with a set of features that distinguish it from other types of ecosystems. ...
... • Suppliers, buyers, complementors [Adner, Kapoor, 2010; • Suppliers, complementors, customers [Gawer, Cusumano, 2014;Iansiti, Levien, 2004;Kapoor, Lee, 2013;Teece, 2007] • Entrepreneurs, suppliers, buyers, state [Audretsch, Belitski, 2017;Solesvik, Westhead, 2019;Trabskaja, Mets, 2019] Renewal mechanisms • Elimination of bottlenecks (components and complements) [Adner, Kapoor, 2010] • Increase of meaningful diversity [Iansiti, Levien, 2004] • Platform evolving [Gawer, Cusumano, 2014] • "Entrepreneurial re-cycling" [Brown, Mason, 2017] Boundaries • Determined by a flow of activities relative to the position of focal offering [Adner, Kapoor, 2010] • Determined by the process of creation and delivery of a focal VP [Li, 2009] • Determined by a particular geographical domain [Brown, Mason, 2017;Spigel, 2017;Solesvik, Westhead, 2019;Trabskaja, Mets, 2019] РЖМ 18 (1): 73-102 (2020) ...
... • Suppliers, buyers, complementors [Adner, Kapoor, 2010; • Suppliers, complementors, customers [Gawer, Cusumano, 2014;Iansiti, Levien, 2004;Kapoor, Lee, 2013;Teece, 2007] • Entrepreneurs, suppliers, buyers, state [Audretsch, Belitski, 2017;Solesvik, Westhead, 2019;Trabskaja, Mets, 2019] Renewal mechanisms • Elimination of bottlenecks (components and complements) [Adner, Kapoor, 2010] • Increase of meaningful diversity [Iansiti, Levien, 2004] • Platform evolving [Gawer, Cusumano, 2014] • "Entrepreneurial re-cycling" [Brown, Mason, 2017] Boundaries • Determined by a flow of activities relative to the position of focal offering [Adner, Kapoor, 2010] • Determined by the process of creation and delivery of a focal VP [Li, 2009] • Determined by a particular geographical domain [Brown, Mason, 2017;Spigel, 2017;Solesvik, Westhead, 2019;Trabskaja, Mets, 2019] РЖМ 18 (1): 73-102 (2020) ...
Over the last decade, academic literature has seen a boom in the number of publications de- voted to the notion of ecosystem, which has resulted in the emergence of various research streams and the corresponding fragmentation of the research domain. The existing variation in meanings and contradictory definitions shows the need for a thorough literature review on the three tightly related concepts of innovation ecosystem, business ecosystem and entrepre- neurial ecosystem. This study is based on a mixed technique, which combines a bibliometric analysis and an in-depth investigation of papers devoted to these research streams. Through examining their theoretical background, constructing conceptual structures and performing an in-depth analysis we were able to define the essence of innovation, business and entrepre- neurial ecosystems as well as their distinctive features. We then proceeded with a comparative analysis of these concepts, which allowed us to outline the existing similarities and to demar- cate the concepts from an ontological perspective. This study provides definitive clarification regarding the existing conceptual mix in the field of ecosystem research, and can be used as a foundation for a further investigation of the concept.
... The ecosystem is understood not only as a set of factors but also as a system of stakeholders' interactions (Stam 2015). Entrepreneurial ecosystem research has received considerable attention, including internal linkages, co-dependencies of pillars/components of the ecosystem (Roundy 2017a(Roundy , 2019, the transformation of the entrepreneurial ecosystem over time (Mack and Mayer 2016;Trabskaja and Mets 2019;Stam and Spigel 2022), and the approach to measuring the ecosystem (Bell-Masterson and Stangler 2015). ...
Social entrepreneurship plays an important role in the maintenance of economic prosperity and brings benefits to society. The role of social entrepreneurship is growing in the light of challenges of the global economy, increasing uncertainty of the environment, the growth of social problems, and the emergence of crises in the 2020s. These derive an increase in economic and psychological challenges. Social entrepreneurship is known as the driver for solving global problems of society. The entrepreneurial ecosystem serves as a source of entrepreneurial opportunity, as a breeding ground for entrepreneurship. Therefore, exploring the topic of social entrepreneurship in the context of the entrepreneurial ecosystem becomes relevant. Social entrepreneurship, with respect to the entrepreneurial ecosystem, has been extensively explored. However, despite a growing body of publications, to the best of our knowledge, no bibliometric analysis is available on the topic. This analysis is important to understand what trends in the development of social entrepreneurship and the ecosystem exist, what further research directions can be recommended, and how the relationship between social entrepreneurship and the entrepreneurial ecosystem has been studied. This study aims to close the gap, consolidate research, and identify the state of the art in the field. In total, 357 publications from the Scopus database were selected for the period of 2009–2022. The study used social network analysis (bibliographic coupling network, co-citation network, citation network, and co-authorship network) and semantic analysis (semantic network) through VOSviewer version 1.6.19 and Gephi version 0.10.1 software. The results showed a growth of publications during this period, allowing us to observe influential journals, the most productive and cited authors, leading countries and universities, impactful papers, networks of collaborations, and co-citations of scholars. The paper with the highest degree of centrality is “Ecosystems in Support of Social Entrepreneurs: A Literature Review” while Sustainability is the most influential journal in the field. The analysis identified six thematic clusters within the research topic. The study contributes to the literature by presenting the research agenda, structure, characteristics of social entrepreneurship, and entrepreneurial ecosystem research.
... Создание и поддержание государством «экосистемы поддержки мелкого и среднего бизнеса» приводит к успешным кейсам развития региональной экономики [Баринова В. А., 2019]. Отдельные страны, Эстония в частности, Партисипаторное бюджетирование по праву гордятся созданными и эффективно функционирующими экосистемами такого рода [Trabskaja J., Mets T., 2019]. ...
The purpose of the article is to substantiate the ecosystem approach as a basis for building a model of citizen participation in state and municipal governance, manifested in the laws of the Russian Federation, strategic planning documents, and other regulations, as well as in participatory practices of budget decisions. The ecosystem of citizen participation in governance is an urgent need for the modern stage of development of civil society and the entire complex of state–civil relations in Russia. The creation of such an ecosystem can increase the efficiency of state and municipal governance, include citizens and civil society institutions in the process of selecting priorities for the actions of public authorities, and reduce the protest potential caused by the lack of a comprehensive toolkit for citizen participation in governance. Among the first steps toward the formation of this ecosystem is the development of a federal law on public participation in governance. This law should become the basis for the inclusion in sectoral legislation of provisions governing relations between public authorities and citizens directly involved in decision-making on state and municipal governance issues. An important role in the deployment of the ecosystem is played by the development and implementation of a set of measures aimed at including the issues of citizen participation in the activities of state programs and national projects of the Russian Federation, implemented at all levels of public authority. The article also defines the basic principles of the development of the civic participation ecosystem.
... Hansapank, a local bank established in the early 1990s, now foreign-owned, has been a source of knowledge, talent, and capital (E8; E17). While Estonia has produced high-quality technological talent through serial entrepreneurship and the country stands out with its financial and IT literacy (Trabskaja & Mets, 2019), it has reached the stage where some start-ups face scarcity and an increasing cost of talent and struggle with bringing in key specialists, such as developers, engineers, product managers and designers from abroad (E2; E7). To overcome the shortage, some startups also use remote employees (FinanceEstonia, 2020). ...
PURPOSE: The purpose of this study is to investigate the role of actors and ecosystem conditions in the development of the FinTech ecosystems in Tallinn and Moscow.
METHODOLOGY: The study develops a framework for investigating entrepreneurial ecosystems, combining ecosystem actors with ecosystem conditions. The framework is implemented through a comparative case study of FinTech ecosystems in Tallinn and Moscow, with data drawn from 35 semi-structured interviews and processed by means of thematic analysis. The primary data is supplemented with data from secondary sources.
FINDINGS: The findings show how the ecosystem conditions and actors are interdependent in the FinTech ecosystems. Tallinn is an example of a strong entrepreneurial culture with its small market, advanced technological infrastructure, and talent, which leads to the dominance of the FinTech start-ups and the emergence of an active FinTech cluster organization. In Moscow, the institutional context, concentration of financial capital, and its large home market with a loyal customer base limit start-ups' ability to grow and form the ecosystem.
IMPLICATIONS: The study contributes to the literature on entrepreneurial ecosystems and emerging technologies by integrating the streams of research on entrepreneurial ecosystems and FinTech ecosystems, combining FinTech actors with entrepreneurial ecosystem conditions. It also highlights the implications of variations of entrepreneurial culture, characteristics of the domestic demand and formal institutions in the development of ecosystems. It demonstrates that ecosystem conditions are likely to contribute to the emergence of the dominant actor in a particular ecosystem. Our results also suggest that when aiming to develop the FinTech ecosystem in a city, the support given to FinTech cluster organizations is essential. Facilitating university-industry cooperation through the cluster organizations or direct partnerships can contribute to the development of FinTech ecosystems.
ORIGINALITY AND VALUE: To our knowledge, this is the first study to illustrate how specific entrepreneurial ecosystem conditions lead to configurations with different types of ecosystem actors, and to illustrate how specific ecosystem conditions impact the way in which actors develop and operate and how the ecosystem configuration is structured. These have been notable omissions in extant entrepreneurial ecosystem research until now. The present study also illustrates sectoral variations in entrepreneurial ecosystems while highlighting the distinct features of emerging ecosystems. It also contributes to the emerging literature on FinTech ecosystems through a comparative empirical perspective, thereby enhancing understanding of local conditions necessary for developing and maintaining FinTech ecosystems in different contexts.
... The founding of GrabCAD fell at a time when national policies for IT and entrepreneurship development were already yielding their first results. Without listing all the features and development of the start-up/entrepreneurial ecosystem in Estonia (e.g., Stam, 2015;Trabskaja and Mets, 2019), some of the most important could be named. The Tiger Leap program developing IT competencies and the internet at schools in the 1990s gave impetus to the development of the sector in the 2000s. ...
Understanding the entrepreneurial journey has become essential for both start-up entrepreneurs and policymakers within the ecosystem of technology start-ups, functioning as engines of growth in new economies and exports. Often they are Born Global (BG) High Technology Small Firms (HTSFs). The entrepreneurial journey, often used as a metaphor in the literature on entrepreneurship, has been subject to attempts to define it theoretically as a research concept, even though there are practically no empirical approaches.
This paper aims to overcome the gap in disclosing the entrepreneurial journey and seeks to shape the features of a hi-tech start-up reaching global open innovation (OI) platform, based on the example of GrabCAD. This entails, based on this particular case study, of finding proof of theoretical journey patterns, as well as analysing aspects that have not yet been addressed. An analysis of the GrabCAD case demonstrates the importance of the combination of different actors and features shaping the entrepreneurial journey.
Keywords: Entrepreneurial journey, Born Global (BG) start-up, Open Innovation (OI), Engineering platform, High Technology Small Firm (HTSF)
... The founding of GrabCAD fell at a time when national policies for IT and entrepreneurship development were already yielding their first results. Without listing all the features and development of the start-up/entrepreneurial ecosystem in Estonia (e.g., Stam, 2015;Trabskaja and Mets, 2019), some of the most important could be named. The Tiger Leap program developing IT competencies and the internet at schools in the 1990s gave impetus to the development of the sector in the 2000s. ...
... The founding of GrabCAD fell at a time when national policies for IT and entrepreneurship development were already yielding their first results. Without listing all the features and development of the start-up/entrepreneurial ecosystem in Estonia (e.g., Stam, 2015;Trabskaja and Mets, 2019), some of the most important could be named. The Tiger Leap programme developing IT competencies and the Internet at schools in the 1990s gave impetus to the development of the sector in the 2000s. ...
Understanding the entrepreneurial journey has become essential for both start-up entrepreneurs and policymakers within the ecosystem of technology start-ups, functioning as engines of growth in new economies and exports. Often they are Born Global (BG) High Technology Small Firms (HTSFs). The entrepreneurial journey, often used as a metaphor in the literature on entrepreneurship, has been subject to attempts to define it theoretically as a research concept, even though there are practically no empirical approaches. This paper aims to overcome the gap in disclosing the entrepreneurial journey and seeks to shape the features of a hi-tech start-up reaching global open innovation (OI) platform, based on the example of GrabCAD. This entails, based on this particular case study, of finding proof of theoretical journey patterns, as well as analysing aspects that have not yet been addressed. An analysis of the GrabCAD case demonstrates the importance of the combination of different actors and features shaping the entrepreneurial journey.
... After the analysis of various approaches to assessing entrepreneurial ecosystems, one can agree with J. Trabskaja and T. Mets [50], who believe that the models discussed in the academic literature are usually focused on regional (or national) entrepreneurial ecosystems. However, the global context is not the main subject of debate. ...
Despite the prominence of sustainable development approaches in the academic literature, together with the significance attributed to the economy and society, the concept is not sufficiently theorized, especially in terms of methodological issues. The presented study makes a contribution to the academic literature by providing a synthesis on territorial sustainable development research and related concepts of innovation and entrepreneurial ecosystems (EE). We propose a methodological framework for the assessment of regional sustainability, replicating and expanding the approach of D. Isenberg, and draw inference to the impact of institutional environments on the maturity level of EEs. We present our assumptions in the example of two entrepreneurial ecosystems in Russia and Poland (the Penza region and the Małopolska region) with relevant interpretations, which enable us to gain a comprehensive understanding of how to progress in sustainable entrepreneurial ecosystem development. The results of this analysis provides information to help academics, policymakers, government, and business owners with a more in-depth understanding of the practical mechanisms that support absorption of the EE model to achieve Sustainable Development Goals.
... Some authors provide insights to advance this knowledge; for example, analyzing the sustainable entrepreneurial processes, their idea generation, and describing the operation of some successful business cases and their impact in society [7]; providing other examples of successful business strategies related to sustainable business models (SBMs) [8]; analyzing processes related to value creation [9,10]; creating a model of how these entrepreneurs generate ideas and recognize, develop, and exploit opportunities [11]; investigating entrepreneurial venture creation in relation to process and temporal space [12]; studying aspects related to entrepreneurship, such as motivations, previous knowledge from entrepreneurs, and their capacity to innovate during moments of tensions and crisis [13]; or even analyzing ecosystem as the source of entrepreneurial opportunities [14]. However, there is a lack of more integrated and holistic analysis of these studies about how these companies promote a more sustainable value proposition, value creation/delivery and value capture, and overcoming possible tensions related to their business models. ...
This paper aims to investigate how sustainable entrepreneurs innovate in business models to overcome their hybridity-related tensions to achieve environmental, social, and financial goals. A case study was conducted on 12 organizations in seven countries from October 2018 to June 2019 through observation visits, interviews, and secondary data collection. To analyze the data, a content analysis was applied with the help of NVivo Software. The analysis category is based on the definition of the pillars of business models: (1) Value proposition, (2) value creation/delivery, and (3) value capture. Concerning value proposition, organizations engage various stakeholders on developing emotions related to sustainable behaviors. They use the idea of community to promote it, fostering the sharing of intangible values. Associated with these actions, organizations offer more convenience accessing these products or services, home deliveries, facilitating access by geo-location, price reduction, and promoting consumers’ education. Regarding value creation/delivery, companies promote partnerships with other stakeholders as part of the main business strategy. They run the business while promoting a social movement. One is dependent on the other. In their engagement in sustainability discussion forums and practical activities, they put together consumers, suppliers, and also other agents outside their vertical supply chain. Operations of all companies are highly internet-based. Social media and transparency are also relevant to their operations. The main characteristic of value capture is that organizations integrate sustainability into their strategy in a way that, just by doing business, they fulfill their social, environmental, and economic missions. Therefore, through innovation in business models, these organizations overcome hybridity-related tensions and achieve financial stability while positively impacting society. The contribution to the literature was achieved by identifying business model innovations in sustainable entrepreneurship, analyzing their characteristics and mechanisms to overcome hybridity-related tensions, and providing empirical evidence about how business models can create and capture different and multiple forms of value.
Enterprises, organizations and consumers from various business ecosystems have faced crisis phenomena. The reason for these phenomena is the complete or partial suspension of the activities of international companies on the Russian market and sanctions pressure from foreign states. The purpose of this study is to expand the understanding of risk management in the activities of business ecosystems and enterprises that have joined them during crisis periods. We take into account the similarities and differences between the crisis phenomena associated with the pandemic of the new coronavirus infection SARS-CoV-2, and the phenomena associated with breaks in transport and logistics chains and the refusal of a number of foreign banks to make payments for raw materials, components and finished products. The study was conducted using the methods of systemic economic theory and operational risk theory. We have identified periods of development of crisis phenomena in the economy. We also identified the stages of transformation of risk management systems for both individual enterprises, organizations and consumers included in the business ecosystem, and the business ecosystem as a whole. We have shown that in order to fix changes risk management systems in business ecosystems, the following stages: the risk management system before the crisis; the system of emergency response measures to crisis phenomena; the risk management system adapted to the detected crisis phenomena; the new, modernized risk management system should be described. A debatable issue and limitation of the applicability of the results of this study is the incompleteness of the processes of adaptation of business ecosystems, enterprises, organizations, consumers and, accordingly, risk management systems to existing crisis phenomena.
The article examines the peculiarities of the evolution of business strategy in the format of business ecosystems. The purpose of this study is a comprehensive study of the ecosystem of the modern university on the example of the specifics and potential of transport education. While most of the known research aims to examine ecosystems in a single aspect, for example, the cluster, biological, economic, and in general, this paper aims at a complex study of all aspects of the sustainable ecosystem organization of the university of the third century on the example of the transport educational institution. The methodology of cross-sectoral analogies, elements of semantic analysis, logic, economics, strategic management, synergy, systems analysis, systems theory, synergy, economic clusters were used in the study. It can be assumed that the results of the study will contribute to the acquisition of knowledge about the specifics and potential of the organization of business ecosystems in education, as well as to increase the success of business decisions made in a new, ecosystem format.
Over the past thirty years, the company and its environment have been the subject of lively academic discussion by several major global schools: the study of national innovation systems, and of the emergence, development and diffusion of innovation; research that analyzes value chains; institutional theory; ecosystem approach; strategic management; forecasting; planning; and foresight to assess current corporate processes and future transformations. The research landscape is still highly fragmented and characterized by several extensive gaps related to an integrated approach to the study of the company, taking into account the global trends, incentives and patterns of behavior of the key stakeholders. The paper presents the results of the research uniting different theoretical approaches on the platform of foresight: a two-loop integral ecosystem model is proposed which takes into account the influence of global trends on internal and external stakeholders of a company, including the empirical survey of more than 260 Russian companies in 2021. A set of practical recommendations for using modern foresight instruments to form, manage and transform the company ecosystem is given. A forecast of possible directions of development is made.
The article analyzes peculiarities of technoparks development in Russia and offers recommendations for strengthening the role of small and medium-sized businesses in the expansion of these innovative associations in the electronic industry, highlights the features and problems of the development of Russian technology parks. The key conclusion is that, despite a fairly large number of technoparks in Russia, the state still does not have a unified methodology for assessing their performance, the goals and key principles of their existence have not been defined, and the role of small and medium-sized businesses in technology parks has not been determined. The participation of small and medium-sized businesses in the development of Russian technology parks is fraught with a number of difficulties, including: lack of start-up capital and further financial support for companies; lagging small and medium-sized companies behind the pace of a rapidly changing technology and innovation environment. Despite the difficulties in the development of the electronic industry in Russia, technoparks have sufficient prospects and act as a tool for improving the situation in the field of Russian electronics. Among the author’s recommendations for strengthening the position of small and medium-sized businesses in the functioning of technoparks, including in the electronic industry, the following were proposed: improving the legislative framework in the field of technoparks functioning; expansion of both state support and non-state forms of support in technology parks; strengthening financing of small and medium-sized businesses in the system of relationships with large businesses; expansion of the cooperative model of functioning of technoparks in the electronic industry. The special need for close cooperation within the technology parks of small and medium-sized businesses and large companies was emphasized. General scientific methods of system analysis and synthesis, groupings, statistical methods, graphic methods and others were used as research methods in the work.KeywordsTechnology parksInnovation economyElectronics industrySmall and medium businessEntrepreneurship
This contribution is devoted to the study of the attitude of representatives of small and medium-sized businesses of the Russian Federation to potential forms of integration with business ecosystems, to the existing barriers of entry, as well as to possible state intervention in the regulation of relations of Russian market subjects. The purpose of the study is to determine the attitude of representatives of the management level of Russian small and medium-sized businesses to rapidly developing business ecosystems, to determine the level of need for integration, to identify factors that hinder effective interaction. The research methods were the secondary analysis of metadata on the current state of small and medium-sized businesses in the Russian Federation, the analysis of economic indicators of business ecosystems from open Russian and foreign sources, the primary study of the opinions of representatives of small and medium-sized businesses of the Russian Federation in the form of an Internet survey. The result was the development of practical recommendations on overcoming interaction barriers for key participants in economic relations: small and medium-sized businesses, business ecosystems and the state.KeywordsEntry barriersBusiness ecosystemsInteractionIntegrationSmall and medium-sized businesses
One of the established priorities for the development of the retail pharmaceutical market is the digital transformation of classical market mechanisms, in particular, the recent trend is the expanded expansion of ecosystem platforms in retail pharmaceutical activities. The relevance of studies devoted to assessing the applicability of the ecosystem approach for the territorial organizations of productive forces and the market distribution system of the pharmaceutical market is dictated both by the natural processes of the development of the pharmaceutical market and the regulatory specifics of the pharmaceutical sector. The aim of the study was to conceptualize the ecosystem approach to the organization of the pharmaceutical industry at the regional and interregional levels to form the internal potential for the development of the pharmaceutical industry and the distribution network of the pharmaceutical market. The object of the study was a complex of subjects of the pharmaceutical market, for which the architecture of drug distribution was simulated, as well as functional modeling of the processes of pharmaceutical distribution logistics. To assess the integrative and cooperative relationships of the logistics subsystem of a promising territorial pharmaceutical ecosystem, the results of the semantic tree of connections of regional players in the pharmaceutical market were used, as well as the content analysis of shipping documents in the drug supply chains. To assess the applicability of the ecosystem approach in the studied market segment, we have proposed an adaptation of the approach of specialists from Accenture and Kuzmina T.I. and Mandrik N.V., which consists in the industry specialization of the 5p-complex elements for the pharmaceutical market. When testing the proposed methodology, a semantic model of the logistics subsystem of the territorial pharmaceutical ecosystem was obtained, the typology of integrated structures in pharmaceutical logistics of the Ural Federal District (Ural Federal District) was substantiated, 3pl, 4pl, 5pl-operators of the distribution network of the logistics subsystem were determined. The applicability of the ecosystem approach to the modification of the existing structure of logistics channels in the pharmaceutical logistics of the Ural Federal District in the transition from the model of cluster integration in the industrial production of drugs to the ecosystem patient-oriented platform mechanism for the implementation of drug supply has been substantiated.
The book is devoted to supporting entrepreneurship in Poland, Slovakia and Estonia from the perspective of local authorities of each country, solutions available from the perspective of the central level, as well as the involvement of the institutional environment in creating conditions for initiating and running a business.
Entrepreneurial opportunities and the entrepreneurial process have long been understood as the foundation and heart of entrepreneurship. In this article, using systems thinking and a systems approach, we reshape the dynamic stage model of the entrepreneurial process to create a novel method for the configuration and metrics of progression of the entrepreneurial journey. To this end, we justified venture maturity as the generalised dimension that characterises entrepreneurial journey in the temporal scale. Until the venture launch, perceived (by the entrepreneur) venture maturity describes the progression of the entrepreneurial journey. The artefacts generated within the stages of the entrepreneurial process serve as the markers of progression of the journey. We also suppose the combination of the discrete and continuous character of the entrepreneurial journey trajectory between the edges bordering the corridors of opportunity space. This article contributes to existing approaches that facilitate better understanding of the entrepreneurial journey and process concepts by examining the interconnections between entrepreneurial process, journey, venture maturity, time and space.
Keywords: Entrepreneurial Process, Entrepreneurial Journey, Opportunity Space, Progression Metrics, Systems Approach.
Entrepreneurial ecosystems are receiving heightened attention from scholars and practitioners. Studies have focused on isolating entrepreneurial ecosystems’ components; however, prior research has not offered a theory of entrepreneurial ecosystems that embraces their complexity. To address this omission in ecosystems research, we contend that entrepreneurial ecosystems can be more fully understood if examined through the lens of complexity science and conceptualized as complex adaptive systems. We contribute to entrepreneurship research by developing a complexity-based definition of entrepreneurial ecosystems. Building on this definition, we connect the research on entrepreneur- and venture-level complexity to work on entrepreneurial ecosystems and propose three related forces that will influence entrepreneurial ecosystem emergence: intentionality of entrepreneurs, coherence of entrepreneurial activities, and injections of resources. Beyond developing theory, we describe how scholars can examine entrepreneurial ecosystems as complex systems using qualitative comparative analysis, agent-based modeling, and interpretivist methods. Our theorizing also has implications for entrepreneurs and policymakers.
Regional policies for entrepreneurship are currently going through a transition from increasing the quantity of entrepreneurship to increasing the quality of entrepreneurship. The next step will be the transition from entrepreneurship policy towards policy for an entrepreneurial economy. The entrepreneurial ecosystem approach has been heralded as a new framework accommodating these transitions. This approach starts with the entrepreneurial actor, but emphasizes the context of productive entrepreneurship. Entrepreneurship is not only the output of the system, entrepreneurs are important players themselves in creating the ecosystem and keeping it healthy. This research briefing reviews the entrepreneurial ecosystem literature and its shortcomings, and provides a novel synthesis. The entrepreneurial ecosystem approach speaks directly to practitioners, but its causal depth and evidence base is rather limited. This article provides a novel synthesis including a causal scheme of how the framework and systemic conditions of the ecosystem lead to particular entrepreneurial activities as output of the ecosystem and new value creation as outcome of the ecosystem. In addition it provides a framework for analysing the interactions between the elements within the ecosystem. This offers a much more rigorous and relevant starting point for subsequent studies into entrepreneurial ecosystems and the regional policy implications of these.
The literature on “entrepreneurial opportunities” has grown rapidly since the publication of Shane and Venkataraman (2000). By directing attention to the earliest stages of development of new economic activities and organizations, this marks sound redirection of entrepreneurship research. However, our review shows that theoretical and empirical progress has been limited on important aspects of the role of “opportunities” and their interaction with actors, i.e., the “nexus”. We argue that this is rooted in inherent and inescapable problems with the “opportunity” construct itself, when applied in the context of a prospective, micro-level (i.e., individual[s], venture, or individual–venture dyad) view of entrepreneurial processes. We therefore suggest a fundamental re-conceptualization using the constructs External Enablers, New Venture Ideas, and Opportunity Confidence to capture the many important ideas commonly discussed under the “opportunity” label. This re-conceptualization makes important distinctions where prior conceptions have been blurred: between explananda and explanantia; between actor and the entity acted upon; between external conditions and subjective perceptions, and between the contents and the favorability of the entity acted upon. These distinctions facilitate theoretical precision and can guide empirical investigation towards more fruitful designs.
This paper examines the development process of sustainable ventures by focusing on three substantive markers, namely the ideas, actions, and exchange relationships articulated and instigated by the entrepreneurs in question. Based on data from 45 sustainability-oriented new ventures, it examines the causal configurations behind the manifestations of these markers using Fuzzy-Set Qualitative Comparative Analysis (fsQCA). The analysis also reveals two distinct opportunity development paths. The first, conformist, operates in an enabling supporting context as sustainability conveyor. The second, insurgent, path operates as a change agent against an establishment that is not conducive to sustainability ideals.
Determining the optimal time for firms to enter emerging industries has long been a key concern in strategy, yet scholars still struggle to create a theoretical foundation that can fully integrate the empirical findings within this area. We incorporate categorical dynamics into the theory of the industry life cycle to complement and enhance the predictive power of the existing theories of entry timing. In addition, we introduce the concept of a dominant category—the conceptual schema that most stakeholders adhere to when referring to products that address similar needs and compete for the same market space—and link this concept to the emergence of the dominant technological design. From this framework, we develop a set of propositions that relate the emergence of the dominant category to entry-timing advantages and firm performance. In particular, we propose the existence of a window of opportunity (i.e., an optimal time for firm entry) that starts with the emergence of the dominant category and ends with the emergence of the dominant design. We discuss the implications of categorical dynamics for our understanding of entry-timing advantages and explore the influence of industry contexts in the emergence of the dominant category.
The time-to-market in the presence of a window of opportunity is analyzed using ;a probabilistic model, i.e. a model where the completion time of new product development is a random variable characterized by a gamma distribution. Two cases are considered: the first, a case where the discounted return-on-investment exceeds the return expected from a conservative investment-e.g. investment in bonds-termed 'the profitable case'; and the second, a case where the discounted return-on-investment just balances the cost of new product development, termed 'the salvageable case'. The model constructed is focused on the financial aspects of new product development. It allows a decision-maker to monitor, as well as terminate, a project based on its expected value (at any time prior to completion) by computing the mean time-to-market that provides profit, investment salvage, or loss. The mean time-to-market computed by the model may be compared with that estimated by the technology development team for decision-making purposes. Finally, in the presence of a window of opportunity and for the specific cases analyzed, we recommend to always keep the expenditure rate lower than the expected return rate. This will provide the decision-maker a salvageable exit opportunity if project termination is decided. Copyright © 2002 John Wiley & Sons, Ltd.
Two theories of entrepreneurial action - Discovery Theory and Creation Theory - are discussed. While Discovery Theory and its assumptions have been addressed in the literature, neither the assumptions of Creation Theory nor how they are related to the assumptions of Discovery Theory have yet been discussed. The empirical implications of these two theories for research on entrepreneurial action, generally, and for three specific entrepreneurial actions - entrepreneurial decision making, business planning, and new venture financing - in particular, are then discussed. It is shown that these two theories will often make contradictory predictions about the effects of entrepreneurial actions on the ability of entrepreneurs to produce new products or services.
While this study will concentrate on taxation and its impact on the economy, it is important to keep in mind that taxes are levied to finance governmental spending. When government is non-existent or very small, tax-financed governmental expansion likely is good from the standpoint of creating income for the citizenry: resources are used to establish and enforce laws protecting individual property rights, protecting individuals from destructive behav- ior on the part of bullies, thieves, and foreign enemies. The government helps finance cer- tain minimal infrastructure needs like roads necessary for trade, and defines and regulates the issuance of money. Virtually everyone but the most radical libertarian would agree that governmental provision of these functions helps develop an exchange economy. Taxes levied when government is extremely small, then, likely increase economic growth by mak- ing trade more efficient, providing incentives for people to work, form capital and to inno- vate. Yet as government grows larger, the law of diminishing returns begins to have an effect. Some spending on roads, national security, police and fire protection, etc., may be of marginal use. More important, governments start to perform welfare functions, redistrib- uting income and wealth from some members of society to others. The taxes needed to finance these expenditures become larger and more burdensome, and may start to have severe disincentive effects. Thus, the original federal income tax, which had rates of one to seven percent and applied only to affluent Americans, had little impact of human econom- ic behavior. Later, however, when marginal tax rates grew as high as 70 or even 90 percent or more, people altered their behavior to avoid an excessive tax burden. The new govern- ment spending added less to the national output and may have even reduced it, while the taxes reduced work effort, capital formation, and innovation. Thus tax-financed spending began to have adverse effects on the prosperity of persons.
The notion of opportunity, as currently discussed in entrepreneurship research, is theoretically exciting but empirically elusive. This article seeks to stimulate a new conversation about entrepreneurial opportunities by distinguishing two conceptions of entrepreneurial behavior—formal and substantive—and situating the construct of opportunity within the latter. It discusses three substantive premises for studying opportunities empirically: (1) opportunity as happening; (2) opportunity as expressed in actions; and (3) opportunity as instituted in market structures. These premises stimulate research questions that can invigorate and expand the study of entrepreneurial opportunities. They invite a continuous dialogue between qualitative and quantitative methodologies in behalf of understanding how opportunities emerge and evolve at the level of individual entrepreneurs.
This research examines the applicability of the entrepreneurial ecosystem literature to the development of a ‘ustainable valley’, whereby a community becomes a centre for entrepreneurial innovations. Specifically, this research explores how components of the formal and informal network, physical infrastructure and culture within a community could contribute to a sustainable entrepreneurial ecosystem. One community, Victoria, British Columbia, is utilized to lay out the framework for the infrastructure necessary to create such a system. Copyright © 2005 John Wiley & Sons, Ltd and ERP Environment.
What does it take for a region to foster technological entrepreneurship? Recently, there has been significant interest in this topic. Most writers on this topic emphasize the tangible infrastructure such as sound legal systems, transparent capital markets, advanced telecommunications and transportation systems, etc. Sound legal systems, capital markets, and other structural features are necessary prerequisites for technopreneurship; however, what I am calling the intangibles of entrepreneurship are the sufficient conditions that allow, specifically, for Schumpeterian entrepreneurship to thrive in a locality. Often, governments attempt to promote technopreneurship by injecting risk capital. They distribute these funds through small business development centers, and several regions and countries have even attempted “public” venture capital funds. However, my hypothesis is that if only risk capital is injected, it flows straight to low-quality entrepreneurship. Focusing on only risk capital, the investing government assumes that the risk capital itself will create all other prerequisites for growth. This is a major supposition. If risk capital is expected to produce extraordinary wealth, it must be accompanied by seven other intangibles, including, access to novel ideas, role models, informal forums, region-specific opportunities, safety nets, access to large markets, and executive leadership.
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