Building an entrepreneurial ecosystem based on crowdfunding in Europe: the role of public policy

2019 ◽  
Vol 8 (3) ◽  
pp. 297-318 ◽  
Author(s):  
Antonella Francesca Cicchiello
Keyword(s):  
Policy Coordination ◽  
Entrepreneurial Activity ◽  
Entrepreneurial Ecosystem ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Equity Crowdfunding ◽  
Regulatory Frameworks ◽  
Starting Point ◽  
New Perspective

Purpose The purpose of this paper is to assess the role that public policies may have in re-shaping entrepreneurial ecosystems and supporting the creation of functioning ecosystems based on new forms of finance, i.e. the equity-based crowdfunding. Design/methodology/approach The paper first identifies and examines the European policies developed to encourage the use of equity crowdfunding in entrepreneurial finance from 2003 to 2018. Then, it reviews national regulatory frameworks for crowdfunding, and analyses the barriers that constrain the growth of national crowdfunding markets. Finally, the paper addresses the issue of regulatory harmonisation by underlining its importance in building an entrepreneurial ecosystem based on crowdfunding. Findings Building an entrepreneurial ecosystem based on crowdfunding requires better policy coordination between European countries and readiness to take concerted actions. National authorities must look at the crowdfunding phenomenon from a European perspective and align their policies. European policymakers must import best practices from thriving national ecosystems by implementing less bureaucratic policies and with greater impact on entrepreneurial activity. Social implications In a post-crisis economy, the architecture of entrepreneurial ecosystems must evolve and focus on new financing alternatives ensuring the survival of successful businesses. Originality/value The paper offers a new perspective on entrepreneurship looking at the formation and development of new ecosystems around equity crowdfunding platforms. It also provides a relevant starting point for subsequent studies into this field.

A relational perspective on entrepreneurial ecosystems

2018 ◽  
Vol 12 (2) ◽  
pp. 220-231 ◽  
Author(s):  
Thomas G. Pittz ◽  
Giles Hertz
Keyword(s):  
Vital Role ◽  
Delphi Panel ◽  
Entrepreneurial Ecosystem ◽  
Research Activity ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Key Skills ◽  
The University ◽  
The Impact

Purpose The purpose of this paper is to explore the role of the entrepreneurship center (EC) in the larger entrepreneurial ecosystem. Entrepreneurial ecosystems thrive because of complex interdependencies and dynamic relationships between and among its participants. While the university has often been highlighted as a key player in the entrepreneurial ecosystem, the role of the EC within the university, despite its strategically influential position in stimulating entrepreneurship, has not received sufficient attention in scholarship. Design/methodology/approach The authors attempt to address this gap in scholarship using an expert Delphi panel approach to explore the vital role that the EC plays in ensuring the vibrancy of the regional entrepreneurial ecosystem. In doing so, the authors tackle the question of sustainability of the EC by outlining a structural framework and key job characteristics of the EC director so that it may thrive beyond the tenure of a transformational leader. Findings In analyzing the responses of Delphi panelists and reviewing the theoretical foundations, the authors have identified three areas for discussion: the question of whether the EC director ought to be an academic job, the key skills of an effective EC director and how to sustain the EC after the departure of a transformative leader. Considering the vital role that the EC plays in the university and regional entrepreneurial ecosystems, these questions have importance for the future of the practice of entrepreneurship. Originality/value The role of the EC in the larger regional entrepreneurial ecosystem and the impact of the EC director are subjects that have been largely unaddressed by current scholarship. This is despite the growing number of ECs, the growth of entrepreneurship as a discipline, the desire to foster entrepreneurial universities and the struggle to find suitable EC leadership talent. The EC is critical for bringing together various actors within the regional entrepreneurship ecosystem, creating and maintaining an entrepreneurial culture and fostering co-curricular learning to develop human capital, key benefits that the university provides on top of its research activity.

Rust belt or revitalization: competing narratives in entrepreneurial ecosystems

2019 ◽  
Vol 42 (1) ◽  
pp. 102-121 ◽  
Author(s):  
Philip T. Roundy
Keyword(s):  
Process Model ◽  
Entrepreneurial Activity ◽  
Rust Belt ◽  
Cultural Narratives ◽  
Entrepreneurial Ecosystem ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Connected Set ◽  
Entrepreneurial Activities ◽  
Practical Implications

PurposeEntrepreneurial ecosystems, the inter-connected set of organizing forces that produce and sustain regional entrepreneurial activity, are receiving heightened attention. This research finds that narratives about ecosystem participants discursively construct entrepreneurial ecosystems. However, the studies do not emphasize ecosystem and region-level narratives, focus on ecosystems in which narratives are uncontested and, thus, do not examine how ecosystem narratives compete with other regional narratives. The purpose of this paper is to develop a theory that explains how narratives and entrepreneurial ecosystems emerge and change in response to existing regional narratives.Design/methodology/approachA longitudinal process model is proposed to explain how entrepreneurial ecosystem narratives emerge and compete with other regional narratives. To illustrate the phases of the model, archival data were collected from three entrepreneurial ecosystems where new narratives have had to overcome entrenched economic and cultural narratives.FindingsIt is theorized that entrepreneurial ecosystems emerge, in part, through discourse. For an entrepreneurial ecosystem to develop, a narrative must take hold that allows participants to make sense of the new entrepreneurial activities and the changes to the region. A four-phase process model is presented to explain how entrepreneurial ecosystem narratives compete with other regional narratives and, particularly, negative economic narratives.Originality/valueThe theory developed in this paper contributes to the research on entrepreneurial ecosystems and organizational narratives and generates practical implications for policymakers and entrepreneurs seeking to promote entrepreneurship as a tool for economic development.

scholarly journals Entrepreneurial ecosystems in Poland: panacea, paper tiger or Pandora’s box?

2019 ◽  
Vol 8 (3) ◽  
pp. 319-338 ◽  
Author(s):  
Chay Brooks ◽  
Tim Vorley ◽  
Cristian Gherhes
Keyword(s):  
Public Policy ◽  
National Policy ◽  
Entrepreneurial Activity ◽  
Policy Makers ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Practice Gap ◽  
Framework Conditions ◽  
Theory Practice Gap

Purpose The purpose of this paper is to critically examine the role of public policy in the formation of entrepreneurial ecosystems in Poland. Design/methodology/approach The paper assumes a qualitative approach to researching and analysing how public policy enables and constrains the formation of entrepreneurial ecosystems. The authors conducted a series of focus groups with regional and national policy makers, enterprises and intermediaries in three Polish voivodeships (regions) – Malopolska, Mazowieckie and Pomorskie. Findings The paper finds that applying the entrepreneurial ecosystems approach is a challenging prospect for public policy characterised by a theory-practice gap. Despite the attraction of entrepreneurial ecosystems as a heuristic to foster entrepreneurial activity, the cases highlight the complexity of implementing the framework conditions in practice. As the Polish case demonstrates, there are aspects of entrepreneurial ecosystems that are beyond the immediate scope of public policy. Research limitations/implications The results challenge the view that the entrepreneurial ecosystems framework represents a readily implementable public policy solution to stimulate entrepreneurship and entrepreneurial growth. Insights are drawn from three regions, although by their nature these are predominantly city centric, highlighting the bounded geography of entrepreneurial ecosystems. Originality/value This paper poses new questions regarding the capacity of public policy to establish and extend entrepreneurial ecosystems. While public policy can shape the framework and system conditions, the paper argues that these interventions are often based on superficial or incomplete interpretations of the entrepreneurial ecosystems literature and tend to ignore or underestimate informal institutions that can undermine these efforts. As such, by viewing the ecosystems approach as a panacea for growth policy makers risk opening Pandora’s box.

Entrepreneurial ecosystem narratives and the micro-foundations of regional entrepreneurship

2018 ◽  
Vol 20 (3) ◽  
pp. 194-208 ◽  
Author(s):  
Philip T Roundy ◽  
Mark A Bayer
Keyword(s):  
Social Psychology ◽  
Narrative Theory ◽  
Entrepreneurial Activity ◽  
Cultural Artifacts ◽  
Entrepreneurial Ecosystem ◽  
Entrepreneurial Ecosystems ◽  
Sources Of Variation ◽  
Develop Theory ◽  
Micro Foundations

Entrepreneurial ecosystems (EEs), the set of forces that generate and sustain regional entrepreneurial activity, are a growing focus of scholars and practitioners. Studies are beginning to draw attention to the role of cultural artifacts, including narratives, in the functioning of EEs. However, the mechanisms driving narratives’ effects on ecosystem participants are unexamined. The purpose of this article is to develop theory that explains the influence of EE narratives on how information is processed by audiences. It is theorized that differences among ecosystems can, in part, be explained by differences in the properties of the narratives that take hold in them. Specifically, propositions are developed about four properties that represent sources of variation among ecosystem narratives: their ability to capture attention, influence the cognitive and emotional encoding of information, and be memorable. Further, it is argued that the maturity of the EE influences the novelty and potency of narrative effects. By integrating theories of cognitive and social psychology, narrative theory, and entrepreneurship, this article advances our understanding of how narratives about EEs influence audiences.

To bridge or buffer? A resource dependence theory of nascent entrepreneurial ecosystems

2019 ◽  
Vol 11 (4) ◽  
pp. 550-575 ◽  
Author(s):  
Philip T. Roundy ◽  
Mark A. Bayer
Keyword(s):  
Economic Development ◽  
Resource Dependence ◽  
Resource Dependence Theory ◽  
System Level ◽  
Entrepreneurial Activity ◽  
Entrepreneurial Ecosystem ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Ecosystem Size ◽  
Dependence Theory

Purpose Vibrant entrepreneurial ecosystems, systems of inter-related forces that promote and sustain regional entrepreneurship, are increasingly viewed as sources of innovation, economic development and community revitalization. Regions with emerging, underdeveloped or depressed economies are attempting to develop their nascent entrepreneurial ecosystems in the hopes of experiencing the positive benefits of entrepreneurial activity. For nascent entrepreneurial ecosystems to grow requires resources. However, how nascent entrepreneurial ecosystems manage their resource dependencies and the tensions that exist between creating and attracting resources are not clear. The purpose of this paper is to propose a theory of nascent entrepreneurial ecosystem resource dependence. Design/methodology/approach This conceptual paper analyzes entrepreneurial ecosystems as meta-organizations and builds on resource dependence theory to explain how nascent ecosystems respond to environmental dependencies and their resource needs through internal and external strategies. Findings Two specific strategies used by nascent entrepreneurial ecosystems to manage resource dependence – bridging and buffer – are explored. It is proposed that there is a positive relationship between the resource dependence of a nascent entrepreneurial ecosystem and its use of bridging and buffering activities. Two ecosystem characteristics that influence the pursuit of bridging and buffering – ecosystem size and the presence of collaborative values – are also identified. In addition, it is theorized that resource dependence strategies influence a key, system-level characteristic of entrepreneurial ecosystems: resilience, the ecosystem’s ability to respond and adapt to internal and external disruptions. Originality/value The theory presented generates insights into how nascent entrepreneurial ecosystems create and obtain resources when ecosystems are unmunificent, resource-constrained or underdeveloped. The theorizing addresses which resource dependence strategy – buffering or bridging – has a stronger link to resource dependence (and resilience) and under what conditions these linkages occur. The theoretical model generates insights for research on entrepreneurship in emerging and developed economies and produces practical implications for ecosystem participants, policymakers and economic development organizations.

scholarly journals Entrepreneurial ecosystems: Founding figures and research frontiers in economic geography

2019 ◽  
Vol 63 (2-4) ◽  
pp. 55-63 ◽  
Author(s):  
Susann Schäfer ◽  
Heike Mayer
Keyword(s):  
Economic Geography ◽  
Unique Contribution ◽  
Special Issue ◽  
Entrepreneurial Ecosystem ◽  
Ongoing Debate ◽  
Entrepreneurial Ecosystems ◽  
Published Research ◽  
Research Frontiers

Abstract The editorial for the special issue on entrepreneurial ecosystems summarizes the ongoing debate on the entrepreneurial ecosystem concept and portrays the backgrounds of founding figures of the concept. It traces the unique contribution of this issue with regard to recently published research. The contributions deal with the measurement of and the role of specific actors and institutions in entrepreneurial ecosystems.

Understanding Entrepreneurial Ecosystem

2019 ◽  
Vol 10 (3) ◽  
pp. 103-115 ◽  
Author(s):  
Sachin A Meshram ◽  
A. M. Rawani
Keyword(s):  
Economic Development ◽  
High Growth ◽  
Knowledge Generation ◽  
Business Growth ◽  
Entrepreneurial Ecosystem ◽  
Research Directions ◽  
Entrepreneurial Ecosystems ◽  
Policy Debates ◽  
Small Business Growth

Entrepreneurial ecosystems are a strategy that is designed to nurture economic development by promoting entrepreneurship, small business growth, and innovation. Ecosystems represent a new direction for entrepreneurship research that simultaneously increases knowledge of the complex contextual environments surrounding the entrepreneurship process, while at the same time providing useful contributions to policy debates around the role of high-growth entrepreneurship as a driver of regional economic development. This article reviews the concept evolution; different definitions and factors of entrepreneurial ecosystems. Additionally, it provides approaches of past contributions about entrepreneurial ecosystem. This article contributes to knowledge generation and provides further research directions. This study is an attempt to cover the different articles that exist on the entrepreneurial ecosystems.

The “Halalification” of tourism

2017 ◽  
Vol 8 (4) ◽  
pp. 558-577 ◽  
Author(s):  
Faiza Khan ◽  
Michelle Callanan
Keyword(s):  
Design Methodology ◽  
Secondary Data ◽  
Market Segment ◽  
Analysis Method ◽  
Review Of Literature ◽  
Primary Research ◽  
Content Type ◽  
Starting Point ◽  
Practical Implications

Purpose The purpose of this paper is to address the confusing use of terminology associated with tourism undertaken by Muslims and to identify key concerns associated with this type of tourism. Design/methodology/approach This is an exploratory study and adopts a critical review of literature following the evolutionary concept analysis method. Content analysis of popular UK media, UK-based tour operators’ websites and tourism strategies of destinations popular with Muslim tourists were conducted to examine the use of terminology. Findings There is no clear difference between the various terms (halal, Muslim friendly, Islamic, etc.) used. Overall, academia uses the term Islamic tourism, while the industry and media use various terms. Among destinations, however, there is no clear and consistent use of terminology. A key concern of Islamic tourism is the role of certification in assuring travellers and the lack of standardisation of halal certification. Research limitations/implications The paper is based on literature review and secondary data analysis. It lacks primary research. Practical implications This study highlights the need for consistent use of terminology across industry. Another implication is the issue surrounding halal certification of food and the importance of trust in the seller/service provide. Another trend that industry providers need to consider is the growth of the Muslim millennial traveller and the needs of this market segment. Originality/value The paper highlights the importance of studying the Muslim tourist market and provides a starting point for further research. It highlights several issues such as the need to develop a typology of Muslim tourists. Of particular interest is the concern whether halal values in danger of being commodified in the absence of a universal agreed criterion for halal certification.

The role of entrepreneurial families in entrepreneurial ecosystems: the family social capital approach

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Claudia Benavides-Salazar ◽  
Cristina Iturrioz-Landart ◽  
Cristina Aragón-Amonarriz ◽  
Asunción Ibañez-Romero
Keyword(s):  
Social Capital ◽  
Design Methodology ◽  
Content Type ◽  
Entrepreneurial Ecosystems ◽  
Family Social Capital ◽  
The Family ◽  
Depth Interviews ◽  
Entrepreneurial Dynamics

Purpose This paper aims to investigate how entrepreneurial families (EFs) influence the development of entrepreneurial ecosystems (EEs) by using the family social capital (FSC) approach. Design/methodology/approach For this paper, the authors analyzed the Manizales EE as a case study. The authors used a variety of data collection procedures, including in-depth interviews with 26 entrepreneurs and mentors. Findings The authors established how EFs affect EE development, identifying how the FSC bridging mechanisms impact the EE’s social and cultural attributes, boosting entrepreneurial dynamics. Originality/value The results indicated the relevance of EFs’ embeddedness and the degree of the FSC institutionalization in promoting of entrepreneurship within the EEs.

Peer-to-peer word-of-mouth: word-of-mouth extended to group online exchange

2018 ◽  
Vol 42 (2) ◽  
pp. 176-190 ◽  
Author(s):  
Anat Toder-Alon ◽  
Frédéric F. Brunel
Keyword(s):  
Online Community ◽  
Word Of Mouth ◽  
Peer To Peer ◽  
Bulletin Board ◽  
Cross Sectional ◽  
Content Type ◽  
Social And Emotional ◽  
Starting Point ◽  
Online Exchange ◽  
New Perspective

Purpose The purpose of this paper is to investigate how peer-to-peer word-of-mouth (PPWOM) conversations evolve over time because of the dynamic social nature of the community in which they take place. Design/methodology/approach This study analyzed PPWOM conversations in an online community website for new and expectant mothers. Two data collection phases were undertaken during a four-year period. In phase I, messages were collected for a one-month period from five different bulletin boards (i.e. cross-sectional data) and at two points in time (i.e. semi-longitudinal). In phase II, a full longitudinal study was conducted, and the complete text of all messages of a newly formed bulletin board was captured for a nine-month period. The corpus of messages was examined in line with the basic tools of ethnomethodology and conversation analysis. Findings This research developed a typology of PPWOM genres and showed that these genres change over the community lifespan. The findings confirmed that the levels of social cohesiveness and the interaction communicative motives are the main factors that distinguish different PPWOM genres. Research limitations/implications This research has offered a new perspective into the study of PPWOM, and hopefully it will serve as a starting point for a broader dialogue regarding the social context in which PPWOM is exchanged. Originality/value In contrast to traditional word-of-mouth research, this study demonstrated that PPWOM conversations go much beyond the exchange of functional information, and instead serve numerous social and emotional goals.

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