Lessons Learnt: Changes in the Methodology of the Entrepreneurial Discovery Process in Defining the Priorities of Hungarian Smart Specialisation Strategies

This study shows how one of the fundamental methods of designing and implementing the Smart Specialisation Strategy (S3), the Entrepreneurial Discovery Process (EDP), was applied in the period of 2014–2020 and how, taking accrued experience into account, it has been adjusted in the new planning cycle in Hungarian practice. Based on Hungarian strategies and other policy documents, international and Hungarian literature, the study shows that although the involvement of relevant actors in strategic planning and prioritising was achieved in both cycles, the nature of the actors’ participation differed fundamentally in the two periods. We found that learning from the experience of planning the S3 for 2014–2020, the design of the 2021–2027 strategy required improving the focus of priorities, validating priorities and creating an institutional system capable of making EDP continuous during the cycle 2021–2027, in line with the European Commission’s expectations. We concluded that a well-functioning EDP methodology is an essential part of the substantive realisation of an S3 that can be dynamically shaped according to the challenges.

Entrepreneurship in superdiverse societies and the end of one-size-fits-all policy prescriptions

PurposeThe purpose of this paper is to explore the entrepreneurial and policy consequences of the structural changes associated with postindustrialization.Design/methodology/approachThe approach uses Schumpeterian and institutional theories to predict the consequences of postindustrialization on four types of innovative markets: global mass markets; global niche markets; local mass markets and local niche markets.FindingsThe paper makes two key predictions. First, global mass markets will account for most cost-cutting process innovations. Second, niche markets, whether global or local, will provide the bulk of product innovations. Opportunities for product innovations in niche markets multiply both as the result of a more complex economy and as the result of heterogeneous preferences of consumers with divergent learning trajectories.Social implicationsThe key implication of the theoretical pattern prediction of this paper is that there are increasing opportunities for entrepreneurs to introduce novelties that cater to niche demands, and this includes new lifestyle communities. The increasing diversity of values and preferences implies that one-size-fit-all policies are becoming increasingly inimical to the entrepreneurial discovery of higher-valued resource uses.Originality/valueThis paper takes a standard prediction of entrepreneurial theories – that innovations become more common with an increase in economy-wide product complexity – and extends this to increasing complexity on the consumption side. With increases in opportunities for learning, consumers diverge and develop disparate lifestyles. The resultant super-diversity, which multiplies consumption niches to a much greater extent than what ethnicity-based diversity indices would imply, makes it more difficult to achieve consensus about the desirability of public policies.

MODERATION EFFECT OF SOCIAL MEDIA TO ENTREPRENEURIAL DISCOVERY AND CREATION, ANTECEDENT’S PRIOR KNOWLEDGE AND ENTREPRENEURIAL ALERTNESS. AN EMPIRICAL STUDY

This study aimed to analyze and evaluate the discovery and creation of opportunities in entrepreneurship moderated by social media. Two variables were used as antecedents namely Prior Knowledge and Entrepreneurial Alertness. This research used structural equation modeling method as well as Partial Least Square (PLS) theory. There were 294 final data processed from entrepreneurs who interacted using social media. From the 5 proposed hypotheses, the 5 hypotheses were significantly positive. Prior Knowledge had a significant impact on Entrepreneurial Alertness, social media had a significant impact in moderating Prior knowledge and Entrepreneurial Alertness on finding and creating opportunities. The novelty of this research explores the concept of entrepreneurship in social media and very few researchers conduct research in this field

Solving the restructuring problems of (former) old industrial regions with smart specialization? Conceptual thoughts and evidence from the Ruhr

Abstract(Former) old industrial regions are a specific kind of lagging regions that suffer from long-term restructuring problems and deindustrialization. They are back in the focus of many researchers as well as media observers, because of the rise of populist parties in many of these regions in North America and Europe. Therefore, new policy options are discussed in the literature. In this paper, we critically discuss the effects of smart specialization as the most recent regional policy strategy in Europe on solving the restructuring problems and deindustrialization in (former) old industrial regions and we illustrate our analysis with a view on the Ruhr in Germany. Since smart specialization focuses on existing endogenous potential and entrepreneurial discovery processes from the region, vested interests in (former) old industrial regions might hinder necessary restructuring. Although potentially path transformation might be fostered in some cases, overall, smart specialization is certainly not a quick fix for solving long-term negative effects of restructuring and deindustrialization in (former) old industrial regions.

Entrepreneurial cognition or judgment: The management and economics approaches to the entrepreneur's choices

Purpose: The explanation of entrepreneurial choices is relevant for efficient resource allocation and wealth of individuals and societies. The economics and management studies in entrepreneurship present both complementary and alternative views on the antecedents of entrepreneurial decisions and actions. This paper aims to synthesize this discussion, propose the processual and configurational approach that bridges the extant views, as well as to present the contribution of the papers in this issue to exploring the link between entrepreneurial cognition and choices. Methodology: Based on the narrative literature review, we present the major constructs describing how entrepreneurs make judgments under uncertainty and select particular decisions and actions. Then, we suggest how these differing assumptions can be adopted within processual view, as well as based on the configurational approach to judgments and actions of entrepreneurs. Findings: The research included in this issue treats the concepts of entrepreneurial discovery and creation as complementary rather than alternative. Moreover, the referred studies acknowledge the role of capabilities, personal traits and entrepreneurial cognition in enterprise performance and intentions to run a business. Additional value of this issue is a broad picture of the context and related contingencies, such as geographical location, industrial and firm idiosyncrasies, as well as economic development and social awareness levels in particular locations. Implications for theory and practice: This paper synthesizes the extant discussion on the antecedents of entrepreneurial choices, and proposes processual and configurational approaches to bridge theoretical perspectives in this research field. Originality and value: We contribute to the literature on entrepreneurial choices by proposing the conceptual links between judgments and behaviors in economics and management studies, and by highlighting how the research in this thematic issue explains the referred links.

Smart Specialization of Innovative Development of Functional Territories: Strategic Experience and Potential of Ukraine

The article examines the strategic experience of introducing smart specialization in Ukraine using the methods of strategic analysis, financial analysis, generalization, statistics, critical thinking. It has been proved that the state priorities of Ukraine's strategic development have changed. The concept of providing state aid to industries that cannot withstand competition has been changed to the concept of identifying specialized functional areas based on the principles of reasonableness, sustainability and inclusiveness of development, the ability to integrate into value chains of world markets. The above more locally meets the requirements of the competitive environment, minimizes the risks of scattered financing, increases the level of effectiveness of strategic planning, innovative and technological development of the state as a whole. The inconsistency of the state and regional strategic support for the introduction of reasonable specialization was established against the background of determining the effectiveness of the use of such forms of cooperation as the cluster model and cross-functional interaction. The need for standardization and greater regulation of the smart specialization procedure at both the conceptual, methodological and practical levels is determined. Ukrainian smart specialization is constrained by the insufficient potential for the implementation of regional development strategies, the urgent need to adapt the method of assessing smart specialization in the format of entrepreneurial discovery to the Ukrainian realities of types of economic activity, insufficient funding of potential functional territories, low initiative, diversification and self-organization. The delay in the implementation of reasonable specialization of activities in Ukraine is explained by the need for additional time to reconfigure the socio-economic system at all levels and to understand the territorial needs, the prospects of choosing from existing opportunities and its consequences.