Ecosystem In The Entrepreneurial Ecosystem

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INTRODUCTION: During the past centuries, entrepreneurship has been viewed by researchers as the critical sources of organizational survival and growth in the national economic evolution. Entrepreneurial activities and technological innovation have been widely recognized as crucial factors for national economic development in economies. The theorist Joseph Schumpeter [1] was praised as the “prophet of innovation” [2] since his theory of Economic development has been published. This theory was considered as the first step in the origination of theoretical instruments and concepts which examined the real economic world. The Schumpeterian system of economic thought also assigned crucial role to entrepreneurship together with its indivisible and…show more content…
It requires a clear and universally accepted understanding of its two components (entrepreneurship and ecosystems) as well as the combination of the two. Entrepreneurship is a process by which opportunities to create future goods and services are discovered, evaluated, and exploited (Shane & Venkatamaran, 2000). An ‘ecosystem’ – pulled out of the strict biological context - emphasizes a community of interdependent actors. The entrepreneurial ecosystem literature frequently adopts a narrow selection of what most scholars see as entrepreneurship. The literature for example tends to focus on “high-growth entrepreneurial firms” (Napier & Hansen, 2011) and “high-tech start ups” (Senor and Singer, 2009). More in particular the entrepreneurial ecosystem literature focuses on the role of the (social) context in enabling or constraining entrepreneurship, the interdependencies between actors within the system (Stam 2015). It puts central the process individuals go through in their entrepreneurial endeavors while emphasizing the importance of…show more content…
Within each of the six main variables of this model, different sub-variables are identified to elaborate on the overall framework. An important aspect of entrepreneur ecosystem is deep talent pool of employees in all sectors and areas of expertise. This includes both technical workers as well as more business-oriented workers such as salespeople, marketers, and business development professionals. Universities are an excellent resource for start-up talent and should be well connected to the community. Next to human capital, financial capital is key: a strong, dense, and supportive community of VCs, business angels, seed investors, and other forms of financing should be available, visible, and accessible across sectors, demographics, and geography. A successful ecosystem necessitates leadership, consisting of a strong group of entrepreneurs who are visible, accessible and committed to the region being a great place to start and grow a

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