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Contents:
  1. Entrepreneurship and entrepreneurial ecosystems
  2. Business model
  3. Entrepreneurial Cognition and Learning | SpringerLink

Space limitations prevent a fuller bibliometric analysis. For example, Isenberg , which is explicitly about how to create an entrepreneurship ecosystem, does not result from searches with those phrases on either WoS or Scopus. In all such searches, the environment or ecosystem can refer to the corporate environment or the industry ecosystem, neither of which is the context of the entrepreneurial ecosystem of primary interest to geographers and regional development specialists.

The notion of an entrepreneurial ecosystem or ecosystem for entrepreneurship is quite new and has emerged from diverse origins, as noted above. As Stam , p. In addition, there are several different kinds of ecosystems, of which the entrepreneurial type is only one Acs et al. Most definitions highlight the combination or interaction of elements, often through networks, producing shared cultural values that support entrepreneurial activity.

Ignoring the interconnected nature of the ecosystem elements can lead to perverse outcomes. A set of interdependent actors and factors coordinated in such a way that they enable productive entrepreneurship p. The entrepreneurial ecosystem concept emphasizes that entrepreneurship takes place in a community of interdependent actors.

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The systemic conditions are the heart of the ecosystem: networks of entrepreneurs, leadership, finance, talent, knowledge, and support services. The presence of these elements and the interaction between them predominantly determine the success of the ecosystem. The entrepreneurial ecosystem includes three dimensions: actors who form it and their interactions formal and informal network , physical infrastructure, and culture. The entrepreneurial ecosystem may be described as a generic context aiming to foster entrepreneurship within a given territory.

Therefore, it consists of a horizontal network customers and providers and a vertical network competitors and complementors. The latter includes elements such as regulation and entrepreneurial culture, which are, for instance, connected to geographic specificities. Among the most influential on recent geographical research are Isenberg , Mason and Brown , Spigel a , and Stam Earlier visualizations by Smilor, Gibson, and Kozmetsky and Smilor and Feeser presaged the standard image of an entrepreneurial ecosystem.

The processes depend on the set of flows or relations within an entrepreneurial ecosystem, which change over time Spigel, a ; Stam, Key relations may also include flows to and from places outside the local ecosystem. The key construct in an entrepreneurial ecosystem is that it is a system. For Spilling , p. The value symbolic capital accorded to mentorship is a key difference between regional cultures Spigel, b.

A particular part of the development of strong ecosystems is that entrepreneurs who have succeeded with a blockbuster firm remain active in the local ecosystem, actively participating in it by reinvesting their profit and experience back into it either as investors or mentors. The entrepreneurial ecosystem is a concept that is fundamentally spatial—and centrally local.

Spinoffs or spinouts are especially likely from large anchor firms that act as seedbeds for nascent entrepreneurs Mayer, a. Despite these accepted trends, uncertainty still surrounds the sequence of events. Must venture capital already be in place for entrepreneurs to emerge? Feldman and Mason insist that venture capital and other supportive conditions follow rather than precede the emergence of entrepreneurial activity.

Seed capital funds and business accelerators are also important. Finance, therefore, is another link from an entrepreneurial ecosystem to the outside—in this case, sources of finance and potential new markets. Guzman and Stern present a metric for assessing the general quality of entrepreneurial ecosystems at the national and zip code scale for the US. Although entrepreneurship is a local event, distant resources can also be critical.

Some network links are nonlocal or with transnational firms, which try to embed within key entrepreneurial ecosystems in specific technologies Malecki, Gauthier et al. Brown, Gregson, and Mason note similar problems in Scotland. In Boulder, all firm founders surveyed cited culture as an important element of the entrepreneurial system Neck et al.

Local culture, therefore, is not merely some exogenous phenomenon, manipulable by policy. Public—private governance is typical in entrepreneurial ecosystems Acs et al. Recent work identifies the need for a diverse mix of entrepreneurs. Roundy et al. Feld's advice that entrepreneurs must lead an entrepreneurial ecosystem resonates with the observation of Sweeney , p.

Only the entrepreneur does this. Successful entrepreneurial ecosystems in San Diego and Waterloo are characterized by a civic culture. In both of these cases, and also in Boulder Neck et al. Mentoring is a key relationship, quite variable from place to place Spigel, b and is among the characteristics of the ideal entrepreneurial ecosystem which does not emerge overnight. Taken together, a civic culture and shared intentions and goals provide coherence within an ecosystem that also exhibits diversity. The market logic of individual entrepreneurs also needs the community logic provided by support organizations such as incubators and accelerators Roundy et al.

One can conclude that the local scale is the most appropriate for studying entrepreneurial ecosystems. The following section focuses attention on universities as central actors or hubs of entrepreneurial ecosystems and on the role of other intermediaries. The most important function of a university in many places is to provide highly skilled and specialized talent Bramwell et al.

To achieve this takes time. Rice et al. Baraldi and Ingemansson Havenvid describe the evolution of a university incubator to take on several new roles that embed it in global networks as well as within the regional entrepreneurial ecosystem. However, incubators vary in the quality of their services and the degree of interaction and synergy they provide Fernandez Fernandez et al. Government economic development organizations also increasingly outsource service delivery to private firms.

A particularly important issue is that of the evolution or life cycle of entrepreneurial ecosystems.

Entrepreneurship and entrepreneurial ecosystems

Do they develop identically, or even similarly, in different places and at different times? Do different types of blockbuster firms give rise to angels and a culture of mentoring in the same manner everywhere? If the scope is narrow, then the decline and even disappearance of an ecosystem is possible, as Mack and Mayer suggest. In this case, one could say that the ecosystem was only partial at best.

More fundamental is to see entrepreneurial ecosystems as dynamic and evolving over time, creating a cumulative growth of new firms. A life cycle model is appealing, but the end result should be sustainability, not decline as in Mack and Mayer's model. The contrast between weak and strong entrepreneurial ecosystems is helpful, in contrast to more generic approaches. The processes by which entrepreneurs help to create an entrepreneurial ecosystem are not automatic; they require capable entrepreneurs. Lichtenstein and Lyons , advocate for a proactive Entrepreneurial Development System to develop entrepreneurial skills technical, managerial, entrepreneurial, and personal maturity in individuals as a way to increase their entrepreneurial development level.

Critical to a dynamic view of entrepreneurial ecosystems is to recognize that entrepreneurship is socially constructed and coevolves with the similarly socially constructed and dynamic development of regions and places. Interactions can be sparked by policy initiatives, as in St. From the perspective of communities and regions, an entrepreneurial ecosystem should not be perceived as fixed.

An entrepreneurial ecosystem is likely not to be tied to a single technology or industry; indeed, the successful ones appear to have entrepreneurial dynamism that transcends industries and individual technologies. If an ecosystem were to decline, it would suggest the decline of firms in several technologies. The existential purpose of an entrepreneurial ecosystem is its own renewal, that is, the continuous formation of new firms through the support of the ecosystem and existing and prior entrepreneurs.

The community logic, as Roundy calls it, sees local development and its renewal and resilience as a purpose. In this section, I emphasize two topics: first, methods that might help us to know more about entrepreneurial ecosystems systematically, adding to the agenda proposed by Alvedalen and Boschma and, second, the situation of women entrepreneurs in the context of entrepreneurial ecosystems. Many different approaches have been attempted, mainly with quantitative datasets. Both of these efforts, and the work of Cukier et al.

Research should be longitudinal. Lawton Smith, Glasson, and Chadwick extend their scope beyond a single university to the entire Oxfordshire entrepreneurial ecosystem. Social network analysis, missing in entrepreneurial ecosystem research thus far, might provide a needed approach Alvedalen and Boschma, Data on attendees of events as rosters of the constantly changing social networks in an ecosystem might be gathered. To understand an ecosystem through its events would require rosters of all attendees and their roles at all events over several years.

Such data would be similar to what has begun on a few cities and contribute to the social network analysis espoused by Alvedalen and Boschma Another valuable approach is to identify and survey spinoff firms or spawns. Mayer , , a , b has done this in several cities in the US Boise, Kansas City, Portland, Seattle , providing a long view but without details on all actors or other ecosystem components.

Neck et al. Notably, Feldman and Lowe have assembled a database of 4, entrepreneurial firms—many of them spawns, or formal or informal spinoffs from a parent company—in North Carolina's Research Triangle. Auerswald suggests that we map an entrepreneurial ecosystem as a relational inventory of participants nodes and how they are connected edges. Taich, Piazza, Carter, and Wilcox find that all entrepreneurs say connectivity is important; fewer see the other measures as important. However, Roundy et al. It is not easy to identify informal institutions, interactions with them, or their impact Lawton Smith, Nylund and Cohen urge measures of collision density, as taken up by Mulas et al.

In New York City, the number of connections of entrepreneurs with angel investors, mentors, and others grew from to Research is underway in several cities to map network connections Fernandez, However, longitudinal case studies are sure to continue, providing nuance and rich empirical detail.

Business model

A major challenge is to monitor and measure a multidimensional entrepreneurial ecosystem annually and over time, as Harrington , shows. Cukier et al. Roundy suggests that we need more narrative accounts of entrepreneurial ecosystems. Beyond success stories, we also need more historical accounts e. Roundy cites six purposes of narratives: transmitting the ecosystem's culture for one generation, community, or group to another, making sense of the ecosystem, constructing the ecosystem's identity which might vary markedly from prevailing accounts , legitimating the ecosystem, attracting attention to it, and charting the ecosystem's future.

All of these narratives have a local purpose; some will add to our theoretical understanding. Is an entrepreneurial ecosystem equally supportive of all entrepreneurs? Women entrepreneurs have been largely seen as secondary to men Ahl, , so entrepreneurial ecosystems might not be gender blind. He observes that both Kansas City and St. Using citation data this paper has identified the key contributors to the concept of entrepreneurial ecosystems.

It has paid attention primarily to the dynamic process that creates and sustains such an ecosystem. For example, entrepreneurs on the internet have also created entirely new models that depend entirely on existing or emergent technology. Using technology, businesses can reach a large number of customers with minimal costs. In addition, the rise of outsourcing and globalization has meant that business models must also account for strategic sourcing, complex supply chains and moves to collaborative, relational contracting structures.

Design logic views the business model as an outcome of creating new organizational structures or changing existing structures to pursue a new opportunity. Gerry George and Adam Bock conducted a comprehensive literature review and surveyed managers to understand how they perceived the components of a business model. In further extensions to the design logic, George and Bock use case studies and the IBM survey data on business models in large companies, to describe how CEOs and entrepreneurs create narratives or stories in a coherent manner to move the business from one opportunity to another.

They recommend ways in which the entrepreneur or CEO can create strong narratives for change. Since innovating firms do not have executive control over their surrounding network, business model innovation tends to require soft power tactics with the goal of aligning heterogeneous interests. The University of Tennessee conducted research into highly collaborative business relationships. Researchers codified their research into a sourcing business model known as Vested also referred to as Vested Outsourcing.

Vested is a hybrid sourcing business model in which buyers and suppliers in an outsourcing or business relationship focus on shared values and goals to create an arrangement that is highly collaborative and mutually beneficial to each. From about , some research and experimentation has theorized about a so-called "liquid business model". Sangeet Paul Choudary distinguishes between two broad families of business models in an article in Wired magazine.

In the case of pipes, firms create goods and services, push them out and sell them to customers. Value is produced upstream and consumed downstream. There is a linear flow, much like water flowing through a pipe. Unlike pipes, platforms do not just create and push stuff out.

12 Mistakes I Made My First Year as an Entrepreneur

They allow users to create and consume value. Alex Moazed, founder and CEO of Applico , defines a platform as a business model that creates value by facilitating exchanges between two or more interdependent groups usually consumers and producers of a given value. In an op-ed on MarketWatch, [16] Choudary, Van Alstyne and Parker further explain how business models are moving from pipes to platforms, leading to disruption of entire industries. There are three elements to a successful platform business model. This infrastructure enables interactions between participants.

The Magnet creates pull that attracts participants to the platform. For transaction platforms, both producers and consumers must be present to achieve critical mass. The Matchmaker fosters the flow of value by making connections between producers and consumers. Data is at the heart of successful matchmaking, and distinguishes platforms from other business models. Chen stated that the business model has to take into account the capabilities of Web 2.

He suggested that the service industry such as the airline, traffic, transportation, hotel, restaurant, information and communications technology and online gaming industries will be able to benefit in adopting business models that take into account the characteristics of Web 2. He also emphasized that Business Model 2. He gave the example of the success story of Amazon in making huge revenues each year by developing an open platform that supports a community of companies that re-use Amazon's on-demand commerce services. Malone et al. In the healthcare space, and in particular in companies that leverage the power of Artificial Intelligence, the design of business models is particularly challenging as there are a multitude of value creation mechanisms and a multitude of possible stakeholders.

An emerging categorization has identified seven archetypes. In the context of the Software-Cluster, which is funded by the German Federal Ministry of Education and Research, a business model wizard [21] for software companies has been developed. It supports the design and analysis of software business models. The tool's underlying concept and data were published in various [ citation needed ] scientific publications. The concept of a business model has been incorporated into certain accounting standards. For example, the International Accounting Standards Board IASB utilizes an "entity's business model for managing the financial assets" as a criterion for determining whether such assets should be measured at amortized cost or at fair value in its financial instruments accounting standard, IFRS 9.

Both IASB and FASB have proposed using the concept of business model in the context of reporting a lessor's lease income and lease expense within their joint project on accounting for leases. Business model design generally refers to the activity of designing a company's business model. It is part of the business development and business strategy process and involves design methods. Massa and Tucci [39] highlighted the difference between crafting a new business model when none is in place, as it is often the case with academic spinoffs and high technology entrepreneurship, and changing an existing business model, such as when the tooling company Hilti shifted from selling its tools to a leasing model.

They suggested that the differences are so profound for example, lack of resource in the former case and inertia and conflicts with existing configurations and organisational structures in the latter that it could be worthwhile to adopt different terms for the two. They suggest business model design to refer to the process of crafting a business model when none is in place and business model reconfiguration for process of changing an existing business model, also highlighting that the two process are not mutually exclusive, meaning reconfiguration may involve steps which parallel those of designing a business model.

Al-Debei and Avison consider value finance as one of the main dimensions of BM which depicts information related to costing, pricing methods, and revenue structure. Stewart and Zhao defined the business model as a statement of how a firm will make money and sustain its profit stream over time. Osterwalder et al.

Entrepreneurial Cognition and Learning | SpringerLink

Mayo and Brown considered the business model as the design of key interdependent systems that create and sustain a competitive business. Zott and Amit consider business model design from the perspectives of design themes and design content. Design themes refer to the system's dominant value creation drivers and design content examines in greater detail the activities to be performed, the linking and sequencing of the activities and who will perform the activities.

Developing a Framework for Business Model Development with an emphasis on Design Themes, Lim proposed the Environment-Strategy-Structure-Operations ESSO Business Model Development which takes into consideration the alignment of the organization's strategy with the organization's structure, operations, and the environmental factors in achieving competitive advantage in varying combination of cost, quality, time, flexibility, innovation and affective.

A business model design template can facilitate the process of designing and describing a company's business model. Daas et al. In their study a decision support system DSS is developed to help SaaS in this process, based on a design approach consisting of a design process that is guided by various design methods.

In the early history of business models it was very typical to define business model types such as bricks-and-mortar or e-broker.

However, these types usually describe only one aspect of the business most often the revenue model. Therefore, more recent literature on business models concentrate on describing a business model as a whole, instead of only the most visible aspects. The following examples provide an overview for various business model types that have been in discussion since the invention of term business model :.

Technology centric communities have defined "frameworks" for business modeling. These frameworks attempt to define a rigorous approach to defining business value streams. It is not clear, however, to what extent such frameworks are actually important for business planning. Business model frameworks represent the core aspect of any company; they involve "the totality of how a company selects its customers defines and differentiates its offerings, defines the tasks it will perform itself and those it will outsource, configures its resource, goes to market, creates utility for customers, and captures profits".

A review on business model frameworks can be found in Krumeich et al. The process of business model design is part of business strategy. Business model design and innovation refer to the way a firm or a network of firms defines its business logic at the strategic level. In contrast, firms implement their business model at the operational level, through their business operations. This refers to their process-level activities, capabilities, functions and infrastructure for example, their business processes and business process modeling , their organizational structures e.

Consequently, an operationally viable and feasible business model requires lateral alignment with the underlining business operations. The brand is a consequence of the business model and has a symbiotic relationship with it, because the business model determines the brand promise, and the brand equity becomes a feature of the model. Managing this is a task of integrated marketing.

The standard terminology and examples of business models do not apply to most nonprofit organizations , since their sources of income are generally not the same as the beneficiaries. The term 'funding model' is generally used instead. The model is defined by the organization's vision, mission, and values, as well as sets of boundaries for the organization—what products or services it will deliver, what customers or markets it will target, and what supply and delivery channels it will use.

While the business model includes high-level strategies and tactical direction for how the organization will implement the model, it also includes the annual goals that set the specific steps the organization intends to undertake in the next year and the measures for their expected accomplishment. Each of these is likely to be part of internal documentation that is available to the internal auditor. When an organisation creates a new business model, the process is called business model innovation.

This can comprise the development of entirely new business models, the diversification into additional business models, the acquisition of new business models, or the transformation from one business model to another see figure on the right. The transformation can affect the entire business model or individual or a combination of its value proposition, value creation and deliver, and value capture elements, the interrelations between the elements, and the value network. The concept facilitates the analysis and planning of transformations from one business model to another.

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