Small Business Economics最新文献

{"title":"How do successful exits impact regional development? Longitudinal evidence from European cities","authors":"Aaron Defort, Michael Fröhlich, Paul Neuroth, Isabell Welpe","doi":"10.1007/s11187-025-01039-w","DOIUrl":"https://doi.org/10.1007/s11187-025-01039-w","url":null,"abstract":"<p>This paper investigates the impact of different types of successful start-up exits on the development of entrepreneurial ecosystems (EEs). With a panel data analysis covering 45 European cities over 20 years, the study examines how acquisitions and IPOs influence subsequent individual investment activity and new venture creation. The results reveal that acquisitions significantly and positively influence investment activity and new venture creation in the following years. In contrast, IPOs show smaller and marginally significant effects. These findings provide nuanced insights into how entrepreneurial recycling occurs within EEs after exit events, contributing to our understanding of the evolutionary nature of entrepreneurial ecosystems. The study underscores the importance of exit routes and the legitimacy of ecosystem actors in fostering entrepreneurship and regional development.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"10 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143853396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Connectedness of entrepreneurial ecosystems: evidence from the mobility of knowledge-intensive entrepreneurs","authors":"Matteo Spinazzola, Veronica Scuotto, Marco Pironti, Manlio Del Giudice","doi":"10.1007/s11187-025-01031-4","DOIUrl":"https://doi.org/10.1007/s11187-025-01031-4","url":null,"abstract":"<p>Entrepreneurial ecosystems (EEs) are regarded as ideal breeding ground for knowledge-intensive entrepreneurs (KIEs). Yet, as EEs are mostly considered isolated from each other and their connectedness is neglected, there is a lack of research on their capacity to attract KIEs rather than to locally nurturing them. Inadequate data has been a major obstacle to this line of work as well. Aiming to address this gap, the present study investigates KIEs’ mobility providing empirical evidence at support of EEs’ connectedness. The career history of 3,897 biotech KIEs across 32 European countries over a 15-year time was analysed. A stochastic actor-oriented model (SAOM) was employed to identify the key determinants attracting flows of biotech KIEs from one EE to another. Crucially, this analysis included both location-specific variables for every EE, as well as the dynamics of the inter-EE mobility network itself. Though the results are specific to KIEs in the biotech sector and more research is necessary to further confirm them, they provide evidence that KIEs’ mobility emerges from multiscalar phenomena extending beyond ecosystem boundaries. Both the academic community and policymakers should take such dynamics seriously to understand and shape EEs connectedness to the larger world. Moreover, as KIEs’ mobility cannot be fully understood without accounting for inter-EE connectedness, the multiscalar understanding of EEs can significantly benefit from the use of KIEs’ mobility data.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"26 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143837015","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Multinational enterprise spillover mechanisms in the genesis and evolution of entrepreneurial ecosystems","authors":"Syed Ali Adnan Rizvi, Giulio Buciuni, Paul Ryan","doi":"10.1007/s11187-025-01043-0","DOIUrl":"https://doi.org/10.1007/s11187-025-01043-0","url":null,"abstract":"<p>Incumbent large businesses play a crucial role in fostering resilient entrepreneurial ecosystems. However, many regions lack the presence of such firms. Early research suggests that an entrepreneurial ecosystem can compensate for this absence through positive spillovers from foreign direct investment. While the role of multinational enterprises in entrepreneurial ecosystems remains underexplored, our comprehensive review of the broader business and economics literature delineates and describes six key multinational enterprise spillover mechanisms that impact entrepreneurial ecosystem genesis and evolution. We contribute a theoretical model of six multinational enterprise spillover mechanisms’ impact on entrepreneurial ecosystem evolution from genesis, through growth, and on to maturation as a more resilient entrepreneurial ecosystem. We ultimately propose a future research agenda to further and more deeply explore the impact of multinational enterprises’ spillovers on entrepreneurial ecosystems.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"67 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143837016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Understanding the role of place in emerging organisational fields: a comparative analysis of nascent ICT entrepreneurial ecosystems in Japan","authors":"Agata Kapturkiewicz","doi":"10.1007/s11187-025-01024-3","DOIUrl":"https://doi.org/10.1007/s11187-025-01024-3","url":null,"abstract":"<h3 data-test=\"abstract-sub-heading\">Abstract</h3><p>This paper contributes to a better understanding of how place matters for the development of nascent Information and Communication Technology (ICT) entrepreneurial ecosystems (EEs). This qualitative study adopts a lens of neo-institutional theory, looking at EEs as organisational fields, and focuses on two comparative cases in Japan—Osaka-Kyoto and Fukuoka, which are developing “in the shadow” of the more established Tokyo EE. The data is based on semi-structured interviews and participant observations generated during fieldwork research in 2016–2020, analysed together with a set of archival data. The findings reveal similar gaps in the institutional infrastructure of the nascent EEs of Osaka-Kyoto and Fukuoka (for example, in funding, in the access to information and expertise from successful startups), in response to which their stakeholders engage undertake similar types of actions to obtain the missing/underdeveloped elements, including creating network connections within and between EEs (with particularly important links to Tokyo EE). However, the study shows that the existing and expected outcomes of these actions are moderated by certain elements underlying the EEs’ institutional infrastructure—local resources (stronger in Osaka-Kyoto) and place cohesion (stronger in Fukuoka). The latter concept is newly identified and defined in the paper. The findings of this paper become the basis for a process model of the nascent EEs’ development, have theoretical implications for research about EEs and for the comparative study of organisational fields, and offer insights for policy and practice.</p><h3 data-test=\"abstract-sub-heading\">\u0000<b>Plain English Summary</b>\u0000</h3><p>Place continues to be critically important for the development of entrepreneurial ecosystems (EEs), even those focused on technology-related startup entrepreneurship that might be expected to be less dependent on place. By comparing the cases of two Information and Communication Technology (ICT) EEs in Japan (Osaka-Kyoto and Fukuoka, developing “in the shadow” of the more established Tokyo), the study shows the significant role of place cohesion (a newly defined concept, consisting of place-based collective identity and locations’ internal centralisation) and local resources in the nascent EEs’ development. The findings also confirm that various developmental pathways and configurations exist but note possible dangers (e.g. brain drain) when some key elements (e.g. funding) are accessed from another EE, even in the same country. Policymakers and practitioners should consider that intentionally working on strengthening place cohesion and local resources could help EEs’ development and that developing at least some locally based funding opportunities seems important for nascent EEs.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"4 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143819217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From poverty trap to commodity trap: entrepreneurship and well-being among the poor","authors":"Michael H. Morris, Sohrab Soleimanof, Marcello Calle, Reginald Tucker","doi":"10.1007/s11187-025-01045-y","DOIUrl":"https://doi.org/10.1007/s11187-025-01045-y","url":null,"abstract":"<p>Building on disadvantage theory and the capabilities framework, the research explores how two critical aspects of the poverty experience, experienced scarcity, and a limited opportunity horizon, can result in the creation of ventures that struggle to achieve marketplace success, which in turn detracts from the entrepreneur’s perceived well-being. These business struggles are traced to a commodity trap, where the business is not well differentiated in the marketplace, suffers from low volumes and margins, has little bargaining power, and is labor-intensive and capacity-constrained. A set of hypotheses regarding these relationships are tested using data from a sample of entrepreneurs from poverty backgrounds within Ecuador. The results provide support for the hypothesized relationships. Disadvantages from poverty translate into disadvantages within a business, and failure to overcome these disadvantages results in a lower sense of well-being on the part of the entrepreneur. Implications are drawn for theory and practice.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"2 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143797728","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Firms’ expectations about skill shortages","authors":"Helena Antonie Baier, Philipp Lergetporer, Thomas Rittmannsberger","doi":"10.1007/s11187-025-01035-0","DOIUrl":"https://doi.org/10.1007/s11187-025-01035-0","url":null,"abstract":"<p>Shortages of skilled labor present a critical challenge for economies worldwide. We surveyed over 1100 SME managers in Germany, revealing that most expect skill shortages to worsen and adversely affect their operations. Providing expert forecasts on future shortages to a randomly chosen subgroup of respondents barely affects the expected impacts of skill shortages on their firm, planned mitigation strategies, or business performance expectations. These limited effects likely stem from the already high priority placed on skill shortages, attenuating the impact of additional information. Our findings suggest that typical information campaigns may be ineffective, pointing to a need for more actionable strategies in addressing skill shortages.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"96 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143797726","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Greening pastures: Ecosystems for sustainable entrepreneurship","authors":"Jip Leendertse, Frank van Rijnsoever","doi":"10.1007/s11187-025-01040-3","DOIUrl":"https://doi.org/10.1007/s11187-025-01040-3","url":null,"abstract":"<p>Sustainable entrepreneurs introduce new sustainable technologies and business models to the market. They thereby can help with tackling grand environmental challenges. Regional governments are increasingly implementing policies to develop a supportive ecosystem for sustainable entrepreneurship in their region. For these policies to be effective, policy makers need to understand which regional factors influence the founding of sustainable start-ups by these entrepreneurs. We build on the sustainable entrepreneurial ecosystem and innovation system literatures to develop hypotheses about which factors could influence the presence of sustainable start-ups in a region. We test these hypotheses on data from 273 European NUTS-2 regions containing 46,741 start-ups. We use text analysis to identify which start-ups are environmentally sustainable. We find strong evidence that the quality of an entrepreneurial ecosystem is important for the presence of sustainable start-ups, even more so than for their regular counterparts. Furthermore, we find that the presence of sustainable start-ups is positively influenced by the presence of fellow (regular) start-ups, the presence of sustainability-oriented formal institutions, and to some extend sustainability-oriented resource endowments and sustainability-oriented informal institutions. We make two contributions to the literature. First, our research contributes to structuring the debate on generic versus specific entrepreneurial ecosystems using insights from the innovation systems literature. Second, we apply these insights to propose a novel conceptual framework for sustainable entrepreneurial ecosystems. We show how sustainable entrepreneurship is influenced by both the generic entrepreneurial ecosystem and through a sustainability specification. Policy makers can use our results to establish policies that help improve ecosystems for sustainable entrepreneurship in their region.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"25 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143797869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Exploring spatial network structures in entrepreneurial ecosystems: a network and clustering analysis of global venture funding flows","authors":"Nicolas Victor Noak, Lance Christian","doi":"10.1007/s11187-025-01029-y","DOIUrl":"https://doi.org/10.1007/s11187-025-01029-y","url":null,"abstract":"<p>This study examines the interconnectedness of entrepreneurial ecosystems (EEs) through a comprehensive geospatial network analysis of global investment flows. Addressing the critical need to explore EEs beyond their local boundaries, we investigate how EEs interact across regional, national, and international levels. Utilizing data from Crunchbase, which details 556,612 investment interactions among 5488 city-regions globally from 2000 to 2022, our analysis employs network topology analysis and hierarchical clustering to elicit similarities and differences in the financial interconnectedness. Our findings reveal significant variability in how EEs are connected, with distinct patterns emerging among clusters. We highlight the role of external linkages in shaping the structure EEs, challenging the inward-focused perspective commonly held in current literature. Notably, our research uncovers the extensive reach and complexity of EEs’ financial interactions, illustrating both concentrated and dispersed network embeddedness. The study contributes to the entrepreneurial ecosystem literature in three ways. First, we extend the analysis of EEs to consider their spatial interconnectedness and complex network structures. Second, we introduce network topology analysis as a robust method for understanding the complexities of EE connectivity. And third, through hierarchical clustering of EEs by their network metrics, we show that EE vary greatly in their relational structures. These insights not only enrich our understanding of EEs but also inform policy implications, suggesting avenues for fostering stronger, more resilient entrepreneurial environments through strategic network facilitation and international cooperation.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"34 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782378","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Indirect effects of R&D subsidies: labor mobility as a channel for knowledge spillovers","authors":"Abdulaziz Reshid, Erik Hegelund, Peter Svensson","doi":"10.1007/s11187-025-01036-z","DOIUrl":"https://doi.org/10.1007/s11187-025-01036-z","url":null,"abstract":"<p>While research and development (R&amp;D) spillovers have long been a central argument for the public support of private R&amp;D activities, less is known about the existence and magnitude of innovation policy-induced spillovers. This paper presents a quasi-experimental analysis of the spillover effects of Eurostars R&amp;D subsidies granted to small- and medium-sized firms (SMEs) from 2008 to 2019. We measure spillover effects by relying on employee mobility either between established firms or into employee entrepreneurship. We employ a combination of regression discontinuity (RD) design and difference-in-differences (DiD) methods for causal identification. We find no significant difference in the rate of spinoff creation between subsidized and nonsubsidized firms. However, our findings confirm that spinoffs of subsidized firms have higher rates of survival and employment growth than their counterparts. We also find that the SMEs that hire former employees of subsidized firms perform better in terms of employment, turnover, and value added than do similar firms that hire employees from nonsubsidized firms. We discuss the implications for innovation and labor market policies.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"217 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Maker motives and entrepreneurial opportunity evaluation in academic makerspaces","authors":"Joern Block, Christian Brandstetter, Michael A. Zaggl","doi":"10.1007/s11187-025-01018-1","DOIUrl":"https://doi.org/10.1007/s11187-025-01018-1","url":null,"abstract":"<p>To stimulate entrepreneurship, many universities have established academic makerspaces. So far, we know little about this phenomenon. Specifically, we lack insights into the entrepreneurial motivations of academic makers and the types of opportunities they find appealing. Drawing on a conjoint experiment and a survey of 144 academic makers, we analyze their entrepreneurial motivations and identify key criteria that make entrepreneurial opportunities attractive for them. Our findings indicate that academic makers are primarily motivated by the desire for learning, innovation, autonomy, and problem-solving. Market potential and social impact are key criteria in making an entrepreneurial opportunity attractive. The specific criteria vary among different characteristics of the makers. Makers with entrepreneurial experience put a higher value on market potential and avoid opportunities associated with technically challenging projects. In contrast, highly experienced makers prefer working independently and are often skeptical about opportunities associated with strong intellectual property rights protection. These findings have important implications for understanding academic makers as catalysts for university-based entrepreneurship and innovation, offering valuable insights for universities seeking to promote entrepreneurship through makerspaces.</p>","PeriodicalId":21803,"journal":{"name":"Small Business Economics","volume":"37 1","pages":""},"PeriodicalIF":6.4,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143782376","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}