Factors Shaping Entrepreneurial Ecosystems and the Rise of Entrepreneurship: A View from Top Management Journals Aleksi Aaltonen

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The paper draws from research in top academic journals to identify factors that are relevant for high-technology entrepreneurship both at the regional and firm levels. Most of the studies in the review use data from the late 1990s and early 2000s.
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  !"#$%&' )*"+,-. /-$&0+&0-01&,"2 /#%'3'$04' "-5 $*0 6,'0 %7 /-$&0+&0-01&'*,+8  9 :,0; 7&%4 <%+ ="-".040-$ >%1&-"2'  920?', 9"2$%-0- @04%' A02',-?, 9''%#,"$0  B%&?,-. +"+0&   91$*%&8  920?', 9"2$%-0-  9'','$"-$ C&%70''%& B"&;,#? D1',-0'' )#*%%2*$$+8EE"20?',F,-7%"20?',F""2$%-0-G;H'F"#F1?G"20?',""2$%-0-!1-5,-.8  I !"#$%"#& Key ndingsIntroductionBrief overview of the methodI · Ten generic factors that shape entrepreneurship  Regional context for entrepreneurship Knowledge, learning and resource acquisition Funding, ownership and remuneration Founders and founding conditions Innovation and product development Product architecture Marketing Intellectual property Startup strategy Exit, failure and restartII · Creating ecosystems for the next stage of high-technologyentrepreneurship   Five key actors Vertical focus as a regional solution? The importance of product architecturesIII · Limitations   Limited availability of data Potential methodological bias Priorities in the academic communityReferences  ( ) * + ,, ,) ,+ -, -. -) -/ .0 ., .- .( .1 .* .+ (0 (, (- (- (. (1  J !"#$%&' )*"+,-. /-$&0+&0-01&,"2 /#%'3'$04' "-5 $*0 6,'0 %7 /-$&0+&0-01&'*,+ Digitalisation is far from being over. It is no longer about computers;  people and physical things are becoming hyperconnected with cheap, abundant sensors resulting in the merging of digital and physical real-ities. To meet these challenges, Nordic societies look for new ways to  prosper in the era of hyperconnectivity while upholding the tradition-al Nordic values of trust, equality and human-centrism.A crucial question is how Nordic companies and startups can compete with these values on the global markets. Demos Helsinki wanted to uncover what is required for a successful Nordic hypercon-nected business ecosystem to emerge. Assigned by Demos Helsinki, Aleksi Aaltonen, Assistant Professor at the Warwick Business School,  browsed through over 2,000 issues from 60 top-tier management  journals to nd the answer. The working paper you are now reading is the rst condensed analysis from this massive task. The work is a  part of the strategic research opening Naked Approach, funded by the Finnish Funding Agency for Innovation.I am condent that the review can help Nordic decision-makers, universities, research clusters and startup communities to create a winning hyperconnected business ecosystem. The working paper identies the 10 most important topics from the literature and guides the reader to the key insights. For example, a reader interested in the future of Nordic universities might nd interesting that the positive impact on the overall competence level of the population that universities provide is probably more important to entrepreneurship than direct knowledge spillovers from research. Likewise, a reader afliated with public funding institutions probably is sympathetic to the part that states that entrepreneurship and entrepreneurial ecosystems cannot be directly created by public intervention, but  public interventions certainly play a key role. Sometimes, for example, government championing and regulatory protection of a !%&0;%&5  K disruptive innovation can be more effective than direct subsidies and funding in promoting entrepreneurship. And a startup founder can most likely resonate with the parts discussing how founders imprint a new rm with their personality and endow it with specic knowledge and resources, setting the rm on a trajectory that is difcult to change afterwards.The reader is left with some concrete suggestions, ranging from a three-year ’entrepreneurship leave’ for academics to reduce the opportunity costs of trying out entrepreneurship to supporting regional startup ecosystems by developing the capabilities of local industrial corporations to acquire startups. These are good ideas  just waiting to be implemented: it is up to the reader to become a champion for this change. Johannes KoponenHead of Foresight @04%' A02',-?,
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