Entrepreneurial Ecosystems: The Foundations of Place-based Renewal

Abstract

Regardless of how the concept of a ‘place’ is geographically defined, be it cities, regions, nations or otherwise, the impact of new technologies will influence much of our business, social, and economic landscapes. Evidently, there is an increasing pressure on ‘places’ to embrace new opportunities for strategic development and confront complacency that retards change. The solution may very well be in creating and sustaining entrepreneurial ecosystems where entrepreneurial action thrives and innovation drives the new economy. However, defining the entrepreneurial ecosystem remains difficult and the methods used to analyse them are inconsistent. This chapter deals with the theoretical foundations of an entrepreneurial ecosystem when it is specifically considered as a place-based change management instrument. As we introduce the variety of submitted works to this volume it becomes apparent that while capital, labour, resources and infrastructure are all important, equally, how these elements are mobilized through leadership, governance, and institutions are at least but perhaps even more important. While technology figures heavily, it is overshadowed to some extent by an emphasis on individual action and agency. Defining place-based transitions and transformations is dependent upon anchoring the point of departure. Entrepreneurship therefore has a key role to play in innovating the renewal of place and the value creation of entrepreneurs takes precedence. Technological advances offer great value creating opportunities in some places but in all, the value lies in the socioeconomic stimulus that entrepreneurs create through new opportunities for developing cohesive communities.