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Ecosystem as the Source of Entrepreneurial Opportunities

Author

Listed:
  • Julia Trabskaja

    (University of Tartu, Estonia)

  • Tonis Mets

    (University of Tartu, Estonia)

Abstract

The paper aims to develop an understanding of interconnections between the entrepreneurial ecosystem and entrepreneurial opportunity. The first step of this research was to disclose the development of the ecosystem within two higher (efficiency- and innovation-driven) stages of economic development and the transition between them according to the World Economic Forum, based on the model by Dutch researcher Erik Stam. The Estonian entrepreneurial ecosystem was analyzed as an example. Secondary data on Estonian entrepreneurial ecosystems were collected and analyzed. In its second step, this research follows a case-study design. The start-up period of the studied Estonian companies represents different degrees of the maturity of the ecosystem: Regio and Mobi Solutions – efficiency-driven, GrabCAD – the transition from efficiency to innovation-driven, and Bolt (Taxify) – an innovation-driven economy. The example of the Estonian ICT sector proves that the most important contributors to the talent growth, the knowledge base, and framework conditions of the entrepreneurial ecosystem are the state through its infrastructure decisions and educational programs along with successful entrepreneurs who shape the role models known in Estonia today as the Skype-effect. Decisions on digital telecom infrastructure and e-society in the early stage of the transition in tandem with enterprise encouragement created a subsequent boom in ICT-based ventures in Estonia 10-15 years later. The processes resulted in achieving an innovation-driven society and the highest level of opportunity-driven entrepreneurship in Europe in 2017. With that, new venture funding has replaced the former development engine – foreign direct investment (FDI). Examples of ICT-based new ventures have demonstrated that the growing maturity of the ecosystem increased venture investment from “bootstrapping” to millions of euros of seed-funding and shortened new product development cycles from 5-7 to 1-3 years. The study shows that maturing ecosystems shorten business development processes, thereby increasing the integration of different ecosystems. The start-up success stories enhance trust in the particular business environment, and they both increase investments and accelerate the entry of new ventures, making better use of the emerging windows of opportunities.

Suggested Citation

  • Julia Trabskaja & Tonis Mets, 2019. "Ecosystem as the Source of Entrepreneurial Opportunities," Foresight and STI Governance (Foresight-Russia till No. 3/2015), National Research University Higher School of Economics, vol. 13(4), pages 10-22.
    • Handle: RePEc:hig:fsight:v:13:y:2019:i:4:p:10-22
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    References listed on IDEAS

    as
    1. Roundy, Philip T. & Bradshaw, Mike & Brockman, Beverly K., 2018. "The emergence of entrepreneurial ecosystems: A complex adaptive systems approach," Journal of Business Research, Elsevier, vol. 86(C), pages 1-10.
    2. Erik Stam, 2015. "Entrepreneurial Ecosystems and Regional Policy: A Sympathetic Critique," European Planning Studies, Taylor & Francis Journals, vol. 23(9), pages 1759-1769, September.
    3. Fernando F. Suarez & Stine Grodal & Aleksios Gotsopoulos, 2015. "Perfect timing? Dominant category, dominant design, and the window of opportunity for firm entry," Strategic Management Journal, Wiley Blackwell, vol. 36(3), pages 437-448, March.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Vladimir V. Vagin & Ekaterina S. Shugrina, 2021. "The Role of Participatory Budgeting in Forming an Ecosystem of Civic Participation in State and Municipal Governance," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 2, pages 9-24, April.
    2. Svetlana V. Orekhova & Andrey V. Misyura, 2021. "Agriculture and industry in Russia: Are there any indications of an entrepreneurial ecosystem?," Journal of New Economy, Ural State University of Economics, vol. 22(3), pages 69-83, October.
    3. Daniele Eckert Matzembacher & Mervi Raudsaar & Marcia Dutra de Barcellos & Tõnis Mets, 2020. "Business Models’ Innovations to Overcome Hybridity-Related Tensions in Sustainable Entrepreneurship," Sustainability, MDPI, vol. 12(11), pages 1-17, June.
    4. Vilena A. Yakimova & Svetlana V. Pankova, 2023. "The Influence of Digital Environment Factors on the Development of Entrepreneurial Ecosystems in Russian Regions," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 22(3), pages 600-629.

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    More about this item

    Keywords

    entrepreneurial ecosystem; opportunity identification and transformation; window of opportunity; innovation economy; ICT sector;
    All these keywords.

    JEL classification:

    • O15 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Economic Development: Human Resources; Human Development; Income Distribution; Migration
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

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