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Breaking with the past in smart specialisation: A new model of selection of business stakeholders within the entrepreneurial process of discovery

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  • Diego Martínez-López
  • Manuel Palazuelos-Martínez

Abstract

The real core of the smart specialisation approach is embedded in what is known as the entrepreneurial process of discovery (EPD), which is a main novelty of this innovative policy framework. A successful EPD requires a relevant involvement of stakeholders, but this demands a careful actors´ selection. This paper proposes an analytical method for the selection of private business stake-holders, based on a transparent and measurable criterion: the choice of the entrepreneurs who can best de.ne an adequate resource allocation over time in a context of uncertainty. On the basis of a dynamic general equilibrium model with monopolistic competition, the paper proposes a simple test comparing the optimal decisions on factors.demand taken in di¤erent periods. The closer the factors. demands are, the better the entrepreneur.s ability will be to predict the most adequate level of resources. The main contributions are three-fold. Firstly, it proposes an analytically-sound method to discriminate between entrepreneurs, which could minimise rent-seekers.behaviours. Secondly, the model incorporates new features in relation to previous references, such as monopolistic competition and consumer behaviour. Thirdly, the entrepreneurship discussion is broadened to consider not only labour but also private capital.

Suggested Citation

  • Diego Martínez-López & Manuel Palazuelos-Martínez, 2014. "Breaking with the past in smart specialisation: A new model of selection of business stakeholders within the entrepreneurial process of discovery," Working Papers. Collection B: Regional and sectoral economics 1401, Universidade de Vigo, GEN - Governance and Economics research Network.
    • Handle: RePEc:gov:wpregi:1401
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    References listed on IDEAS

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    Cited by:

    1. Christophe Feder, 2018. "Smart Specialization Strategy and Directed Technological Change," Economics Bulletin, AccessEcon, vol. 38(3), pages 1428-1437.
    2. Fellnhofer, Katharina, 2022. "Entrepreneurial alertness toward responsible research and innovation: Digital technology makes the psychological heart of entrepreneurship pound," Technovation, Elsevier, vol. 118(C).
    3. Ida Grundel & Margareta Dahlström, 2016. "A Quadruple and Quintuple Helix Approach to Regional Innovation Systems in the Transformation to a Forestry-Based Bioeconomy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 7(4), pages 963-983, December.
    4. Elisabetta Marinelli & Mark Boden & Karel Effie Amanatidou & Yannis Tolias, 2016. "Stakeholders’ engagement beyond the EDP: The working-groups on governance and human resources in Eastern Macedonia and Thrace," JRC Research Reports JRC100503, Joint Research Centre.
    5. Daria Serogina & Hanna Bazetska, 2018. "Conceptual Model of Differentiated Social and Economic Policy of Smart Specialization of Regions," International Journal of Economics and Financial Issues, Econjournals, vol. 8(4), pages 185-198.
    6. Mark Boden & Elisabetta Marinelli & Karel Haegeman & Patrice Dos Santos, 2015. "Bridging thinkers and doers: first policy lessons from the Entrepreneurial Discovery Process in Eastern Macedonia and Thrace," JRC Research Reports JRC96584, Joint Research Centre.
    7. Komlósi, Éva & Sebestyén, Tamás & Tóth-Pajor, Ákos & Bedő, Zsolt, 2022. "Do specific entrepreneurial ecosystems favor high-level networking while others not? Lessons from the Hungarian IT sector," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    8. Jesús María Valdaliso, 2015. "Pertenencia a clústeres y comportamiento competitivo de las empresas: un estudio de seis asociaciones-clúster en el País Vasco," Working Papers 2015R02, Orkestra - Basque Institute of Competitiveness.
    9. Santini, Cristina & Marinelli, Elisabetta & Boden, Mark & Cavicchi, Alessio & Haegeman, Karel, 2016. "Reducing the distance between thinkers and doers in the entrepreneurial discovery process: An exploratory study," Journal of Business Research, Elsevier, vol. 69(5), pages 1840-1844.
    10. James R. Wilson & Mari Jose Aranguren & Mikel Navarro, 2015. "From Plan to Process: Exploring the Leadership Implications of RIS3," Working Papers 2015R01, Orkestra - Basque Institute of Competitiveness.

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    More about this item

    Keywords

    entrepreneurship; monopolistic competition; total factor productivity.;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

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