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The Localization of Entrepreneurship Capital - Evidence from Germany

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  • David B. Audretsch

    (Max Planck Institute of Economics, Jena, Germany; Indiana University, USA)

  • Max Keilbach

    (Max Planck Institute of Economics, Jena, Germany)

Abstract

Whereas initially physical capital and later, knowledge capital were viewed as crucial for growth, more recently a very different factor, entrepreneurship capital, has emerged as a driving force of economic growth. In this paper, we define a region's capacity to create new firms start-ups as the region's entrepreneurship capital. We then investigate the local embeddedness of this variable and which variables have an impact on this variable. Using data for Germany, we find that knowledge-based entrepreneurship capital is driven by local levels of knowledge creation and the acceptance of new ideas, indicating that local knowledge flows play an important role. Low-tech entrepreneurship capital is rather increased by regional unemployment and driven by direct incentives such as subsidies. All three measures are locally clustered, indicating that indeed, entrepreneurship capital is a phenomenon that is driven by local culture, and is therefore locally bounded.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2007-029.

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Date of creation: 02 Jul 2007
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Handle: RePEc:jrp:jrpwrp:2007-029

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Keywords: Entrepreneurship capital; Local Clusters; Knowledge Spillovers; Spatial Econometrics;

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Cited by:
  1. Cumming, Douglas & Li, Dan, 2013. "Public policy, entrepreneurship, and venture capital in the United States," Journal of Corporate Finance, Elsevier, vol. 23(C), pages 345-367.
  2. Johannes Dick & Katrin Hussinger & Boris Blumberg & John Hagedoorn, 2013. "Is success hereditary? Evidence on the performance of spawned ventures," Small Business Economics, Springer, vol. 40(4), pages 911-931, May.
  3. Alessandra Colombelli & Francesco Quatraro, 2013. "New Firm Formation and the properties of local knowledge bases: Evidence from Italian NUTS 3 regions," Working Papers hal-00858989, HAL.
  4. H. Wolf & Claus Michelsen & Michael Schwartz, 2010. "Regional Entrepreneurial Opportunities in the Biotech Industry: Exploring the Transition from Award-winning Nascent Entrepreneurs to Real Start-ups," IWH Discussion Papers 25, Halle Institute for Economic Research.
  5. Michael Schwartz & Christoph Hornych, 2008. "Technologie- und Gründerzentren im Lichte von Diversifizierung versus Spezialisierung," IWH Discussion Papers 7, Halle Institute for Economic Research.
  6. Pinto, Hugo & Cruz, Ana & Gonçalves, Ana, 2011. "Hard Working Ant: An Eco-Tourism Spin-Off Creation Tale," Spatial and Organizational Dynamics Discussion Papers 2011-11, CIEO-Research Centre for Spatial and Organizational Dynamics, University of Algarve.
  7. T�lio A. Cravo, 2010. "SMEs and economic growth in the Brazilian micro-regions," Papers in Regional Science, Wiley Blackwell, vol. 89(4), pages 711-734, November.
  8. Sven-Olov Daunfeldt & Niklas Elert & Niklas Rudholm, 2013. "Start-ups and firm in-migration: evidence from the Swedish wholesale industry," The Annals of Regional Science, Springer, vol. 51(2), pages 479-494, October.

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