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Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework

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  • Elert, Niklas
  • Henrekson, Magnus

Abstract

We demonstrate how successful entrepreneurship depends on a collaborative innovation bloc (CIB), a system of innovation that evolves spontaneously and within which activity takes place through time. A CIB consists of six pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary for innovation-based venturing to flourish. The six pools include entrepreneurs, inventors, early- and later-stage financiers, key personnel, and customers. We show how the application of the CIB perspective can help make institutional and evolutionary economics more concrete, relevant, and persuasive, especially regarding institutional prescriptions. Generally, we envision an institutional framework that improves the antifragility of CIBs and the economic system as a whole, thus enabling individual CIBs and the broader economic system to thrive when faced with adversity.

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  • Elert, Niklas & Henrekson, Magnus, 2021. "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 17(4), pages 330-435, June.
    • Handle: RePEc:now:fntent:0300000098
    DOI: 10.1561/0300000098
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    2. Henrekson, Magnus & Johansson, Dan & Karlsson, Johan, 2021. "To Be or Not to Be: The Entrepreneur in Neo-Schumpeterian Growth Theory," Working Papers 2021:3, Örebro University, School of Business, revised 13 Feb 2023.
    3. Elert, Niklas & Henrekson, Magnus, 2021. "Improved Framework Conditions for a More Entrepreneurial, Innovative and Resilient EU," Working Paper Series 1384, Research Institute of Industrial Economics, revised 23 Oct 2021.

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    Keywords

    institutional economics; evolutionary economics; antifragility; entrepreneurship; innovation; institutions;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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