An agent of change against all odds? The case of Ledger in Vierzon, France

The literature in economic geography is increasingly interested in the role of human agency in local and regional development. The understanding of the role of agents of change on path development is especially critical for small- and medium-sized towns (SMSTs), which tend to be less diversified and to have fewer localised capabilities. The town of Vierzon in the Centre-Val-de-Loire region in France is a medium-sized old industrial town in a structural crisis. It is suffering from deindustrialisation, population decline, unemployment and poverty. This article takes a micro-perspective with a case study approach to explore the creation and growth of Ledger – a frontier blockchain start-up that designs, produces and commercialises hardware wallets for cryptocurrencies – against all odds in Vierzon, France. It underlines the role of a Window of Locational Opportunity, agency, chance, the broader institutional context in the location of Ledger in an unlikely place and subsequent unrelated diversification and path creation. It contributes to the debate on the interplay between agency and structure by linking agents of change in SMSTs to the broader institutional context and to the understanding of the emergence of place-based leadership.