Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/247891 
Year of Publication: 
2021
Series/Report no.: 
IFN Working Paper No. 1409
Publisher: 
Research Institute of Industrial Economics (IFN), Stockholm
Abstract: 
Innovation often takes place in entrepreneurial ecosystems. We use the history of the Silicon Valley venture capital model and the Hollywood motion picture industry to illustrate how specialized institutions that regulate these entrepreneurial ecosystems emerged through actions by business entrepreneurs, rather than being designed by policymakers. Schumpeterian entrepreneurs not only create new companies; they also create new institutions as an integral part of the restructuring process. At times, efforts of identifiable entrepreneurs are crucial, while in other instances institutional change results from a Hayekian process of emergence fueled by business entrepreneurs' efforts. Some institutions remain informal, whereas others become formalized. The greater room to forge institutions through business practices may in part account for the higher rates of entrepreneurship observed in common law countries.
Subjects: 
Entrepreneurship policy
High-impact entrepreneurship
Innovation
Institutional entrepreneurship
Schumpeterian entrepreneurship
JEL: 
L26
M13
O31
P14
Document Type: 
Working Paper

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