A new approach to entrepreneurship and regional development: key roles of purpose and well-being in the Swansea Bay City Region

Abstract

PurposeThis paper critically evaluates regional development through the lens of well-being and purpose. The paper provides insight into the key roles that well-being and purpose play in regional development and the way in which various actors are engaged in this process. This paper focuses on the Swansea Bay City Region within Wales, a country at the forefront of well-being legislation.Design/methodology/approachThis paper analyses a case study of 4theRegion, a membership organisation that undertakes regional development activities underpinned by a social purpose and well-being across the Swansea Bay city region. 4theRegion has been selected due to (1) its unique business model; (2) its clear focus on well-being and purpose; and (3) the influence of its regional development actions bringing together various stakeholder groups under a common aim.FindingsThis paper extends existing debates on collaborative development approaches and underlines the unique emphasis on asset-based local development influenced by well-being, which seeks to engage with a variety of community stakeholders to derive “holistic flourishing”. This emphasises inclusive development activities across the region, through people, place, process and purpose, underpinned by well-being. The research also underlines debates about the subjectivity of well-being and how the impact of well-being legislation can be evaluated.Originality/valueThis research provides a new way of looking at regional development, through the lens of well-being and purpose and provides insight into the way in which various actors are engaged in this process. Implications of this research could influence policymaking in supporting regional development activities, as well as practical lessons for those involved in place-based development.