Business support for new technology‐based firms: a study of entrepreneurs in north Wales

Abstract

PurposeThis paper seeks to provide insights into key areas of business support used by technology entrepreneurs who start businesses in north west Wales.Design/methodology/approachThis research uses a qualitative research approach and a purposive sample of eight small technology firms based on and off technology parks. A card research methodology is piloted in one firm and then incorporated into semi‐structured interviews with entrepreneurs.FindingsTechnology entrepreneurs access direct and indirect support including: grants from local and central government; help from, banks and professionals; universities; technology incubation units, and; collaborations and networks. Evidence also confirms some of the challenges that entrepreneurs face in accessing business support.Research limitations/implicationsThis research provides clear indications to public sector organisations, universities and business support agencies as being the most important aspects of business support needed for new technology‐based firms.Social implicationsSuccessful development of technology firms is recognised as a driver for change, particularly in deprived regions. Solutions to issues faced by technology entrepreneurs in terms of business support and accessibility to grants may increase the likelihood of business success and the boosting of local economies.Originality/valueAlthough researchers have explored the value and role of university incubator firms and the role of networks, and also the importance of geographically situated incubation units in relation to stimulation of innovation and entrepreneurial activity, there is a paucity of research in the area of business support for technology entrepreneurs which this paper addresses.