Abstract
Nowadays special attention is paid to ecosystem conditions that encourage innovation and entrepreneurship. This chapter provides a critical review and expands the understanding of the concepts of the innovation ecosystem and entrepreneurial ecosystem. The entrepreneurial ecosystem represents a collection of actors that interact within a geographically bound entrepreneurial environment and factors, which contribute to the development of productive entrepreneurship. Innovation ecosystems represent communities of interacting actors that support innovation processes and create technologies and innovations. The focus of the innovation ecosystem is on value creation through the creation of innovations, while the focus of the entrepreneurship ecosystem is on the development of entrepreneurship. There are differences between the two concepts, but also the relationships and interactions, which are revealed in the chapter. Also, there are highlighted the framework, components and features of both entrepreneurial and innovation ecosystems.
Highlights
In current conditions of tough competition, technological advances, digitalization and exponential growth of knowledge, special attention is devoted to entrepreneurship and innovation
We can conclude that an entrepreneurial ecosystem represents a collection of actors that interact within a geographically bound entrepreneurial environment and factors, which contribute to the development of productive entrepreneurship
The chapter expanded the understanding of the concepts of the entrepreneurial ecosystem and innovation ecosystem
Summary
In current conditions of tough competition, technological advances, digitalization and exponential growth of knowledge, special attention is devoted to entrepreneurship and innovation. Entrepreneurship and innovation are considered the drivers of competitiveness, social and economic development. People are searching innovative ways to capitalise on an idea, start a new venture and develop the business. The process of commercialising an idea encompasses numerous parties, and the creation of entrepreneurial and innovation ecosystems has been considered to be an effective way to nurture and support this process [1]. Innovation and entrepreneurial ecosystems are recent phenomenon phenomena that have attracted the increasing attention of policymakers, business practitioners and academics. The ecosystem conditions that encourage entrepreneurial innovations and high-potential entrepreneurship became of great importance [2]. There is little research that has considered the interactions between innovation and entrepreneurial ecosystems. We provide a critical review and expands the understanding of the concepts of the innovation ecosystem and entrepreneurial ecosystem, their commonalities and differences
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