Abstract
Innovative entrepreneurship has been the focus of attention for both individual entrepreneurs as well as policy makers. Building on evolving idiosyncrasy view regarding opportunity, in order to capture the significant drivers of innovative entrepreneurship (IE), we argue that both entrepreneurs’ competencies and contextual factors are influential. Applying a hierarchical linear modeling technique for more than 29,000 individuals from 63 countries, consistent with ability, motivation, and opportunity seeking (AMO) framework, our results indicate that entrepreneurial human capital, entrepreneurial opportunity actualization motivation, and entrepreneurial opportunity seeking are influential individual level drivers of IE. Additionally, our findings suggest that public and private institutional voids affect the relationship between entrepreneur's competencies and new innovative venture creation. Thus, in order to establish innovative, opportunity-based ventures, different institutional voids appear to facilitate or hinder the ability, motivation and opportunity seeking of entrepreneurs. Overall, we contribute to entrepreneurship literature by revealing specific entrepreneurial competencies as well as identifying contextual institutional conditions for successful innovative venture creation.
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