INTELLECTUAL ENTREPRENEURSHIP AS CAPITALIZATION OF KNOWLEDGE IN INNOVATIVE ENVIRONMENTS AND PATTERNS OF ITS EMERGENCE

Irina Sennikova

doi:10.12955/cbup.v4.751

Abstract

This paper presents the results of an exploratory study into the phenomenon of intellectual entrepreneurship and the patterns of its emergence as understood through the experience of individuals. The research is of qualitative nature, and the results are based on secondary research and interviews of 16 intellectual entrepreneurs of Latvia. It provides a model of intellectual entrepreneurship, which is defined as capitalization of knowledge in an innovative environment. It also presents four patterns of emergence of intellectual entrepreneurship in Latvia; these include patterns characteristic of a transition period from command to a free market economy and that occurring during times of crises, and ones relevant to a stable economic environment. The paper contributes to the modern theory of entrepreneurship where the concept of intellectual entrepreneurship is used, but with different interpretations, and until recently had not been systematically studied.

Highlights

This paper investigates the phenomenon of intellectual entrepreneurship in one of the post-Soviet countries, Latvia, which underwent a major change process from a socialist to a capitalist economy and onto becoming a full member of the European union in 2004
The main objective of the research was to understand intellectual entrepreneurship, and during interviews research participants were asked to provide their own perceptions of an intellectual and an entrepreneur, and to reflect on the connection between the world of intellectualism and the world of entrepreneurship
The given paper contributes to the modern theory of entrepreneurship where the concept of intellectual entrepreneurship is used with different interpretations, and until recently had not been systematically studied

Summary

Introduction

This paper investigates the phenomenon of intellectual entrepreneurship in one of the post-Soviet countries, Latvia, which underwent a major change process from a socialist to a capitalist economy and onto becoming a full member of the European union in 2004. Reforms to transform the economy over that time established Latvia as the fastest growing economy in Europe, enjoying 7% annual economic growth, and being labeled the ‘Baltic Tiger’. This period of triumph did not last. When the global economic and financial crisis hit the global economy in 2008, Latvia suffered the most of all European countries, in losing almost twenty per cent of its economy (Central Statistical Bureau of Latvia, 2016). Managers of large state enterprises found it difficult to adapt to the new competitive environment and were unable to effectively use either their existing productive resources or their established economic relationships

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