The future of entrepreneurship: the few or the many?

Abstract

Gazelles (high-growth), unicorns (ventures valued at $1 billion), and decacorns (ventures valued at $10 billion) appear to be dominating the landscape of entrepreneurship. In 2021, there were more than 700 ventures that have been valued at $1 billion or more by venture capitalists, and there seems to be a continued trend in more arising. However, the facts show that small- and medium-sized enterprises (SMEs) account for over 90% of businesses and 50% of employment of the worldwide population, contributing up to 55% of GDP in developed economies. Thus, it is clear that in developed countries, small firms are the economy. However, the entire realm of entrepreneurship appears to drifting slowly away from the importance of smaller firms and focusing the entire emphasis on the relatively few tech giants. These giant corporations are now viewed through the prism of entrepreneurship. Thus, we ask quo vadis — where will the focus of entrepreneurship be post-COVID-19 — centralization or democratization? For researchers and policy makers, shedding some light on this question may help in the formulation of research agendas and policy directions.