Innovative Entrepreneurial Activity Research Articles

Innovative Entrepreneurial Activity in Latin America and the Effect of External Environmental Shocks

Innovative Entrepreneurial Activity in Latin America and the Effect of External Environmental Shocks

The role of macro institutional factors in determining types of entrepreneurial start-ups: a longitudinal panel study

Purpose What shapes entrepreneurs’ intention to allocate entrepreneurial effort towards different types of entrepreneurial start-ups? Grounded in a “national business systems” approach, the purpose of this paper is to examine the impacts of institutional dimensions on Schumpeterian and Kirznerian entrepreneurship. Design/methodology/approach Drawing upon a global context comprising 82 countries over the period between 2007 and 2018, this research applies a dynamic panel modelling approach, namely, the dynamic panel generalised method of moments estimator. This estimator allows to account for unobserved country-specific heterogeneity and to address endogeneity constraints that might occur between institutions and entrepreneurship. Findings The findings reveal that there are positive relationships between financial capital and both Schumpeterian and Kirznerian entrepreneurship. Educational capital positively affects the allocation of entrepreneurial efforts towards opportunity-based entrepreneurial activities. Moreover, institutional regulatory conditions could hinder the allocation of entrepreneurs’ resources into a Schumpeterian while facilitating the allocation of resources into a Kirznerian type of venture. Finally, a higher level of corruption promotes innovative entrepreneurial activities (i.e. a Schumpeterian type of venture) and leads to constraints on Kirznerian entrepreneurship. Practical implications The research findings demonstrate the significance of the macro environment for enacting and implementing policies to reap the benefits of different types of start-ups. It suggests different political actions are needed to motivate highly qualified individuals to engage in Schumpeterian and Kirznerian entrepreneurship, rather than focusing purely on enhancing a country’s overall start-up rates. Originality/value By acknowledging the multidimensional nature of entrepreneurship, this research provides greater theoretical exposition and empirical support for the role played by macro-level institutions in determining types of entrepreneurship. It reveals the important role played by macro institutional conditions in influencing choices about different types of start-ups and gives rise to the multidimensional nature of entrepreneurship.

Redes de productores-consumidores como impulsores de la transición hacia la sostenibilidad en contextos rurales. Dos casos de Costa Rica

Successful sustainability transitions are crucial to answer to ongoing crises. Focusing strongly on biocultural heritage, local customs, and traditions, as well as the natural environment and landscape aesthetics, rural regions have great potential to promote sustainable development and growth. This sustainable development of rural regions further contributes not only to local, but also to national and supranational development by strengthening sustainable economic growth, alleviating unemployment, and poverty, and improving living conditions. Local entrepreneurs are continuously included in discussions on sustainability transitions in rural regions as an important driver through their innovative entrepreneurial activities. By comparing two example regions within rural areas of Costa Rica - the Dota and Turrialba region - the role of these entrepreneurial endeavors is illustrated. For this purpose, we exemplify how both regions contribute to rural, sustainable development based on their geographical, entrepreneurial, and collective characteristics. Specifically, the role of entrepreneurs’ specific mind- and skillset, their embeddedness in producer-consumer-networks and the encompassing geographical context is investigated. Implications on the different levels of analysis are drawn in terms of learning opportunities for both, the respective included regions, as well as supra-regional development in a broader sense. The sCoRe project is presented as an exemplary initiative designed to foster collaboration between rural entrepreneurs and academic initiatives to enhance local producer-consumer-networks, and thus contribute to the establishment of sustainable communities.

Redes de productores-consumidores como impulsores de la transición hacia la sostenibilidad en contextos rurales. Dos casos de Costa Rica

Successful sustainability transitions are crucial to answer to ongoing crises. Focusing strongly on biocultural heritage, local customs, and traditions, as well as the natural environment and landscape aesthetics, rural regions have great potential to promote sustainable development and growth. This sustainable development of rural regions further contributes not only to local, but also to national and supranational development by strengthening sustainable economic growth, alleviating unemployment, and poverty, and improving living conditions. Local entrepreneurs are continuously included in discussions on sustainability transitions in rural regions as an important driver through their innovative entrepreneurial activities. By comparing two example regions within rural areas of Costa Rica - the Dota and Turrialba region - the role of these entrepreneurial endeavors is illustrated. For this purpose, we exemplify how both regions contribute to rural, sustainable development based on their geographical, entrepreneurial, and collective characteristics. Specifically, the role of entrepreneurs’ specific mind- and skillset, their embeddedness in producer-consumer-networks and the encompassing geographical context is investigated. Implications on the different levels of analysis are drawn in terms of learning opportunities for both, the respective included regions, as well as supra-regional development in a broader sense. The sCoRe project is presented as an exemplary initiative designed to foster collaboration between rural entrepreneurs and academic initiatives to enhance local producer-consumer-networks, and thus contribute to the establishment of sustainable communities.

Digital Entrepreneurial Ecosystem Embeddedness, Knowledge Dynamic Capabilities, and User Entrepreneurial Opportunity Development in China: The Moderating Role of Entrepreneurial Learning

Digital entrepreneurial ecosystem embeddedness disrupts existing boundaries and content of innovative entrepreneurial activities, restructuring entrepreneurial landscape. However, how it drives the process and mechanisms of user entrepreneurial opportunity development remains underexplored. Based on entrepreneurial ecosystem theory and knowledge dynamic capability theory, this study examines the mediating role of knowledge dynamic capabilities in the relationship between digital entrepreneurial ecosystem embeddedness and user entrepreneurial opportunity development. Using a sample of 232 user entrepreneurial enterprises in China, hierarchical regression analysis and bootstrap methods are employed to investigate the mechanisms. The results reveal that digital entrepreneurial ecosystem embeddedness significantly promotes knowledge acquisition and sharing capabilities, which in turn facilitate entrepreneurial opportunity development. Moreover, under higher levels of entrepreneurial learning, the promotion of knowledge acquisition and sharing capabilities by digital entrepreneurial ecosystem embeddedness becomes more significant. Furthermore, knowledge dynamic capabilities, consisting of knowledge acquisition and sharing capabilities, significantly promote entrepreneurial opportunity development, partially mediating the relationship between digital entrepreneurial ecosystem embeddedness and entrepreneurial opportunity development. Additionally, knowledge sharing capability serves as the preferable pathway in the dual-driven process of digital entrepreneurial ecosystem embeddedness and entrepreneurial opportunity development. Our findings contribute to understanding the dynamics of user entrepreneurship in China in the digital environment, and offer practical insights for leveraging digital embeddedness to improve the quality and efficiency of opportunity development and promote the sustainability of the digital entrepreneurial ecosystem.

A study on the mechanism of the impact of entrepreneurship opportunity collaboration on opportunity innovation: The mediating effect of resource patchwork

Purpose: This article explores the impact of opportunity collaboration on opportunity innovation based on the identification, acquisition, sharing and exchange of resources and elements among entrepreneurial entities through collaborative and interactive behaviors to explore the influence mechanism of entrepreneurial opportunity collaboration on the formation of innovativeness of opportunities and the mediating role of resource patchwork. Design/Methodology/Approach: The research conducted an empirical analysis on the impact of opportunity collaboration on opportunity innovation based on the data of 207 entrepreneurial enterprises from Beijing, Guangdong and Henan with a high entrepreneurial vitality index and vital data availability. Resource patchwork's mediation effect is discussed and empirically tested from the patchwork theory perspective. Findings: Entrepreneurial opportunity collaboration significantly positively affects opportunity innovation and resource patchwork plays an intermediary role between them. Conclusion: Innovation is an important attribute to distinguish the heterogeneity of entrepreneurial opportunities and is also the key to entrepreneurial success. Interaction among various entrepreneurial elements should be strengthened to achieve efficient and high-quality resource patchwork to obtain a significant "synergistic effect" and ultimately improve innovation in entrepreneurial opportunities. Practical Implications: This study not only helps to theoretically understand the impact of entrepreneurial opportunity collaboration on opportunity innovation differentiation but also has outstanding practical reference significance for the government's targeted policy measures to support innovative entrepreneurial activities and for entrepreneurs to identify or create innovative opportunities.

Supporting innovation and growth through entrepreneurship: reflections on the German Federal Government's “startup strategy”

PurposeAll over the world, countries are searching for ways to foster innovation and growth through startups. This viewpoint paper presents the aims, development procedure and contents of Germany's “Startup Strategy,” published for the first time in 2022, along with a fundamental assessment of its potential usefulness.Design/methodology/approachIn this opinionated viewpoint paper, the authors provide an overview of the strategy's contents and discuss it against established policy frameworks focusing on the determinants of innovative entrepreneurial activity and the potential consequences of the strategy on the micro-, meso- and macro levels of the German economy. Additionally, the authors evaluate and analyze the strategy's proposed fields of action to illustrate its potential impact on innovative entrepreneurial activity.FindingsThe strategy's development avoids considering an evidence-based, fundamental framework to structure its fields of action and instead relies on diverse input from various entrepreneurial agents. As a result, it emphasizes access to finance for startups and building entrepreneurial capabilities as its main fields of action. On the one hand, the authors show how the contents of the German “Startup Strategy” can be matched with the OECD (2017) framework. On the other hand, the authors offer detailed insights into how the “Startup Strategy's” fields of action might influence the German economy's micro, meso and macro levels.Research limitations/implicationsTo the best of the authors' knowledge, this article is the first one commenting on the German government's first-ever published startup strategy. Hence, this might offer several starting points for other researchers to analyze future startup strategies. Also, comparing such strategic approaches in other European countries and beyond might be a starting point for developing public policies in this field. Also, researchers on entrepreneurial ecosystems and innovation ecosystems will find concrete anchor points for these subject areas.Practical implicationsPolicymakers can use this viewpoint paper to devise future actions. The paper provides concrete fields of action on the individual and company levels, as well as on a national economic and regional ecosystem level, to derive such recommendations.Originality/valueGermany is one of the strongest economic nations in the world and by far in Europe. Hence, this startup strategy comes with the potential for substantial impact. This viewpoint paper may inspire the development of other national strategies to create a positive economic and societal environment supporting the emergence of more innovative startups. In particular, the strategy's focus on diversity and social entrepreneurship seems promising.

Peculiarities of social entrepreneurship development in Kazakhstan

At the current stage of economic development, we can increasingly see examples of partnerships between the private, non-profit and public sectors to achieve public sector goals. Non-profit organizations solve social problems of society due to the fact that the state does not have enough resources to solve social problems. In this regard, the development of social entrepreneurship, which has received special attention in developed countries in recent years, is of particular importance. Social entrepreneurship is an innovative entrepreneurial activity using innovative technologies to solve or mitigate social problems in society. Such problems can be – providing employment for people with special needs, people from socially vulnerable categories, environmental protection, education, health care, etc. As a rule, a social enterprise is formed when the initiator of its creation tries to solve a problem that he or she has faced personally. The purpose of this article is to study the state of development of social entrepreneurship in Kazakhstan, to identify the problems associated with its development at the present stage, as well as to offer its vision of solving these problems. Due to the fact that social entrepreneurship is a new phenomenon in the economy of Kazakhstan, this topic is unstudied, there are not enough scientific works on the topic of research, in this connection we find it interesting to study the features of social entrepreneurship development in the Republic of Kazakhstan from the scientific point of view. The practical relevance of the article is confirmed by the interest of quasi-governmental bodies in the topic of social entrepreneurship.

CREATIVE VENTURE INITIATIVES IN MICRO-BUSINESSES

India being seventh largest country in the world is empowered by its human resource with 65% of its population below the age of 35 years. Unfortunately, India even today is considered as developing country. Creative venture initiatives in micro business involve innovative and imaginative approaches to starting or expanding small-scale businesses. It is the prevailing situation that only the giant business houses exploit the opportunities of globalization to a greater extent which caused concentration of money in the hands of few. In spite of the openings of various cells by the government India lag behind in developing strategies to go in for promotional activities in entrepreneurship especially to strengthen small scale enterprises. As a result many talented entrepreneurs find it very hard to transform themselves in to innovation practitioners. Execution of talent is discouraged due to the lack of integrated inclusion. A platform is to be created to make innovative/ creative small scale enterprises to go in for internationalization. Therefore innovative practices and its practitioners of small scale enterprises are to be recognized at the earliest. A system must be developed by the government to assess the quality in meeting the global requirement and educate entrepreneurs in this regard. The paper highlights on awareness level of entrepreneurs about the worth of globalization and the way out to go in for internationalization. These initiatives often focus on leveraging unique ideas, products, or services to stand out in competitive markets and possible difficulties to be faced while entrepreneurs go in for internationalization of their innovative entrepreneurial activities. The impact of Internationalization of innovative entrepreneurial activities of small enterprise over Indian economy is also highlighted and an effort has been made to provide suggestions in materializing the said concept. KEY WORDS: Internationalization, Innovative entrepreneurial activities & Indian Economy

SOCIAL ENTERPRISES LEADING AS THE WAY IN THE CIRCULAR ECONOMY IN UKRAINE

In the article shows that due to the introduction of martial law and hostilities in a significant territory of Ukraine, there is a rapid increase in unemployment, an increase in the number of vulnerable categories of the population, and a weakening of their social protection. It is shown that under these conditions, social entrepreneurship can smooth out several pressing issues in society, as well as speed up their resolution. The activities of social enterprises contribute to solving the problems of socially vulnerable people, their employment, and social adaptation. In the article, the author defined social entrepreneurship as an innovative entrepreneurial activity to obtain profit, which is aimed at solving/mitigating social problems and achieving positive changes in society. The author shows that social enterprises play one of the most relevant roles in the process of transitions from a linear to a circular economy. Such companies use innovative strategic thinking to reduce environmental impact and create higher added value to society because the core business mission is a social one; special attention to sustainability is given by the stakeholders who must be involved in the transition process, such as policymakers, technology, and innovation centers, researchers. In the article, the author investigated the achievement of the mission of social enterprises is in various ways: the sale of goods of own production, the support of various projects (social, cultural, sports), and the employment of representatives of vulnerable groups of the population. In this case, one enterprise can engage in different activities at the same time. Social entrepreneurship is a business solution to acute social problems. This concept differs from charity and traditional business in its way of independence from financial donors and external one’s sources of funding and the opportunity to have status non-profitability, as it is not created for the sake of benefits or power preferences.

Innovative potential and development of Ukrainian small enterpris-es during the war (2022-2023)

The purpose of the article is to study the development of entrepreneurship in Ukraine during the war, taking into ac-count the need to implement innovative solutions. This necessity is caused by the uncertain environment of the full-scale military aggression of the Russian Federation against Ukraine, from the terrorist acts of which civilian infrastructure and civilians suffer. The uncertainty of the environment in the conditions of hostilities makes it impossible to plan the long-term and medium-term development of entrepreneurship. That is why the article considers the essence and struc-ture of entrepreneurial innovations for the effective organization of activities in the conditions of hostilities. For the development of innovative entrepreneurial activity in Ukraine, according to the authors of the article, special investment conditions should be created. This issue takes on particular importance in 2022-2023, when the country's economy has shifted to a war footing. The article states that small business should become the main engine of wartime and post-war period. Studying the experience of developed countries, analyzing the structure of their economies, the authors pro-pose to create special business conditions for the development of small and micro entrepreneurship.

Patterns of behavioural preferences in innovation and project activities

PurposeIn today’s world, high-quality economic development is possible through innovative entrepreneurial activity, which has led to the creation of various kinds of innovation infrastructure facilities that support future high-tech projects. However, the system of selecting start-ups to populate and produce for such organisations does not take into account several factors that exert strong influence on the success of an innovative entrepreneurial project. In this article, the author presents the developed multi-factor methodology of project scoring, which is recommended for use both at the initial stage and in the process of development and implementation of innovative idea.Design/methodology/approachThe suggested multi-factor methodology is both a qualitative and quantitative methodology that allows evaluation of proposed projects by taking into account individual goals of the innovation infrastructure, serving as a flexible tool for analysing project potential and taking into account the model of human behavioural preferences as a key driver of economic activities.Findings As a result of the first (qualitative) stage of the study, the author confirmed the hypothesis that the theoretical model of behavioural preferences corresponds to the demonstrated behavioural characteristics of reference respondents. As a result of the second (quantitative) phase of the research, the author conducted a survey of business incubator residents claiming one of the four models of behavioural preferences, followed by quantitative analysis to determine the extent to which the demonstrated behavioural traits of the respondents correspond to those presented in the theoretical model. The results of the second stage of the study were used in the final scoring of start-ups to identify the most promising projects in terms of development.Originality/value The project scoring methodology was tested in two of the largest business incubators in St. Petersburg and clearly demonstrated that the use of qualitative indicators significantly increases the ability of incubator experts to make decisions regarding incoming project information.

The Interplay between Digital Entrepreneurship and Sustainable Development in the Context of the EU Digital Economy: A Multivariate Analysis

A real challenge for the EU economy and society is to achieve both green and digital transitions in order to tackle the major economic, social and environmental issues faced by EU member states. In this context, digital entrepreneurship, which lies at the intersection of digital technologies and entrepreneurship, has recently benefited from increasing attention both in theoretical and empirical research and in strategic policies. Given these aspects, the aim of this article was to investigate the interrelationship between digital entrepreneurship and productive and innovative entrepreneurship and its impact on the achievement of the Sustainable Development Goals (SDGs) in EU countries. The results of correlation and regression analysis revealed that digital entrepreneurship, which implies productive and innovative entrepreneurial activities, is positively influenced by the degree of a country’s digitalization and, in turn, has a positive impact on the achievement of the SDGs (Total SDGs, SDG 8 and SDG 9). Furthermore, the findings of the principal component analysis and cluster analysis emphasize that there are differences and common features between EU countries in terms of the interrelationship between digital entrepreneurship, digitalization, economic development, national competitiveness and achievement of the SDGs. Therefore, specific measures should be implemented to boost digital entrepreneurship (especially in some central and eastern EU countries) so that this will be the key driver for sustainable development.

Preparing pedagogue-psychologists for innovative activities in the entrepreneurial educational environment of the university

It is emphasized that an entrepreneurial university creates new conditions and opportunities for training personnel capable of performing their basic professional functions with a focus on innovative entrepreneurial activity in educational organizations. The study examines the approaches and methods of preparing future school psychologists for the psychological and pedagogical support of innovative and educational entrepreneurial activities in organizations of general and additional general education. Using the methods of scientific and pedagogical research in an experiment, the possibilities of an entrepreneurial university in the formation of the readiness of future pedagogues-psychologists to perform professional functions in an entrepreneurial innovative, and educational environment are analyzed. There were 132 participants, consisting of 64 students in the control group and 68 participants in the experimental group. The experience of the work of school psychologists in the psychological and pedagogical support of innovative and educational entrepreneurial activities is analyzed, the modeling of which reflects the content and preparation process of students - future pedagogues-psychologists.
 
 Keywords: Entrepreneurial university; innovative activity; pedagogue-psychologist; training centers.

Problems of legal regulation innovative entrepreneurial activity in the Arctic

Problems of legal regulation innovative entrepreneurial activity in the Arctic

Entrepreneurial ecosystem and well-being in European smart cities: a comparative perspective

PurposeThis study investigates the relationship between the strength of innovative entrepreneurial ecosystems and subjective well-being in 43 European smart cities. Subjective well-being is operationalized by a Quality of Life (QOL) survey that references the level of multidimensional satisfaction or happiness expressed by residents at the city level. The entrepreneurial ecosystem concept depicted here highlights actor interdependence that creates new value in a specific community by undertaking innovative entrepreneurial activities. The research uses objective and subjective variables to analyze the relationships between the entrepreneurial ecosystem and subjective well-being.Design/methodology/approachThe authors conducted a cluster analysis with a nonaggregative quantitative approach based on the theory of the partially ordered set (poset); the objective was to find significant smart city level relationships between the entrepreneurial ecosystem and subjective well-being.FindingsThe strength of the entrepreneurial ecosystem is positively related to subjective well-being only in large cities. This result confirms a strong interdependency between the creation of innovative entrepreneurial activities and subjective well-being in large cities. The smart cities QOL dimensions showing higher correlations with the entrepreneurial ecosystem include urban welfare, economic well-being and environmental quality, such as information and communications technology (ICT) and mobility.Practical implicationsDespite the main implications being properly referred to large cities, the governments of smart cities should encourage and promote programs to improve citizens' subjective well-being and to create a conducive entrepreneurship environment.Originality/valueThis study is one of the few contributions focused on the relationship between the entrepreneurial smart city ecosystem and subjective well-being in the urban environment.

INNOVATIVE POTENTIAL, INTELLECTUAL CAPITAL AND ABSORPTIVE CAPACITY OF UNIVERSITIES IN ENTREPRENEURIAL ECOSYSTEMS

The article is devoted to the problem of methods and means development of knowledge exchange management between universities and innovative firms in entrepreneurial ecosystems. It is noted that the indicators of attracting business funds for research and development in higher education in Ukraine, compared to other countries, indicate a dissonance in the economic and cognitive dimension between innovative entrepreneurship and research groups of universities. Our previous research shows that, unlike leading countries, the formation of entrepreneurial ecosystems in Ukraine should be not only about targeted support for high-growth firms, but also about ensuring effective bilateral knowledge exchange of universities with all interested firms and startups.
 The concept of absorptive capacity of individuals and organizations, the concept of innovation potential, intellectual capital, human capital and the relationship between them are considered. It is shown that the usefulness of the absorptive capacity concept is that it contributes to the formation of methods and means to increase the efficiency of knowledge exchange in entrepreneurial ecosystems with the participation of universities. It is substantiated that the university has a more complex range of absorptive abilities of employees than organizations with a strictly dominant type of activity and field of knowledge used. It is proved that the absorptive capacity of employees in universities should be considered in the dimensions of teaching, research and development, training and start-up innovative entrepreneurship, as well as taken into account the diversity of fields and types of knowledge used.
 Our addition to the concept of absorptive capacity with the thesis on the limitations of cognitive communication between persons with different cognitive orientations is original. One of the main difficulties in the knowledge exchange between university scientists and employees of companies is that they deal with different types of knowledge and carry out significantly different activities. In our previous studies, this was associated with cognitive gaps that occur when transferring the mental knowledge of subjects to material media in the form of information, and then - its awareness by individuals who have experience other than the authors. The phenomena that cause them are an important factor in the problems of cognitive exchange of university scientists with entrepreneurs.
 Based on the wide range of knowledge, activities and absorptive capacities of individuals and communities in university, it is proposed to differentiate between measures to ensure and stimulate educational, research and innovative entrepreneurial activities in order to adequately support them.
 In our opinion, the indicators that indirectly represent the realized absorptive capacity include those results that are traditional for the relevant categories of employees in universities. The absorptive capacity of teachers, in particular, is realized in the content of those courses that they personally form, while the main achievement of the researcher is new scientific or related knowledge. Criteria and indicators of the realized absorptive capacity can be specified, and it will be a subject of our further researches.

Analyzing and Strategizing the Development of Entrepreneurial Activity Based on the Principles of Increasing Productivity (Illustrated by the Example of Developed Countries and Ukraine)

The article presents the results of a comparative analysis of productivity in developed countries, including EU countries and Ukraine. Hypotheses about the identity of the deindustrialization factor as the main cause for productivity decrease for both the Ukrainian economy and the economic systems of developed countries are verified.
 Purpose of the article: To develop a comprehensive methodological approach to strategizing and state regulation of the business environment based on guidelines developed according to the results of a comparative analysis of the productivity of entrepreneurial activities and focused on maximizing the creation of added value, which is a criterion for increasing the productivity of entrepreneurial activities.
 Methods used: A review of the scientific literature, a comparative analysis of the productivity of entrepreneurial activity in developed countries and Ukraine, including time series analysis, calculating growth rates of per capita value-added, and factor analysis of key obstacles that hinder the growth of the productivity of innovative entrepreneurial activity.
 The contribution made to the theory and methodology of productivity includes the proposed definition of the economic category “productivity of entrepreneurial activity”; general methodological principles of forming a strategy for improving the productivity of entrepreneurial activities are established; taking into account the best international experience, the main principles of state regulation of the entrepreneurial environment are laid down; it is established that the purpose of the strategy for improving the productivity of entrepreneurial activity is to provide the state with favorable business conditions, i.e., to create a favorable entrepreneurial environment and make it possible to identify and use hidden assets of entrepreneurial structures to develop value-added chains, the growth of which is a criterion for increasing productivity.

Assessing intellectual capital of a technology park

Technology parks are organizations that are supporting innovative entrepreneurial activity cooperating with knowledge-based institutions and using advanced technology. The main purpose of this paper is to identify the determinants of intellectual capital in technology parks. Through an analysis of current models for the assessment of intellectual capital, a preposition of a model for Croatian science and technology parks has been made. The main contribution of this paper is an intellectual capital measurement model which can be used in other existing science and technology parks, but also in research centers, entrepreneurial incubators and other entrepreneurship supporting institutions. Using the case study method, the paper identifies components of intellectual capital in a technology park, as well as the gaps between the level of development of each determinant. Data were collected through an interview with representatives of a technology park in Croatia. Results of this study can be used for strategic decision making.

Exploring the Effects of Types of Early-Stage Entrepreneurial Activity on Subjective Well-Being

Entrepreneurial activity has been seen as the single most important activity of individuals due to its role in the economic development of nations. However, little is known about the impact of entrepreneurial activity on the subjective well-being of nations beyond its economic impact. The purpose of this study is to explore the impact of different types of entrepreneurial activity – total entrepreneurial activity, opportunity-driven entrepreneurial activity and innovative entrepreneurial activity – on subjective well-being across nations. We consider three distinct mechanisms by which entrepreneurship may influence subjective well-being at the national level. Our panel data includes representative country-level data from 2008 to 2015 from five different data sources for 31 European countries. We employ four econometric models for analyzing the panel data: pooled OLS regression (POLS), fixed effects model (FE), random effects model (RE), and simultaneous equations model (3SLS). Our results suggest that opportunity-driven entrepreneurial activity has a positive impact on subjective well-being. In addition, we find that subjective well-being affects the level of opportunity-driven and innovative entrepreneurial activity. These findings have implications for policy-makers seeking to promote not only economic development but also subjective well-being in the nation.