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Entrepreneurial finance and regional ecosystem emergence

Author

Listed:
  • Paige Clayton

    (Georgia Institute of Technology)

  • Maryann Feldman

    (Arizona State University)

  • Benjamin Montmartin

    (Université Côte d’Azur (GREDEG), OFCE SciencesPo)

Abstract

We present a novel framework for studying the evolving role of entrepreneurial finance over the stages of emergence for a regional entrepreneurial ecosystem. Drawing on entrepreneurial ecosystems, entrepreneurial finance, and territorial servitization, we explore how three different finance sources impact firm survival and how they relate to each other during ecosystem emergence. We analyze entrepreneurial firms in one industry and region over 36 years. We find that firm survival is differentially affected by funder type based on the stage of ecosystem emergence. Finance sources also have different interrelations depending on the stage of emergence. Based on our results, we abductively articulate a framework for stage-dependent ecosystem emergence microfoundations. This rectifies contradictory results that examine single sources of finance and use cross-sectional data. Had we not measured the emergence process, the results would have led to markedly different theoretical implications and practical takeaways for entrepreneurial finance and ecosystem emergence.

Suggested Citation

  • Paige Clayton & Maryann Feldman & Benjamin Montmartin, 2024. "Entrepreneurial finance and regional ecosystem emergence," Small Business Economics, Springer, vol. 62(4), pages 1493-1521, April.
    • Handle: RePEc:kap:sbusec:v:62:y:2024:i:4:d:10.1007_s11187-023-00827-6
    DOI: 10.1007/s11187-023-00827-6
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    Keywords

    Entrepreneurial finance; Entrepreneurial ecosystem; Ecosystem emergence; Industry cluster; Territorial servitization;
    All these keywords.

    JEL classification:

    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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