Home  Journals  Economic Analysis: Theory and Practice  4(451) - 2016 April

Innovation and entrepreneurship ecosystems as a factor of sustainable regional development

Vol. 15, Iss. 4, APRIL 2016

Article PDF Version

Received: 10 July 2015

Received in revised form: 22 August 2015

Accepted: 8 February 2016

Available online: 27 April 2016

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: O43, Р25

Pages: 4-19

Importance Formation and efficient functioning of spatial innovation and entrepreneurship ecosystems have recently become very important. The ecosystems represent complex models of interaction of economic actors involved in creating and implementing innovation and technologies within which the specific institutional environment that boosts innovation processes is being developed.
Objectives The aim of the paper is to formulate basic theoretical tenets of the research, which, in its practical part, focuses on building a model of sustainable development of spatial innovation and entrepreneurship ecosystem under high risk and uncertainty of external environment.
Methods A basis of modeling the process of sustainable development is a theoretical concept of the triple helix of innovation. It describes the interaction of science, government and business in innovative activities, and formal methods employed in the game theory, optimal resource allocation and business management games.
Results We formulated a concept of spatial innovation and entrepreneurship ecosystem, a role of institutional environment in promoting its sustainable development. Furthermore, we identified external and internal factors that have the most significant impact on the process, and selected mathematical tools to simulate possible areas of spatial innovation and entrepreneurship ecosystem's development under risk and uncertainty.
Conclusions The optimal institutional environment ensuring the compromise implementation of mismatched goals of economic actors, having different status and functions, acts as an adaptation mechanism of the spatial innovation and entrepreneurship ecosystem. The system operates under uncertainty of external environment and contributes to balanced development of subsystems thus enhancing stability and efficiency.

Keywords: innovation, entrepreneurship, ecosystem, sustainable development, adaptive institutional environment

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