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Article
Publication date: 11 September 2017

Philip T. Roundy

The formation of entrepreneurial ecosystems is recognized as an activity that can produce economic development and community revitalization. Social entrepreneurship is…

5532

Abstract

Purpose

The formation of entrepreneurial ecosystems is recognized as an activity that can produce economic development and community revitalization. Social entrepreneurship is also an activity that is receiving growing attention because of its potential for addressing social and economic problems. However, while scholars have focused on how the participants in entrepreneurial ecosystems, such as investors and support organizations, influence ecosystem functioning, it is not clear what role social entrepreneurs can play in entrepreneurial ecosystems. Nor is it known how the entrepreneurial ecosystems in which social entrepreneurs are located can influence the founding and operation of their ventures. The paper aims to discuss these issues.

Design/methodology/approach

In this conceptual paper, theory is proposed to explain the interrelationship between entrepreneurial ecosystems and social entrepreneurship.

Findings

It is theorized that entrepreneurial ecosystems will influence the operations and effectiveness of social entrepreneurs through mechanisms such as the ecosystem’s diversity of resource providers, support infrastructure, entrepreneurial culture, and learning opportunities. In turn, social entrepreneurs can shape the entrepreneurial ecosystems in which they are situated by influencing the heterogeneity of ecosystem participants, garnering attention for the ecosystem, and increasing its attractiveness to stakeholders.

Originality/value

Scholars examining entrepreneurial ecosystems have not studied the role of an increasingly important market actor: the social entrepreneur. At the same time, work on social entrepreneurship has not emphasized the community of social relations and cultural milieu in which social entrepreneurs found their ventures. The theory developed addresses both of these omissions and has important implications for practitioners focused on spurring entrepreneurial ecosystems and social entrepreneurship.

Details

International Journal of Social Economics, vol. 44 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 14 June 2019

Philip T. Roundy

Impact investing, a type of values-based investing that combines financial investment with philanthropic goals, is receiving heightened scholarly and practitioner…

1019

Abstract

Purpose

Impact investing, a type of values-based investing that combines financial investment with philanthropic goals, is receiving heightened scholarly and practitioner attention. The geography of impact investing, however, is largely unexamined, and it is not clear why some regional impact-investing communities are more vibrant than other communities. Regional differences in entrepreneurial activities are increasingly explained by differences in the vitality of entrepreneurial ecosystems, the set of interconnected forces that promote and sustain regional entrepreneurship. The purpose of this paper is to leverage insights from entrepreneurial ecosystems studies to understand the dynamics of communities that encourage and support impact investing.

Design/methodology/approach

To explain inter-regional differences in the prevalence and intensity of impact investing, this conceptual paper draws from research on entrepreneurial ecosystems and impact investment to theorize about the ecosystem attributes and components that drive vibrant impact investing communities.

Findings

It is theorized that vibrant impact investing ecosystems have three system-level attributes – diversity, cohesion and coordination – that are influenced by the core components of the ecosystems, including the characteristics of investors, the presence of social impact support organizations and cultural values that promote blending logics.

Originality/value

The theoretical model contributes to research on impact investing and hybrid organizing, produces concrete implications for ecosystem builders and sets an agenda for future research.

Details

Social Responsibility Journal, vol. 16 no. 4
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 16 July 2019

Philip T. Roundy and Mark A. Bayer

Vibrant entrepreneurial ecosystems, systems of inter-related forces that promote and sustain regional entrepreneurship, are increasingly viewed as sources of innovation…

1873

Abstract

Purpose

Vibrant entrepreneurial ecosystems, systems of inter-related forces that promote and sustain regional entrepreneurship, are increasingly viewed as sources of innovation, economic development and community revitalization. Regions with emerging, underdeveloped or depressed economies are attempting to develop their nascent entrepreneurial ecosystems in the hopes of experiencing the positive benefits of entrepreneurial activity. For nascent entrepreneurial ecosystems to grow requires resources. However, how nascent entrepreneurial ecosystems manage their resource dependencies and the tensions that exist between creating and attracting resources are not clear. The purpose of this paper is to propose a theory of nascent entrepreneurial ecosystem resource dependence.

Design/methodology/approach

This conceptual paper analyzes entrepreneurial ecosystems as meta-organizations and builds on resource dependence theory to explain how nascent ecosystems respond to environmental dependencies and their resource needs through internal and external strategies.

Findings

Two specific strategies used by nascent entrepreneurial ecosystems to manage resource dependence – bridging and buffer – are explored. It is proposed that there is a positive relationship between the resource dependence of a nascent entrepreneurial ecosystem and its use of bridging and buffering activities. Two ecosystem characteristics that influence the pursuit of bridging and buffering – ecosystem size and the presence of collaborative values – are also identified. In addition, it is theorized that resource dependence strategies influence a key, system-level characteristic of entrepreneurial ecosystems: resilience, the ecosystem’s ability to respond and adapt to internal and external disruptions.

Originality/value

The theory presented generates insights into how nascent entrepreneurial ecosystems create and obtain resources when ecosystems are unmunificent, resource-constrained or underdeveloped. The theorizing addresses which resource dependence strategy – buffering or bridging – has a stronger link to resource dependence (and resilience) and under what conditions these linkages occur. The theoretical model generates insights for research on entrepreneurship in emerging and developed economies and produces practical implications for ecosystem participants, policymakers and economic development organizations.

Details

Journal of Entrepreneurship in Emerging Economies, vol. 11 no. 4
Type: Research Article
ISSN: 2053-4604

Keywords

Article
Publication date: 12 October 2018

Philip T. Roundy

Entrepreneurial ecosystems – the inter-related forces that promote and sustain regional entrepreneurship – are receiving intense academic, policymaker and practitioner…

Abstract

Purpose

Entrepreneurial ecosystems – the inter-related forces that promote and sustain regional entrepreneurship – are receiving intense academic, policymaker and practitioner attention. Prior research primarily focuses on mature entrepreneurial ecosystems (EEs) in large, urban areas. Scholars are slow to examine the functioning of EEs in small towns, which face unique challenges in spurring entrepreneurial activity. Most notably, small town EEs are dependent on a key stakeholder group – local customers – which receives almost no attention in prior research on ecosystems. The purpose of this paper is to develop a theoretical framework for understanding the role of customers in EEs.

Design/methodology/approach

This paper integrates work on the service-dominant logic and service ecosystems with entrepreneurship research to theorize about the influence of customers in small town EEs.

Findings

The proposed theory draws attention to the role of customers in evaluating the services provided by entrepreneurs and co-creating value in small town EEs. Theory is developed about the influence of three sets of customer characteristics on entrepreneurial activities: the local market potential (based on the number of local and transient customers), customers’ abilities to access the ecosystem (based on income levels) and customers’ preferences for services provided by the ecosystem’s entrepreneurs (based on preferences for innovativeness, local versus global brands and in- versus out-shopping).

Originality/value

Entrepreneurial ecosystems research has implicitly adopted a producer-dominant logic focusing on entrepreneurs and their ventures as the primary creators of value. The proposed theoretical framework applies the service-dominant logic to EEs and conceptualizes EEs as a unique type of service ecosystem. The theorizing generates implications for scholars and practitioners and suggests that more work is needed at the interface of entrepreneurship, marketing and regional economic development.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 20 no. 2
Type: Research Article
ISSN: 1471-5201

Keywords

Article
Publication date: 15 March 2021

Philip T. Roundy

Scholars are increasingly adopting an ecosystems perspective focused on the complex systems of factors that influence organizations. A type of ecosystem that is receiving…

Abstract

Purpose

Scholars are increasingly adopting an ecosystems perspective focused on the complex systems of factors that influence organizations. A type of ecosystem that is receiving significant academic and practitioner attention is the entrepreneurial ecosystem (EE): the interconnected system of actors and forces that supports or hinders entrepreneurship in a geographic area. However, the role that leaders play in ecosystem development, particularly in unmunificent contexts, has received little attention. The purpose of this study was to investigate EE leadership and development and induce a theory explaining how it unfolds.

Design/methodology/approach

An inductive research design was combined with the case study methodology to analyze the leadership of an entrepreneurial support organization (an incubator) and its role in developing an entrepreneurial ecosystem.

Findings

The findings revealed that incubator leaders constructed a dynamic leadership model that evolved as the EE developed and was tailored to the region's strengths and weaknesses.

Originality/value

The study contributes to research at the nexus of leadership and entrepreneurship by introducing a new level of analysis (the meta-organization), focusing on an underexamined leader type (the support organization) and emphasizing the interplay between leadership and regional characteristics.

Details

Journal of Management Development, vol. 40 no. 3
Type: Research Article
ISSN: 0262-1711

Keywords

Article
Publication date: 12 October 2018

Philip T. Roundy

Entrepreneurial ecosystems, the inter-connected set of organizing forces that produce and sustain regional entrepreneurial activity, are receiving heightened attention…

1115

Abstract

Purpose

Entrepreneurial ecosystems, the inter-connected set of organizing forces that produce and sustain regional entrepreneurial activity, are receiving heightened attention. This research finds that narratives about ecosystem participants discursively construct entrepreneurial ecosystems. However, the studies do not emphasize ecosystem and region-level narratives, focus on ecosystems in which narratives are uncontested and, thus, do not examine how ecosystem narratives compete with other regional narratives. The purpose of this paper is to develop a theory that explains how narratives and entrepreneurial ecosystems emerge and change in response to existing regional narratives.

Design/methodology/approach

A longitudinal process model is proposed to explain how entrepreneurial ecosystem narratives emerge and compete with other regional narratives. To illustrate the phases of the model, archival data were collected from three entrepreneurial ecosystems where new narratives have had to overcome entrenched economic and cultural narratives.

Findings

It is theorized that entrepreneurial ecosystems emerge, in part, through discourse. For an entrepreneurial ecosystem to develop, a narrative must take hold that allows participants to make sense of the new entrepreneurial activities and the changes to the region. A four-phase process model is presented to explain how entrepreneurial ecosystem narratives compete with other regional narratives and, particularly, negative economic narratives.

Originality/value

The theory developed in this paper contributes to the research on entrepreneurial ecosystems and organizational narratives and generates practical implications for policymakers and entrepreneurs seeking to promote entrepreneurship as a tool for economic development.

Open Access
Article
Publication date: 27 September 2022

Philip T. Roundy

Entrepreneurs are increasingly relying on artificial intelligence (AI) to assist in creating and scaling new ventures. Research on entrepreneurs’ use of AI algorithms…

Abstract

Purpose

Entrepreneurs are increasingly relying on artificial intelligence (AI) to assist in creating and scaling new ventures. Research on entrepreneurs’ use of AI algorithms (machine learning, natural language processing, artificial neural networks) has focused on the intra-organizational implications of AI. The purpose of this paper is to explore how entrepreneurs’ adoption of AI influences their inter- and meta-organizational relationships.

Design/methodology/approach

To address the limited understanding of the consequences of AI for communities of entrepreneurs, this paper develops a theory to explain how AI algorithms influence the micro (entrepreneur) and macro (system) dynamics of entrepreneurial ecosystems.

Findings

The theory’s main insight is that substituting AI for entrepreneurial ecosystem interactions influences not only entrepreneurs’ pursuit of opportunities but also the coordination of their local entrepreneurial ecosystems.

Originality/value

The theory contributes by drawing attention to the inter-organizational implications of AI, explaining how the decision to substitute AI for human interactions is a micro-foundation of ecosystems, and motivating a research agenda at the intersection of AI and entrepreneurial ecosystems.

Details

Journal of Ethics in Entrepreneurship and Technology, vol. 2 no. 1
Type: Research Article
ISSN: 2633-7436

Keywords

Article
Publication date: 16 October 2017

Philip T. Roundy

Social entrepreneurship represents an unconventional, but increasingly prevalent, activity in developed and emerging economies. Social entrepreneurs devise novel business…

Abstract

Purpose

Social entrepreneurship represents an unconventional, but increasingly prevalent, activity in developed and emerging economies. Social entrepreneurs devise novel business models that blend business and social missions with the aim of (co-)producing value with two primary stakeholder groups, beneficiaries and customers. Although interactions between social entrepreneurs and their beneficiaries are well-studied, the relationship between social ventures and consumers has received almost no extended attention.

Design/methodology/approach

Using a qualitative, partially-inductive approach based on interviews with 40 social entrepreneurs, a study of how social entrepreneurs market their ventures to consumers was conducted.

Findings

Findings reveal the ways in which marketing is relevant for social entrepreneurs, the unique challenges and opportunities entrepreneurs face in their interactions with customers, and the tactics entrepreneurs use to understand and educate their consumers.

Originality/value

The study’s findings contribute to work on social entrepreneurship and the entrepreneurship and marketing interface and have practical implications for social entrepreneurs.

Details

Journal of Research in Marketing and Entrepreneurship, vol. 19 no. 2
Type: Research Article
ISSN: 1471-5201

Keywords

Article
Publication date: 7 August 2017

Philip Roundy, Hunter Holzhauer and Ye Dai

The growing prevalence of social entrepreneurship has been coupled with an increasing number of so-called “impact investors”. However, much remains to be learned about…

1938

Abstract

Purpose

The growing prevalence of social entrepreneurship has been coupled with an increasing number of so-called “impact investors”. However, much remains to be learned about this nascent class of investors. To address the dearth of scholarly attention to impact investing, this study seeks to answer four questions that are central to understanding the phenomenon. What are the defining characteristics of impact investing? Do impact investors differ from traditional classes of investors and, if so, how? What are the motivations that drive impact investment? And, what criteria do impact investors use when evaluating potential investments?

Design/methodology/approach

A partially inductive study based on semi-structured interviews with 31 investors and ethnographic observation was conducted to explore how impact investors differ from other classes of investors in their motivations and unique criteria used to evaluate ventures seeking investment.

Findings

This study reveals that impact investors represent a unique class of investors that differs from socially responsible investing, from other types of for-profit investors, such as venture capitalists and angel investors, and from traditional philanthropists. The varied motivations of impact investors and the criteria they use to evaluate investments are identified.

Originality/value

Despite the growing practitioner and media attention to impact investing, several foundational issues remain unaddressed. This study takes the first steps toward shedding light on this new realm of early-stage venture investing and clarifying its role in larger efforts of social responsibility.

Details

Social Responsibility Journal, vol. 13 no. 3
Type: Research Article
ISSN: 1747-1117

Keywords

Article
Publication date: 10 December 2018

Philip T. Roundy and Arben Asllani

Entrepreneurship is an activity with far-reaching economic and cultural implications. Research seeking to understand the cognition and behavior of entrepreneurs is…

Abstract

Purpose

Entrepreneurship is an activity with far-reaching economic and cultural implications. Research seeking to understand the cognition and behavior of entrepreneurs is devoting increasing attention to how entrepreneurs construct and utilize discourse. However, word-level analysis of the specific language used by entrepreneurs has not received significant attention. The purpose of this paper is to identify the words that comprise entrepreneurship discourse and describe how word-usage has changed over time.

Design/methodology/approach

To examine the language of entrepreneurship, the authors use modified MapReduce algorithms in conjunction with text mining techniques to construct a longitudinal corpus of approximately 2.5m words. The authors identify the most frequently used words in the entrepreneurship lexicon and then use content analysis to chart the evolution of word-use.

Findings

The findings reveal that entrepreneurs’ lexicon is complex and fluid. The most commonly used words suggest new trends in entrepreneurship.

Originality/value

The findings and methodological procedures contribute to research on entrepreneurs and the entrepreneurial process and, specifically, to work on entrepreneurial discourse, language-use and new venture communication. The findings also have implications for entrepreneurs and policymakers.

Details

Journal of Economic and Administrative Sciences, vol. 35 no. 2
Type: Research Article
ISSN: 1026-4116

Keywords

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