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The purpose of this paper is to examine how entrepreneurship culture affects start-up and venture capital co-evolution during the early evolution of an entrepreneurial ecosystem (EE) and its ability to foster the emergence of ambitious entrepreneurship as an outcome of its activity. Unlike studies that capture entrepreneurship culture at the national level, this study focusses specifically on the culture of venture capital-financed entrepreneurship and understanding its implications to the development of venture capital markets and successful firm-level outcomes within ecosystems.

Relying on EE and organisational imprinting theory, this study specifies characteristics of venture capital-financed entrepreneurship of Silicon Valley to illustrate the American way of building start-ups and examine whether they have as imprints affected to the entrepreneurship culture and start-up and venture capital co-evolution in Finland during the early evolution of its EE between 1980 and 1997.

The results illustrate venture capital-financed entrepreneurship culture as a specific example of entrepreneurship culture beneath the national level that can vary across geographies like the findings concerning Finland demonstrate. The findings show that this specific culture matters through having an impact on the structural evolution and performance of EEs and on the ways how they deliver or fail to deliver benefits to entrepreneurs.

The results show that venture capital-financed entrepreneurship and the emergence of success stories as outcomes of start-up and venture capital co-evolution within an EE are connected to a specific type of entrepreneurship culture. This paper also contributes to the literature by connecting the fundamentals of organisational imprinting to EE research.

Entrepreneurial activity is currently a primary concern of many developed economies that struggle with changes in their industrial structures. Many of the traditionally strong industries are encountering strong global competition and declining markets, and national competitiveness is often said to be built on new entrepreneurial firms that are able to grow in global markets. The facilitating national systems for these firms are covered in the emerging start-up ecosystem discussion. This chapter aims to contribute to this discussion by incorporating an analysis of the variety of actors and activities needed in start-up industries that rely on competence bloc theory. Furthermore, inspired by cultural-historical activity theory, the study specifies the contextual-, temporal- and renewal-related determinants of the activity of start-up ecosystems. As a result, a framework for examining start-up ecosystems as platforms for high-growth entrepreneurship is proposed in terms of its core constituencies that influence the emergence and non-emergence of high-growth firms.