Working Paper No. 1345

Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework

Published: June 24, 2020Pages: 70Keywords: Institutional economics; Evolutionary economics; Antifragility; Entrepreneurship; Innovation; InstitutionsJEL-codes: D20; G32; L23; L26; O33

Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework Niklas Elert and Magnus Henrekson


We demonstrate how successful entrepreneurship depends on a collaborative innovation bloc (CIB), a system of innovation that evolves spontaneously and within which activity takes place through time. A CIB consists of six pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary for innovation-based venturing to flourish. The six pools include entrepreneurs, inventors, early- and later-stage financiers, key personnel, and customers.

We show how the application of the CIB perspective can help make institutional and evolutionary economics more concrete, relevant, and persuasive, especially regarding institutional prescriptions. Generally, we envision an institutional framework that improves the antifragility of CIBs and the economic system as a whole, thus enabling individual CIBs and the broader economic system to thrive when faced with adversity.

 


Reference:

Elert, Niklas and Magnus Henrekson (2020), "Innovative Entrepreneurship as a Collaborative Effort:  An Institutional Framework". IFN Working Paper No. 1345. Stockholm: Research Institute of Industrial Economics (IFN).

Niklas Elert

Contact

Ph: +46 8 665 4583
niklas.elert@ifn.se

Magnus Henrekson

Contact

Ph: +46 (0)8 665 4502
magnus.henrekson@ifn.se

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This book explores the complex and ever-changing relationship between the European Union and its member states. The recent surge in tension in this relationship has been prompted by the actions of some member state governments as they question fundamental EU values and principles and refuse to implement common decisions seemingly on the basis of narrowly defined national interests.

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