In this chapter, Jonas Van Hove, Iris Vanaelst and Mike Wright explore the differences across countries and regions in accelerator support programs in order to improve understanding of the continuously evolving accelerator landscape and concomitant activities by complementary actors within an ecosystem community. They emphasize the role of institutional intermediaries in shaping the ecosystem through the preservation of the aligned interests between policymakers and practitioners. Reviewing the evolution of the landscape of policy support for accelerators across national and regional levels, with particular emphasis on the UK context, they outline the challenges accelerators face and which policymakers need to take into account. They conclude with policy implications and recommendations focusing on how the ecosystem community can meet such challenges in order to spur ecosystem development and fuel the next generation of start-ups.
Jonas Van Hove, Iris Vanaelst and Mike Wright
Patrizia Casadei and David Gilbert
In recent years, fashion design has been treated as a key element of the cultural and creative industries (CCIs), and the idea of the ‘fashion city’ has emerged as a potential strategy for the revamping of cities. This chapter argues that there is not a singular model of the ‘fashion city’, and that treating fashion simply as a CCI underplays its complexity. It proposes an analytical framework for thinking about fashion’s relationship with cities. The chapter highlights the different trajectories of ‘fashion’s world cities’, specifically Paris, New York, Milan and London, and identifies the existence of two broad tendencies within strategies to develop ‘second-tier cities’ of fashion like Auckland, Toronto and Antwerp. The suggested framework highlights the different positions that fashion plays in urban economies, associated with manufacturing, design and symbolic production and the various forms of creativity associated with different forms of fashion city.
Ronit Yitshaki and Israel Drori
In this chapter, Ronit Yitshaki and Israel Drori focus on the important aspect of the accelerators’ design structure and operation that concerns mentoring. By mentoring they refer to the process of learning and coaching provided by the accelerators to their participating start-ups by groups of experts with relevant knowledge and experience in founding and managing new ventures. Using detailed interview and observational data from Israel, they show that the mentoring process provides a bridge between the accelerator, the start-up and the ecosystem through the mentor’s internal (within the start-up) and external (within the ecosystem) position. They suggest that mentorship is a complex process composed of both altruistic and interest-based motivations and processes, represented along a continuum starting as part of the accelerator’s educational program, and either ending with the end of the program or leading to a transformation to a partnership. Accelerators play an important role in recognizing mentors who are relevant to the ecosystem while providing mentors with opportunities to invest and learn about the ecosystem, enabling them to conduct informal due diligence prior to investing as business angels. They identify four distinct aspects that characterize the mentoring process: (1) setting up strategy and priorities, (2) revealing marketing opportunities, (3) structuring organizational processes and (4) expanding ventures’ social capital.
Eric J. Bolland and Carlos J. Lopes
The focus of this chapter is on joint impacts of 17 factors that may affect performance. The 17 factors are assessed by factor analysis to help determine if there are underlying factors in performance undetected in the initial analysis. From that, five principal components are developed and analyzed. Team effectiveness, employee satisfaction and human resource management practices are all highly correlated with each other. That accounts for 16 percent of variance in the results. CEO tenure is highly correlated with other factors and explains 14 percent of variance. Marketing and R & D which is highly correlated with innovation accounts for 10 percent of the variation. Operations management explains 9 percent of the variance. Ethical reputation is responsible for 9 percent of variance. Together with other variables, six components explain 66 percent of variance, meaning that underlying performance factors were identified and their impact on performance was significant. In related findings, labor effectiveness has a strong positive effect on decision success while CEO tenure is not a predictor of success.
Michael Leatherbee and Juanita Gonzalez-Uribe
This chapter by Michael Leatherbee and Juanita Gonzalez-Uribe addresses issues relating to the selection of entrepreneurs and their ventures for entry into accelerators. Commonly, accelerators select start-ups among a broader group of applicants. The assumption is that through the selection process, accelerators are able to discriminate between high- and low-potential start-ups. Thus, the expectation is that accelerators are an effective medium for capturing the upside potential of the select few start-ups that promise to deliver the highest value in the future. That upside potential may be materialized through attractive equity investments or increased socio-economic development, depending on the mission of the accelerator. Typically, the selection process relies on a set of objective criteria predetermined by the accelerator, which are applied by one or more entrepreneurship experts who act as judges or evaluators of the applicant pool. First the authors describe the different selection stages and methods typically managed by business accelerators. They then go on to explore the multiple important issues that must be taken into account when designing and managing selection processes. Comprehending these issues may help to understand the challenges and limitations of current selection methods, and to avoid potential pitfalls and unintended consequences.
Luciana Lazzeretti, Francesco Capone and Niccolò Innocenti
This chapter has a twofold objective. First, it aims to contribute to addressing the fragmentation of the literature on the creative economy, and second, to lay the foundation for an economics of creative industries. Following a bibliometric approach, the authors analyse all publications collected from the ISI Web of Science database, starting from 1998 and ending in 2016. Through the analysis of nearly 1600 publications, they study the evolution of creative economy research (CER). They apply a co-citation analysis developed using social network analysis, thereby exploring the ‘founders’ and ‘disseminators’ of cultural and creative industries (CCIs). Results underline that CCIs are not only the major topic in CER research, but this trend has become stronger in the last few years. In addition, evidence of this work strongly confirms the relevance of CCIs in the contemporary economy. This importance can only be expected to grow in the future. This last result supports the hypothesis concerning the foundation of an economics of creative industries.
Iris Vanaelst, Jonas Van Hove and Mike Wright
In this chapter, Iris Vanaelst, Jonas Van Hove and Mike Wright, after a brief review of US policy towards accelerators, focus on how EU policy engages with different stakeholders in order to support accelerator activity within the EU area. The EU interactions with accelerators are threefold: (1) the EU supports the setup of accelerator networks to create momentum for accelerators to meet and exchange experiences, expertise and knowledge (e.g. Accelerator Assembly); (2) the EU supports and funds accelerator programs (e.g. EU-XCEL-European Virtual Accelerator, IoT Accelerator Programme, Copernicus Accelerator Programme); and (3) accelerators serve as intermediaries between the EU and start-ups looking for funding (e.g. EuropeanPioneers) in addition to the small and medium-sized enterprise (SME) funding instruments of the EU (e.g. SME Instrument). Interesting examples of each of these initiatives are discussed in more detail.
Edited by Adelina M. Broadbridge and Sandra L. Fielden
Eric J. Bolland and Carlos J. Lopes
How recommendations can help businesses is introduced. Recommendations can help improve decisions and produce expected results. Recommendations are different based on size of firm and reasons for this are presented. Specific recommendations for smaller firms and other recommendations are made for larger firms. Recommendations are also made on decision making tools. These tools should be proven as acceptable, objective and accurate. The tools are specified next. When to use the tools and not use the tools is explained in a table. The deficiencies of some of the tools are highlighted. Building a culture of sound decision making is explained. A tool for recording decision effectiveness is described.
Ruth Rentschler, Kim Lehman and Ian Fillis
This chapter examines a private entrepreneur and his art museum as a single deep, rich case study. Occasionally, new art museums emerge in small regional cities that contribute to economic and social development. Using the entrepreneurship theory of effectuation, with biographical research methods, interviews, observations and content analysis, the authors provide a lens on how one man’s vision has changed opportunities in a rust-bucket city and state, boosting jobs and tourism and changing the urban environment. They analyse how the complex and paradoxical attractions of a distinctive museum succeeded, which have been little investigated from the perspective of its broader role in stimulating a small regional city’s rise as an emerging creative city. Theoretically, the chapter makes a contribution by applying entrepreneurship theory through an entrepreneurial marketing and effectuation lens, demonstrating how unpredictable products in a new venture process under conditions of uncertainty provided a unique difference and unexpected success in the arts and cultural sector.