Chapter 7: Societal impacts of knowledge intensive entrepreneurship and the role of public policy
This chapter concludes this book with insights and critical reflections about the societal impacts of KIE and the role of public policy. This chapter thus addresses the last proposition introduced in Chapter 1 about the broader role of KIE in economic growth and social well-being, and how public policy can influence these processes: A key issue is how and why to develop public policy and societal influences that are important for being able to explain, and stimulate, KIE processes and phenomena. The broader societal context explicitly affecting the development and formation of KIE ventures especially includes knowledge, markets, institutions and opportunities. Just as design thinking provides tools at the level of the KIE venture, public policy also has tools and recommendations about how to encourage and support this type of entrepreneurship. This broader perspective starts from our understanding of how KIE ventures interact with the external environment and ecosystem. Entrepreneurship is more than knowing how to build a company because it represents a line of thinking about how to shape business and society. Entrepreneurship is affected by the external environment, which consists of knowledge, markets, institutions and opportunities. The external environment provides inputs for resources and ideas that can be accessed by the firm, but strategy and decision-making inside the venture also matter. Thus, this book has shown how and why specific choices in the internal development and management phases of the KIE venture lead them to interpret and combine these resources and ideas into products and services.
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