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From Innovation to Entrepreneurship

Connectivity-based Regional Development

Yasuyuki Motoyama

Innovation and entrepreneurship are often considered two sides of the same coin. But are the links between innovation and entrepreneurship as inextricable as we think? From Innovation to Entrepreneurship questions this seemingly interdependent relationship, highlighting the different requirements of innovation and entrepreneurship. This book disentangles theories of innovation and entrepreneurship, empirically revealing the overlaps and differences between them. Demonstrating that the pursuit of entrepreneurship is the key to economic development, Yasuyuki Motoyama explores the concept that people are at the heart of entrepreneurship ecosystems.
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Chapter 5: How did the Gateway City transform its entrepreneurship? A case study of St. Louis

Yasuyuki Motoyama

Extract

This chapter, first, examines recipients of the Arch Grants, a regionwide business plan competition started in St. Louis in 2012. While these are all winners of the competition, many of them report that they made major modifications in business plans after winning the competition. Moreover, the ideas to modify business plans came from interactions with other peer entrepreneurs by exchanging information and providing feedback to each other. Different from startup companies, Inc. companies are established companies with at least $2 million annual revenue. However, interviews from those companies also demonstrate that entrepreneurs face major changes in business, often hinted at by their mentors. In addition, many companies started small and grew incrementally, not through external investment from venture capitalists.

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