Entrepreneurship in Emerging Regions Around the World
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Entrepreneurship in Emerging Regions Around the World

Theory, Evidence and Implications

Edited by Phillip H. Phan, Sankaran Venkataraman and S. Ramakrishna Velamuri

The contributors to this book look at the phenomenon of entrepreneurship in emerging regions in India, China, Ireland, Eastern Europe, North and South America, and North and South-East Asia. The organization is designed to take the reader from a general framework for understanding the relationship between economic development and entrepreneurship to more specific examples of how entrepreneurs and their firms respond to the opportunity and threats that are dynamically evolving in such places. The book represents the first serious attempt to suggest new theoretical frameworks for understanding the emergence of entrepreneurship in regions that do not have all of the classical prerequisites (such as financial and human capital, favorable geography, institutional infrastructures, and so on) predicted in extant development models.
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Chapter 3: Institutional Transformation During the Emergence of New York’s Silicon Valley

Andaç T. Arikan


3. Institutional transformation during the emergence of New York’s Silicon Alley Andaç T. Arıkan INTRODUCTION The importance of technology entrepreneurship in facilitating regional development is well known (Saxenian, 2000; Phan and Foo, 2004; Venkataraman, 2004). In fact many regional governments in the USA and across the globe aim to promote technology entrepreneurship through various policy initiatives, yet very few areas actually succeed in initiating entrepreneurship and even fewer regions turn into centers of large scale entrepreneurial activity such as Silicon Valley. In the face of such policy resistance (Sterman, 2001), an important question to ask is what is the process by which a region that lacks an entrepreneurial tradition initiates entrepreneurship and develops a favorable entrepreneurial infrastructure (Van de Ven, 1993). Recent entrepreneurship research under the title of ‘demand side perspective’ has put a heavy emphasis on the influence of environmental factors on triggering entrepreneurial activity (Thornton, 1999). In contrast to the ‘traits approach’ that views entrepreneurial personality characteristics as the primary determinant of entrepreneurial outcomes (Brockhaus and Horwitz, 1986; Gartner, 1988), the demand side perspective holds that region specific environmental factors constitute an objective opportunity structure which gives particular regions differential advantage over others in terms of generating entrepreneurship. Based on this premise, researchers have studied the environmental characteristics of regions such as Silicon Valley that have been successful in stimulating large scale entrepreneurship. The factors that create a favorable environment for entrepreneurship were found to range from the availability of resources (for example, venture...

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