- New Horizons in Regional Science series
6. Entrepreneurship 6.1 INTRODUCTION: ENTREPRENEURSHIP IN THE REGIONAL DEVELOPMENT PROCESS Entrepreneurship in leadership-driven regional economic development is different from the concept as applied in the private sector where the motivation for entrepreneurial discovery and innovation is deeper than the direct profit motive. Sometimes this form of leadership is referred to as civic leadership and involves private and public entrepreneurs. Where traditionally the entrepreneur is motivated by the promise of ‘pure profits’ – that is, above and beyond the normal level expected from the pursuit of venture formation and development – the private or public entrepreneur in the regional development process is differently motivated. Those involved in leadership-led development are often motivated by what we call here ‘love of region’ that stems from longer term, often intergenerational ties to their place through legacy effects related to their family and/or their business history. They see redirecting the economy as a way to reduce the effects of economic decline/threat and thus maintenance of their family position and business viability at that place. While they may also be motivated by responsibility to their region and the improvement of the social or community milieu it is personal benefit of their family and business that is often at the core of their motivation to help implement change that will enhance economic sustainability of their region. Thus, entrepreneurship in regional economic development is not directly, at least, a response to the lure for pure profits but rather to the lure of maintenance and sustainability of one’s family and business...
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