dr. yancy vaillant catalunya 6… · reflections on quality entrepreneurship for knowledge based...
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REFLECTIONS ON QUALITY ENTREPRENEURSHIP FOR KNOWLEDGE BASED ECONOMIES
Dr. Yancy Vaillant
CATALUNYA
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“knowledge-based economies” - economies which are directly based on the production, distribution and use of knowledge and information. (OECD 1996)
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Economic prosperity is increasingly determined by a community’s capacity to transform knowledge into potential commercial products, processes, and services - where entrepreneurs are the drivers of the transforming process. (OECD, 1996)
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Old and New Industrial Paradigm Old Approach New Approach
Strategic focus Efficiency-driven Knowledge-driven
Competitive strategy Cost Leadership Innovation-based differentiation
Source of competitive advantage Tangible resources,
Market Power Human and intangible resources
Keys for competitiveness Scale efficiencies,
Process innovation
Flexibility,
Strategic innovation
Productive objectives Quantity Quality
Capital focus Financial capital Social and human capital
Organisational Structure Rigid organisational structure Flexible organic structure
Preferred leadership style Managerial Entrepreneurial
Dominant firm size Large corporations SMEs
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Catalysts of the paradigm change: • Globalization of markets/industries, • ICTs, • “Rise of the creative class”, • Post materialist era, • And the current financial crisis.
Old and New Industrial Paradigm
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But entrepreneurship is still being analysed through the
lens of the old paradigm.
(trauma)
Problem Statement Q
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Entrepreneurship Research
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Entrepreneurship Advocacy
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Entrepreneurship:
The solution for everything!!!!
Or maybe not…
Repaso de la investigación empresarial
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The more the merrier? (indiscriminate promotion)
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Entrepreneurship:
‘Tool’ for development
not an ‘end’
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Entrepreneurship in EU
EU’s Economic and Social objective
“to become the most competitive and
dynamic knowledge-based economy in
the world” (Lisbon 2000)
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Strong hypotheses amongst EU policy makers that:
Innovation as factor of production
Innovation a produce of R&D
R&D = Economic growth
R&D = Productivity Increase
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But empirical evidence in Europe shows:
Highest R&D as % of GDP = Scandinavian
Highest GDP growth = Ireland, Spain, Med.
Highest productivity = Germany, Ireland…
Entrepreneurship in EU Q
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The missing ingredient is ENTREPRENEURSHIP:
R&D creates knowledge and opportunities, entrepreneurship is needed to transform these into economic growth and enhanced productivity
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“Need for radical economic transformation”
Compared to the US, the EU has:
- Less entrepreneurial dynamism,
- Less entrepreneurial initiative,
- Less entrepreneurial growth,
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EU Green Book on E-ship
EU Green Book on Entrepreneurship
The challenge for the EU is to identify the
key factors for building a climate in which
entrepreneurial initiatives can thrive (2003).
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EU Entrepreneurship Action Plan
EU Entrepreneurship Action Plan (2004): 1. Fuelling entrepreneurial mindsets
2. Encouraging more people to become entrepreneurs
3. Gearing entrepreneurs for growth and competitiveness
4. Improving the flow of finance
5. Creating a more SME-friendly regulatory framework
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Innovation & competitiveness
Knowledge creation
Business creation
Territory
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HOWEVER: E-Ship not having the desired socio-economic impact (Minniti, 2008; Shane, 2009)
WHY: Policy focus on quantity rather than quality (Shane, 2009; Henrekson & Johansson, 2010)
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THEREFORE: Target individuals with High Actual Human Capital (HAHC) (Wright et al., 2007 ; Samuelsson & Davidsson, 2009; Hvide, 2009)
BECAUSE: HAHC individuals–
Opportunity identification ability (Shepherd and Detienne,2005; Haynie et al., 2009),
Pursue innovative ventures (Koellinger,2008; Ucbasaran et al., 2008),
Growth-oriented (Cooper et al., 1994; Barringer et al., 2005; Colombo and Grili, 2009).
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BUT, HAHC individuals face
High opportunity cost (Raphael et al., 1995),
Fear of failure (Vaillant and Lafuente, 2007),
Lack of self-confidence (Arenius and Minniti, 2005).
DISCOURAGES (quality) ENTREPRENEURIAL ACTIVITIES.
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Quality Entrepreneurship
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Quality Entrepreneurship Q
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Entrepreneurial Activity
Employment Creation
Economic Growth
Innovation
Greater Impact?
Quality Entrepreneurship Q
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Greater Survival?
Quality Entrepreneurship Q
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- Greater Impact ≠ Greater Survival
- Not limited to Techno-Industrial
- Not limited to Higher Education
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Quality entrepreneurship:
Allows a territory to commercialise its endogenous resources and capabilities efficiently and sustainably through an optimal use of the region’s human capital, whether as entrepreneur or as employee. (Vaillant 2011, OECD 2011)
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REFLECTIONS ON QUALITY ENTREPRENEURSHIP FOR KNOWLEDGE BASED ECONOMIES
Dr. Yancy Vaillant
CATALUNYA