Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework

73 Pages Posted: 14 Oct 2020 Last revised: 25 Mar 2021

See all articles by Niklas Elert

Niklas Elert

Research Institute of Industrial Economics (IFN)

Magnus Henrekson

Research Institute of Industrial Economics (IFN)

Multiple version iconThere are 2 versions of this paper

Date Written: March 25, 2021

Abstract

We demonstrate how successful entrepreneurship depends on a collaborative innovation bloc (CIB), a system of innovation that evolves spontaneously and within which activity takes place through time. A CIB consists of six pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary for innovation-based venturing to flourish. The six pools include entrepreneurs, inventors, early- and later-stage financiers, key personnel, and customers. We show how the application of the CIB perspective can help make institutional and evolutionary economics more concrete, relevant, and persuasive, especially regarding institutional prescriptions. Generally, we envision an institutional framework that improves the antifragility of CIBs and the economic system as a whole, thus enabling individual CIBs and the broader economic system to thrive when faced with adversity.

Keywords: Institutional Economics, Evolutionary Economics, Anti-Fragility, Entrepreneurship, Innovation, Institutions

JEL Classification: D20, G32, L23, L26, O33

Suggested Citation

Elert, Niklas and Henrekson, Magnus, Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework (March 25, 2021). Elert, Niklas and Magnus Henrekson (2020), "Innovative Entrepreneurship as a Collaborative Effort: An Institutional Framework". IFN Working Paper No. 1345. Stockholm: Research Institute of Industrial Economics., Available at SSRN: https://ssrn.com/abstract=3634581 or http://dx.doi.org/10.2139/ssrn.3634581

Niklas Elert

Research Institute of Industrial Economics (IFN) ( email )

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Magnus Henrekson (Contact Author)

Research Institute of Industrial Economics (IFN) ( email )

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Stockholm, SE-10215
Sweden
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