ENTREPRENEURIAL ECOSYSTEM FORMATION: THEORETICAL ASPECTS

Abstract

Background. Modern trends, such as globalization, open markets, the development of knowledge-intensive industries, artificial intelligence, automation, and robotics, lead to a decrease in the need for labor since many tasks that humans previously performed can now be performed by machines. According to World Bank forecasts, about 600 million new jobs will be needed by 2030 to fill the growing global workforce. The international community recognizes that entrepreneurship can effectively perform the mentioned task, which makes its development and support a priority of the state policy of various countries. In developed countries the importance of creating entrepreneurial ecosystems as an environment and stimulus for the growth and support of entrepreneurship and innovation is recognized. However, there is no single definition of an entrepreneurial ecosystem, and the factors that contribute to an entrepreneurial ecosystem’s success are still being explored. Therefore, the purpose of the article is to summarize the existing theoretical approaches to the definition of the entrepreneurial ecosystem and its key elements. The object of research is the entrepreneurial ecosystem, which is considered a complex system consisting of various interconnected elements, including entrepreneurs, investors, mentors, educational institutions, and government bodies.

Methods. General scientific and special research methods were used, including the system method, methods of analysis, synthesis, abstraction, and generalization.

Results. The entrepreneurial ecosystem was defined as a set of legal entities and individuals from various sectors, different in nature of the activity, which functions for the development of innovation and entrepreneurial activity by combining the efforts of various groups of stakeholders. Key components of the entrepreneurial ecosystem include policy development, infrastructure, finance, innovation, markets, support, culture, and human resources. Entrepreneurial ecosystems can be developed through various activities such as creating an enabling environment for entrepreneurship, providing support to entrepreneurs, and raising awareness of entrepreneurship.

Conclusions. The research demonstrated the high importance of entrepreneurial ecosystems for the development of business, described its major components, and identified the roles of the key stakeholders in the process of entrepreneurial ecosystem formation.