Question

Examine the importance of entrepreneurial ecosystems and innovation clusters to healthy society and economies ?

Answer 1

Entrepreneurs and new technology startups are rising globally at an exponential pace. In view of this drastic rise, there has been a rise in attempts to find further ways of knowing how best to support these new projects. Thus, the emergence of "entrepreneurial ecosystems" as coordinated attempts to create environments that will maximize the success of newly developed projects. Yet, as this concept has gained prominence, a constant question remains about exactly what an entrepreneurial environment is, and what it is.

The 'entrepreneurial ecosystem' concept is a tool for getting us to greater insight into individual and collective behavior in the field of entrepreneurship, where the result of the behavior is somewhat unexpected and uncertain and the operation itself matters, at least for the interconnected actors. The devices used by businessmen, policy makers, and executives of linked businesses are their metaphors for managing the company environment.

Entrepreneurial scholars have continued to show a strong respect for innovation as they address market challenges and issues. This is evident in the constant quest for new concepts and metaphors that emanate from a wide and varied variety of fields of study, such as natural sciences. Despite the numerous attempts to point the comparison with the natural sciences, however, it is almost supervised

An ecosystem is self-defined by borders, where the organisms within are autarkously living together. The boundaries may or may not be physically connected but are associated with barriers to entry and exit. The organisms, agents, consume the required ecosystem resources and also generate essential resources for others, which spillover within and beyond ecosystem boundaries.

Consequently, societal impacts apply not only to monetary but also to non-monetary effects, i.e. the social boundaries between the actors in the entrepreneurial ecosystem. The social benefits will spill into delivering new products and services which support society. The benefits and impacts can also contribute to the development of mutual interest and the public good