Entrepreneurial Ecosystems and Market Capturing Strategies: The Role of Innovation Hubs in Economic Growth and Fostering Startup Success: A Review
DOI:
https://doi.org/10.54536/ajebi.v4i1.3983Keywords:
Business Models, Economic Development, Ecosystems, Entrepreneurship, Innovation, StartupsAbstract
Startups and hubs are uniquely positioned to support meaningful economic growth and to help solve socio-economic issues since they offer resources, support, and networks to innovative entrepreneurs. However, some of them fail to grasp the emerging need for adaptation of innovative hub strategies based on ecosystem peculiarities. This paper aims to competitively evaluate the coalition between the entrepreneurial ecosystems and the innovation hubs based on their significant strategic roles of market capture, economic development, and startups in different contexts and niche market domains. The analysis methodology was selected based on the keywords and included the articles published in Scopus and Web of Science from 2015 to 2024. Concepts for innovative ecosystems and the growth of startup businesses were used in the paper, and rigorous filters for both empirical and theoretical research were used. The present research thus reinforces the significance of environments for entrepreneurship and innovation in the marketplace for startups. Startups, driven by access to networks, funding, and regulatory support, have shown better market outcomes. However, challenges like funding insecurity, brain drain, and policy restraints can hinder their potential. Cooperation, funding, and policy support are crucial for entrepreneurship and economic growth. Innovation hubs offer money, advice, connections, and support structures for startups to grow and experiment. However, their effectiveness depends on addressing funding vulnerability, employee attrition, and legal frameworks.
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