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Regional Cultures and Entrepreneurial Resiliency
 

Regional Cultures and Entrepreneurial Resiliency

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    Regional Cultures and Entrepreneurial Resiliency Regional Cultures and Entrepreneurial Resiliency Presentation Transcript

    • REGIONAL CULTURESAND ENTREPRENEURIAL RESILIENCY BEN SPIGEL PHD CANDIDATE DEPARTMENT OF GEOGRAPHY UNIVERSITY OF TORONTO
    • PROBLEMS WITH CULTURE INENTREPRENEURSHIP RESEARCH Social &Economic geographicconditions conditions • Needed to explain divergent regional economic experiences (Audretsch et al., 2011) • Under-theorized and treated as a black box (Castree, 2004) Outcome
    • ENTREPRENEURSHIP,CULTURE AND GROWTH • Firm growth is reaction to both economic opportunity and willingness to take on risk • Focus on growth therefore a cultural attribute
    • CULTURAL PROCESSES OF ENTREPRENEURSHIP Local cultureEntrepreneurial Traditions • Culture is a process through which people understand the Outlooks of world Success entrepreneursreinforces Practices
    • ANALYTICAL METHODS Waterloo Ottawa Calgary TotalEntrepreneurs 23 29 28 80 • Qualitative analysis of interviews with Investors 5 7 5 17 software entrepreneurs, investors and policy Economic makersDevelopment 4 3 6 13 Officials Total 32 40 39 110
    • TECHNOLOGY ENTREPRENEURSHIP IN OTTAWA Population 1,133,633• Growth of major % of labour force 9.65% technology firms in 1970s self-employed and 1980s % of labour force in software 4.94%• One of Canadas strongest occupations tech economics by 1990 Federal Major technology government, anchors telecom industry
    • TELECOM CRISIS IN OTTAWA "In the past I couldnt get anyone [to] join my start-ups,• End of internet bubble in but now I can because they feel 2001/2 hurts local telecom confident of getting $10 companies million within six months as weve got the thing• VCs pull out, hurting both started" (Angel investor, entrepreneurs and angels quoted in Mason Cooper and Harrison, 2002 p. 271)
    • TELECOM CRISIS IN OTTAWA Venture Capital Investments in Ottawa Millions of Dollars Invested (adjusted) 80 $1,000 Number of investments• End of internet bubble in 60 $750 2001/2 hurts local telecom companies 40 $500• VCs pull out, hurting both 20 $250 entrepreneurs and angels 0 $0 199 199 200 200 200 201 6 9 2 5 8 1 # of Deals $ Invested (millions of dollars)
    • ENTREPRENEURS REACT TO NEW CONDITION In 2002 you had the guys who were• Collapse of Ottawas startup going to grow organically and the economy causes guys who were going to go VC and so they’ll make money through the entrepreneurs goals and VC sale. It was a four or five year outlooks to shift play, make lots of money and go retire to the Bahamas...In 2009 I• Focus turns to long term don’t see any of those guys. I stability rather than quick haven’t seen one guy. (Interview with economic development exit officer)
    • ENTREPRENEURS REACT TO NEW CONDITION I think the greatest success• Collapse of Ottawas startup would be if we were economy causes independent, but big and entrepreneurs goals and successful...If we’re profitable outlooks to shift and driving ourselves there’s no need to fish out a quick exit• Focus turns to long term (Interview with software stability rather than quick entrepreneur). exit
    • NEW ENTREPRENEURIAL GOALS IN OTTAWA 50%% of interviewed firms 33% 37% 37% • Entrepreneurs prioritize and stability and innovation over economic capital 17% 15% 11% 0% Ottawa Profit Freedom Overcome Challange Stability
    • DEVELOPMENT OF RISK- ADVERSE OUTLOOKS "We don’t want to spend• Collapse of VC-backed money we don’t have yet...I firms makes entrepreneurs guess we don’t like high-risk wary of uncontrolled because it’s risky. We prefer growth staying with the low-risk and expanding when we• Refocus on consulting can and when things are rather than product good." (Interview with development software entrepreneur)
    • GROWTH THROUGH RISK- ADVERSE PRACTICES Software Firms Employing SaaS 50% 50%• Entrepreneurs adopt 40% Software as a Service 30% strategies to grow while 32% reducing risk 20% 23%• Allows for growth without 10% outside investment 0% Waterloo Ottawa Calgary
    • GROWTH THROUGH RISK- ADVERSE PRACTICES "As far as [company] goes, its really one that I• Entrepreneurs adopt want to ride into a Software as a Service massive success and just strategies to grow while get every possible reducing risk experience of that process out of the way, then• Allows for growth without move on to something outside investment next." (interview with SaaS entrepreneur)
    • New definitions of Decline of entrepreneurial success basedtelecommunications on sustainability economyand local investment Over time, Influence reinforces environment Risk adverse views Contributed of entrepreneurship to Influence Habitus of growth- Ability of firms to grow oriented without high levels of risk and lifestyle entrepreneurs legitimizes Produces Risk-mitigating practices
    • CONNECTING CULTURE, ENTREPRENEURSHIP AND INNOVATION• Entrepreneurs choose practices that make sense given their social and economic contexts• Researchers have to understand why these practices make sense• How can we identify regional cultural contexts that encourage or discourage innovative behaviour?
    • THANK YOU Ben Spigel University of Toronto