Exploring Entrepreneurial Ecosystems in Developed Countries: A Systematic Review

Abstract

Globally, entrepreneurial ecosystems (EEs) have gained attention as enablers of innovation and entrepreneurship. This paper explores entrepreneurial ecosystems in developed countries. Entrepreneurship is a globally important phenomenon for economic development and addressing socio-economic challenges such as unemployment, inequality, and poverty. Systematic literature review (SLR), with the aid of the Preferred Reporting Items for Systematic Reviews and Meta-Analysis (PRISMA) approach was used in the items selection process. A final sample of 28 primary articles was used. Additionally, bibliometric analysis was conducted using VOSviewer software to determine publication patterns and citation trends. More relevant and recent articles were incorporated into the bibliometric analysis to improve the results. Isenberg’s six domains of entrepreneurial ecosystems framework, supported by the Dynamic capabilities (DC) theory underpinned the study. Results show that though entrepreneurial ecosystems are prevalent, they face many challenges. However, opportunities are also available but may be difficult to access. Globally, scholars agree that entrepreneurial ecosystems enhance economic development, and they help to solve socio-economic challenges such as unemployment, inequality, and poverty. This paper recommends that entrepreneurial ecosystems should be fostered in all regions to promote economic development and provide solutions to solve socio-economic problems. Local and global leaders should invest in the development of entrepreneurial ecosystems to promote economic development. The original value is based on exploring the dynamic nature of entrepreneurial ecosystems in the global environment using a developed country perspective. The findings provide important insights to policymakers and other stakeholders for developing strategies and interventions for enhancing economic growth through entrepreneurship.