Smarter entrepreneurial process for better business
Entrepreneurship or entrepreneurial process (EP) is crucial for outlining the organisation, business plan, technologies and markets of a new business. Yet, EP is highly fragmented with different models and approaches, which makes it challenging to study or evaluate. The EU-funded BGPROCESS (Smart entrepreneurial process for knowledge society) developed a new model of an EP for new businesses. It designed an enterprising model for building new ventures that are knowledge driven and ready to be globalised. More specifically, the project team developed a dynamic stage model of the EP and outlined its requirements. The team proposed maturity as the dimension that links the EP with the entrepreneurial journey that ultimately leads to a new, knowledge-driven globalising venture (i.e. ‘born global’). The model is based on the concept of open innovation and focuses on the entrepreneurial ecosystem to achieve its aims. The resulting model provides stronger explanatory and predictive power in researching EPs related to faster globalisation of SMEs. In parallel, the new EP model provides better policy guidelines, as well as training and support material to achieve knowledge-driven high-potential entrepreneurship. It leads to more efficient research and innovation, facilitating the implementation of strategies for intellectual property, technology transfer and commercialisation of research results. The model was validated using both qualitative and quantitative methods. This involved gathering qualitative and quantitative data on more than 100 knowledge-driven SMEs from official and public sources, as well as by interviewing entrepreneurs. The model’s viability was then proven using the pattern match approach developed by professional William Trochim at Cornell University in the United States. Project outcomes were disseminated in a series of articles, conference papers and book chapters, with forthcoming books to be published on the topic as well. The research has helped design entrepreneurship courses in Estonia, where the BGPROCESS project was initiated. Lastly, the findings are useful for training methodology and policy development aimed at smart specialisation in the knowledge economy, particularly in the context of small nations.
Keywords
Entrepreneurial process, business, new ventures, entrepreneurship, BGPROCESS, knowledge-driven
