The collaborative innovation bloc: A new mission for Austrian economics

Abstract

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The Entrepreneurial Society

“…Competition between various collaborative teams will bring about an evolution of collaborative innovation blocs in the entrepreneurial ecosystem. Since the resulting innovations drive out, or at least challenge, incumbents, this process generates aggregate economic growth in the experimentally organized market economy (Elert and Henrekson 2019) and drives the process of creative destruction as conceptualized by Joseph Schumpeter (Aghion and Howitt 1992;Caballero and Jaffe 1993). 10 The EOE perspective shares many features with the more recent literature on entrepreneurial ecosystems (Stam 2015;Autio 2016;O'Connor et al 2018) and the national system of entrepreneurship approach (Acs et al 2014), but we can trace its roots back to the works of Swedish economists Johan Åkerman and Erik Dahmén; see Erixon (2011) and Dahmén (1970).…”

“…The agents and resources in the collaborative innovation bloc fall into six categories: entrepreneurs, inventors, key personnel, early-stage financiers, later-stage financiers, and customers. Below, we draw on Elert and Henrekson (2019) to briefly describe the six categories.…”

“…Note: Financing by founders (using their assets or retained earnings) and by passive individual and institutional investors (in either phase) is not included in the diagram. Source: Elert and Henrekson (2019) the institutional infrastructure supporting entrepreneurship often emerges as a product of a critical mass of entrepreneurship in an industry or a set of related industries (Stam and Lambooy 2012). 2.…”

“…A necessary condition for the long-term success of a new venture is that the entrepreneur can recruit key personnel at the opportune time to scale up the business to a full-grown firm (Eliasson 1996;Elert and Henrekson 2019). While new ventures are free to offer jobs and recruit workers as they see fit, they do not compete for the talent they need on a level playing field.…”

Entrepreneurial experimentation: a key function in systems of innovation

“…Our argument is that a system of innovation where large and new firms interact through spinoffs and technology-related ownership changes, under certain conditions, can be highly conducive to innovativeness and growth. Using the concept of collaborative innovation blocs discussed by Elert and Henrekson (2018), one could argue that large established firms, universities, and new entrepreneurial firms have complementary skills in the innovation system and that their interaction through processes of industrial dynamics are ways in which complementarities are exploited at a system-wide level.…”