Abstract:
These days the world can witness the growing attention to entrepreneurship and start-ups, despite the two phenomena being present since the technological revolution of the 2000s. Finding highly appealing the idea of imitating the success of Silicon Valley, governments, institutions, and individuals have been creating entrepreneurial ecosystems all over the world. Some of the ecosystems were successfully established on the base of local universities, others have been thriving due to the actions of the country's administration and attracted venture capital.
This research supports the view of such ecosystems as an important driver of innovation and a country’s economy. It is aimed to explore the structure and success factors of the entrepreneurial hubs, with the aim of understanding whether these factors are the same for the peripheral areas. Indeed, Portugal, as such an area, has rapidly emerged as a significant start-up attractor. The study provides a closer observation and analysis of the fast growth and unique combination of success factors that worked specifically for Portugal. In order to answer the research questions, this study utilizes data extracted from the literature review, as well as qualitative interview data. The interview data was collected by conducting semi-structured interviews with the representatives of the actors of the Portuguese entrepreneurial ecosystem, such as start-up accelerators, institutional and government representatives, legal and investment consultants, and star-ups. Based on the data collected and analyzed, the study was performed using the qualitative research method and the conclusions were drawn accordingly.
The results of the research have several implications. They can be used by governments, commercial and non-profit organizations, and educational institutions to establish an entrepreneurial ecosystem in a peripheral area or country for its development and prosperity. The results can be a guide for entrepreneurs who consider entering any ecosystem. Finally, the research can be a basis for further academic studies to develop a more comprehensive framework for the economic development of a peripheral area.
