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Resource Acquisition in an
Entrepreneurial Ecosystem

Elízabeth Montoya
Research on Entrepreneurial ecosystems (EE)
has attracted quite an attention in the last few
years as the number of articles being published
on EEs has risen largely driven by different
attributes of EEs and policy research. However,
less focus has been on the interaction of the
entrepreneurs within EEs with its different
elements and how they acquire resources for
their ventures ). The answer to this dilemma
could lead us to gauge the strength and quality
of ecosystems since Spigel and Harrison (2017)
claim that "the functionality of an ecosystem is
determined by the ability of entrepreneurs to
access the resources within an ecosystem" (p.
161).
Continue ReadingDownload PDF
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Continue ReadingDownload PDF
Resource Acquisition in
an Entrepreneurial Ecosystem
Elif Kalayc
ı
, [Link]@[Link], At
ı
l
ı
m University Department
of EconomicsElizabeth
Montoya, [Link]@[Link]
Baig, [Link]@[Link], Universi
ty of Reading, Henley School ofBusiness
Introduction
Research on Entrepreneurial ecosystems
(EE) has attracted quite an attention
in thelast few years as the number of
articles being published on EEs has
risen largelydriven by different attributes
of EEs and policy research. However, less
focus hasbeen on the interaction of the
entrepreneurs within EEs with its different
elementsand how they acquire resources
for their ventures (Spigel, 2016). The
answer to thisdilemma could lead us
to gauge the strength and quality of
ecosystems since Spigel
and Harrison (2017) claim that “the
functionality of an ecosystem is
determined bythe ability of entrepreneurs
to access the resources within an
ecosystem” (p. 161).
The investigation of presence and
circulation of these resources would
enhance inthe understanding of the
evolution and transformation of an
entrepreneurialecosystem since an
entrepreneurial ecosystem is considered
a set of severalinterdependent actors that
interacts with each other enabling
entrepreneurship(Stam, 2015; Stam and
Spigel, 2017; Brown and Mason,
2017).This research seeks to contribute
into the understanding of how
entrepreneursacquire resources in an EE
to gain competitive advantage for their
ventures. In doingso, the paper sheds
light on the flow of resources and
the interdependenciesbetween
entrepreneurs and various elements of an
EE. It leads to the betterunderstanding of
entrepreneurs
’
engagement within EEs.
Literature Review
1. Definitions of
Entrepreneurial EcosystemsAlthough
different definitions of entrepreneurial
ecosystems (EEs) can be found inthe
literature (Table 1), particularly in
strategy and regional development
literaturesthe EE approach emphasizes
the interdependence between actors and
factors and

regards entrepreneurship (new value

creation by agents) as the output of
theentrepreneurial ecosystem (Acs et al,
2017). Additionally, Alvedalen and
Boschma(2017) consider that
performance of EE is perceived to depend
on interactionsbetween three
components: individuals, organizations
and institutions
.
Table 1. Definitions of Entrepreneurial
EcosystemsBrown and Mason (2017)
proposed a taxonomy focusing on four
main coordinativeaspects of
EE: entrepreneurial actors;
entrepreneurial resource
providers;entrepreneurial connectors and
entrepreneurial culture (p. 16), further
differentiating
into Embryonic ecosystems’ and ‘Scale
-
up ecosystems’ based on several
ecosystem
characteristics
1
. A major differentiation is found on the
basis of scale-up ecosystems
’
 ability to acquire resources. Scale-up
ecosystems have a diverse range
of differentindustries and clusters and a
strong social capital network that enables
start-ups togrow into growth-oriented
firms. That ultimately creates frequent
blockbusterentrepreneurship. However,
differences might also exist between
entrepreneurialecosystems of small towns
and large urban areas in terms of
size and theirdevelopment, essentially
shaping the availability of resources to
the entrepreneurs(Roundy, 2017).Stam
and Spi
gel (2017, p. 2) consider that
“Entrepreneurial activity, as an output of
the entrepreneurial ecosystem, is
considered the process by which
individuals createopportunities for
innovation...This entrepreneurial activity
has many manifestations,such as
innovative start-ups, high-growth start-
ups, and entrepreneurial employees”.
For the purpose of this paper we assume
that the main outcome of EEs is not
onlyhigh-growth firms, but also innovative
new and established firms and we define
EEas dynamic process by which
interdependent actors and factors
generate competitiveadvantage for their
ventures in the pursuit of productive
entrepreneurship thatcreates
value.2. Resource acquisitionEntrepreneu
rs as first-time pursuers of a business
opportunity experience scarcity
ofresources for their ventures due to their
lack of legitimacy (Aldrich and Fiol,
1994)and liability of newness
(Stinchcombe,
1965). Being in a
n ecosystem potentiallyfacilitates
entrepreneurs to acquire resources but
the ability of entrepreneurs toacquire
resources could be dependent on various
factors such as their backgrounds,nature
and stage of their ventures (Anderson,
Dodd and Jack, 2010;Motoyama et
al.,2014), the dense and sparse social
networks and entrepreneurs
’
“position within
social networks, their internal capabilities,
their perceived legitimacy as
entrepreneurs, and their personal
characteristics” (Spigel and Harrison,
2017, p. 158
-

Ecosystem characteristics are defined

asdominant actors, nature
of ecosysteminteractions, levels of
entrepreneurial orientation, nature
of funding escalator and availabilityof
funding, importance and role
of dealmakers, fluidity and diversity
of ecosystem actors,level of blockbuster
entrepreneurship, nature
of entrepreneurial recycling, spatial
dynamics,importance and focus of public
policy, archetypal empirical examples.
159). Also, the resources recycled
through an exit of an entrepreneur
(either bysuccess or failure) become
available in an ecosystem for
other entrepreneurs toavail. In addition,
the contextual conditions such as
government and regulatoryframework,
culture support (Stam, 2015), along with
the size and development stageof
entrepreneurial ecosystems (Roundy,
2017) might also impact the ability
ofentrepreneurs to acquire
resources.2.1 Type of resources
neededDifferent resource typologies have
been identified in the literature that are
more orless similar in their illustration but
have been termed differently (Table 2
below). Forthe purpose of this research,
the resources have been differentiated
into four types:human capital, financial
capital, social capital and physical
infrastructure as identifiedin the
literature. The table below shows the
classification adopted along with
itsdescription.

Table 2. Type of resources

123

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