Research on Synergy between Entrepreneurial Service and Financial Support in Crowd Innovation Space Ecosystem

Xin Jin, Chunwu Chen and Min Zhang
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Xin Jin: School of Information, Central University of Finance and Economics, Beijing 100081, China
Chunwu Chen: School of Information, Central University of Finance and Economics, Beijing 100081, China
Min Zhang: School of Information, Central University of Finance and Economics, Beijing 100081, China

Sustainability, 2022, vol. 14, issue 10, 1-21

Abstract: Crowd innovation space ecosystem (CISE) can realize the combination of innovation and entrepreneurship and that of incubation and investment. Based on synergetics, this paper defines the agent interactions and subsystem synergy of the CISE, explores the co-evolution mechanism of the CISE and the development trend of the agents in the CISE through simulation experiments, and studies the impact of synergy on the operation scale of the CISE through empirical analysis. The research findings reveal the following: (1) The synergy between financial support and entrepreneurial services affects the evolution and development of the CISE, and the synergy has a positive impact on the operating scale of the CISE. (2) The CISE should focus on improving the quality of financial support and the efficiency of entrepreneurial services, ensuring the coordinated development of financial support and entrepreneurial service, optimizing internal operating mechanisms, and achieving high-quality development. (3) Small and micro startups can rely on the CISE, with the help of entrepreneurial services provided by MMS service platforms and financial support provided by financial institutions, to optimize the external environment, integrate resource endowments, and enhance core values, thereby promoting business model innovation and sustainable development.

Keywords: crowd innovation space; synergetics; entrepreneurial service; financial support; simulation experiment (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2022
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