Small and medium-sized towns: a place for entrepreneurship

Kaarina Vieru, Chukwuka Igboanua, Henri Hakala and Olli Kuivalainen

Chapter 4 in Navigating Entrepreneurial Contexts, 2024, pp 46-68 from Edward Elgar Publishing

Abstract: This review aims to enhance comprehension of small-town entrepreneurship, revealing a context-driven agenda through a spatial and place-based lens. Our investigation, through a systematic literature review, explores the contextual themes of entrepreneurship in smaller towns. Small towns are a geographically constrained business ecosystem which challenges established entrepreneurship theory conventions. It cannot be assumed that urban resources, such as access to robust entrepreneurial ecosystems and supportive functions are equally applicable to small towns. The unique features of small towns can provide competitive entrepreneurial advantages. We find examples of embeddedness that can be leveraged to foster opportunities. While smaller towns have digital infrastructure challenges, they possess ample social capital that can offset agglomeration deficits, and technological innovations can open windows of locational opportunities. We develop a theoretical framework reflecting how entrepreneurship in these places is influenced by place attachment, place-oriented value creation and place-determined opportunities and identify several areas for further research.

Keywords: Business and Management; Economics and Finance (search for similar items in EconPapers)
Date: 2024
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