Technological entrepreneurship as a development factor of Russia

Stepan Zemtsov

Journal of the New Economic Association, 2022, vol. 53, issue 1, 212-223

Abstract: Technological entrepreneurship is a potential driver of Russia's socio-economic development. But an optimal combination of environment and business networks (entrepreneurial ecosystem) to be formed is very rare and depends on many factors. The article discusses the potential role of technology start-ups in diversification, economic and employment growth, and adaptation to technological changes. The number of start-ups in Russia had decreased since 2015, and there is a low entrepreneurial activity in comparison with other countries. In general, the change in the industry structure of startups in Russia is consistent with the global trends; the role of knowledge-intensive business services and ICT is high and growing, the share of manufacturing is declining. We revealed the determining role of socio-cultural factors, human capital and universities, business climate and access to foreign markets in the creation and success of technology companies, as well as the contradictory impact of state support. Significant and increasing role of immigrants and diaspora abroad is underestimated for Russia. We noted the inability of the widespread development of successful technology companies ("gazelles", "unicorns"); identified regional and sectoral priorities for public policy. We examined the main elements and models of national entrepreneurial ecosystems, limitations and prospects for their application in Russia.

Keywords: startups; entrepreneurial ecosystem; economic growth; human capital; venture capital; unicorn companies; return migration; entrepreneurship policy (search for similar items in EconPapers)
JEL-codes: L26 O39 O47 (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:nea:journl:y:2022:i:53:p:212-223

DOI: 10.31737/2221-2264-2022-53-1-11

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