Resumo

Over the years, entrepreneurship has been considered a catalyst for economic growth worldwide. Regarding sustainability, entrepreneurship has played an important role related to the introduction of more sustainable business practices by offering innovative solutions in response to environmental and societal challenges. In this particular situation, a reciprocal relationship has been observed, wherein entrepreneurs have the ability to influence the regional environment while the regional environment, in turn, can shape the behavior of its entrepreneurs.

Previous studies have signaled gaps and the need for research concerning the interplay between knowledge-intensive businesses, entrepreneurial ecosystems (EE), and the creation of additional values – beyond sole focus on economic value – by ventures. This research aims to answer the question: how can the EE's elements be configured to generate high levels of blended value creation in knowledge-intensive firms? More specifically, we aim to unravel how the EE's elements can be configured to generate a higher density of knowledge-intensive entrepreneurs dedicated to blended value creation.

This study is anchored in three main concepts: Knowledge-Intensive Entrepreneurship (KIE), Entrepreneurial Ecosystem (EE) and Blended Value Creation (BVC). In a short definition, KIE refers to an entrepreneurial modality in which ventures can aggregate additional value, in their products and services, through the intensive use of knowledge [1]. EE, in turn, is a complex combination of elements that influences entrepreneurial activity in places and regions [2]. Finally, BVC relates to the combination of economic, social and environmental missions of a venture [3].

Our empirical setting comprehends 317 firms with projects approved between 2020 and 2023 for the PIPE Program in Brazil. Ecosystem indicators were obtained from the Entrepreneurial Cities Index and comprehended seven indicators. The Blended Value Creation (BVC) indicators were generated from the available description of the projects. Four researchers evaluated the projects and gave a score for the economic, social, and environmental dimensions. The analysis used the fuzzy-set Qualitative Comparative Analysis, considering the BVC as the outcome and the ecosystem indicators as causal conditions.

The configurational approach presented six paths with adequate consistency and coverage. Results showed no indicator as a necessary condition but highlighted the market in four paths (paths 2, 4, 5 and 6), being a core condition in three of them, and innovation as a core causal condition in three paths (paths 2, 5 and 6). Financial resources appear in four paths (paths 3, 4, 5 and 6), but as a contribution condition. Surprisingly, the absence of the regulatory environment and human capital also appeared as a core condition in four paths (paths 1, 2, 3 and 4).

Drawing on city-level data from the State of São Paulo, Brazil, we were able to offer an understanding of configurations that lead to higher levels of BVC within the relatively unexplored context of an emerging country. Analyses indicate that the social-environmental value creation, as economic value, is only loosely attached to several of the main pillars of EE. This evidence suggests that thriving ecosystems in Brazil may be more oriented towards fomenting new businesses that generate market impacts without much concern for social and environmental value.

[1] Fischer, B., Salles-Filho, S., Zeitoum, C., & Colugnati, F. (2022). Performance drivers in knowledge-intensive entrepreneurial firms: a multidimensional perspective. Journal of Knowledge Management, 26(5), 1342–1367. [2] Stam, E., & van de Ven, A. (2021). Entrepreneurial ecosystem elements. Small Business Economics, 56(2), 809–832. [3] Bertello, A. et al. (2022). An integrative framework of knowledge-intensive and sustainable entrepreneurship in entrepreneurial ecosystems. Journal of Business Research, 142, 683–693.