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Smart finance for smart places to foster new venture creation

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Abstract

This study examines the role of smart finance within smart regions to generate smart growth. The smart growth idea has been established by the development of the 20–20 agenda of the European Commission as a regional and urban policy-prioritization framework. We follow this framework of smart growth and rely on the efficacy of the role played by entrepreneurship in driving innovation as being central to the issue. In particular, we argue that new venture creation is shaped by the interplay or ‘match’ between the smartness of a region and the provision of smart finance. Based on metropolitan areas in Germany, our empirical analysis strongly supports the complementary effect of measures of smart finance and the smartness of places in stimulating new venture creation.

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Notes

  1. South of Market (SOMA), a cluster within the Silicon Valley. Source: http://www.economist.com/news/special-report/21565001-why-birds-tech-feather-flock-together-something-air, accessed 16th June 2016.

  2. Audretsch and Lehmann (2016b) characterize these regions as sunrise and sunset regions. Where sunrise regions benefit from skill biased technological change and the globalization, while sunset regions could not benefit in the same way and are more prone to external shocks.

  3. One of the first who highlight the importance of coherent patterns and the complementarity of choice variables are Milgrom and Roberts (1990).

  4. This also holds for mezzanine finance where the costs and benefits of debt and equity are traded against each other. The small market share of this kind of finance reflects the lack of complementarities in the construction and provision of the product.

  5. This, however, would increase the costs of location. In an international context, these costs may be comparable low. Audretsch and Lehmann (2016a, 162ff.) describe that Berlin attracts thousands of would-be entrepreneurs not only from other parts of Germany but also from the UK and the US because of lower costs of living and a vivant scene of smart finance.

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  1. Faculty of Business Administration and Economics, CCSE Bergamo/Augsburg, Augsburg University, Universitätsstr. 16, 86159, Augsburg, Germany

    Erik E. Lehmann, Nikolaus Seitz & Katharine Wirsching

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  1. Erik E. Lehmann
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Correspondence to Erik E. Lehmann.

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We gratefully appreciate the helpful comments and suggestions by the editors of this special issue and the two anonymous referees. Of course, all remaining errors are ours.

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Lehmann, E.E., Seitz, N. & Wirsching, K. Smart finance for smart places to foster new venture creation. Econ Polit Ind 44, 51–75 (2017). https://doi.org/10.1007/s40812-016-0052-7

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