The role of entrepreneurial ecosystems in sustainable local economic development

Abstract

This book, endorsed by the Economic Development Council of South Africa (EDCSA) and the PASCAL International Observatory, focuses on local economic development (LED), emphasising the role of entrepreneurial ecosystems (EE) in fostering sustainable economic growth. Local economic development is crucial in overcoming challenges such as historical dependence on government employment and limited funds for development. The book advocates for LED strategies to create an enabling environment for entrepreneurship by providing infrastructure, finance, mentorship and industry support. It stresses the importance of stakeholder engagement and local research in addressing regional challenges effectively. Highlighting the significance of EEs in fostering entrepreneurial development, the contributing authors to the book argue that EEs can drive job creation, boost local economies, foster innovation, enhance competitiveness and promote inclusive growth. Moreover, the chapters in the book emphasise the need for research conducted by local scholars to ensure relevance, sensitivity and ownership of findings, ultimately contributing to capacity building and sustainable development. The book proposes that LED can serve as a tool for establishing sustainable EEs and vice versa through facilitating formal collaboration among various stakeholders. Its target audience are scholars in Development Economics and scholars whose research focuses on EEs, offering a comprehensive framework for understanding regional challenges and solutions, thereby enabling meaningful contributions to local economic growth and development in the region, inviting scholars to build upon the presented research. This book provides valuable insights into promoting entrepreneurship and sustainable development, offering actionable perspectives informed by both regional and international contexts. It is based on qualitative and quantitative research and serves as an essential resource firstly for scholars, and secondly for practitioners interested in driving economic growth and development.