A Culture of Ambitious Entrepreneurship

Abstract

In this paper we show that a culture of independent entrepreneurship and a culture of ambitious entrepreneurship are two distinct dimensions of culture in entrepreneurial ecosystems, and are differently related to Venture Capital, growth-oriented entrepreneurship and the prevalence of unicorns in a country. We map the different types of entrepreneurship around the globe, and show the extreme spatial unevenness of entrepreneurial outputs of entrepreneurial ecosystems. We analyze the unicorn production chain from Total Entrepreneurial Activity, to growth-oriented entrepreneurship, and unicorns, and how this connects to culture and capital.