Regional Innovation-Driven Entrepreneurship System: A Diagnosis Methodology for Engagement Academic Article in Scopus uri icon

abstract

  • © 2022 PICMET.The current study presents a brand-new methodology to diagnose the performance of regional innovation-driven entrepreneurship systems (RIDES), known as RIDES methodology. The RIDES methodology allows policy-makers to engage critical economic actors in a studied region to evaluate the performance of its innovation system and design more suitable strategies to spur future economic growth. The validity of the RIDES methodology lies in its strong theoretical foundations like the MIMAC tool for strategic planning and the MIT Regional Entrepreneurship Acceleration Program framework (MITREAP). For instance, the MIT REAP is a successful framework that states that in order to obtain a significant regional economic impact, innovation policies must be based on comparative advantage. Such comparative advantage must be the result of the combination of two crucial capabilities: entrepreneurship and innovation. Each of these capabilities has five dimensions: human capital, infrastructure, funding, demand, and culture and incentives. Such detailed classification of variables in the MIT REAP helps to highlights the leading role of five economic actors (universities, governments, corporates, venture capitals, and entrepreneurs) that must take an active role in the strategic creation of new innovation policies. On the other hand, the MICMAC tools gathers experts' knowledge from those five critical economic actors to assess the current state of a system and generate strategies to improve such system. To illustrate how to use the RIDES methodology, this paper provides an application of the methodology to study Monterrey's innovation systems. Monterrey is a suitable area to apply this methodology because it is a highly Mexican industrialized city that is well-known for its robust entrepreneurship ecosystem. The results of the application of the RIDES methodology in Monterrey shows that innovation has been mainly funded by government agencies hindering the low participation of risk capital.

publication date

  • January 1, 2022