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date: 23 February 2020

Abstract and Keywords

There is an ongoing debate in the literature about the complex linkage between entrepreneurship and economic development. The relationship seems to be ambiguous, complex, and in most cases, with long-run effects and externalities. This chapter is an attempt to disentangle some of the most salient invisible factors that help in shaping the local conditions for entrepreneurship and prosperity. A good understanding of the historical trajectory of a region (i.e., time), the construction of a locally embedded social capital (i.e., space), and the ability to monitor and react to changes in entrepreneurial activity (i.e., monitoring of the performance of the local ecosystem) are important conditions based on intangible elements (i.e., trust, culture, commitment, capacity for social cohesion, a shared-strategic vision for the territory, . . .) that enrich regional core competences to shape entrepreneurship, which in turn, will lead to sustainable economic development.

Keywords: entrepreneurship, economic development, prosperity, regional core competence, social capital

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