University of Oulu

Sipola, S. (2022), "Another Silicon Valley? Tracking the role of entrepreneurship culture in start-up and venture capital co-evolution in Finland’s entrepreneurial ecosystem 1980–1997", Journal of Entrepreneurship in Emerging Economies, Vol. 14 No. 3, pp. 469-494.

Another Silicon Valley? : tracking the role of entrepreneurship culture in start-up and venture capital co-evolution in Finland’s entrepreneurial ecosystem 1980–1997

Saved in:
Author: Sipola, Sakari1
Organizations: 1Department on Marketing, Management and International Business, University of Oulu Business School, Oulu, Finland
Format: article
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 0.3 MB)
Persistent link:
Language: English
Published: Emerald, 2022
Publish Date: 2021-06-28


Purpose: The purpose of this paper is to examine how entrepreneurship culture affects start-up and venture capital co-evolution during the early evolution of an entrepreneurial ecosystem (EE) and its ability to foster the emergence of ambitious entrepreneurship as an outcome of its activity. Unlike studies that capture entrepreneurship culture at the national level, this study focusses specifically on the culture of venture capital-financed entrepreneurship and understanding its implications to the development of venture capital markets and successful firm-level outcomes within ecosystems.

Design/methodology/approach: Relying on EE and organisational imprinting theory, this study specifies characteristics of venture capital-financed entrepreneurship of Silicon Valley to illustrate the American way of building start-ups and examine whether they have as imprints affected to the entrepreneurship culture and start-up and venture capital co-evolution in Finland during the early evolution of its EE between 1980 and 1997.

Findings: The results illustrate venture capital-financed entrepreneurship culture as a specific example of entrepreneurship culture beneath the national level that can vary across geographies like the findings concerning Finland demonstrate. The findings show that this specific culture matters through having an impact on the structural evolution and performance of EEs and on the ways how they deliver or fail to deliver benefits to entrepreneurs.

Originality/value: The results show that venture capital-financed entrepreneurship and the emergence of success stories as outcomes of start-up and venture capital co-evolution within an EE are connected to a specific type of entrepreneurship culture. This paper also contributes to the literature by connecting the fundamentals of organisational imprinting to EE research.

see all

Series: Journal of entrepreneurship in emerging economies
ISSN: 2053-4604
ISSN-E: 2053-4612
ISSN-L: 2053-4604
Volume: 14
Issue: 3
Pages: 469 - 494
DOI: 10.1108/JEEE-08-2020-0316
Type of Publication: A1 Journal article – refereed
Field of Science: 512 Business and management
Copyright information: © 2021, Sakari Sipola. Publisher: Emerald Publishing Limited. Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence maybe seen at