Concluding Thoughts and Lessons Learned from the Birth of Entrepreneurial Ecosystems in Unlikely Places

Abstract

Every entrepreneurial ecosystem comes with its own character, specifics and local heroes. Especially when it comes to young entrepreneurial settings, there is need for in-depth analysis that accounts for historical and socio-cultural aspects along with local politics and economics. Using traditional benchmarks to understand how a young ecosystem is growing can be counterproductive; low Return on Investment (ROI) might raise alarm in mature ecosystems, but it is necessary for growing an entrepreneurial community. The Balkan ecosystem developed amidst a bumpy socio-economic context and revealed that there are factors that really matter and such that matter less for long-term success. The most important lesson from the Balkans experience is that local stories and local heroes matter most and should be celebrated from very early stage to serve as example and inspiration for the new generations of entrepreneurs that are needed for sustainable future growth.