Developing successful entrepreneurial ecosystems : Lessons from a comparison of an Asian tiger and a Baltic tiger

Purpose – There are strong similarities and striking differences in Estonia's and South Korea's entrepreneurial ecosystems. The purpose of this paper is to seek to compare and contrast these two economies in terms of key indicators related to impacts, performance measures and determinants of entrepreneurship. Design/methodology/approach – The approach of this study can be described as theory building from multiple case studies. The analysis is based on secondary data from a number of sources related to impacts, performance measures and determinants of entrepreneurship. Findings – Among the major findings is that in order to shift to a higher gear, South Korea's entrepreneurial weakness must be addressed through broad institutional reforms that include the corporate governance, and policies and attitudes toward immigrants and immigration. In Estonia's case, while continuing attention must be paid to institutional reforms, immediate action is needed to improve policies that affect basic economic, technological and infrastructural conditions. Research limitations/implications – A crucial lesson from a comparison of these two economies is that multiple paths of entrepreneurial success exist. Practical implications – The lessons each can learn from the other to improve the entrepreneurial ecosystem are suggested. Other emerging, developing and less developed economies also have much to learn from the success paths of these two economies. Originality/value – This paper provides unique insights into alternative ways that emerging economies can follow to develop successful entrepreneurial ecosystems and achieve entrepreneurial success as well as advantages and limitations of the alternatives.