Innovation and Entrepreneurship at a Crossroad – Different Aspects of People, Place, and Prosperity
Chyi Lyi (Kathleen) Liang, C-FARE Board Member and Professor at North Carolina Agricultural and Technical State University
Technology and information sectors have grown significantly in recent years. Innovative equipment, tools, devices, and software/programming—including artificial intelligence--are popping up in new domains such as cybersecurity, precision manufacturing, marketing and communication, and healthcare systems, to improve our wellbeing and quality of life. The US technology market is projected to reach USD 700 billion by 2031, with a growth rate of approximately 8.4 percent; this is based on industry reports and market research by Data Bridge Market Research. Entrepreneurs race to identify new opportunities and new strategies to design, develop, and deploy exciting products and services for this new era of smart technology development. Critical in supporting development are local entrepreneurship ecosystems (i.e., infrastructure, resources, and capital), the quality of which vary significantly across spatial contexts.
Rural entrepreneurship ecosystems rightfully receive attention and, within rural contexts, the nature of the entrepreneurship likely matters for finding appropriate policies. For example, the concepts of rural entrepreneurship versus entrepreneurship in rural communities have triggered debates among scholars, practitioners, and policymakers. Entrepreneurs in rural areas could represent individuals who connect with vendors and employees across regional and national boundaries but prefer to reside in rural areas because of the living and working environments. These entrepreneurs operate across county-, state- and even national boundaries, relying on innovative technology and information systems to conduct businesses. Rural entrepreneurs, however, are often recognized as individuals who live, work, and operate businesses in rural communities and who interact with vendors, customers, and networks also rooted in surrounding rural areas.
Rural entrepreneurs face different challenges compared with entrepreneurs in rural areas who target urban markets. Challenges most commonly cited in the literature include limited access to capital, resources (e.g., skilled labor), knowledge, information, technical assistance (e.g., training), and effective networking opportunities. At the same time, scholars have observed that rural entrepreneurs are more resilient during climate and economic shocks, given their unique sense of local connectivity and operational flexibility. Scholars have also identified different sets of characteristics and drivers. Compared to their urban counterparts, rural entrepreneurs have a stronger sense of belonging, feel stronger family ties, tend to develop niche products and services, and are able to quickly respond to market volatility.
All of us acknowledge the critical roles and contributions from entrepreneurs, rural or urban, who build the foundation of our economy. While we continue pursue ways to improve our wellbeing and quality of life, we need novel, context-appropriate policies to stimulate creativity and cultivate relationships that will encourage meaningful interactions of people, place, and prosperity.
