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Entrepreneurship, Creativity and Local Economic Development

Entrepreneurship, Creativity and Local Economic Development. Mark Casson Director, Centre for Institutional Performance, University of Reading. Popular views of entrepreneurship. The entrepreneur as intellectual Artist Scientist Philosopher The entrepreneur and charisma Leadership

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Entrepreneurship, Creativity and Local Economic Development

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  1. Entrepreneurship, Creativity and Local Economic Development Mark Casson Director, Centre for Institutional Performance, University of Reading

  2. Popular views of entrepreneurship • The entrepreneur as intellectual • Artist • Scientist • Philosopher • The entrepreneur and charisma • Leadership • Change agent • Strategist

  3. Analytical approaches • Opportunity-seeker • Innovator • Risk-taker • Judgemental decision-maker

  4. Potential positive impacts on local economic development • Job creation (and destruction) • Infrastructure-building • Creating business opportunities through partnerships and subcontracting • Product and service innovations enhance quality of life • Housing improvements

  5. Potential negative impacts • Jobs for immigrants and not locals • More jobs but lower skills (artisans versus shopkeepers) • Destruction of heritage sites • ‘Shovelling out the paupers’ • Political corruption • Comment: The assessment of impacts is framed by value-judgements

  6. Historical case studies • Nineteenth century England • William Morris – artist, artisan and shopkeeper • James Watt – innovative engineer • Late fourteenth-century England: • Richard Spynk of Norwich: financing local infrastructure • Dick Whittington – promoting London as a trading centre • Nineteenth century Southern California • Henry Huntingdon – property developer extraordinary Source: Casson and Casson: The Entrepreneur in History, Palgrave Macmillan, 2013

  7. Conclusions • When does entrepreneurship have a beneficial impact? • social as well as selfish concerns • aesthetic sensibility • partnership as well as individual initiative • ‘building bridges’ rather than creating divisions • Are local impacts becoming more or less positive? • Modern projects: industrial, profit-oriented promotion, globally financed • Medieval projects : advanced pre-industrial technologies; civic-orientation; locally financed • Medieval entrepreneurship may have made a greater contribution to local quality of life

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