Gen Y to Gen Z Female Entrepreneurs and the Entrepreneurial Ecosystem: Exploring New Challenges and Opportunities

Abstract

Entrepreneurial ecosystems have received renewed interest in recent years. Initially developed by Moore (1990s) and later popularized by Isenberg (2010, 2011), the entrepreneurship ecosystem approach provides a unique but dynamic framework for studying entrepreneurship development. As noted by Stam (2015), ecosystems offer a more holistic and imbedded approach to entrepreneurship development and as such, policy makers and academics alike have been keen to apply this framework in policy development, support structures and funding strategies. The question of how to ignite an ecosystem that recognises the changing needs of entrepreneurs has been considered in recent years, particularly in terms of women entrepreneurship, ensuring the infrastructure is in place to support women in business (Hernandez, 2022). However, the emergence of Generation Y and subsequently Gen Z has reignited the debate on entrepreneurship and ecosystems. As this new generation of young, technologically and social media savvy entrepreneurs have emerged, their particular generational trait and motivations, have forced policy makers to look at what changes need to be made, or facilities employed to support them in their entrepreneurial journeys? There is no doubt that this new generation represents a potentially un(der)tapped source of economic growth, vital for future economic growth and sustainability. However, understanding how we can better align supports to this new cohort and reflect the business environment in which they typically operate is still an emerging area. Furthermore, earlier research indicates a ‘disconnect’ between support agencies and this new generational group which impacts on them accessing enterprise supports (Hamouda et al., 2020). The study seeks to draw on new insights into these entrepreneurial sub-groups and discuss the implications for the development of dynamic (lean) entrepreneurial ecosystems that better support their entrepreneurial endeavors. The paper closes with a number of recommendations regarding emerging areas of research that will address the disconnect between these entrepreneurs and existing policy frameworks.