The Technology, Innovation, and Entrepreneurship Driving Force Triangle
We call the triplet composed of government, industry, and academia as the technology, innovation, and entrepreneurship triangle; this is in particular based on the Triple-Helix model but focused further on the tech. entrepreneurship context. The higher integration, communications, and coordination among the three sectors, the faster pace and better outcomes of establishing a technology and engineering innovation system, SMEs, and processes for a innovation and knowledge-based economy. Each of these sectors possesses a number of enabling and complementary assets for a well-rounded tech. innovation and entrepreneurial ecosystem, see Fig. 5.5. Close collaboration and integration among the three sectors for creating rapidly grown and effective innovation and entrepreneurial ecosystem is highly important. The next subsection provides some details on related assets in each sector.
Governments set up plans and visions transform into a innovation and knowledge-based economy and also implement strategic development plans in order to meet this objective. Furthermore, enabling legislations are progressively being approved in the process of enhancing the entrepreneurial ecosystem iKBEs (e.g. the case of Finland and Singapore). The governments overall own or manage policies, programmes, incentives, and finance necessary for implementing and enhancing a technological innovation and entrepreneurial ecosystem in the country.
Fig. 5.5 Technology, innovation, and entrepreneurship triangle