Social conditions |
A favorable attitude and support of society towards entrepreneurship. |
Reynolds, 1991Reynolds, P. (1991). Sociology and entrepreneurship: Concepts and contributions. Entrepreneurship theory and practice , 16(2), 47-70.; Gnyawali & Fogel, 1994Gnyawali, D., & Fogel, D. (1994). Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship: theory and practice, 18(4), 43-63., Shane & Venkataraman, 2000Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review , 25(1), 217-226.; Bruton et al., 2010Bruton, G., Ahlstrom, D., & Li, H. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice, 34(3), 421-440.
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Financial support |
Assistance and financial resources to diversify and mitigate the risk of a startup, finance the creation and expansion of businesses. |
Reynolds, 1991Reynolds, P. (1991). Sociology and entrepreneurship: Concepts and contributions. Entrepreneurship theory and practice , 16(2), 47-70.; Van de Ven, 1993Van de Ven, H. (1993). The development of an infrastructure for entrepreneurship.Journal of Business venturing, 8(3), 211-230.; Gnyawali & Fogel 1994Gnyawali, D., & Fogel, D. (1994). Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship: theory and practice, 18(4), 43-63., Shane & Venkataraman, 2000Shane, S., & Venkataraman, S. (2000). The promise of entrepreneurship as a field of research. Academy of Management Review , 25(1), 217-226.; Lee et al., 2001Lee, C., Lee, K., & Pennings, J. (2001). Internal capabilities, external networks, and performance: a study on technology-based ventures. Strategic management journal, 22(6-7), 615-640.; Bruton et al., 2010Bruton, G., Ahlstrom, D., & Li, H. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice, 34(3), 421-440.; Steininger, 2018 |
Non-financial support |
Assistance in market research, preparation of business plans, networking |
Gnyawali & Fogel ,1994Gnyawali, D., & Fogel, D. (1994). Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship: theory and practice, 18(4), 43-63.; Bruton et al., 2010Bruton, G., Ahlstrom, D., & Li, H. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice, 34(3), 421-440.; Steininger, 2018 |
Training and skilled human resources |
Educational and training services, developers who master new technologies and know the financial sector. |
Van de Ven, 1993Van de Ven, H. (1993). The development of an infrastructure for entrepreneurship.Journal of Business venturing, 8(3), 211-230.; Gnyawali & Fogel 1994Gnyawali, D., & Fogel, D. (1994). Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship: theory and practice, 18(4), 43-63.; Gozman; Liebenau; Mangan, 2018Gozman, D., Liebenau, J. & Mangan, J. (2018). The innovation mechanisms of fintech startups: insights from SWIFT’s innotribe competition. Journal of Management Information Systems , 35(1), 145-179. ; Steininger, 2018 |
Legal and regulatory factors |
Taxes, bureaucracy to open and maintain businesses, government regulations, policies and procedures. |
Reynolds, 1991Reynolds, P. (1991). Sociology and entrepreneurship: Concepts and contributions. Entrepreneurship theory and practice , 16(2), 47-70.; Gnyawali & Fogel 1994Gnyawali, D., & Fogel, D. (1994). Environments for entrepreneurship development: key dimensions and research implications. Entrepreneurship: theory and practice, 18(4), 43-63.; Bruton et al., 2010Bruton, G., Ahlstrom, D., & Li, H. (2010). Institutional theory and entrepreneurship: where are we now and where do we need to move in the future? Entrepreneurship theory and practice, 34(3), 421-440.; Diemers et al., 2015Diemers, D., et al. (2015). Developing a FinTech ecosystem in the GCC. Strategy&. Retrieved from Retrieved fromhttps://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-in-the-GCC.pdf , accessed June 24, 2019. https://www.strategyand.pwc.com/media/fi...
; Folwarski, 2018Folwarski, M. (2018). The impact of selected regulations on the development of payments systems in Poland. Marketing and Management Innovation, 3. ; Fenwick, Kaal & Vermeulen, 2018Fenwick, M., Kaal, W. & Vermeulen, E. (2018). Regulation Tomorrow: Strategies for Regulating New Technologies. In: Transnational Commercial and Consumer Law. [s.l.] 153-174.
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Support infrastructure for R&D processes |
Institutional arrangements to support R&D processes and innovation networks |
Van de Ven (1993Van de Ven, H. (1993). The development of an infrastructure for entrepreneurship.Journal of Business venturing, 8(3), 211-230.) |
Unattended demands |
Demands for new and more effective financial services and dissatisfaction of some customers with current services |
Iman, 2018Iman, N. (2018). Is mobile payment still relevant in the fintech era? Electronic Commerce Research and Applications , 30, 72-82, 2018. ; Lee, Ryu & Lee, 2019Lee, J., Ryu, M. & Lee, D. (2019). A study on the reciprocal relationship between user perception and retailer perception on platform-based mobile payment service. Journal of Retailing and Consumer Services, 48, 7-15. ; Gomber et al., 2018Gomber, P. et al. (2018). On the fintech revolution: interpreting the forces of innovation, disruption, and transformation in financial services. Journal of Management Information Systems, 35(1), 220-265.
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Emergent Technologies |
New technologies make it possible to reach new customers and guarantee the security of operations |
Shaikh; Hanafizadeh & Karjaluoto, 2017Shaikh, A. A., Hanafizadeh, P. & Karjaluoto, H. (2017). Mobile banking and payment system: A conceptual standpoint. International Journal of E-Business Research, 13(2), 14-27. , Arner et al., 2019Arner, D. W.; Zetzsche, D. A.; Buckley, R. P. & Barberis, J. N. (2019). The Identity Challenge in Finance: From Analogue Identity to Digitized Identification to Digital KYC Utilities. European Business Organization Law Review, 20(1), 55-80.
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Business partnerships between fintechs |
Partnerships between fintechs to develop solutions fast and at lower costs. |
Chetty et el., 2019; Diemers et al., 2015Diemers, D., et al. (2015). Developing a FinTech ecosystem in the GCC. Strategy&. Retrieved from Retrieved fromhttps://www.strategyand.pwc.com/media/file/Developing-a-FinTech-ecosystem-in-the-GCC.pdf , accessed June 24, 2019. https://www.strategyand.pwc.com/media/fi...
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Big companies and traditional players |
Partnerships with big and traditional players can be an opportunity, but conflicts of interest in the market are barriers. |
Romānova & Kudinska, 2016Romānova, I. & Kudinska, M. (2016). Banking and Fintech: a challenge or opportunity? In: Contemporary Issues in Finance: Current Challenges from Across Europe . Emerald, 21-35.; Lee & Shin, 2018Lee, I. & Shin, Y. (2018). Fintech: Ecosystem, business models, investment decisions, and challenges. Business Horizons, 61(1), 35-46. ; Murshudli; Loguinov, 2019Murshudli, F. & Loguinov, B. (2019) Digitalization challenges to global banking industry. Economic and Social Development: Book of Proceedings, 786-794. ; Folwarski, 2018Folwarski, M. (2018). The impact of selected regulations on the development of payments systems in Poland. Marketing and Management Innovation, 3. . |