Venture Community: Democratisation of Entrepreneurship in Developing Economies

Abstract

The motivation of this paper is to assist SMEs (mainly micro and informal enterprises) in developing economies to find the required resources to establish, or develop, their business. We introduce the concept of 'Venture Communities' to provide direct peer-to-peer connections between individuals and SMEs in all parts of the global market. We draw on the well-established concepts of networking, crowdfunding, living labs and value co-creation. The contribution we make lies in the introduction of a novel ecosystem, constructed by multiple actors, through dynamic and interconnected networks, accumulating resources for the benefit of all stakeholders of this community. Our model presents a challenge to the conventional conceptualizations of dyadic relationships between developed economies and emerging economies. Alternatively, we suggest anti-essentialist communities that are temporary constellation of social elements from all parts of the global market to create "hybridized and nomadic" (Laclau and Mouffe 1995) market arrangements.