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Entrepreneurship and high-technology ventures
Edited by Pauric McGowan, Sarah Cooper and Peter van der Sijde
Introduction
This paper contributes to the entrepreneurship literature by exploring the key issues surrounding the development and support of technology-based firms in North West (NW) Wales, UK. The paper provides insights into direct and indirect support that technology entrepreneurs attempt to access, in order to ensure the growth of their business. Research of technology firms in this context is important as there is limited research in Wales, and also, it provides useful insights into requirements for the development, growth and sustainability of technology firms which operate in deprived regions.
The impact of public policy on innovative small to medium-sized enterprises (SMEs) and development of regions is of global interest ([1] Acs, 1999; [20] Eshima, 2003; [68] USGAO, 1998; [49], [50] OECD, 1994, 1997). In the UK, grants schemes and business support were available in "qualifying areas," but now under the recently launched "Solutions for Business", SMEs are able to apply for grants in all areas of the UK. Known as Grant for Business Investment (GBI) in England and Scotland, and in Wales the Single Investment Fund (SIF), this grant is part of a package of funding introduced by Business Innovation and Skills (BIS) ([9] Business Innovation and Skills, 2011) while Enterprise Ireland offers a comprehensive range of support for Northern and Southern technology businesses, entrepreneurs and high potential start-ups ([19] Enterprise Ireland, 2011).
The NW Wales region attracts European Social Funding (Convergence funding) as it is designated as an area of social and economic deprivation. Within this region are technology parks and clusters of incubator and more established, technology-based firms; some parks being funded via the Technology Strategy Board, which operates across England and the devolved governments of Northern Ireland, Scotland and Wales ([66] Technology Strategy Board, 2011). Despite acknowledgement of the importance of technology firms to regional economies ([26] Harris, 1988; [36] Keeble and Kelly, 1988) little is understood about the challenges faced by technology entrepreneurs. Technology-based firms are noted for experiencing difficulties in leveraging their own innovative products in the marketplace as well as having very limited access to finance ([28] Harrison et al. , 2004; [29] Hausman, 2005). This research therefore, identifies a gap in the...