Entrepreneurship has become an industry of its own, new study shows
Entrepreneurship today is more than innovation and small business - it’s a business in itself. According to a new research article published in Small Business Economics, the “entrepreneurship industry” (EI) has emerged as a multi-billion-dollar global sector. It includes accelerators, incubators, training programs, government initiatives, and even popular media - all promoting entrepreneurial activity as a cultural ideal and economic strategy.
The paper, co-authored by Karl Wennberg from the and Anna Brattström from the University of St Andrews, along with Marian Eabrasu from Normandie Business School, Richard Hunt from Virginia Tech University, and Christian Sandström from Linnaeus University, introduces the entrepreneurship industry as a new way of understanding how entrepreneurship has become commercialized, professionalized, and institutionalized.
“Entrepreneurship has become something we can buy, package, and sell,” says Anna Brattström. “We now have an entire industry built around helping people ‘become’ entrepreneurs - often with a very narrow image of what that should look like.”
An industry shaping who gets to be an entrepreneur
The study introduces a special issue, inviting a broad range of international contributions that highlights how the entrepreneurship industry not only enables entrepreneurial activity but also influences who participates in it. Programs, accelerators, and media narratives often reinforce privileged norms and ideals - such as the tech-oriented, venture-capital-driven startup founder - while overlooking diverse forms of entrepreneurship rooted in different communities, sectors, or social contexts.
“The problem is not that the entrepreneurship industry exists - it creates opportunities for many people,” says Brattström. “But we need to be aware of its blind spots. When we celebrate only certain types of entrepreneurs, we risk excluding others who are equally creative and resourceful but operate outside the dominant model.”
Innovation theatre and policy implications
The authors warn that this growing industry can sometimes produce “innovation theatre” - activities that appear innovative on the surface but deliver limited real impact. Governments, universities, and investors increasingly channel public funds into entrepreneurship support programs without critically evaluating their outcomes.
“We need to ask whether these programs genuinely generate innovation or simply repeat the same formulas,” says Karl Wennberg. “Recognizing entrepreneurship as an industry allows us to better understand where public investments go, and how they might be made more inclusive and effective.”
By viewing entrepreneurship through an industry lens, the study challenges policymakers to rethink how entrepreneurial support is designed and distributed. It calls for more evidence-based, context-sensitive approaches that broaden access to entrepreneurial opportunities.
A new lens for understanding entrepreneurship
The research marks a significant step in reframing how scholars and policymakers view entrepreneurship. Rather than treating it solely as an individual or organizational activity, the concept of an entrepreneurship industry emphasizes the broader ecosystem of actors - consultants, educators, investors, and policymakers - who define what entrepreneurship is and who it is for.
“By understanding entrepreneurship as an industry,” Brattström concludes, “we can see that it doesn’t just respond to demand - it creates it. And that realization opens up entirely new questions about inclusion, accountability, and the future of innovation.”
Contact:
Karl Wennberg, Professor, Department of Management and Organization,
Email: karl.wennberg@hhs.se
Anna Brattström, Professor of Entrepreneurship, University of St Andrews Business School, UK.
Email: ab638@st-andrews.ac.uk
Authors:
Anna Brattström, Marian Eabrasu, Richard Hunt, Christian Sandström, and Karl Wennberg.
