Development of Regional Business Ecosystems as an Effective Tool to Counter the COVID-19 Crisis
Purpose: The purpose of the study is to substantiate the need for the formation of regional entrepreneurial ecosystems that contribute to the sustainability of the development of small and medium-sized businesses in a crisis, as well as to analyze the functions of the structural elements of the ecosystem, ensuring the achievement of efficiency and business performance in the long term. Design/Methodology/Approach: The methodological basis of the work is a systemic, integrated and dynamic approach to the study of the sustainability of the development of entrepreneurial structures in the conditions of an entrepreneurial ecosystem and the formation of sustainability in entrepreneurial structures in a crisis. Findings: The core value of creating an entrepreneurial ecosystem lies in the networking between all the building blocks of the ecosystem. Effective network interaction as a result of connecting, integrating, merging the structural elements of the entrepreneurial ecosystem causes a synergistic effect in the implementation of entrepreneurial ideas within the ecosystem and the involvement of new participants in the framework. Practical Implications: The practice of creating regional business systems will increase the sustainability of business entities due to their natural development, thanks mainly to free access to resources, specialists, technologies and capital. The development of the research can be used in the process of assessing and improving the management systems for the sustainability of development of both an individual small and medium-sized enterprise and business entities as a whole. Originality/Value: The authors presented a structural diagram of the regional entrepreneurship ecosystem, identified its structural elements. The development of the research can be used in the process of improving management systems for the sustainability of development of regions, business systems and small and medium-sized businesses.