James, Alexand a Hanna
A icle
The Munich en ep eneu ial ecosys em in he heal h
sec o : Cu en s a e and imp o emen a eas
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Ad iso y Edi o ial Boa d:
FREDERIK AHLEMANN
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CHRISTOPH BODE
SULEIKA BORT
ROLF BRÜHL
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CATHERINE CLEOPHAS
NILS CRASSELT
BENEDIKT DOWNAR
RALF ELSAS
KERSTIN FEHRE
MATTHIAS FINK
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Volume 9, Issue 3, Sep embe 2024
JUNIOR
MANAGEMENT
SCIENCE
Anna Sme diagina,Los in T ansc ip ion: Expe imen al
Findings on E hnic and Age Biases in AI Sys ems
Jaqueline Domnick, Au hen ici y and B and Ac i ism –An
Empi ical Analysis
A hanasios Kons an inos Kallinikidis, The Employees’
En ep eneu ial Mindse : The In luence o Pe cei ed
Supe iso E o on he Employees’ En ep eneu ial
Passion
Leonie Böhm, Mo i a ions and Ou comes o he An i-
Consump ion P ac ice ‘S ooping’
Lukas Hilke, When Does Ma ke ing & Sales Collabo a ion
A ec he Pe cei ed Lead Quali y? –The
Mode a ing E ec s o IT Sys ems
Hannah F anziska Gundel, Accele a o Impac on Pee
Ne wo king - Examining he Fo ma ion, Use, and
De elopmen o In e -O ganiza ional Ne wo ks
Among Ea ly-S age S a -Ups
Anna Simon, De eloping and Main aining a S ong Co po a e
Cul u e, While Coping Wi h a Wo k o ce G owing
Signi ican ly: A Quali a i e Analysis onCo po a e
Cul u e De elopmen o Fas -G owing S a -Ups
Robin Spi a, How Does ESG Ra ing Disag eemen In luence
Analys Fo ecas Dispe sion?
Ch is oph Weebe , De elopmen o a Cos Op imal
P edic i e Main enance S a egy
Alexand a Hanna James, The Munich En ep eneu ial
Ecosys em in he Heal h Sec o : Cu en S a e and
Imp o emen A eas
1591
1609
1634
1665
1681
1700
1733
1769
1805
1836
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ISSN: 2942-1861
The Munich En ep eneu ial Ecosys em in he Heal h Sec o : Cu en S a e and
Imp o emen A eas
Alexand a Hanna James
Technical Uni e si y o Munich
Abs ac
The s udy explo es en ep eneu ial ecosys ems, which emphasize he impac o egional con ex on en ep eneu ship, wi h a
pa icula ocus on he heal h sec o . Gi en i s inno a ion and knowledge in ensi y, coupled wi h indus y-speci ic challenges,
he heal h sec o se es as an ideal case o ecosys em analysis. This esea ch aims o quali a i ely assess Munich’s heal h
sec o en ep eneu ial ecosys em and o iden i y ac ionable ecommenda ions o enhancemen . To his end, 15 in e iews
wi h en ep eneu s, en u e capi alis s, angel in es o s and suppo o ganiza ion membe s a e analyzed h ough compu e -
assis ed quali a i e con en analysis. Resul s e eal s eng hs in demand, alen , knowledge, and in e media ies, while physical
in as uc u e, ecosys em leade ship, and o mal ins i u ions sco e lowe . The s udy p o ides conc e e imp o emen ideas in
he a eas o inancial suppo , incuba o s and ne wo ks, en ep eneu ial educa ion, a ailabili y o in o ma ion and indus y
collabo a ion. These insigh s can be used o s eng hen and expand Munich’s en ep eneu ial ecosys em, con ibu ing o
economic, socie al, and echnological ad ancemen s.
Keywo ds: bio echnology; digi al heal h; en ep eneu ial ecosys ems; en ep eneu ship; li e science
1. In oduc ion
In ecen yea s, en ep eneu ship esea ch has shi ed
om ocusing speci ically on he indi idual en ep eneu
o also conside ing he wide con ex o en ep eneu ship
- he en ep eneu ial ecosys em.1,2This app oach cen e s
a ound he in luence he speci ic egional con ex exe s on
he en ep eneu ial p ocess, p o iding a sys ems pe spec-
i e on en ep eneu ship.3Mo e speci ically, en ep eneu ial
ecosys ems can be de ined as “a se o in e dependen ac-
o s and ac o s coo dina ed in such a way ha hey enable
p oduc i e en ep eneu ship wi hin a pa icula e i o y”.4
I would like o hank my supe iso D . S enja Ja chow o he in aluable
guidance, suppo and insigh ul eedback h oughou he en i e p ocess
o comple ing his mas e hesis. A special acknowledgemen also goes
o he in e iew pa ne s who gene ously con ibu ed hei ime and ex-
pe ise o his p ojec .
1See S am (2015, pp. 1759-1763).
2See Spigel and Ha ison (2018, p. 151).
3See S am and an de Ven (2021, p. 809).
4S am and Spigel (2018, p. 407).
E icien en ep eneu ial ecosys ems should be o majo
impo ance o policymake s, schola s, and p ac i ione s, as
an e icien ecosys em acili a es highe en ep eneu ial ac-
i i y, which in u n esul s in economic g ow h and job c e-
a ion.5The impac o en ep eneu ial ecosys ems can be
summa ized in h ee ca ego ies: economic, echnological,
and socie al. Economic impac s ela e o he inc ease in e-
gional weal h, p ospe i y, and epu a ion. The echnological
impac e e s o he egional echnological inno a ion ha is
achie ed by he ac o s o he ecosys ems, including new en-
u es, uni e si ies, and esea ch ins i u ions. Socie al impac
can be desc ibed as non-mone a y ou comes ha a e bene-
icial o socie y, such as he c ea ion o new p oduc s and
se ices.6
One indus y which has been highly ele an in he pas
decades is bio echnology and he g ea e heal h sec o . The
Na ional Ven u e Capi al O ganiza ion (NVCA) e en consid-
5See S am and an de Ven (2021, p. 810).
6See Aud e sch e al. (2019, pp. 317-319).
DOI: h ps://doi.o g/10.5282/jums/ 9i3pp1836-1858
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A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1837
e ed bio ech o be he second mos impo an indus y bo h in
e ms o in es men s as well as quan i y o deals, he in o ma-
ion echnology (IT) sec o being numbe one.7The amoun
o global bio ech en u e unding has isen signi ican ly du -
ing he pas decade and eached $23 billion in 2020, as
shown in Figu e 1.8The digi al heal h indus y also displays
apid g ow h, wi h a p ojec ed compound annual g ow h a e
(CAGR) o nea ly 27% un il 2030.9Since he heal h sec o is
highly inno a i e and knowledge is equen ly enewed, ne -
wo ks a e becoming inc easingly impo an o dis ibu e new
knowledge and bes p ac ices.10 This dependence on ne -
wo ks among companies and en ep eneu s in he heal h sec-
o makes i an in e es ing indus y o s udy en ep eneu ial
ecosys ems.
Ge many has a highly inno a i e pha maceu ical, bio ech,
medical echnology, and IT sec o . Being home o o e 400
companies in med ech and o e 270 companies ac i e in dig-
i al heal h, he sec o s gene a ed €11.4 billion and €400
million in e enue in 2018, espec i ely.12,13 The s a e o
Ba a ia employs he second highes numbe o bio ech p o-
essionals, second only o No h Rhine-Wes phalia. Mu-
nich alone has wo bio echnology clus e s, he BioM Munich
Bio ech Clus e and Clus e Bio echnology.14 Addi ionally,
he e a e i e Digi al Heal h Hubs and Accele a o s, includ-
ing he Ge man Accele a o Li e Science/IT and he Digi al
Heal h Accele a o .15 Since he ounda ion o he BioM in
1997, Munich has de eloped in o a majo bio ech and heal h
echnology cen e . Wi h wo leading uni e si ies, he Techni-
cal Uni e si y o Munich (TUM) and he Ludwig Maximilian
Uni e si y o Munich (LMU), and se e al esea ch ins i u es
such Max-Planck-Ins i u e o Biochemis y, he ci y also
possesses he necessa y ins i u ions o p o ide alen and
knowledge.16
En ep eneu ial ecosys em esea ch has hus a e-
mained mos ly indus y agnos ic. I is o en a gued ha he
bene i s o an ecosys em a e mos ly ela ed o en ep eneu -
ship-speci ic knowledge, a he han indus y-speci ic knowl-
edge and is he e o e ele an o a b oad ange o indus-
ies.17 Howe e , in he heal h indus y, s a -ups ace
signi ican ba ie s o success due o he na u e o he in-
dus y, namely e y long de elopmen p ocesses, a s ic
egula o y en i onmen and complex echnologies.18 The e-
o e, en ep eneu s in he heal h sec o , including bio ech,
med ech and digi al heal h, can signi ican ly bene i om
bo h en ep eneu ial and indus y-speci ic knowledge in an
7See NVCA (2021, pp. 28-29).
8See Senio (2021, p. 408).
9See G and View Resea ch (2022, pp. 1-2).
10 See Lechne and Dowling (1999, p. 320).
11 Taken om Senio (2021, p. 408).
12 See Ge many T ade & In es (2018a, pp. 2-9).
13 See Ge many T ade & In es (2018b, pp. 2-9).
14 See Ge many T ade & In es (2018b, pp. 2-9).
15 See Ge many T ade & In es (2018a, pp. 2-9).
16 See Lechne and Dowling (1999, p. 321).
17 See Spigel and Ha ison (2018, p. 162).
18 See Baeyens e al. (2006, p. 31).
ecosys em. Since he me opoli an a ea o a ci y is gene ally
iewed o be he mos app op ia e le el o analysis o en-
ep eneu ial ecosys ems, he heal h indus y in Munich was
chosen as esea ch ocus.19
The objec i e o his s udy is o quali a i ely assess he
en ep eneu ial ecosys em in he heal h sec o in Munich.
The cen al esea ch ques ion is “How can he Munich en-
ep eneu ial ecosys em in he heal h sec o become mo e
e icien ?”. Fo his pu pose, 15 expe s we e in e iewed,
who wo k wi hin he en ep eneu ial p ocess, ei he as en-
u e capi alis s o business angels, suppo o ganiza ions o
as en ep eneu s hemsel es. Based on his analysis, he aim
is o de elop an unde s anding o he quali y o he di e en
elemen s o he Munich ecosys em and disco e ac ionable
imp o emen s and ecommenda ions o ad ance he ecosys-
em.
In he i s chap e , I b ie ly e iew he li e a u e on he
main concep s o en ep eneu ial ecosys ems, which unde -
pin his s udy. In he second chap e , he main cha ac e is ics
o he heal h indus y a e explained in mo e de ail. To pu
he opinions o key s akeholde s in o pe spec i e, i is i al o
unde s and he dis inguishing ea u es o his indus y. I hen
ou line he me hodological app oach used o conduc and
analyze he in e iews, be o e desc ibing he esul s. Nex ,
I discuss he implica ions o he esul s, he limi a ions o
his s udy and key ecommenda ions o ecosys em imp o e-
men s. The inal chap e concludes and p esen s a enues o
u u e esea ch.
2. Main concep s o en ep eneu ial ecosys ems
In he ollowing, I in oduce he main concep s o en-
ep eneu ial ecosys ems, including he elemen s o an
ecosys em and he mos equen ly used amewo k, go -
e nance app oaches, he li e cycle heo y o ecosys ems and
c i ique o he concep .
2.1. Elemen s o en ep eneu ial ecosys ems
En ep eneu ial ecosys ems combine all elemen s nec-
essa y o acili a e en ep eneu ship in a pa icula egion.
The e ha e been se e al p oposed amewo ks o concep u-
alize he aspec s o en ep eneu ial ecosys ems. An ea ly
app oach by Spigel (2017) summa ized en ep eneu ial
ecosys ems in h ee ypes o a ibu es: cul u al, social, and
ma e ial. This app oach is depic ed in Figu e 2. Acco d-
ing o his concep , cul u al a ibu es e e o a suppo i e
cul u e and his o ies o en ep eneu ship. Building on his,
social a ibu es such as ne wo ks, alen , men o ship, and
in es men capi al acili a e he esou ces and means o c e-
a e new en u es. Finally, ma e ial a ibu es encompass
policies, uni e si ies, in as uc u e, open ma ke s, and sup-
po se ices. These a ibu es should no be seen as dis inc
laye s, bu o e lapping ac o s, which suppo and ein o ce
one ano he .20
19 See Leende se e al. (2021, p. 478).
20 See Spigel (2017, pp. 50-57).
21 Modi ied, aken om Spigel (2017, p. 57).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581838
Figu e 1: Global en u e capi al in es men s in he bio ech sec o 2011-202011
Figu e 2: Rela ionships be ween he a ibu es o en ep eneu ial ecosys ems21
This amewo k was la e modi ied and expanded by
S am and an de Ven (2021), who summa ized en ep eneu -
ial ecosys ems in an in eg a i e model including en ele-
men s, which is depic ed in Figu e 3.
In his amewo k, he en elemen s which oge he o m
he ecosys em can be di ided in wo dis inc laye s: ins i u-
ional a angemen s and esou ce endowmen s. Ins i u ional
a angemen s a e ega ded o be he o mal ins i u ions, cul-
u e, and ne wo ks, which unde pin he ecosys em. Fo mal
ins i u ions, such as he egula o y amewo k, ep esen
22 Modi ied, aken om S am and an de Ven (2021, p. 813).
he undamen al p econdi ion o en ep eneu ship. Fo mal
ins i u ions he e o e guide and egula e economic ac ion,
he acquisi ion and use o esou ces and he en ep eneu -
ship p ocess. This elemen also includes educa ional ins i-
u ions, he heal hca e sys em, and law en o cemen . The
cul u e elemen encapsula es he a i ude owa ds and pe -
cep ion o en ep eneu ship in socie y. A suppo i e en-
ep eneu ial cul u e can be desc ibed as one which highly
alues en ep eneu ship and no malizes he isks and chal-
lenges associa ed wi h he en ep eneu ship p ocess. This
no only encou ages en ep eneu s o c ea e new en u es,
bu also inc eases he willingness o skilled indi iduals o
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1839
Figu e 3: An in eg a i e model o he elemen s and ou pu s o en ep eneu ial ecosys ems22
wo k o a young s a -up. As a inal elemen in he ins i-
u ional a angemen s laye , en ep eneu ial ne wo ks acil-
i a e collabo a ion be ween he di e en s akeholde s and
he dis ibu ion o knowledge, alen , and capi al wi hin he
ecosys em.23,24
Taking a close look a he second le el, he esou ce en-
dowmen s e e o physical in as uc u e, demand, in e me-
dia ies, alen , knowledge, leade ship, and inance. The ele-
men o physical in as uc u e desc ibes he accessibili y o
he egion in e ms o anspo a ion, bu also he a ailabil-
i y o physical space, including o ice space and labo a o ies,
and he digi al in as uc u e. Demand e e s o he gene al
pu chasing powe and ma ke size o he no el p oduc s
and se ices, which a e de eloped by he en ep eneu s.25
In e media ies o suppo se ices can help young en u es
wi h speci ic challenges and he eby lowe he en y ba ie s
o en ep eneu s, inc easing he speed o inno a ion. Ex-
amples o in e media ies include incuba o s, accele a o s, o
o he suppo se ices such as legal ad ice o consul ancies.
The elemen o alen e e s o he a ailabili y o skilled indi-
iduals, bo h in e ms o educa ion and p e ious expe ience
in he en ep eneu ial space o in he indus y. Knowledge
om p i a e and public o ganiza ions and he in es men in
he de elopmen o new knowledge is c ucial o he p o-
cess o inno a ion and he e o e a u he i al elemen in
he amewo k. Leade ship p o ides guidance in he ecosys-
em by he p esence o in e es g oups and expe ienced lead-
e s, who can men o younge en ep eneu s. The inal ele-
men in he esou ce endowmen s laye is inance. The ac-
cessibili y and supply o inance o long- e m and unce ain
en ep eneu ial p ojec s is a i al esou ce o success ul en-
ep eneu ship.26,27
In combina ion, hese en elemen s acili a e p oduc i e
en ep eneu ship and he alue i c ea es as ou pu , which is
23 See Spigel and Ha ison (2018, p. 155).
24 See S am and an de Ven (2021, pp. 813-815).
25 See Leende se e al. (2021, p. 482).
26 See S am and Spigel (2018, p. 415).
27 See S am and an de Ven (2021, pp. 813-817).
po ayed by a ow one in he ecosys em amewo k. A p oxy
ha is o en used o measu e p oduc i e en ep eneu ship is
he p e alence o high g ow h i ms in an a ea. S am and
an de Ven (2021) ound a e y s ong posi i e co ela ion
be ween he s eng h o he en elemen s and he quan i y o
high g ow h i ms in a pa icula egion and hus concluded
ha he o e all quali y o he en ep eneu ial ecosys em is
posi i ely ela ed o en ep eneu ial ou pu . Fu he mo e,
hei esul s showed ha he en elemen s a e highly in e -
dependen and co-e ol e wi hin a egion. The e o e, he el-
emen s should be iewed as a whole sys em o explain he
le els o en ep eneu ial ac i i y in a speci ic egion.28
Finally, en ep eneu ial ou pu eeds back in o he ecosys-
em, which is ep esen ed by a ow wo in he amewo k.
The esea ch g oup iden i ied a posi i e co ela ion be ween
he p e alence o high-g ow h i ms and subsequen alues o
he indi idual elemen s o he ecosys em. This posi i e eed-
back can be explained by wo main easons. Fi s , success ul
en ep eneu s o en sha e hei expe ience wi h he ecosys-
em by becoming e.g., en u e capi alis s, men o s, o ne -
wo k de elope s.29 Second, he exis ence o en ep eneu ial
ac i i y encou ages he c ea ion o new en u es by signal-
ing ha en ep eneu ship is a legi ima e and po en ially a
success ul pa hway.30
This amewo k elies on he assump ion ha all elemen s
a e o equal impo ance in en ep eneu ial ecosys ems. Se -
e al esea che s a gue ha his is a a he agnos ic app oach
as i can be easoned ha ce ain elemen s a e mo e impo -
an han o he s in shaping an ecosys em.31 Co en e e al.
(2019) in es iga ed he weigh ing o elemen s and p oposed
ha some ac o s a e mo e c i ical o he success o en-
ep eneu ial ecosys ems han o he s. The esea ch eam did
no use he same en elemen s shown abo e, howe e , hei
analysis sugges ed ha “Cul u e and Social No ms” is he
28 See S am and an de Ven (2021, pp. 827-828).
29 See S am and an de Ven (2021, p. 827).
30 See Kucke z (2019, p. 477).
31 See Leende se e al. (2021, p. 483).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581840
mos impo an ac o , ollowed by “Go e nmen P og ams”
and “In e nal Ma ke Dynamics”.32
2.2. Go e nance o en ep eneu ial ecosys ems
The go e nance o en ep eneu ial ecosys em is o en de-
sc ibed as a challenging opic because ecosys ems a e highly
complex s uc u es. In addi ion, he in e dependency be-
ween he a ious elemen s o an ecosys em makes i di icul
o public ini ia i es o a ge speci ic a eas o imp o emen
in a pa icula ecosys em. In addi ion, go e nance ini ia i es
o p omo e en ep eneu ship ha e been ound o equen ly
ail, because s a egies ha ha e been success ul in o he e-
gions a e simply eplica ed in seemingly simila loca ions.33
To guide he go e nance o en ep eneu ial ecosys ems,
esea che s ha e iden i ied se e al cha ac e is ics, which
mus be conside ed when de ising ini ia i es o encou age
en ep eneu ial ou pu : en ep eneu ial ecosys ems a e sel -
egula ing, highly complex and loca ion speci ic. Fi s ly,
ecosys ems a e dynamic, sel - egula ing ne wo ks and be-
ha e in an unp edic able manne . Go e ning ecosys ems,
i.e., changing he sel - egula ing mechanisms, is he e o e
ex emely challenging, as he ou comes o in e en ions
a e di icul o o esee.34,35 Secondly, ecosys ems consis
o a ious ac o s and s akeholde s, in e ac ing in a complex
manne . En ep eneu s a e equen ly conside ed o be he
main d i e s o he ecosys em; hey a e howe e only one
ac o among many. As p e iously desc ibed, all elemen s
a e highly in e dependen and co-e ol e, he e o e i one
elemen is weak, i o ms a bo leneck, and he de elop-
men o he en i e ecosys em can s a o s agna e. Only
i hese weaknesses can be o e come, he ecosys em can
unc ion e ec i ely and p omo e en ep eneu ial ac i i y.36
Finally, ecosys ems a e highly loca ion speci ic and shaped
a ound he local ci cums ances, such as ne wo ks, cul u e,
o geog aphic loca ion. An app oach, which wo ks o one
pa icula ecosys em he e o e canno simply be copied and
applied o ano he loca ion.37
Building on hese ecosys em cha ac e is ics, go e nance
p inciples sugges ed by cu en en ep eneu ial ecosys em
li e a u e can be summa ized in o h ee main concep s. Fi s ,
go e nance ini ia i es should suppo sel - egula ion o he
ecosys em in a bo om-up app oach a he han go e ning
he ecosys em in a op-down app oach. This is g ounded
in he ac ha en ep eneu ial ecosys ems de elop mos ly
h ough he complex and uncoo dina ed in e ac ions o he
indi idual ac o s.38 Wi hin his s akeholde ne wo k, en-
ep eneu s should ac as he cen al leade s o he ecosys-
em, as hey a e bes equipped o ecognize i s possibili ies
32 See Co en e e al. (2019, p. 513).
33 See Colombelli e al. (2019, p. 505).
34 See Kucke z (2019, p. 478).
35 See Colombo e al. (2019, pp. 427-428).
36 See Aud e sch e al. (2016, pp. 373-375).
37 See Aud e sch e al. (2016, p. 360).
38 See Roundy e al. (2018, pp. 8-10).
and limi a ions. In addi ion, adical in e en ions in en-
ep eneu ial ecosys ems can ha e un o eseen consequences,
due o hei dynamic na u e. The e o e, any go e nance
ini ia i e mus acknowledge and cul i a e he inhe en e o-
lu iona y po en ial and suppo he sel - egula ion o he
ecosys em in a minimally in asi e way. As ecosys ems be-
ha e and eac in an un o eseeable manne , i is also ec-
ommended o ac inc emen ally o a oid o e -s ee ing he
ecosys em.39 S am (2015) summa izes he ole o ecosys em
go e nance “as a eede o he ecosys em a he han as a
leade ”.40
Secondly, c ea ing impac ul and e ec i e policies o
en ep eneu ial ecosys ems equi es a holis ic app oach ha
conside s i s complexi y. As ou lined in he en ep eneu ial
ecosys ems amewo k, hese sys ems consis o di e en
elemen s, which a e all connec ed and in e dependen . Fo-
cusing on all s akeholde s and hei connec ions he e o e
educes silo hinking and imp o es he o e all quali y o
he ecosys em.41 Las ly, i is impo an o p e e en ially o-
cus on weaknesses o he en ep eneu ial ecosys em, a he
han ying o u he imp o e he s eng hs. As men ioned,
ecosys ems a e cha ac e ized by bo lenecks, which mus
be o e come o he sys em o be e icien a p omo ing
en ep eneu ship. The holis ic pe spec i e implies ha all
ac o s a e impo an in c ea ing an en i onmen conduci e
o en ep eneu ial ac i i ies. The e o e, when alloca ing e-
sou ces o an ecosys em, i s weakes elemen s should be
a ge ed i s o alle ia e any bo leneck si ua ions.42,43
Emphasizing hese concep s, Isenbe g (2010) published
nine p inciples, which should be ollowed when go e ning
an en ep eneu ial ecosys em. In he i s i e p inciples, he
ocuses on he ole o local cha ac e is ics and he bo om-up
p ocess o go e nance: 1. S op emula ing Silicon Valley, 2.
Shape he ecosys em a ound local condi ions, 3. Engage he
p i a e sec o om he s a , 4. S ess he oo s o new en-
u es and 5. Do no o e -enginee clus e s; help hem g ow
o ganically. Acco ding o hese p inciples, i is c ucial o o-
cus on and suppo al eady exis ing local s uc u es, indus-
ies, and ends in con as o c ea ing en i ely no el ones.
In addi ion, he au ho s esses he impo ance o he long-
e m and p o i -d i en mo i a ion and pe spec i e o he p i-
a e sec o in de eloping sel -sus aining ecosys ems. In he
ollowing h ee p inciples, he ocuses on c ea ing a cul u e,
which suppo s ambi ious en ep eneu ship: 6. Fa o he
high po en ials, 7. Ge a big win on he boa d and 8. Tackle
cul u al change head-on. Isenbe g sugges s a o ing he mos
ambi ious and g ow h-o ien ed en u es o no only maxi-
mize he c ea ion o weal h, bu also inspi e po en ial u u e
en ep eneu s and educe he pe cep ion o en ep eneu ial
isks and ba ie s. Wi h he las p inciple, he s esses he im-
po ance o ins i u ions: 9. Re o m legal, bu eauc a ic, and
39 See Kucke z (2019, pp. 479-480).
40 S am (2015, p. 1761).
41 See Kucke z (2019, p. 479).
42 See Aud e sch e al. (2016, p. 373).
43 See Kucke z (2019, p. 479).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1841
egula o y amewo ks. 44
Ul ima ely, ecosys em policy and ini ia i es can p omo e
en ep eneu ial ac i i y, bu only unde he p emise ha he
basic condi ions in he s uc u e o he ecosys em a e me . By
p o iding esou ces o ecosys ems, hey can be s eng hened,
bu wi hou e icien ne wo ks be ween en ep eneu s, hese
esou ces we e shown o ha e only a limi ed e ec .45
2.3. Li e cycle o en ep eneu ial ecosys ems
As en ep eneu ial ecosys ems eme ge and de elop, hey
change signi ican ly and ypically en e a ious phases. The
li ecycle o ecosys ems can be summa ized in i e s ages: he
eme gence o an ecosys em, he g ow h phase, he s abiliza-
ion o ma u i y phase, he decline phase and inally, a e-
eme gence phase. The bi h phase o an ecosys em s a s
wi h an idea leading o new en u e c ea ion. This ea ly en-
ep eneu ship can ei he esul om an employee o aca-
demic exploi ing knowledge o e looked by he incumben
i m o by spin o s when incumben i ms o uni e si ies
encou age indi iduals o seize oppo uni ies by c ea ing a
new company. This i s phase is cha ac e ized by a low
numbe o company bi h a es in he a ea and he o ma-
ion o en ep eneu ial ne wo ks be ween hem. The subse-
quen g ow h phase is cha ac e ized by he inc eased pace
o new en an s. In addi ion, in e media ies s a o o e
en ep eneu ship speci ic p og ams and inancial capi al be-
comes mo e easily a ailable. While alen becomes mo e en-
ep eneu ially minded, his is also he mos impo an bo -
leneck and sou ce o g ow. The end o he second phase is
ma ked by he endency o incumben i ms o e-in eg a e
s a ups.46,47
In he s abiliza ion phase i m bi h a es a e declin-
ing, and an inc easing numbe o i ms a e acqui ed by
incumben s. O he en u es migh ma u e and become mo e
s uc u ed and less dynamic. In addi ion, ma ke oppo -
uni ies, ne wo ks and he en ep eneu ial cul u e s a s o
weaken. In his phase, e ec i e leade ship in he ecosys em
is c ucial o sus ain i s de elopmen . The decline phase is
cha ac e ized by a low a e o new en u e c ea ion. New
ideas and echnologies a e mainly explo ed wi hin es ab-
lished i ms. Howe e , his is no necessa ily accompanied
by a decline in o e all weal h o compe i i eness o he e-
gion. The ecosys em leade ship po en ially eo ien s i sel
owa ds o he economic de elopmen ini ia i es. Finally, he
egion migh en e a e-eme gence phase, in which he li e
cycle s a s again in an accele a ed way. Since he in e me-
dia ies, en ep eneu ial cul u e and ne wo ks a e al eady in
place, en ep eneu s can mo e easily s a new companies
and comme cialize new ideas.48
Wi h each li ecycle s age o an en ep eneu ial ecosys em,
i s ideal go e nance design also changes. In he bi h s age,
44 See Isenbe g (2010, pp. 42-49).
45 See Spigel and Ha ison (2018, p. 162).
46 See Can ne e al. (2021, pp. 413-417).
47 See Mack and Maye (2016, p. 2123).
48 See Can ne e al. (2021, p. 417).
he i s en ep eneu ial en u es o en ac as ca alys s o he
c ea ion o an ecosys em. These cen al ac o s o en ini ially
go e n he p ocesses and collabo a ion in he new ecosys-
em. P i a e ins i u ions and suppo ne wo ks o a e a ound
he cen al ac o s, p o iding c ucial esou ces o he sus ain-
men o he ecosys em. The e o e, ea ly ecosys em go e -
nance can o en be desc ibed as a he hie a chical. Once he
ecosys em g ows and expands, go e nance ypically shi s o
a mo e ho izon al go e nance design, whe e mul iple s ake-
holde s in e ac and collabo a e wi hou he di ec ion o a
cen al playe . As en ep eneu ial ne wo ks become inc eas-
ingly dense and mo e ac o s ake cen al posi ions wi hin he
ecosys em, go e nance is based on implici unde s andings,
uno icial ou ines, and sha ed no ms. Finally, he go e -
nance consis s o a well-connec ed ne wo k o ac o s, which
oge he shape and de elop he ecosys em.49
2.4. C i ique o he en ep eneu ial ecosys ems concep
Despi e i s ecen popula i y, he concep o en ep eneu -
ial ecosys ems was c i iqued o h ee main easons: being
au ological, showing no clea cause and e ec and a ques-
ionable le el o analysis. Fi s , he concep was claimed o
be a he au ological: en ep eneu ial ecosys ems suppo
he c ea ion o new en u es and whe e e he e a e a high
numbe o success ul en u es, he e is e iden ly a good en-
ep eneu ial ecosys em. This ela ionship links back o he
posi i e eedback success ul en ep eneu s ha e on he lo-
cal ecosys em. I has been a gued ha such au ological
easoning ul ima ely p o ides li le insigh s o in o m pub-
lic policy o u he esea ch.50 Second, he concep s o en-
ep eneu ial ecosys ems so a me ely p o ide long lis s o
ele an elemen s wi hou a clea explana ion o cause and
e ec . The e is s ill no uni e sal consensus abou he de i-
ni ion o he ecosys em i sel and he cohe ence and causal
in e dependen e ec s o he indi idual amewo k elemen s.
While he elemen s do p o ide some ocus, a mo e consis en
explana ion o he amewo k would p o ide clea e guide-
lines o u he esea ch and ecosys em go e nance. To im-
p o e his ecosys em explana ion, i is necessa y o di e -
en ia e be ween he essen ial and con ingen elemen s o an
ecosys em and mo e clea ly de ine he ideal ole o he egu-
la o y ins i u ions and o he public o ganiza ions.51 Finally,
i is s ill unclea which gene al scope and le el o analysis
is mos app op ia e wi h ega ds o en ep eneu ial ecosys-
ems. The bounda ies o ecosys ems can be de ined geo-
g aphically, ocusing on ei he a coun y, a egion, o a ci y.
Ecosys ems could also be de ined based on indus ies o co -
po a ions, which o e oppo uni ies o en u e c ea ion and
g ow h.52
49 See Colombelli e al. (2019, pp. 508-511).
50 See S am and Spigel (2018, p. 415).
51 See Al edalen and Boschma (2017, pp. 893-895).
52 See S am and Spigel (2018, pp. 415-416).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581842
3. Challenges in he heal h sec o
The heal h indus y comp ises i ms in mul iple sec o s,
such as pha ma, (digi al) heal hca e, bio echnology, medical
de ices, and diagnos ics. Ven u es in he heal h sec o o en
ace signi ican ba ie s o success by he na u e o he in-
dus y, namely he long de elopmen p ocesses, egula o y
di icul ies, and highly complex echnologies.
3.1. Technological complexi y
Fi s , he echnologies and p oduc de elopmen p o-
cesses in he heal h indus y end o be highly complex.
Fo he pha ma, bio echnology, and med ech sec o s, un-
de s anding hem in de ail o en equi es deep scien i ic
knowledge o molecula biology and enginee ing echniques
and p ocesses.53
The digi al heal h sec o is a u he ield in he heal h
space, which is home o an inc easing numbe o s a -ups
including digi al he apeu ics, heal h in o ma ion echnol-
ogy, eleheal h and elemedicine, sma de ices, and pe son-
alized medicine. Digi al he apeu ics p oduc s, o ins ance,
deli e he apeu ic in e en ions o pa ien s ia so wa e so-
lu ions o p e en , manage o ea a medical diso de o dis-
ease. These digi al heal hca e p oduc s equen ly in eg a e
ad anced echnologies, such as machine lea ning o a i icial
in elligence, o op imize he ea men o pa ien s and hei
subsequen heal h ou comes.54
The e o e, in es o s migh ha e di icul ies unde s and-
ing he echnology and he indus y en i onmen when e al-
ua ing en u es in his indus y. Gene alis en u e capi al
(VC) i ms equen ly ou sou ce he due diligence o en u es
in he heal h indus y since hey lack he capabili ies o ade-
qua ely assess he business model in e nally. E en specialis
in es o s o en miss he expe ise in he speci ic ield, which
makes i di icul o analyze he in es men oppo uni y and,
consequen ly, challenging o en ep eneu s o secu e und-
ing.55
3.2. Regula o y complexi y
Second, en ep eneu ial en u es in he heal h space
need o comply wi h nume ous ules and egula ions ac oss
all unc ions o hei company, as hey a e ope a ing in a
highly egula ed indus y. This includes assessmen s o p od-
uc quali y, clinical and esea ch design, pa ien sa e y, bu
also na iga ing e hical issues a ound hei p oduc s, inancial
compliance, and aining o employees.56
Companies in he bio echnology and pha maceu ical a ea
mus na iga e he egula ions o ma ke au ho iza ion o
d ugs in acco dance wi h he In e na ional Code o Ha mo-
niza ion. A e success ully comple ing he necessa y clinical
es s and ials, hey mus hen ile an applica ion wi h he Eu-
opean Medicines Agency o he ele an Ge man agency o
ecei e he app o al o license hei p oduc .57 Fo medical
53 See Baeyens e al. (2006, pp. 31-35).
54 See Dang e al. (2020, pp. 2209-2211).
55 See Baeyens e al. (2006, pp. 32-35).
56 See Deloi e Cen e o Heal h Solu ions (2015, pp. 3-8).
57 See P ice Wa e House Coope s (2009, pp. 17-18).
de ices, he in oduc ion o he Medical De ice Regula ion
in 2021 imposed s ic equi emen s o pos ma ke su eil-
lance o he launched p oduc s, nex o igo ous con ols and
high expec a ions ega ding he clinical da a collec ed.58 Fo
digi al heal h applica ions (Digi ale Gesundhei sanwendung,
DiGA) o he de ec ion, moni o ing, ea men o alle ia ion
o medical condi ions, Ge many in oduced a new app o al
p ocess in 2019. To be app o ed, he DiGA de elope mus
p o e a posi i e heal hca e e ec by conduc ing a scien i ic
compa a i e s udy.59
Wi hin he en i e heal h indus y, he inc easingly com-
plex egula o y en i onmen ep esen s a se ious challenge
o young s a -ups, especially in an indus y whe e non-
compliance likely has signi ican e ec s on cos s, epu a ion,
and ul ima ely, pa ien ’s li es.
3.3. Long de elopmen p ocess
The heal h indus y is cha ac e ized by a long de elop-
men p ocess un il a echnology is con e ed in o a ma ke
eady p oduc . In he pha maceu ical and bio echnology sec-
o s, he en i e p ocess om he ea ly disco e y phase o ma -
ke en y akes 15 yea s, on a e age. Gi en he long ime o
ma ke , hese companies equi e a e y high up on in es -
men o co e all cos s connec ed o he de elopmen p o-
cess. Fu he mo e, he long de elopmen p ocess inc eases
he chances ha supe io echnologies eme ge on he ma ke
while he p oduc is s ill unde de elopmen . These ac o s
make he indus y ex emely isky.60 Fo medical de ices,
he p ocess om concep o ma ke akes an a e age o 3-7
yea s, whe e highe isk p oduc s a e subjec o mo e s in-
gen egula o y p ocesses compa ed o lowe isk p oduc s.61
The de elopmen p ocess o digi al heal h p oduc s and ap-
plica ions is mo e a iable, al hough hese p oduc s mus also
be alida ed by clinical s udies and subsequen ly app o ed.
The e o e, he ime o ma ke is s ill signi ican ly highe com-
pa ed o o he indus ies.62
4. Me hodology
In he ollowing sec ion, he esea ch me hodology is ou -
lined. This includes he selec ion o he me hod, selec ion o
in e iewees and he se ing o he in e iews. Fo he sub-
sequen analysis, he me hod o ansc ibing and analyzing
he in e iews is explained. Finally, I b ie ly discuss he em-
ployed quali y c i e ia.
4.1. Expe In e iews
4.1.1. Selec ion o he me hod
To s udy he en ep eneu ial ecosys em in Munich, semi-
s uc u ed expe in e iews we e chosen as he empi ical
58 See Ma eso a e al. (2015, pp. 1508-1510).
59 See B A M (2020, pp. 7-8).
60 See Baeyens e al. (2006, pp. 31-33).
61 See an No man (2016, p. 278).
62 See Dang e al. (2020, pp. 2210-2211).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1843
me hod. In e iews a e one o he mos equen ly used
me hods in he ield o quali a i e esea ch, as hey allow
o subjec - ela edness o he esea ch as well as a de ailed
desc ip ion and in e p e a ion o he espec i e esea ch
a ea.63 The lexibili y o quali a i e me hods such as in e -
iews makes hem pa icula ly sui able o analyze complex
phenomena such as he mul i-le el in e ac ions and dynam-
ics o ecosys ems.
Quali a i e in e iews can be dis inguished acco ding o
he deg ee o s uc u e. Fo his s udy, a semi-s uc u ed ap-
p oach was chosen, whe e he i s pa o he in e iew was
guided by he en ep eneu ial ecosys em amewo k. The
second pa o he in e iew was less s uc u ed and only
guided by a small selec ion o key ques ions. In con as o an
uns uc u ed in e iew, be e compa abili y be ween he in-
e iewees can be achie ed and i is ensu ed ha all ele an
aspec s o he esea ch ques ion a e add essed.64
Expe in e iews a e sys ema ic and heo y guided in e -
iews wi h indi iduals who ha e exclusi e knowledge abou
a pa icula opic.65 The e o e, in e iews we e conduc ed
wi h indi iduals who possess exclusi e knowledge abou he
en ep eneu ial ecosys em in he heal h a ea in Munich.
4.1.2. Selec ion o he in e iew pa ne s
Fo he ype and quali y o in o ma ion ob ained h ough
expe in e iews, he selec ion o in e iew pa ne s is a de-
cisi e in luencing ac o . Expe knowledge is adi ionally
ied o a unc ion o p o essional ole. Thus, expe s a e de-
ined by hei posi ion and s a us as well as he knowledge
which is a ibu ed o hem.66
To cap u e di e en pe spec i es in he ecosys em, en-
ep eneu s, in es o s, and suppo o ganiza ions we e in e -
iewed, in a simila dis ibu ion o Spigel (2017), who in e -
iewed 70% en ep eneu s, 15% in es o s and 15% o he s,
such as economic de elopmen o icials.67 O he 15 in e -
iews conduc ed o his s udy, 9 we e wi h en ep eneu s
(60%), 4 wi h en u e capi alis s o angel in es o s (27%)
and 2 wi h suppo o ganiza ions o he ecosys em (13%).
Compa abili y be ween he in e iews was achie ed by
selec ing expe s in simila posi ions in he di e en o gani-
za ions. In e iewees in he en ep eneu ca ego y had all
(co-) ounded a leas one Munich-based company in he in-
dus y in he las 10 yea s. The in es o s ac i ely in es in
bio ech, (digi al) heal h o med ech s a -ups in Munich. Fo
he suppo o ganiza ions ca ego y, he managing di ec o s
o wo bio ech suppo o ganiza ions in Munich we e in e -
iewed.
4.1.3. Se ing and cou se o he in e iews
The expe in e iews we e conduc ed in Ap il and May
2022. The in e iews we e held ia he web con e encing
63 See May ing (2016, pp. 20-25).
64 See King e al. (2019, pp. 52-60).
65 See Kaise (2014, p. 6).
66 See Kaise (2014, pp. 37-38).
67 See Spigel (2017, p. 59).
ool Zoom. The main pa o he in e iew, excluding he in-
oduc ion and concluding commen s, was audio eco ded by
he Zoom eco ding unc ion. Each in e iew s a ed wi h a
b ie in oduc ion, ollowed by a sho explana ion o he en-
ep eneu ial ecosys em heo y and he amewo k. Finally,
he use o he da a was b ie ly explained, and he in e ie-
wees we e asked whe he he in e iew could be eco ded.
Usually, a guideline is used o semi-s uc u ed in e -
iew me hods. This se es as a s uc u ing and s ee ing
ool and ep esen s a link be ween al eady exis ing heo y
and empi icism.68 The in e iew guideline con ained he
en ep eneu ial ecosys em amewo k and i s en elemen s.
The in e iewee was asked o a e he elemen s on a scale
om 1-10 (10 being he highes sco e) and elabo a e on he
a ing. This was asked o ge a en a i e unde s anding o
he ecosys em as a whole and be able o be e compa e he
quali y o he di e en elemen s. In addi ion, he guideline
con ained open-ended ques ions o which he in e iewee
could espond eely a hei own disc e ion. The o de o
he ques ions was lexible and me ely se ed as a guideline
du ing he in e iews. A he end o he in e iew, he e was
ime o a sho deb ie ing and any ques ions om he in e -
iewee. In o al, he in e iew du a ion anged be ween 25
and 45 minu es.
4.2. Quali a i e analysis
4.2.1. T ansc ip ion
The analysis o he in e iews was s a ed by ansc ib-
ing e e y eco ding. In he i s s ep, he ansc ip ion so -
wa e Happy Sc ibe was used. The so wa e au oma ically
gene a ed a ansc ip om he eco ding, which is gene -
ally 80% accu a e. To inc ease he accu acy o he so wa e,
app oxima ely 30 wo ds which we e used equen ly in he
in e iews we e added o i s ocabula y manually, such as
“en ep eneu ship”, “pha ma” o “ en u e capi al”.
In he second s ep, he gene a ed ansc ip s we e edi ed
manually o u he inc ease he accu acy, inse any seg-
men s which we e no ecognized by he so wa e, and
smoo hen he ex . Fo his pu pose, duplica e wo ds, hal
sen ences, and ille wo ds we e dele ed. In e iew pauses,
oice in lec ions and o he non- e bal elemen s we e no
aken in o accoun . Finally, he ansc ip s we e expo ed
wi h imes amps and speake names.
4.2.2. Quali a i e con en analysis
The analysis o he in e iew con en was comple ed
using he compu e -assis ed quali a i e da a analysis so -
wa e Maxqda. To analyze he con en o he in e iews,
he me hodological app oach by Kucka z was ollowed.
Kucka z desc ibes h ee main me hods o quali a i e con-
en analysis. Fo his s udy, he con en -s uc u ing analysis
was chosen, which can be conside ed he co e me hod o
quali a i e con en analysis and is displayed in Figu e 4. In
68 See Misoch (2015, pp. 65-68).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581850
Figu e 6: Subcode s a is ic ecosys em imp o emen s
Figu e 7: Subcode s a is ic inancial suppo
p i a e sec o . I mean p i a e, whe he i is en-
u e capi al o bio ech companies o pha maceu-
ical companies, bu in such a way ha p ojec s
can be p omo ed ha ac ually ha e a ealis ic
chance, because we o en hink ha millions a e
squande ed whe e you know om day ze o ha
no hing will be eleased o he ma ke .” (E2)
They sugges ha a coun e balance is de eloped, includ-
ing ep esen a i es om he p i a e sec o in he decision
making. In addi ion, i is sugges ed ha hese commi ees
a e incen i ized in a di e en way, simila o he incen i e
s uc u e in a VC:
“In he p i a e sec o , he company’s money
is you money. And hen you make decisions
e y di e en ly. And you can incen i ize people
in such a way ha hey make hese decisions
much mo e a en i ely o much mo e o wa d-
looking.” (E2)
5.2.2. Incuba o s and ne wo ks
The second imp o emen a ea was men ioned by eigh
expe s and conce ns incuba o s and ne wo ks. The sugges-
ions we e classi ied in o he wo a eas ne wo ks and men-
o ship and incuba o e inemen , as shown in Figu e 8.
Se en expe s sugges ed imp o ing he cu en ne wo ks
and men o ship p og ams in Munich. E1 highligh s he ac
ha due o he high complexi y o he heal hca e and li e
science sec o , s ong ne wo ks and he exchange o knowl-
edge is c i ical. I is also impo an o aspi ing ounde s o
know ha a suppo ne wo k o o he ounde s and in e me-
dia ies exis s. E6 s a es ha hese ne wo ks should include
ounde s, pa en lawye s, egula o y consul an s, and expe-
ienced indus y p o essionals o, o ins ance, iden i y he
igh expe imen s. Fo his ne wo k o unc ion, E6 also adds
ha incen i e s uc u es need o be in place o mo i a e pa -
icipan s. In e ms o implemen a ion, i is p oposed o c ea e
a campus s uc u e whe e hese p ojec eams and di e en
ne wo k pa icipan s can mee . Se e al expe s would also
p e e mo e coaching by ounde s, who expe ienced he p o-
cess i s hand. Fo ins ance, E8 desc ibes ha p og ams and
classes eaching und aising and inance we e o en augh by
VCs, who we e mainly in e es ed in ge ing in o ma ion om
he s a -ups. The in e iewee sugges s in eg a ing mo e
ounde s, who ha e expe ienced he same jou ney:
“Le ing mo e independen ounde s speak a
e en s would p obably be help ul. Founde s
who ha e gone h ough all he phases and who
could poin ou exac ly wha is a ailable.” (E8)
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1851
Figu e 8: Subcode s a is ic incuba o s and ne wo ks
E5 ag ees wi h his and commen s ha ounde s ha e
a lo mo e ele an p ac ical knowledge and could, o in-
s ance, each o he en ep eneu s how o connec wi h in-
es o s. And inally, as al eady men ioned in he inancial
suppo chap e , E14 sugges ed combining public unds wi h
a men o ship p og am, whe e unded en ep eneu s ag ee o
engage in a suppo ne wo k o sha e hei expe ience wi h
he nex gene a ion o en ep eneu s.
In addi ion, i e expe s had ideas how incuba o s could
be imp o ed and expanded. Since a o dable lab space is
sca ce in Munich, i was sugges ed by ou expe s o c ea e
sha ed lab space, o ins ance in he o m o an incuba o (E5,
E6, E7, E8). These labs should ideally be equipped wi h ma-
e ials and de ices o enable young eams o es ideas easie .
Sha ing his space wi h o he eams would signi ican ly e-
duce he cos and addi ionally lead o an inc eased exchange
be ween he eams. Fo ins ance, E7 alks abou he e ec o
collabo a ion du ing an in e na ional boo camp:
“I mus say, h ough he con e sa ions ha he
people and he eams ha e wi h each o he , hey
ge mo e know-how han h ough he ad ice o
expe s. So, you can lea n qui e well om he
mis akes made by o he s.” (E7)
Fu he mo e, E7 calls o a c oss-sec ional incuba o o
connec he li e sciences wi h med ech and IT. Finally, E9 sug-
ges s expanding incuba o s o accommoda e o mo e pa ici-
pan ba ches and pe haps e en specialized ba ches wi h mo e
speci ic opics, o ins ance clinic au oma ion.
5.2.3. En ep eneu ial educa ion
One imp o emen a ea men ioned by six o he in e ie-
wees is en ep eneu ial educa ion. This includes inc eased
en ep eneu ial educa ion du ing and po en ially e en be-
o e uni e si y and imp o ing en ep eneu ial cul u e in gen-
e al. The numbe o expe s who men ioned each poin is
displayed in Figu e 9.
Fi s ly, ou in e iewees hough ha en ep eneu ial ed-
uca ion could be imp o ed du ing uni e si y p og ams, espe-
cially o medical and scien i ic disciplines (E1, E6, E8, E11).
E1 explains ha e en hough s uden s in hese deg ee p o-
g ams would be p edes ined o s a companies in his ield,
his aspec is no co e ed a all in hei s udies. E1 and E6
he e o e bo h sugges ha s uden s in scien i ic and medical
p og ams could be made mo e awa e ha e en basic esea ch
canno always be al uis ic bu should also lead o p oduc
de elopmen . E11 also p oposes eaching en ep eneu ial
compe ences ac oss mo e deg ee p og ams and no me ely in
business s udies. He u he sugges s in e disciplina y o e s
o PhD p og ams o s uden s who a e in e es ed in s a ing
a company:
“TUM is he en ep eneu ial uni e si y. You
could eally conside whe he you could inco -
po a e mo e in e disciplina y elemen s in o he
cu icula.” (E11)
Finally, E11 sugges s s a ing lec u e se ies wi h he s a -
up scene o b inging s a -up ai s di ec ly o he uni e -
si y campus o na u ally p omo e he exchange be ween
academia and ounde s.
The wo expe s E4 and E8 suppose ha en ep eneu ial
educa ion could be p omo ed e en be o e uni e si y, s a -
ing in seconda y school. E4 explains ha his educa ion
should be s a ed ea ly on o c ea e an unde s anding o en-
ep eneu ship in school and app en iceships. E8 ag ees and
s a es ha hese p og ams mus no only be aimed a uni-
e si y s uden s bu should be s a ed ea lie in he a ious
seconda y schools:
“I canno see any eason why you ha e o pu sue
an academic ca ee o unde s and ha you can
also ound.” (E8)
Finally, h ee in e iewees men ioned he need o im-
p o e he en ep eneu ship cul u e in he ecosys em (E4,
E5). They sugges ha by al eady s a ing en ep eneu ial
educa ion in school, a be e unde s anding o en ep eneu ial
alues could be c ea ed. These include pe sonal esponsibil-
i y, isk awa eness and dis ancing ou sel es om he gene al
cul u e o en y. Fu he mo e, ailu e should no be iewed
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581852
Figu e 9: Subcode s a is ic en ep eneu ial educa ion
as a s igma, bu should be iewed as a no mal p ocess and an
oppo uni y o lea n and imp o e. They explain hese poin s
as ollows:
“Someone who achie ed some hing mus be seen
in a posi i e ligh . This s a s e y ea ly and he e
we mus imp o e a lo .” (E4)
“I mus be comple ely no mal o someone o o-
ally ail wi h he i s wo companies and hen i
jus becomes he hi d.” (E5)
To imp o e he cul u e, E6 sugges s highligh ing success-
ul en u es o he heal h sec o e en mo e, as hey a e in he
ech indus y:
“You don’ see i much in bio ech o in heal h
ca e, e en hough i has such a huge impac on
all o ou li es. Tha should also happen much
mo e.” (E6)
5.2.4. A ailabili y o in o ma ion
I was highligh ed by six expe s ha he a ailabili y o
in o ma ion could be imp o ed in he Munich ecosys em.
This includes he c ea ion o an in o ma ion pla o m and an
o e iew o he a ailable ne wo ks, as shown in Figu e 10.
Fou expe s sugges ed c ea ing a pla o m wi h in o ma-
ion ega ding opics such as axes, hi ing and coope a ion
pa ne s (E3, E5, E8, E9). E5 explains ha i is ex emely
di icul o ind con ac s o ce ain p ac icali ies, o ins ance
pay oll accoun ing and ax ad iso s, as a young business, es-
pecially wi hou g oups such as he CDTM o Manage&Mo e.
E9 adds, ha e e y s a -up expe ience bea s simila p ob-
lems and challenges. A he momen , his in o ma ion is ex-
changed epea edly be ween indi idual ounde s o in ne -
wo ks:
“You ha e o click h ough he ne wo ks and ask
and ask and ask un il maybe someone knows
some hing. Su e, i ’s he no mal p ocess, bu
as I said, many o hese ques ions a e epea ed
e e y ew mon hs by di e en ounde s. You
could p obably also bundle hem oge he some-
whe e.” (E9)
E3 and E9 sugges an open-sou ce pla o m, which can
be edi ed and expanded by ounde s and con ains a lis o
con ac s o ce ain a eas and gene al bes p ac ices. In addi-
ion, E8 hinks he in o ma ion on inancing op ions o each
espec i e s a -up phase p o ided by independen ounde s
would be ex emely use ul.
Fu he mo e, ou expe s p opose a g ea e anspa ency
wi h ega ds o which ne wo ks and suppo p og ams a e
a ailable o s a -ups (E3, E8, E10, E14). A he momen , he
knowledge o ce ain ne wo ks is mos ly con eyed ia wo d
o mou h o in speci ic en ep eneu ship p og ams and he e-
o e does no each e e y s a -up. E14 sugges s linking he
public suppo p og ams such as public g an s mo e closely
wi h he ne wo ks:
“You could pe haps oblige e e y p og am o ne -
wo k suppo ed by s a e o egional unds o be
lis ed on some kind o ma ke place. Then he
young, commi ed people can educa e and o ien
hemsel es.” (E14)
In addi ion, E10 emphasizes ha s a -ups which a e no
associa ed wi h an accele a o p og am o uni e si y equi e
mo e guidance which ne wo ks a e a ailable. He sugges s
ha his in o ma ion could be p o ided when ounde s in e -
ac wi h ins i u ions anyway, o ins ance when egis e ing a
business.
5.2.5. Indus y collabo a ion
Finally, i e expe s ad oca ed imp o emen s wi h e-
ga ds o he collabo a ion wi h indus y pa ne s. The im-
p o emen poin s we e ca ego ized in o wo a eas: imp o -
ing he connec ion wi h indus y and c ea ing a s anda d
amewo k o collabo a ion, as shown in Figu e 11.
Se e al expe s a gue ha , al hough Munich has an ex-
ensi e heal h sec o ela ed indus y and he e o e high de-
mand, hese companies a e o en no accessible o s a -ups.
E14 sugges s ha exis ing ins i u ions such as he Chambe
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1853
Figu e 10: Subcode s a is ic a ailabili y o in o ma ion
Figu e 11: Subcode s a is ic indus y collabo a ion
o Indus y and Comme ce (Indus ie- und Handelskamme ,
IHK), which is in pa inanced by company con ibu ions,
could c ea e a po al and pe haps p o ide low h eshold
unding o inc eased exchange. E12 highligh s he need o
mo e ini ia i es p omo ing s uc u ed coope a ion p ojec s
be ween s a -ups and indus y:
“We need unc ioning p ojec s wi h pha maceu i-
cal companies and heal hca e ac o s, who eally
commi o ca ying ou join p ojec s wi h s a -
ups in a ce ain ime ame including ce ain pay-
men s.” (E12)
In addi ion, E9 ad oca es mo e men o ship om and col-
labo a ion wi h indus y in he e y ea ly s age. He especially
sees imp o emen po en ial in he collabo a ion wi h heal h-
ca e p o essionals as hey a e ch onically o e wo ked. The
in e iewee also sugges s expanding p og ams such as Inno-
a e Heal hca e o os e communica ion be ween s uden s
and he espec i e clinics and making hem a ailable a an
ea lie s age.
Las ly, E6 and E15 sugges he implemen a ion o a s an-
da d amewo k o he coope a ion o s a -ups and he
heal h sec o . Fo ounde s i can be challenging o connec
wi h heal hca e p o essionals o es hei solu ions, as many
heal hca e p o ide s ha e ese a ions due o egula o y o
compliance easons o o he conce ns. Howe e , he equi e-
men s a e o en he same:
“Ac ually, he ques ions a e always he same.
People ha e o ge an in e ace o he da a and
he hospi al in as uc u e o y hings ou . And
mee wi h ele an doc o s, who a e sensi ized
o he ac ha hey can help o d i e inno a ion
in hei daily hospi al ou ine.” (E15)
The e o e, he wo expe s p opose a s anda d in ellec-
ual p ope y deal o es ablish coope a ion be ween la ge
heal h ca e p o ide s and young esea che s and ounde s by
lowe ing he ba ie o clinics o engage in his ype o pa -
ne ship. As an example, E15 men ions he o ice o echnol-
ogy licensing in S an o d, which acili a es he collabo a ion
wi h clinics and he dis ibu ion o oyal ies.
5.3. Al e na i e ecosys em amewo k
Two in e iewees men ioned po en ial app oaches o an
al e na i e amewo k o he en ep eneu ial ecosys em el-
emen s. The amewo k desc ibed by E14 is illus a ed in
Figu e 12. Acco ding o he in e iewee, o mal ins i u ions,
in he sense o educa ional and esea ch ins i u es, and alen
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581854
o m one side o he amewo k. These wo elemen s co e-
la e wi h each o he as alen eme ges om he ins i u ions.
On he o he side, he posi ions demand and inance, whe e
ideas can be es ed and a e suppo ed by inancial esou ces.
Ne wo ks o m he connec ion be ween he wo sides. The
ne wo ks a e also esponsible o c ea ing he cul u e which
su ounds he en i e ecosys em and ensu ing knowledge is
exchanged be ween he di e en elemen s and s akeholde s.
Physical in as uc u e would be conside ed as lanking el-
emen , which does no wo k in isola ion, bu suppo s he
ecosys em. E1 adds ha o him he ne wo ks a e a combi-
na ion o in e media ies, knowledge, leade ship, alen , and
physical in as uc u e and ha all hese ac o s oge he con-
s i u e a s ong ne wo k.
6. Discussion
In he ollowing, he esea ch indings a e discussed in
he ligh o he esea ch ques ion and he cu en li e a u e
in he ield o en ep eneu ial ecosys ems. Following his, he
me hodological app oach is c i ically e lec ed, and esea ch
limi a ions a e discussed.
6.1. Discussion o he esul s
The aim o his s udy was o quali a i ely e alua e he
Munich en ep eneu ial ecosys em in he heal h sec o o
gain an unde s anding o he cu en s a e o he di e en ele-
men s and de elop ecommenda ions o ad ance he ecosys-
em. The e o e, he cen al esea ch ques ion was de ined
as “How can he Munich en ep eneu ial ecosys em in he
heal h ield become mo e e icien ?”. In he ollowing, he
main esea ch indings om he expe in e iews a e dis-
cussed, aking in o conside a ion he heo e ical concep s o
en ep eneu ial ecosys ems and he p esen esea ch ques-
ion.
Wi h ega ds o he cu en li e cycle s age, he Munich
ecosys em is likely s ill in i s g ow h phase. This phase is
ma ked by an inc easing numbe o new s a -ups, suppo
p og ams and inancing op ions and alen becoming mo e
en ep eneu ially minded.73 The esul s o he in e iews
con i m his p oposi ion. Fi s , i was men ioned mul iple
imes by se e al in e iewees ha he e is a mindse shi
among s uden s, academics, and indus y p o essionals o-
wa ds he s a -up sec o and en ep eneu ial p ojec s. Sec-
ond, specialized suppo s uc u es such as in e media ies
and ne wo ks a e inc easingly a ailable o he heal h sec-
o . Mul iple expe s commen ed ha he e is s ill an insu -
icien numbe o ne wo ks in Munich, bu hey a e no icing
cons an imp o emen s. Fo ins ance, new p og ams such
as he TUM Ven u e Lab Heal hca e a e being o med. And
hi d, he leade ship eedback loop in o he ecosys em is no
ully es ablished ye , as he e a e no enough expe ienced
ounde s ye in Munich. Mul iple expe s hink ha his is a
73 See Can ne e al. (2021, pp. 413-417).
unc ion o ime and a e con iden ha he amoun o leade -
ship and eedback o he ecosys em will imp o e in he nex
yea s, as mo e companies in he sec o ei he become suc-
cess ul o ail.
The in e iews e ealed he pe cei ed quali y o each el-
emen and imp o emen ideas, which we e g ouped in o i e
key a eas. Acco ding o he li e a u e on ecosys em go -
e nance, i is impo an o pa icula ly ocus on he weak-
nesses o he ecosys em, as hey can o m bo lenecks and
obs uc u he de elopmen and g ow h.74 The e o e, he
imp o emen ideas will be discussed in o de o he co e-
sponding ecosys em elemen s, s a ing wi h he lowes sco ed
elemen . Physical in as uc u e and leade ship we e a ed as
he weakes pa s o he Munich ecosys em. In e ms o he
in as uc u e, mos expe s c i icized ha a o dable labo a-
o y and o ice space is sca ce in Munich. The a ailable incu-
ba o s o en ha e long wai imes and end o a o la e s age
companies. To imp o e his weakness, se e al expe s sug-
ges ed he c ea ion o mo e sha ed lab space wi hin incuba-
o s, whe e se e al eams sha e equipmen and o ice space.
No only would his op ion be mo e a o dable o e y ea ly-
s age s a -ups, bu he esul ing exchange be ween he en-
ep eneu s has been claimed o be highly educa ional. Lead-
e ship has been a ed equally low by he in e iewees. On
one hand, he e a e simply no enough success ul ounde s
in he heal h sec o in Munich. On he o he hand, he ew
exis ing leade s a e o en no a ailable as men o s in he
ecosys em. Leade ship is a unc ion o ime and he con-
sequence o a p oduc i e ecosys em. The e o e, o inc ease
leade ship, he ecosys em as a whole mus be suppo ed so
i can gene a e p oduc i e en ep eneu ship and ul ima ely
aluable leade ship. Howe e , he e has been one ac ionable
imp o emen idea, namely he c ea ion o “En ep eneu ial
Ba ög”, which combines ea ly-s age inancing o s uden s and
young p o essionals wi h he c ea ion o mo e men o ship
and en ep eneu ship examples in Munich. Obliging unded
s uden s o sha e hei en ep eneu ship expe ience would
inc ease he a ailabili y o men o ship in he ecosys em. In
acco dance wi h go e nance p inciples in ecosys em li e a-
u e, hese wo ac o s should be gi en he highes p io i y
when designing go e nance ini ia i es.
The elemen o o mal ins i u ions, including he egu-
la o y amewo k and public ini ia i es, is he hi d o he
low sco e elemen s. Acco ding o Co en e e al. (2019),
“Go e nmen P og ams” a e he second mos impo an ac-
o de e mining he success o ecosys ems, as hey can sig-
ni ican ly accele a e o inhibi he g ow h o s a -up compa-
nies.75 The in e iewees o en c i icized he highly bu eau-
c a ic p ocesses and he lack o ax incen i es o s a -ups.
Fu he mo e, he incen i e s uc u e o public und commi -
ees has been claimed o be ine icien . In e ms o imp o e-
men ideas, se e al expe s men ioned he need o inancial
incen i es o en ep eneu s, such as simpli ica ion o he ax
74 See Aud e sch e al. (2016, p. 373).
75 See Co en e e al. (2019, p. 513).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1855
Figu e 12: Al e na i e en ep eneu ial ecosys em amewo k
on s a -up s ock op ions o discoun ed o ice space. Isen-
be g (2010) also emphasizes he need o e o m he eg-
ula o y amewo k o enable p oduc i e en ep eneu ship.
This can include emo ing adminis a i e and legal ba i-
e s and se ing he igh inancial incen i es.76 The in e ie-
wees also sugges ed linking public suppo p og ams mo e
closely o he p i a e sec o by c ea ing mo e balanced com-
mi ees and incen i izing decision make s wi h ca ied in-
e es . This sugges ion co esponds o he hi d p inciple o
Isenbe g (2010), which s a es ha he public sec o should
be engaged in designing en ep eneu ship policies and p o-
g ams.77 Al hough e o ming o mal ins i u ions is a di icul
and leng hy p ocess, i can signi ican ly con ibu e o accel-
e a ing en ep eneu ship. Howe e , his app oach canno be
e ec i e in absence o he o he imp o emen s men ioned in
his sec ion.
The a ailabili y o inance was a ed mos ly posi i ely
by he in e iewees, s a ing ha Munich is home o a good
ne wo k o VCs and o he p i a e in es o s. S ill, he mos
equen ly men ioned imp o emen poin o he Munich
ecosys em was o inc ease ea ly-s age inancing and enable
en ep eneu s o ob ain small g an s in an uncomplica ed
manne . These ideas include di e si ying he cu en sup-
po p og ams o enable li e science s a -ups o be unded
o longe ime pe iods and c ea ing p og ams which sup-
ply an ini ial low amoun o unding, ollowed by po en ial
successi e ounds. I is su p ising ha no sugges ions we e
exp essed ega ding he main poin o c i icism, which is he
lack o la e s age inancing op ions in Ge many. Howe e ,
i can be a gued ha coun e ac ing his p oblem is a he
di icul since his is mainly caused by he lack o la ge s ock
exchanges and la e-s age in es o s.
76 See Isenbe g (2010, p. 49).
77 See Isenbe g (2010, p. 44).
The en ep eneu ial cul u e was desc ibed o be e y
s ong wi hin ne wo ks, bu no as p onounced in b oade so-
cie y. Co en e e al. (2019) decla ed cul u e and he associ-
a ed social no ms as he mos impo an ac o impac ing he
success o en ep eneu ial ecosys ems.78 In line wi h hese
indings, six in e iewees p oposed measu es o inc ease
en ep eneu ial educa ion o imp o e he en ep eneu ship
cul u e in Munich. Since na u al scien is s, enginee s and
medical doc o s a e he mos quali ied o s a a business
wi hin he heal h sec o , i is impo an o include op ional
en ep eneu ship cou ses in hei s udies. In addi ion, p o-
mo ing en ep eneu ial educa ion be o e uni e si y can no
only c ea e his unde s anding o en ep eneu ship ea lie ,
bu also sha pen he awa eness in o he p o essions in he
sec o , such as nu ses and echnical assis an s. Finally, i is
sugges ed by he expe s o highligh success ul companies in
he heal h sec o o imp o e he cul u e. These ideas ma ch
wo o Isenbe g’s p inciples “Ge a big win on he boa d”
and “Tackle cul u al change head-on”. He emphasizes ha
isible, success ul en u es can educe he public pe cep-
ion o isks and ba ie s associa ed wi h en ep eneu ship.79
These ini ia i es a e ela i ely cheap and easily implemen ed
compa ed o o he sugges ions like inancial incen i es and
incuba o de elopmen . In addi ion, a good en ep eneu ial
cul u e is widely ega ded o be o pa amoun impo ance o
a success ul ecosys em and should he e o e be p io i ized
wi hin go e nance ini ia i es.
Se e al imp o emen ideas ela e o he en ep eneu ial
ne wo ks in Munich, which ha e been gi en an in e media e
sco e. The p inciples o en ep eneu ial go e nance con end
ha en ep eneu s should ac as cen al leade s wi hin he
s akeholde ne wo k o he ecosys em.80 This is e lec ed by
78 See Co en e e al. (2019, p. 513).
79 See Isenbe g (2010, p. 47).
80 See Kucke z (2019, p. 479 ).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581856
he desi e o he in e iewees o see mo e en ep eneu s in
key posi ions o ne wo ks and incuba o s. Howe e , his is di-
ec ly dependen on he p esence o success ul ounde s and
leade ship. One ela i ely s aigh o wa d imp o emen o
ne wo ks is o c ea e an o e iew o he exis ing ne wo ks
and suppo p og ams, o ins ance by in o ming ounde s
when hey a e egis e ing hei business. This simple mea-
su e would help o inc ease he each o cu en p og ams o
mo e s a -ups.
The elemen s o alen and in e media ies ha e been gen-
e ally a ed e y posi i ely. Owing o he wo majo uni e -
si ies TUM and LMU, he e is a lo o skilled alen in Munich
compa ed o o he Ge man ci ies. In e media ies a e also
su icien ly a ailable and a e becoming mo e specialized o-
wa ds he heal h sec o . Wi h ega ds o knowledge, ou in-
e iewees sugges ed he c ea ion o an in o ma ion pla o m
o sha e in o ma ion ega ding p ac icali ies such as axes,
coope a ion pa ne s and hi ing, as all s a -ups encoun e
simila challenges. Las ly, demand was he highes a ed ele-
men in he Munich ecosys em. Ne e heless, one o he i e
imp o emen a eas ela es o his ac o . Despi e he p esence
o many la ge companies in Munich, hey mus be made mo e
accessible o s a -ups. This should include s onge ma ch-
making by exis ing ins i u ions such as he IHK. Mo eo e ,
wo expe s ad oca ed a s anda d amewo k o he collabo-
a ion wi h hospi als and heal hca e p o essionals. Al hough
he heal hca e sec o is cu en ly al eady o e bu dened, he
one- ime in es men in such a amewo k could educe he
equi ed ime o u u e p ojec s, which could in u n lead o
mo e inno a ion in he heal h sec o .
The en ep eneu ial ecosys ems heo y was equen ly
c i iqued in ecen li e a u e o i s au ological concep and
i s missing explana ion o cause and e ec . The same poin s
we e aised in se e al in e iews, and wo expe s e en ou -
lined an al e na i e app oach o he ecosys em amewo k.
The sugges ed amewo k by E14 add esses he c i icized
weaknesses o he amewo k, as i s a s o cla i y ela ion-
ships and in e dependencies be ween he elemen s. Fu he -
mo e, he app oach di e en ia es be ween c i ical elemen s,
such as alen , cul u e, ne wo ks, demand and inance, and
lanking means such as physical in as uc u e. Al hough
i can be a gued ha physical in as uc u e is also essen-
ial in building an ecosys em as i p o ides he space o
en ep eneu ship and inno a ion o occu , i canno be allo-
ca ed he same weigh as he cen al ac o s o he ecosys em,
such as alen , and a he unc ions as enable .
The elemen s leade ship, in e media ies, and o mal in-
s i u ions in e ms o a egula o y amewo k we e no ye
clea ly posi ioned in he amewo k by E14. E1 men ioned
ha in e media ies and leade ship should o m pa o he
ne wo ks, and by ha logic be placed in he cen e o he
amewo k. I can be a gued ha leade ship s ongly co e-
la es wi h ne wo ks, as hese a e o en shaped and ope a ed
by leade s o he ecosys em. In e media y se ices could ei-
he o m pa o ne wo ks o ac as ecosys em enable , sup-
po ing en u es whene e necessa y. In my opinion, he eg-
ula o y amewo k can be posi ioned nex o he physical in-
as uc u e as an ecosys em enabling elemen . Regula ions
such as axa ion a e lanking ac o s, which guide and egu-
la e en ep eneu ship, bu should no ac as a cen al o ce.
Al hough his al e na i e amewo k is by no means com-
ple e, i can p o ide a s a ing poin o u he e inemen
o ul ima ely a i e a a s uc u e which cla i ies he cause
and e ec be ween he elemen s and can he e o e p o ide
some insigh o in o m u he esea ch and ecosys em policy.
6.2. Discussion o he me hodological app oach
The quali a i e app oach o he esea ch ques ion had he
ad an age ha , despi e he ela i ely low numbe o pa ici-
pan s, a lo o opinions on he Munich ecosys em and sugges-
ions o imp o emen could be acqui ed. The expe s we e
pu pose ully no guided in any di ec ion, which esul ed in
hones e iews o he cu en s eng hs and weaknesses o
he ecosys em and a a ie y o imp o emen a eas and con-
c e e ecommenda ions.
The selec ion o in e iew pa ne s ocused on ounde s,
in es o s and managing di ec o s o suppo o ganiza ions
in he wide heal h ield. Howe e , he associa ed ields o
bio ech, med ech and digi al heal h a e e y di e en in hei
esou ce equi emen s, p oduc de elopmen cycles and cus-
ome s. Fo example, while li e science s a -ups equi e lab-
o a o y space wi h elabo a e equipmen and ma e ials, dig-
i al heal h s a -ups simply equi e a small o ice space and
compu e s. Thei p oduc s and cus ome s a e also e y di -
e en . While p oduc de elopmen cycles in li e science and
med ech ypically ake yea s o comple e and equi e ex en-
si e clinical ials and subsequen egula o y app o al, many
digi al heal h p oduc s can be de eloped signi ican ly as e
and es ed mo e easily and on a b oade audience. These
di e ences complica ed he gene a ion o main imp o emen
a eas applicable o he en i e heal h sec o .
By only selec ing en ep eneu s, in es o s and suppo o -
ganiza ions, he measu emen o he en ep eneu ial ecosys-
em pa ame e s was po en ially sligh ly biased. This s udy
neglec ed o he s akeholde s o he en ep eneu ial ecosys-
em such as cus ome s in la ge co po a ions and s a -up em-
ployees. The e o e, especially he cul u e pa ame e migh
ha e an upwa d bias, as he in e iew pa icipan s end o be
su ounded by en ep eneu ial ne wo ks and suppo g oups
wi h a s ong en ep eneu ial mindse . As desc ibed in he
esul s sec ion, many companies and heal hca e p o ide s
a e pe cei ed o ha e ce ain ese a ions abou he coop-
e a ion wi h young s a -ups and alen o en imes p e e s
he wo king condi ions in la ge co po a ions. Howe e , his
s udy aims o e lec he hough s and opinions o he cen al
s akeholde s o he ecosys em and does no in end o p o-
ide an objec i e measu emen . In addi ion, he selec ion o
expe s was aligned wi h a simila s udy in he esea ch ield
by Spigel (2017), who conduc ed a case s udy on wo ecosys-
ems in Canada.81
81 See Spigel (2017, p. 59).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-1858 1857
To s uc u e he analysis and he in e iew guideline, he
en ep eneu ial ecosys ems amewo k was used. Al hough
he amewo k was help ul in o ganizing he elemen s and
p o ided a s uc u e o he expe in e iews, i has se e al
sho comings. Fi s , al hough he elemen s a e collec i ely
exhaus i e, which he expe s all ag eed on, hey a e no en-
i ely mu ually exclusi e. This makes i ex emely di icul o
analyze he elemen s indi idually and unde s and hei ole
in he ecosys em. Fo ins ance, o mal ins i u ions, alen ,
and knowledge s ongly co ela e wi h each o he . Fo mal in-
s i u ions such as good uni e si ies o m he basic condi ion
o well-educa ed alen . Knowledge, on he o he hand, is
o en ied o chai s and p o esso ships a uni e si ies and o
he alen conduc ing he esea ch o ope a ing a company.
In e media ies and o mal ins i u ions a e also no always se-
lec i e, as ne wo ks and suppo p og ams by o mal ins i u-
ions could be alloca ed o bo h elemen s. Fo ins ance, TUM
S a -up Consul ing is a consul ancy se ice by he uni e si y
o suppo s uden s o scien is s a TUM who wan o s a
hei own company and could be a ibu ed ei he o he o -
mal ins i u ions o in e media ies.
In addi ion, wi h he p esen selec ion o in e iewees,
no e e y elemen was applicable o e e y pa icipan . Fo
ins ance, he elemen o inance was di icul o a e o
ounde s who ha e g own hei company o ganically and
he e o e ne e ob ained ex e nal inancing h ough public
g an s o p i a e in es o s. The elemen s a e also no all
easily applicable o one single loca ion. In e ms o in e -
media ies, i is no impo an ha all necessa y in e media e
se ices like consul ancy se ices and legal ad ice a e si -
ua ed in Munich. Many in e iewees u ilize se ices and
collabo a e wi h consul an s, who a e based in Be lin o
e en ou side o Ge many. Demand is also no cons ained o
one loca ion, as he heal h sec o is a global indus y. Fu -
he mo e, he amewo k assumes ha all en elemen s a e
equally impo an in an en ep eneu ial ecosys em. How-
e e , i can be easily a gued ha ce ain elemen s should
be gi en a s onge weigh ing, such as demand and inance,
wi hou which a company could no sus ain i sel . Finally,
he esul s ob ained we e limi ed by he de ined sample size.
Theo e ically, i would be op imal o conduc expe in e -
iews un il no new insigh s can be gained. Un o una ely,
due o ime es ic ions his was no possible.
As pa o he analysis, he a ing o he indi idual el-
emen s by he in e iewees was illus a ed in a box and
whiske plo , including he calcula ion o he mean and qua -
iles o each elemen . Despi e he p ima ily quali a i e o m
o analysis, his o m o p esen a ion seemed app op ia e o
gi e an imp ession o he pe cei ed quali y o he di e en
elemen s. Due o he small sample size o 15, hese numbe s
a e no gene alizable since hey me ely exp ess he opinions
o he selec ion o expe s and a e he e o e pu pose ully no
men ioned equen ly in he es o he hesis.
7. Conclusion
The objec i e o his s udy was o quali a i ely assess he
en ep eneu ial ecosys em in Munich and gene a e ecom-
menda ions o imp o emen , answe ing he esea ch ques-
ion “How can he Munich en ep eneu ial ecosys em in he
heal h sec o become mo e e icien ?”. The aim o he hesis
was achie ed by ex ac ing sugges ions om he expe in e -
iews and subsequen ly o ganizing and summa izing hem
in o i e main imp o emen a eas. Fi s , inancial suppo
could be imp o ed by o e ing mo e ea ly-s age inancing,
en ep eneu ship incen i es as well as upda ing he s uc u e
o public unds. Second, incuba o s could be e ined o o e
mo e sha ed labo a o y space and ba ches, and ne wo ks and
men o ship need o be imp o ed, o ins ance by inco po a -
ing mo e ounde s. Thi d, en ep eneu ial educa ion should
be inc eased bo h be o e and du ing uni e si y and success ul
en u es need o be highligh ed mo e. Fou h, he a ailabil-
i y o in o ma ion needs o be imp o ed o ounde s. This
includes c ea ing an o e iew o he a ailable ne wo ks and
a pla o m wi h in o ma ion abou p ac icali ies in he en-
ep eneu ship p ocess. Finally, collabo a ion wi h indus y
needs o be simpli ied, by c ea ing a s onge ma chmaking
p ocess and gene a ing a s anda d amewo k o coope a-
ion p ojec s.
These indings a e no only aluable o he s udy o
en ep eneu ial ecosys ems, bu also ha e p ac ical appli-
ca ions. The esea ch communi y can bene i om he al-
e na i e ecosys ems amewo k o enhance he ecosys ems
amewo k. Inco po a ing he in e nal dynamics and ela-
ionships wi hin an ecosys em is essen ial o a mo e nuanced
unde s anding o how en ep eneu ial ecosys ems esul in
p oduc i e en ep eneu ship. Pe haps e en mo e impo -
an ly, he esul s o e an assessmen o he en ep eneu ial
ecosys em in he Munich heal h sec o and po en ial a eas
o imp o emen . As s a ed in he li e a u e e iew, go e -
nance ini ia i es o en ail o accomplish he desi ed esul s,
as s a egies a e simply copied om o he loca ions.82 The e-
o e, i is c ucial o ocus on local cha ac e is ics o de ise
go e nance ini ia i es aiming o imp o e he ecosys em.
This case s udy on he Munich ecosys em iden i ies he local
s eng hs and weaknesses and sugges ions by cen al s ake-
holde s o he ecosys em. Consequen ly, hese esul s can be
aken as a s a ing poin o a s a egy o make his ecosys em
mo e e ec i e. The esul s o his s udy migh also lead o in-
dica ions in simila esea ch and knowledge in ensi e ields.
Indus ies such as a ia ion and au omo i e ha e simila ly
long de elopmen pe iods and he e o e simila ecosys em
equi emen s.
Fu he esea ch a enues in he ield o en ep eneu ial
ecosys ems could encompass he e inemen o he ame-
wo k and case s udies in o he geog aphic loca ions o wi h
a b oade selec ion o in e iewees. As elabo a ed in he e-
sea ch limi a ions, he ecosys ems amewo k is no en i ely
82 See Colombelli e al. (2019, pp. 505-507).
A. H. James /Junio Managemen Science 9(3) (2024) 1836-18581858
mu ually exclusi e and does no cla i y he connec ions be-
ween he elemen s. Fo u he esea ch on en ep eneu ial
ecosys ems, i could be help ul o u he e hink he ame-
wo k and inco po a e he ela ionships and connec ions be-
ween he elemen s. In addi ion, he de elopmen o a dy-
namic pe spec i e o explain he e olu ion o an ecosys em
o e ime would be use ul o a i e a a holis ic unde s and-
ing o en ep eneu ial ecosys ems. Secondly, his ype o case
s udy could be applied o o he loca ions, o ins ance Be lin,
o c ea e an unde s anding o he quali y o o he ecosys-
ems in he heal h sec o . Fu he esea ch could also look
a he opic om a b oade pe spec i e, such as consul ing a
b oade selec ion o in e iewees. By including, o ins ance,
employees o s a -ups and indus y p o essionals collabo a -
ing wi h en ep eneu s, a la ge p opo ion o s akeholde s
would be co e ed which migh o e a mo e ealis ic unde -
s anding o he ecosys em.
The en ep eneu ial ecosys em in he heal h sec o in Mu-
nich has gained conside able momen um and is cu en ly
g owing in size. The ela ed bio ech, med ech and digi al
heal h indus ies gene a e a eal impac o ou economy, so-
cie y, and echnological expe ise. The e o e, i should be
o u mos impo ance o policymake s, in es o s, and o he
ecosys em s akeholde s o suppo and u he expand his
en ep eneu ial ecosys em.
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