Ka o, Ahmed Idi; Chiloane-Tsoka, Ge minah E elyn
A icle
T ans o ming ea ly-s age i ms in eme ging coun ies:
Un eiling he powe o en u e capi al; a compa a i e
s udy o Sou h A ica and Kenya
Cogen Business & Managemen
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Sugges ed Ci a ion: Ka o, Ahmed Idi; Chiloane-Tsoka, Ge minah E elyn (2024) : T ans o ming ea ly-
s age i ms in eme ging coun ies: Un eiling he powe o en u e capi al; a compa a i e s udy
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T ans o ming ea ly-s age fi ms in eme ging
coun ies: Un eiling he powe o en u e capi al;
a compa a i e s udy o Sou h A ica andKenya
Ahmed Idi Ka o & Ge minah E elyn Chiloane-Tsoka
To ci e his a icle: Ahmed Idi Ka o & Ge minah E elyn Chiloane-Tsoka (2024) T ans o ming
ea ly-s age fi ms in eme ging coun ies: Un eiling he powe o en u e capi al; a compa a i e
s udy o Sou h A ica andKenya, Cogen Business & Managemen , 11:1, 2360502, DOI:
10.1080/23311975.2024.2360502
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2024, VoL. 11, no. 1, 2360502
T ans o ming ea ly-s age i ms in eme ging coun ies: Un eiling he
powe o en u e capi al; a compa a i e s udy o Sou h A ica
and Kenya
ahmed idi Ka o and Ge minah E elyn chiloane- soka
Depa men o applied Managemen College o economic Managemen sciences, uni e si y o sou h a ica, P e o ia, sou h
a ica
ABSTRACT
his s udy examines he ans o ma i e ole o c in es men s in he g ow h and
de elopmen o ea ly-s age i ms in sou h a ica and Kenya. While he impo ance o
en ep eneu ship in socioeconomic p og ess is ecognized, he a ailabili y o sus ainable
unding o inno a i e ea ly-s age i ms emains a c i ical issue. c inancing o e s a
compe i i e ad an age o e o he unding sou ces, making i a p omising a enue o
suppo ing ea ly-s age i ms. his esea ch employs a mul i- eg ession model and su ey
da a om 61 c i ms, encompassing o e 327 in es men ounds be ween 2015 and
2022, ob ained om c oss-coun y panel da a. he esul s unde line he subs an ial
impac o c in es men on he ans o ma ion o ea ly-s age i ms wi h g ow h
po en ial. in addi ion, his s udy iden i ies he nega i e in luence o dis up i e
go e nmen policies and egional p og ams on he success and su i al o high-g ow h
i ms. he eluc ance o go e nmen s o implemen suppo i e egula o y e o ms
hampe s he de elopmen o hese i ms. his s udy con ibu es in wo main ways.
Fi s ly, i p o ides one o he i s compa a i e su eys on he posi i e impac o c in
enhancing he esilience and g ow h o ea ly-s age i ms in a ica, o e ing aluable
insigh s o policymake s and ci il socie y in a ac ing inc eased o eign c in es men .
secondly, i unde sco es he need o u he heo e ical and empi ical esea ch o
unde s and he ole o c inancing in nu u ing high-g ow h i ms and inno a i e
en ep eneu ship. B idging his esea ch gap can con ibu e o he ad ancemen o c
ecosys ems in eme ging economies and acili a e he eplica ion o success ul models
obse ed in de eloped coun ies.
1. In oduc ion
in he ealm o economic g ow h, small and medium en e p ises (sMEs) play a pi o al ole as dynamic
engines o p og ess. hey accoun o 90% o businesses and o e 50% o employmen wo ldwide (iFc,
2018). enowned schola s ha e long hailed hem as c ucial d i e s o compe i ion, economic g ow h,
and job c ea ion, especially in eme ging economies (abisuga-oyekunle E al., 2020; iFc, 2018; Kinds öm
e al., 2024; Wo ld Bank, 2019). Despi e hei immense po en ial, howe e , sMEs ace signi ican chal-
lenges in accessing sus ainable inance, human capi al, and echnological esou ces. hese limi a ions
pose subs an ial h ea s o hei expansion and hinde hei abili y o each hei ull po en ial
(and ade- ojas e al., 2024; Egu & chiloane- soka, 2023). Mo eo e , he su i al and success o sMEs
hinge on hei abili y o secu e sus ained inancing du ing hei ea ly s ages o g ow h (Kinds öm
e al., 2024).
en u e capi al ( c) inancing o e s a ascina ing al e na i e o s a -up i ms ha lack he his o ical
inancial s a emen s o angible asse s equi ed by adi ional inancial ins i u ions (cummings &
Macin osh, 2003; hamman e al., 2021; le ne , 2010; Mege sa, 2020; sa ca, 2021; Wo ld Bank, 2019).
© 2024 he au ho (s). Published by in o ma uK Limi ed, ading as aylo & F ancis g oup
CONTACT ahmed idi Ka o [email p o ec ed] Depa men o applied Managemen College o economic Managemen sciences,
uni e si y o sou h a ica, P e o ia 0002, sou h a ica
h ps://doi.o g/10.1080/23311975.2024.2360502
his is an open access a icle dis ibu ed unde he e ms o he C ea i e Commons a ibu ion License (h p://c ea i ecommons.o g/licenses/by/4.0/), which
pe mi s un es ic ed use, dis ibu ion, and ep oduc ion in any medium, p o ided he o iginal wo k is p ope ly ci ed. he e ms on which his a icle has been
published allow he pos ing o he accep ed Manusc ip in a eposi o y by he au ho (s) o wi h hei consen .
ARTICLE HISTORY
ecei ed 15 Feb ua y
2024
e ised 16 May 2024
accep ed 17 May 2024
KEYWORDS
en u e capi al;
ea ly-s age i ms;
economic g ow h;
en ep eneu ship in
eme ging coun ies;
sou h a ica; Kenya
JEL CLASSIFCATION
G2; G24; l26J
REVIEWING EDITOR
E ic liguo i, Flo ida s a e
uni e si y, uni ed s a es
SUBJECTS
En ep eneu ial Finance;
En ep eneu ship and
small Business
Managemen ;
Managemen o
echnology & inno a ion
2 a. i. Ka o anD G. E. chiloanE- soKa
access o sus ained inancing is c ucial o s a up i ms o uel hei inno a ion, p oduc i i y, g ow h and
de elopmen , and he comme cializa ion o he en ep eneu ship sec o a la ge (ahls om & B u on,
2006; B usche, 2016; Ko um & le ne , 2001; amalho, 2010). in addi ion, sus ained inancing p o ides
he necessa y esou ces o high-g ow h i ms (hGFs) o in es in esea ch and de elopmen ( &D), hi e
skilled employees, en e new ma ke s, and na iga e unce ain ies. Mo eo e , i enables hGFs o seize
g ow h oppo uni ies, s ay compe i i e, and c ea e economic alue, he eby con ibu ing o o e all eco-
nomic de elopmen .
consequen ly, scaling up c supply coupled wi h s a egic guidance, and ma ke access in sou he n
and Eas a ica can signi ican ly ans o m hese sMEs om s a -up o scale-up. his allows sMEs o
inno a e, g ow, and po en ially become household names, making c in es men a powe ul ca alys
o sMEs in eme ging economies. o la e, unlocking g ow h po en ial and os e ing high-g ow h i ms
has become a ocal poin o esea che s, policymake s, and in es o s. esea che s such as Demi
e al., 2017) del e in o his a ea, while policymake s seek e ec i e s a egies o job c ea ion.
Meanwhile, in es o s eage ly alloca e esou ces o h i ing sMEs, as emphasized by (e.g.; coad &
s hoj, 2020; B own e al., 2020; Decke e al., 2016; F ia & Meye , 2003; Gu e al., 2018; Ka o &
Ge minah, 2022; le ne , 2009; Micce i, 1989). his demons a es he demand o a mul i- ace ed
app oach in he jou ney o ans o m he sME sec o .
his s udy seeks o unde s and how c can e ec i ely ans o m ea ly-s age i ms and con ibu e o inno-
a ion, job c ea ion, and economic g ow h in he en ep eneu ial ecosys ems o Kenya and sou h a ica.
Ea lie s udies on c ha e p o ided aluable insigh s om a ious pe spec i es. in pa icula , Mo ei a
e al. (2024) conduc ed a compa a i e s udy o he in e na ionaliza ion o sMEs in a ica and la in
ame ica. le ne and nanda (2020) examined he ole o c in en ep eneu ship de elopmen , ocusing
p ima ily on ad anced economies. simila ly, cumming e al. (2018) explo ed he digi aliza ion o he
en u e capi al indus y in Eu ope. a s udy by Ka o and chiloane- soka (2022) e alua ed he impac o
en u e capi al on nu u ing en ep eneu ship de elopmen in Eas a ica, using a eg ession model. he
empi ical analysis conduc ed by lampada ios e al. (2017) ocused on he success ac o s o sMEs since
he ea ly 1990s, s essing he need o u he empi ical esea ch o es ablish a mo e cohesi e and com-
p ehensi e unde s anding o he ac o s ha con ibu e o he success o sMEs.
While hese s udies con ibu e o an unde s anding o ans o ming ea ly-s age i ms in eme ging
coun ies, he e is s ill a signi ican gap in he li e a u e ega ding he powe o c in es men in
ans o ming ea ly-s age i ms in a ica, speci ically in he con ex o s a ups o scale. Fu he mo e,
while he indings o Gompe s e al. (2020) a e compelling, he e is an undeniable need o his s udy
o ill his gap and p o ide insigh s in o he ans o ma i e po en ial o c in ea ly-s age i ms in
eme ging economies, wi h a speci ic ocus on Kenya and sou h a ica. his a ea emains la gely
unin es iga ed, despi e i s impo ance in d i ing inno a ion, job c ea ion, and economic g ow h in
eme ging economies.
Despi e p e ious e o s o examine he powe o c on he ans o ma ion o ea ly-s age i ms, he e
a e s ill signi ican gaps and unanswe ed ques ions in he li e a u e. one no able limi a ion is he lack o
a sui able unding sou ce o high-g ow h en ep eneu ship (amo nsi ipani ch e al., 2016; Ba ney &
Zajac, 1994; B a o-Biosca e al., 2016), lea ing he ques ion o whe he c in es men posi i ely in lu-
ences he p og ess o hGFs un esol ed. Mo eo e , p e ious s udies ha e ocused p edominan ly on
high- echnology sec o s, such as hose seen in silicon alley, he camb idge a ea, and Mon pellie , which
a e conside ed he p ima y gene a o s o po en ial hGFs (sipola, 2021). his biased unding app oach
neglec s he manu ac u ing and se ice sec o s, which cons i u e a subs an ial po ion o sMEs and ha e
he po en ial o apid en ep eneu ial g ow h (snyman e al., 2014). Mo eo e , he li e a u e ails o ec-
ognize he oppo uni ies hey p esen o economic de elopmen . he e o e, i is impe a i e o add ess
hese gaps and limi a ions o gain a mo e comp ehensi e unde s anding o he impac o c in es men
on high-g ow h en ep eneu ship ac oss a wide ange o sec o s in he economy.
he mo i a ion o his s udy s ems om he lack o a comp ehensi e analysis o his subjec by ea -
lie schola s, as hei conclusions ha e o en been b oad and lacking in p ac ical alue o encou aging
he de elopmen o hGFs.
How does en u e capi al con ibu e o he ans o ma ion o ea ly-s age i ms in eme ging coun ies like Sou h
A ica and Kenya?
coGEn BusinEss & ManaGEMEn 3
his s udy makes wo signi ican con ibu ions: i s ly, policy Guidance. esea ch on ans o ming
ea ly-s age i ms in eme ging coun ies, speci ically in sou h a ica and Kenya, p o ides aluable insigh s
o policymake s when de eloping a ge ed policies and ini ia i es ha suppo he g ow h o hese
i ms and c ea e an enabling en i onmen o c in es men . secondly, in es o Decision-Making: he
s udy in o ms in es o s in e es ed in eme ging ma ke s, helping hem o unde s and he ans o ma i e
powe o c in ea ly-s age i ms. his knowledge could guide hei in es men decisions and s a egies,
maximizing hei impac in suppo ing he g ow h and de elopmen o hese i ms in eme ging coun ies.
he s uc u e o his pape is as ollows: sec ion 2 p o ides a comp ehensi e e iew o he exis ing
li e a u e and es ablishes he heo e ical amewo k o he s udy. sec ion 3 ou lines he esea ch design
and desc ibes he da a used in he analysis. in sec ion 4, da a analysis using a ious app oaches and
in e ences is p esen ed. sec ion 5 highligh s he p ima y indings and emphasizes he s eng hs and
con ibu ions o he s udy. sec ion 6 concludes he pape by summa izing he key indings, discussing
hei implica ions o c li e a u e, add essing any limi a ions, and p oposing di ec ions o u u e esea ch.
in addi ion, he policy implica ions de i ed om hese indings a e explo ed. his s uc u e ensu es a
cohe en p esen a ion o he esea ch p ocess and acili a es a ho ough unde s anding o he s udy’s
ou comes and b oade implica ions.
2. Li e a u e e iew and hypo heses
2.1. T ans o ma i e ole o VC in es men in ea ly-s age i ms
in he wo ld o economic g ow h, sMEs as dynamic engines o p og ess ha e long been ecognized by
in luen ial schola s as ca alys s o change. howe e , despi e hei ema kable po en ial, sMEs ace signi -
ican challenges in he o m o limi ed access o i al inancing esou ces, human capi al and echnolog-
ical esou ces, which hinde s hei expansion and p e en s hem om eaching hei ull po en ial
(and ade- ojas e al., 2024; Egu & chiloane- soka, 2023; nicholls nixon & Maxheime , 2022; okpala, 2012;
poland, 1995; saz a & Yahyazadeh a , 2019; shane, 2009). his obs acle p esen s a ba ie o g ow h
oppo uni ies o coun less small businesses wo ldwide.
en u e capi al ( c) is ecognized as a powe ul ca alys o he g ow h and ans o ma ion o
ea ly-s age i ms, pa icula ly in eme ging economies (Ka o, 2023; le ne & nanda, 2023) his li e a u e
e iew aims o del e in o he expansi e body o esea ch on his opic, shedding ligh on he mul ilay-
e ed posi i e impac s o c. he esea che s assess he wo k o se e al schola s and indus y expe s,
including he mechanisms h ough which c in luences i m de elopmen , inno a ion, and economic
g ow h. Finally, his comp ehensi e e iew se es as a solid ounda ion o he o mula ion o he s udy’s
hypo heses, he eby ensu ing a obus and insigh ul analysis o he ans o ma i e ole o c in eme g-
ing economies.
2.2. Global models o en u e capi al success
in he global c landscape, ce ain coun ies ha e de eloped ib an ecosys ems and achie ed no able
success in c in es men s, inno a ion, and economic g ow h. hese successes se e as models o eme g-
ing economies such as sou h a ica and Kenya (le ne , 2010; le ne and nanda (2023); na ional en u e
capi a associa ion (B own e al., 2022). he us, pa icula ly h ough silicon alley in cali o nia, is a he
o e on o his lis . silicon alley has nu u ed nume ous success ul companies, including Google,
Facebook and amazon, a ibu ing hei achie emen s in pa o c in es men s ha p o ided essen ial
capi al, expe ise, and ne wo ks o g ow h (cummings & Macin osh, 2003; Gompe s e al., 2020). he us
and i s silicon alley model ha e become a global benchma k o in eg a ing c in he en ep eneu ial
ecosys em, showcasing i s powe o os e inno a ion, job c ea ion and economic de elopmen (Mason
& B own, 2013; s andae e al., 2021; s andae e al., 2022; ca ee & hu ik, 2010; i anen, 2001; Wang,
2016) c i ms no only o e inancial esou ces bu also expe ise and ne wo king oppo uni ies, playing
a i al ole in he g ow h and success o iconic companies. his model o e s aluable lessons o eme g-
ing economies by emphasizing he impo ance o building suppo i e ecosys ems ha encou age c
in es men s and nu u e ea ly-s age i ms (ande son, 2023).
4 a. i. Ka o anD G. E. chiloanE- soKa
in a ica, he c landscape is s ill e ol ing, bu no able success has been obse ed in sou h a ica’s
silicon cape and Kenya’s silicon sa annah ecosys ems. he silicon cape in cape own has os e ed he
g ow h o success ul companies such as JuMo, Yoco, sweepsou h, ae obo ics and luno, ope a ing in he
in ech, paymen solu ions, on-demand se ices, da a analy ics, and c yp ocu ency sec o s. in Kenya,
sa a icom’s M-pesa, wiga Foods, sendy and cellulan ha e made signi ican s ides in mobile money,
supply chain op imiza ion, logis ics, and digi al paymen s (a ca, 2023; pa ech, 2023). hese success s o-
ies demons a e he po en ial o c in es men s in d i ing inno a ion, job c ea ion, and economic
g ow h in eme ging economies, highligh ing he ans o ma i e powe o c in a ica.
2.3. Con ibu ion o VC o su i al and success o HGFs in eme ging economies
he ole o c inancing in he su i al and success o high-g ow h i ms (hGFs) in sou he n and Eas
a ica is a opic o signi ican in e es and impo ance. se e al s udies ha e explo ed his a ea, shed-
ding ligh on he po en ial oppo uni ies, challenges and u u e esea ch di ec ions. he seminal wo ks
o cummings and Macin osh (2003), yk o á (2018), le ne and nanda (2020),Wen ao and Qian (2018),
Wen ao e al. (2018), Zhao e al. (2015), c unchbase (2022), E ns and Young (2022), and Ka o and
chiloane- soka (2022) ha e laid he ounda ion o subsequen esea ch in his ield. c inancing
o e s se e al oppo uni ies o hGFs in bo h de eloped and eme ging coun ies. o begin wi h, c
in es men s can p o ide c ucial inancial esou ces o uel he g ow h and expansion o hGFs. his
unding suppo s p oduc de elopmen , ma ke -en y, and scaling ope a ions, which a e i al o su -
i al and success. Fu he mo e, cs o en b ing indus y expe ise, ne wo ks and men o ship o he
able, o e ing s a egic guidance and connec ions ha can enhance he capabili ies and compe i i e-
ness o hGFs (Gompe s e al., 2020; Ka o, 2023; Wen ao & Qian, 2018; c unchbase, 2022; E ns &
Young, 2022).
s udies ha e shown ha coun ies suppo ing inno a ion-d i en en ep eneu s and hGFs ha e
achie ed supe io en ep eneu ship de elopmen , as seen in he us silicon alley and he Yozma model
in is ael (le ne , 2010; long e al., 2022). c-backed hGFs end o ha e highe g ow h a es, inc eased
inno a ion and imp o ed access o ne wo ks and esou ces (Go man & sahlman, 1989; sipola, 2021).
posi i e ela ionships ha e been obse ed be ween c i m se ices and en u e- unded i m pe o -
mance, including highe cash low and sales g ow h (Jain & Kini, 2000; sapienza, 1992).
in sou h a ica, success s o ies can be ound in a ious sec o s including echnology, in ech, enew-
able ene gy, and e-comme ce. companies such as JuMo, Yoco, and sweepsou h ha e ecei ed signi ican
c unding and ha e achie ed ema kable g ow h, con ibu ing o job c ea ion and economic de elop-
men . simila ly, in Kenya, he success o companies such as M-Kopa sola , cellulan , and wiga Foods can
be a ibu ed o inno a i e business models ha add ess speci ic ma ke needs, such as M-Kopa sola ’s
pay-as-you-go model. access o c unding, coupled wi h ma ke expansion and s a egic collabo a ion,
plays a pi o al ole in he success o hese companies, leading o job c ea ion, economic de elopmen ,
and posi i e social change in eme ging na ions (le ne & nanda, 2020).
esea ch conduc ed in sou h a ica and Kenya has highligh ed he posi i e impac o c unding on
he su i al a e and scalabili y o hGFs. acco ding o snyman e al., 2014). c-backed i ms in sou h
a ica had highe su i al a es han non- c-backed i ms, sugges ing ha c in es men p o ides hGFs
wi h he inancial s abili y and suppo equi ed du ing he ea ly s ages o business de elopmen . Mu u i
and nje u (2019), e ealed ha c-backed i ms in Kenya expe ienced highe e enue g ow h and we e
mo e likely o expand in o new ma ke s han non- c-backed i ms. his indica es ha c inancing no
only p o ides capi al, bu also enables hGFs o access aluable ne wo ks, indus y expe ise, and he
s a egic guidance necessa y o scaling hei ope a ions.
al hough some s udies p o ide aluable insigh s, he e a e s ill gaps in he li e a u e ha need o be
add essed. he si ua ion ega ding c in es men and i s con ibu ion o business su i al and g ow h
in a ica di e s om ha in he us and Eu ope. a mo e in-dep h analysis o speci ic sec o s and indus-
ies is needed i we a e o unde s and he unique oppo uni ies and challenges aced by hGFs in sou h
a ica and Kenya (Maniga e al., 2002; B usche, 2016). limi ed access o c unding emains a signi i-
can hu dle, pa icula ly o ea ly-s age and non- adi ional en u es in a ica, hinde ing he abili y o
businesses o secu e necessa y capi al.
coGEn BusinEss & ManaGEMEn 5
a ican ma ke s a e s ill in he ea ly s ages o de elopmen and lack a well-es ablished exi ma ke
and expe ienced in es o s. samila and so enson (2011) a gue ha he e has been li le empi ical in es-
iga ion in o c claims as a s imulus o economic g ow h. hey ques ion assump ions abou he neces-
si y o c unding o he exis ence o c- unded i ms and he alue c ea ed by employees in hese
i ms when compa ed o non- c- unded i ms. While hese s udies holds g ea p omise, i was conduc ed
13 yea s ago and ocused on no h ame ica, lea ing a gap o u u e esea ch in sou he n and Eas a ica.
F om a di e en s andpoin , some schola s ha e o e ed mixed conclusions, sugges ing ha mishan-
dled go e nmen c (G c) may c owd ou p i a e c (p c) and encou age unp oduc i e en ep eneu -
ship (le ne , 2010; long e al., 2022). his inding highligh s he impo ance o inding a balance in
go e nmen in e en ions o ensu e he posi i e impac o c unding. Fu he mo e, he lack o a de el-
oped exi ma ke , such as ini ial public o e ings o acquisi ions, can limi po en ial e u ns o c in es-
o s and c ea e challenges o hGFs seeking liquidi y e en s (humph ey-Jenne & sucha d, 2013; Jiang
e al., 2014; Ko um & le ne , 2001). howe e , he c ma ke in sou h and Eas a ica is s ill young and
cons ained, and i has no played i s ole ully when compa ed o ma u e ma ke s in de eloped coun-
ies (ahls om & B u on, 2006; E ns & Young, 2016). his highligh s he need o con inued e o s o
add ess hese challenges and o os e a mo e obus and suppo i e c ecosys em in he egion. his
s udy was in ended o o e no el da a ha could p o ide a mo e nuanced unde s anding o he impac
o c on hGFs and o p o ide insigh s o policymake s, en ep eneu s and in es o s o suppo and
os e he g ow h o hGFs in eme ging economies.
he li e a u e e iewed ea lie es ablishes he hypo hesis (H1) VC inancing has a posi i e impac on he
su i al and success o high-g ow h i ms in eme ging economies.
2.4. Role o en u e capi al in en ep eneu ship de elopmen and economic g ow h
en u e capi alis s ( cs) play a c ucial ole in d i ing en ep eneu ship and economic g ow h in eme g-
ing economies. hey se e as sou ces o capi al, expe ise and ne wo ks o en ep eneu s, enabling hem
o o e come ba ie s and seize oppo uni ies. esea ch has highligh ed he impo ance o cs in sup-
po ing en ep eneu ship de elopmen . cs p o ide en ep eneu s wi h no only inancial esou ces bu
also s a egic guidance and men o ship. hey o en b ing indus y expe ise and ne wo ks ha can help
en ep eneu s o na iga e he challenges o s a ing and scaling up hei en u es. his suppo is pa -
icula ly aluable in eme ging economies, whe e en ep eneu s may ace limi ed access o capi al and a
less-de eloped en ep eneu ial ecosys em.
Fu he mo e, he ole o cs ex ends beyond indi idual en u es. hey con ibu e o he de elopmen
o a b oade en ep eneu ial ecosys em by os e ing collabo a ion, knowledge sha ing, and he c ea ion
o suppo i e ins i u ions. Mu u i and nje u (2019), emphasized he ole o cs in building ne wo ks and
ecosys ems ha enable en ep eneu s o access esou ces, ma ke s and alen . Fi s ly, mo e esea ch is
needed o unde s and he speci ic s a egies and app oaches employed by cs o suppo en ep eneu -
ship in eme ging economies. hese s a egies may a y depending on he de elopmen al s age, cul u al
con ex and sec o -speci ic dynamics. secondly, he impac o cs on he b oade en ep eneu ial eco-
sys em dese es u he explo a ion. his includes examining he de elopmen o suppo i e ins i u ions,
ne wo ks and in as uc u es ha acili a e en ep eneu ship. unde s anding he ole o cs in shaping
he ecosys em can in o m policy ecommenda ions o c ea e an enabling en i onmen o en ep eneu -
ship in eme ging economies. Finally, he e is a need o esea ch ha explo es he ole o cs in p omo -
ing inclusi e en ep eneu ship and add essing social and en i onmen al challenges. cs ha e he
po en ial o suppo en u es wi h a posi i e impac on socie y and he en i onmen . Examining he
s a egies and p ac ices employed by cs can shed ligh on how hey con ibu e o sus ainable and
inclusi e economic de elopmen .
he li e a u e indica es ha c plays a c ucial ole in d i ing he su i al, success, job c ea ion, inno-
a ion and o e all economic g ow h o hGFs in eme ging economies. howe e , he e a e gaps and a eas
o u he esea ch. his s udy add esses hese gaps by ocusing on he speci ic con ex s o sou h a ica
and Kenya, explo ing he unique oppo uni ies and ba ie s aced by hGFs, and examining he ole o
c in suppo ing en ep eneu ship de elopmen and economic g ow h. By explo ing hese aspec s, his
s udy aims o con ibu e o he exis ing body o knowledge, o ill li e a u e gaps and p o ide insigh s
6 a. i. Ka o anD G. E. chiloanE- soKa
o policymake s, p ac i ione s and esea che s. howe e , i is impo an o acknowledge he limi a ions
o ea lie s udies, such as hei eliance on sel - epo ed da a and he challenges o measu ing he
long- e m impac o c in es men s. Fu u e esea ch should conside longi udinal s udies, compa a i e
analyses ac oss eme ging economies, and a deepe examina ion o he social and en i onmen al dimen-
sions o c in es men s.
3. Ma e ials and me hods
3.1. Resea ch design and app oach
in his sec ion, we ou line he app oaches used o ha ness he posi i e impac o c on ans o ming
ea ly-s age i ms in Kenya and sou h a ica. i p o ides a concise o e iew o a compa a i e case s udy
design and a mixed-me hod app oach o gain a clea unde s anding o he esea ch p ocess, including
da a collec ion and analysis. a ious da a collec ion me hods and analysis echniques we e employed o
ensu e he eplicabili y o he s udy and o allow eade s o assess he alidi y and eliabili y o he
indings.
3.2. Sample and popula ion
se e al s eps we e aken in he con ex o he sample and popula ion o ensu e he alidi y and eliabil-
i y o he s udy. Mul iple da ase s we e used, including sa ca, sa s and a ca, which main ain eco ds
o he pe o mance o p c i ms in he sou he n and Eas a ican egions (sa ca, sa s, a ca). his
app oach has been widely employed in c s udies in he us (Gompe s & le ne , 2000; le ne & nanda,
2020; Ka o & chiloane- soka, 2022). he da a ob ained om hese epu able p o essional agencies ha e
been c oss-checked o consis ency and ha e p o en o be mo e eliable han comme cial da abases.
supplemen a y da a we e collec ed om he websi es o indi idual c i ms o ga he addi ional in o -
ma ion. he da ase s include annual pe o mance da a om 2015 o 2021, wi h a ocus on p c i ms
in ol ed in he c indus y, including la e -s age p i a e equi y a angemen s.
o add ess he p ima y objec i e o he s udy, a lime su ey was adminis e ed o 257 p c i ms in
sou he n and Eas a ica. howe e , he e we e some di icul ies in he da a-collec ion p ocess.
speci ically, 38% o he ini ial sample had ailed email deli e ies and 11% indica ed company policies
p ohibi ing anonymous link clicks. he e o e, hese cases we e excluded om he analysis. he sample
size was educed by elimina ing hese cases. he emaining esponses we e e iewed ca e ully o
ensu e he app op ia eness and alidi y o he da a. inapp op ia e esponses such as incomple e o
inconsis en answe s we e elimina ed om he inal sample. ul ima ely, his esul ed in a inal sample
size o 61 esponden s, ep esen ing 327 c- unded i ms. Despi e encoun e ing a ious challenges
du ing he da a collec ion p ocess, he s udy achie ed a esponse a e o 51%, which is conside ed
eliable and dependable when compa ed wi h simila p e ious s udies (Fen on-o’c ee y, 1996).
al hough achie ing highe esponse a es in lime su eys is di icul , his s udy elied on exis ing
esea ch o suppo he esul s and ensu e he alidi y and eliabili y o he indings. in a s udy by
Wa anabe e al. (1995), 1150 online su ey ques ionnai es we e dis ibu ed. howe e , o his numbe ,
only 396 we e comple ed and e u ned, indica ing a lowe esponse a e. a e u he sc u iny and he
exclusion o incomple e esponses, 365 ques ionnai es we e deemed sui able o da a analysis. his
esul ed in a inal esponse a e o 31.7%.
3.3. Measu emen o a iables
in e ms o he measu emen o a iables, a amewo k was es ablished o measu e how en u e capi al
( c) can help ans o m ea ly-s age i ms in sou h a ica and Kenya he a iables we e ca ego ized in o
independen , dependen , and con ol a iables.
he hypo heses a e shown in able 1, ega ding he pe o mance a iables ha we e used o es ima e
he ou comes. We sepa a e hese ai s in o independen , dependen , and con ol a iables o examine
coGEn BusinEss & ManaGEMEn 7
he connec ions be ween hem and c in es men , en ep eneu ship, su i al, and he success o hGFs
in eme ging economies. he ollowing desc ibes he s udy ac o s ha a ec each o he wo hypo he-
ses, h1 and h2.
Resea ch Hypo hesis (H1): Inc easing access o VC can con ibu e o he su i al and success o high-g ow h i ms
(HGFs) in eme ging economies.
he independen a iables hypo hesized o in luence his ela ionship included c in es o s’ knowl-
edge ans e o c-backed i ms, go e nmen and egional p og ams (G c), c in es o s’ expe ience,
and c in es o s’ p esence on he Boa d o Di ec o s (BoD) o hGFs. he dependen a iables included
he su i al a e and success o he hGFs, he c ea ion o new employmen oppo uni ies, and he de el-
opmen o s ock ma ke s. con ol a iables such as geog aphical loca ion, numbe o yea s in business,
and go e nmen con ibu ions o he c ma ke a e conside ed o accoun o po en ial con ounding
ac o s. Mul iple eg ession analysis using ano a was used o es his hypo hesis.
Resea ch Hypo hesis (H2): VC in es o s’ in ol emen in VC- unded i ms can lead o imp o ed en ep eneu ship
de elopmen and economic g ow h.
he independen a iables hypo hesized o in luence his ela ionship included c in es o s’ knowl-
edge ans e o c-backed i ms, go e nmen and egional p og ams (G c), c in es o s’ expe ience,
and c in es o s’ p esence on he BoD o hGFs. he dependen a iables included s ock ma ke epu a-
ion, he inc easing numbe o c- unded i ms, he inno a ion capaci y o he hGFs, and he p esence
o c in es o s on he BoD. con ol a iables such as geog aphical loca ion, numbe o yea s in business
and go e nmen con ibu ions o he c ma ke we e conside ed. Mul iple eg ession analysis using
ano a was used o es his hypo hesis.
he inclusion o con ol a iables helps o accoun o po en ial con ounding ac o s, p o iding a mo e
obus analysis. he esea che ’s choice o hese a iables aligns wi h ea lie s udies by Delma and shane
(2006), al hough ou s udy goes beyond adi ional measu es o g ow h such as sales and employmen
g ow h. he esul s o he analysis con ibu e o he unde s anding o how c can d i e he de elop-
men , success and epu a ion o ea ly-s age i ms and he o e all en ep eneu ial ecosys em.
o es ou hypo heses, he esea che cons uc ed a eg ession model o each dependen a iable o
assess i s impac . We compa ed he pe o mance o c i ms by ocusing on he g ow h o hei po olio
companies be o e c in es men . in each eg ession model, he coe icien (β) ep esen s he es ima ed
impac o each independen a iable on he co esponding dependen a iable while con olling o he
e ec s o he con ol a iables. he e o e m (ε) ep esen s he unexplained a ia ion in he dependen
a iable.
Below a e he eg ession models
Table 1. s udy a iables and hypo heses: he impac o VC on en ep eneu ship de elopmen and economic g ow h in
eme ging economies.
Resea ch Ques ions/hypo heses
Inc easing access o VC can con ibu e o
he su i al and success o HGFs in
eme ging economies
VC in es o s’ in ol emen in VC- unded i ms
can lead o imp o ed en ep eneu ship
de elopmen and economic g ow h
Resea ch hypo hesis (H¹) Resea ch hypo hesis (H2)
independen a iables VC in es o s’ in ol emen in VC-backed i ms VC in es o s’ in ol emen in VC-backed i ms:
VC’s expe ience go e nmen and Regional P og ams (gVC)
VCis ’s p esence on he Boa d o Di ec o s
(BoD) o HgFs
VC in es o s’ expe ience:
P i a e VC VC in es o s’ p esence on he BoD
Dependen a iables new employmen uns uc u ed inancial ma ke s
scaling-up HgFs en ep eneu s’ willingness o seek VC inancing
VC in es o s’ p esence on he BoD
Con ol a iables geog aphical Loca ion geog aphical Loca ion
no o yea s in business numbe o yea s in business
VC policy go e nmen VC & en ep eneu ship policy
De elopmen o s ock ma ke s De elopmen o s ock ma ke s
he me hod used o es hypo heses Mul iple eg ession (anoVa) Mul iple eg ession (anoVa)
he me hod used o es hypo heses Mul iple eg ession (anoVa) Co ec ional coe icien
Sou ce: Resea che ’s compila ion (2023).
14 a. i. Ka o anD G. E. chiloanE- soKa
he sample o c in es o s in e iewed was skewed owa ds sou he n a ica, he o al c in es men in
bo h egions was equally compe i i e. he in e iew esul s also highligh he unding challenges aced
by hGFs in bo h egions owing o he limi ed numbe o c i ms in a ica. his obse a ion aligns wi h
indings om de eloped economies, whe e go e nmen in e en ion and suppo ha e played a signi i-
can ole in closing he inancing gap o ea ly s age i ms.
he in e iews shed ligh on he eplica ion o success ul c ecosys ems in sou he n and Eas a ican
egions, such as silicon cape in sou h a ica and silicon sa annah in nai obi. hese examples demon-
s a e he po en ial o p ospe i y in he c indus y in hese egions, al hough i is s ill a an ea ly s age
compa ed o coun ies such as he us, canada, is ael and china. he impo ance o he c indus y in
os e ing high-g ow h en ep eneu ial companies has led go e nmen s wo ldwide o es ablish p og ams
o p omo e his ype o inancing. howe e , he impac o c in es men s on he su i al and p ospe i y
o in es ee companies in a ica equi es u he explo a ion. he in e iew esul s p o ide quali a i e
suppo o he s a is ical indings, emphasizing he posi i e impac o c- unded companies on job
c ea ion, economic g ow h, and inno a ion. he in e iews also highligh ed he challenges aced by
hGFs in accessing inancing and he po en ial o go e nmen in e en ion o b idge he unding gap.
he eplica ion o success ul c ecosys ems in he egion u he demons a es he po en ial o g ow h
and de elopmen in he c indus y in sou he n and Eas a ica.
5. Discussion
he esul s o his s udy p o ide aluable insigh s in o he ans o ma i e powe o c in ea ly s age
i ms, pa icula ly in eme ging economies. ou indings highligh he signi ican con ibu ion o c- unded
companies in e ms o hei su i al, success and impac on en ep eneu ship and economic de elop-
men . h ough a combina ion o quan i a i e analysis and semi-s uc u ed in e iews, we gained a com-
p ehensi e unde s anding o he ole o c in hese economies.
he analysis o quan i a i e da a e ealed ha c- unded companies in sou he n and Eas a ica ha e
a posi i e impac on a ious aspec s, including job c ea ion and he g ow h and success o hGFs.
speci ically, ou s a is ical indings demons a e ha po olio companies c ea e app oxima ely i e new
jobs on a e age, unde sco ing he signi ican ole o c-backed companies in gene a ing employmen
oppo uni ies. hese indings a e u he suppo ed by he insigh s ga he ed om ou in e iews wi h c
in es o s, who consis en ly acknowledge he c ucial ole o c- unded companies in job c ea ion. By
combining he quan i a i e and quali a i e da a, we s eng hened he alidi y o ou indings. he align-
men be ween hese wo sou ces o in o ma ion ein o ces he posi i e impac o c in es men s on
en ep eneu ship de elopmen in eme ging economies. ou s udy builds on he exis ing li e a u e by
p o iding a mo e comp ehensi e unde s anding o he ole o c in hese economies, conside ing he
speci ic con ex and challenges hey ace (Maniga e al., 2002; amo nsi ipani ch e al., 2016; Ba ney &
Zajac, 1994; B a o-Biosca e al., 2016).
p e ious s udies ha e p o ided e idence suppo ing ou indings ega ding he ole o c in job c e-
a ion. Fo example, Eas e ly and ebelo (1993) and ahls om and B u on (2006) highligh ed he impo -
ance o inancial capi al in enhancing local employmen . in addi ion, sp inge (2018) analyzed he
employmen g ow h o en ep eneu ial en u es backed by di e en ypes o c i ms, including p i a e
and go e nmen -owned i ms. Findings we e ha c-backed companies expe ienced highe employmen
g ow h han non- en u e-backed companies. a s udy by B own e al. (2022), Gallo and e doli a (2022)
examined he employmen dynamics o o e 67,000 us companies ha ecei ed c in es men and u -
he emphasized he posi i e ela ionship be ween c in es men and job c ea ion. hese s udies, along
wi h ou s a is ical indings, unde sco e he signi ican ole o c-backed companies in gene a ing
employmen oppo uni ies.
Mo eo e , ou indings highligh he b oade implica ions o c in es men s. c- unded companies
no only con ibu e o job c ea ion bu also play a i al ole in os e ing he g ow h and success o hGFs,
he eby d i ing en ep eneu ship and economic g ow h in egions such as sou h a ica and Kenya. his
unde sco es he po en ial s eng h o c in gene a ing inno a ion and c ea ing an en i onmen ha is
conduci e o he eme gence o mo e hGFs. hus, ou s udy sheds ligh on he ans o ma i e powe o
c in eme ging economies. he posi i e impac s on job c ea ion, he su i al and success o hGFs, and
coGEn BusinEss & ManaGEMEn 15
he o e all con ibu ion o en ep eneu ship and economic de elopmen a e e iden . ou indings ha e
signi ican implica ions o policymake s, in es o s, and s akeholde s in e es ed in os e ing en ep eneu -
ship and economic g ow h.
Fu he mo e, he analysis o he coe icien s in able 4 sugges s ha he ole o c in es o s cs’ ol
on he BoD, and go e nmen , and egional p og am suppo has s onge and s a is ically signi ican
impac s on he su i al and success a e o hGFs. c in es men also has a s a is ically signi ican impac ,
al hough his is ela i ely weak. p ima y c unding o s a -ups does no show a signi ican ela ionship
wi h he dependen a iable. Fu he analysis and conside a ion o o he ac o s is ecommended o gain
a comp ehensi e unde s anding o he ela ionships be ween hese p edic o s and he dependen a i-
able. howe e , we obse e ha he be a a iables o go e nmen and egional suppo p og ams a e
nega i e (–0.241), and c is a p ima y unding sou ce (–0.152) (Go man & sahlman, 1989; Kunkel & ho e ,
1990). a nega i e be a coe icien indica es a dec ease in he dependen a iable o a uni change in he
independen a iable. We can conclude ha g owing misguided go e nmen and egional suppo p o-
g ams nega i ely impac he su i al and inancial pe o mance o hGFs by 24.1%. We can also a gue ha
15.1% o c as a p ima y sou ce o inancing o ea ly s age i ms in he sou he n and Eas a ican egions
can be explained by misguided go e nmen unding models, which some imes lead o a c owding ou o
he p c indus y. he s udy’s c i ical indings emphasize he nega i e impac o go e nmen and egional
p og am suppo o inno a i e i ms on hei su i al and g ow h, as e idenced by a nega i e coe icien
o –0.144. his aises conce ns ega ding he e ec i eness o go e nmen ini ia i es in os e ing he sus-
ainabili y o inno a i e i ms. hese indings shed ligh on he in ica e ela ionship be ween go e nmen
suppo , c unding, and g ow h o inno a i e i ms in eme ging economies.
ou s udy con ibu es o he exis ing li e a u e by highligh ing he c i ical indings ha demons a e
he nega i e impac o go e nmen and egional p og am suppo on he su i al and g ow h o inno-
a i e i ms. he nega i e coe icien s o –0.144 and –0.241 unde sco e conce ns ega ding he e ec i e-
ness o go e nmen ini ia i es in os e ing he sus ainabili y o hese i ms. hese indings align wi h
hose o p e ious s udies ha emphasize he de imen al e ec s o inancial cons ain s on i m inno a-
ion. howe e , i is impo an o acknowledge ha some s udies p esen al e na i e pe spec i es, sug-
ges ing ha go e nmen suppo has a posi i e impac on i m inno a ion. While go e nmen p og ams
may ha e unin ended consequences, le ne (2010) and long e al. (2022) a gue ha c unding emains
a signi ican ac o . Despi e hese con as ing indings, ou s udy p o ides obus e idence suppo ing
he no ion o a complex ela ionship be ween go e nmen suppo , c unding, and he g ow h o inno-
a i e i ms in eme ging economies. Fu he esea ch is equi ed o econcile hese di e ing pe spec i es
and o gain a comp ehensi e unde s anding o he ole o go e nmen suppo in os e ing inno a ion.
p e ious s udies claim ha he eason go e nmen in ol emen and suppo p og ams in sou h a ica
and Kenya may ha e a mo e de imen al e ec on he su i al and success o hGFs han in coun ies such
as is ael, he uK and he us can be a ibu ed o ac o s such as ine ec i e implemen a ion and execu ion
o p og ams, a challenging egula o y en i onmen , limi ed access o capi al, and he absence o a s ong
en ep eneu ial cul u e. hese ac o s can hinde he g ow h and compe i i eness o hGFs in sou h a ica
and Kenya, whe eas coun ies wi h success ul go e nmen suppo p og ams ha e es ablished well-designed
amewo ks, suppo i e egula o y en i onmen s, abundan c unding, and h i ing en ep eneu ial cul u es.
Fu he mo e, quan i a i e analysis e ealed ha c- unded companies make signi ican con ibu ions
o he su i al and success a es o hGFs. app oxima ely 75% o c in es o s epo ed p omising esul s
om hei in es men s in c- unded companies, unde sco ing he posi i e ou comes associa ed wi h c
in es men s. hese companies ha e no only gene a ed new employmen oppo uni ies bu ha e also
p o ided access o c and p i a e equi y unding ha would o he wise ha e been una ailable om
adi ional inancial ins i u ions. he in e iew esul s u he co obo a e hese indings, emphasizing he
pi o al ole o c in es men in acili a ing high-g ow h en ep eneu ship and os e ing he de elopmen
o small businesses. he con e gence o quan i a i e and quali a i e da a highligh s he subs an ial con-
ibu ion o c in es men o he g ow h and success o i ms ope a ing in eme ging economies.
howe e , he in e iews also shed ligh on he challenges aced by hGFs in accessing c unding. he
limi ed numbe o c i ms in a ica p esen s a signi ican inancing challenge o hGFs, impeding hei
g ow h and po en ial. his inding aligns wi h he quan i a i e analysis, which indica es ha c in es -
men in he egion is s ill in i s ea ly s ages compa ed o ha in de eloped economies. he in e iew
16 a. i. Ka o anD G. E. chiloanE- soKa
esul s unde sco e he necessi y o go e nmen in e en ion and suppo o b idge he inancing gap
o ea ly s age i ms wi h g ow h po en ial.
6. Conclusion
his s udy measu es he impac o c in es men on he de elopmen o hGFs and economic g ow h in
sou h a ica and Kenya. he p ima y indings a e summa ized as ollows. Fi s ly, he esul s con i m he
signi ican posi i e impac o c in es men on he su i al and success o hGFs. he expansion o
c- unded companies is e iden in e ms o inc eased p oduc i i y, employmen c ea ion, and in e na-
ional ma ke p esence. howe e , he pe o mance was mo e p ominen among hGFs loca ed in he
sou he n egion han among hose in he Eas a ican egion. c in es o s play a c ucial ole in d i ing
p oduc i i y h ough hei con ibu ions o inno a ion. Encou aging c in es men in new hGFs and
ea ly s age en ep eneu ial i ms is essen ial o s imula ing economic g ow h.
in addi ion, he esul s o his s udy con i m ha c in es o s play a i al ole in suppo ing po olio
companies du ing pe iods o inancial dis ess by inc easing access o ex e nal equi y inancing. his
suppo enables po en ially luc a i e new business oppo uni ies and expansion i ms o enhance hei
p oduc i i y, g ow h and compe i i e ad an age, he eby con ibu ing o mac oeconomic de elopmen .
Fu he mo e, his s udy e eals ha dis up i e go e nmen policies and egional p og ams nega i ely
impac he success and su i al o hGFs. he eluc ance o go e nmen s o c ea e suppo i e egula o y
e o ms ha encou age high-g ow h en ep eneu ship in he sou he n and Eas a ican egions hinde s
hei de elopmen . While e o s ha e been made in sou h a ica and Kenya o design iendly policies
o a ac o eign in es o s, hey s ill all sho when compa ed wi h coun ies such as he us, canada
and he uK. adequa e suppo om go e nmen s and c in es o s is c ucial o p omo ing he p ospe -
i y o hGFs and con ibu ing o economic de elopmen in hese egions.
Mo eo e , his s udy con i ms ha enhancing access o c in es men can acili a e en ep eneu ship
de elopmen , i m su i al and g ow h, he eby c ea ing employmen oppo uni ies and d i ing eco-
nomic de elopmen in eme ging economies. howe e , he cu en s a e o c de elopmen in eme ging
a ican economies, including sou h a ica and Kenya, is no encou aging, as he concep is s ill ela i ely
unknown and in es men ac i i ies a e sca ce. his is pa ly due o a lack o well- ained en ep eneu s
and esis ance om amily owned en e p ises o pa ne ships wi h c in es o s. his nega i e en ep e-
neu ial spi i con adic s he esou ce-Based iew ( B ) heo y o he i m, as cs a e denied he oppo -
uni y o showcase hei supe io skills. he e o e, eaching a de ini i e conclusion on he impac o he
p esence o cs on he boa ds o c- unded i ms in e ms o encou aging i m g ow h and inancial
pe o mance is challenging.
in summa y, his s udy highligh s he signi ican ly posi i e impac o c in es men on he su i al
and success o hGFs in sou h a ica and Kenya. his emphasizes he impo ance o suppo i e go e n-
men policies, egional p og ams and adequa e suppo om c in es o s o os e an enabling en i on-
men o c in es men and o p omo e he g ow h and economic de elopmen o hese egions.
Enhancing access o c in es men s can acili a e en ep eneu ship de elopmen , c ea e employmen
oppo uni ies, and con ibu e o he economic g ow h o eme ging economies. howe e , u he e o s
a e needed o aise awa eness and o e come ba ie s o c de elopmen in eme ging a ican economies
o ully ha ness hei po en ial o d i e en ep eneu ial g ow h and economic p ospe i y.
7. Limi a ions and u u e esea ch di ec ions
ou s udy, suppo ed by p e ious esea ch, p o ides signi ican insigh s in o he ole o c in job c e-
a ion, su i al and success o high-g ow h i ms (hGFs), and p omo ion o en ep eneu ship and eco-
nomic de elopmen . ou s a is ical indings, along wi h hose o alpe o ych e al., 2020; n ca (2009),
yk o á (2018) and B own e al. (2022), highligh he posi i e impac o c-backed companies on gen-
e a ing employmen oppo uni ies and os e ing he g ow h o hGFs. hese esul s answe ou esea ch
hypo heses and demons a e he signi ican con ibu ions o c in hese a eas.
he implica ions o his s udy a e signi ican . policymake s and in es o s can use hese ind-
ings o de elop s a egies ha suppo c in es men s and c ea e an enabling en i onmen o
coGEn BusinEss & ManaGEMEn 17
en ep eneu ship and economic g ow h. By unde s anding he posi i e ela ionship be ween c and
job c ea ion, decision-make s can p io i ize ini ia i es ha acili a e access o c unding o ea ly-s age
i ms. Mo eo e , ou indings emphasize he i al ole o c in he su i al and success o hGFs, high-
ligh ing he need o con inued suppo and esou ces o nu u e such en u es. he p omo ion o
c in es men can lead o he o ma ion o mo e hGFs, d i e inno a ion, and con ibu e o economic
de elopmen .
howe e , i is impo an o acknowledge he limi a ions o his s udy. ou s udy ocuses speci ically
on he sou he n and Eas a ican egions, and he indings may no be ully gene alizable o o he
eme ging economies. con ex -speci ic ac o s o hese egions, such as egula o y en i onmen s and
access o capi al, may in luence he ou comes. Fu he mo e, ou s udy elied on quan i a i e analysis and
quali a i e in e iews, which p o ide aluable insigh s bu may no cap u e he ull complexi y o he
ela ionship be ween c and en ep eneu ship.
Fu u e esea ch could build upon ou indings and add ess hese limi a ions. compa a i e s udies
ac oss eme ging economies should p o ide a b oade unde s anding o he ole o c in job c ea ion
and economic de elopmen . Explo ing he speci ic mechanisms h ough which c in es men a ec s he
su i al o hGFs and hei success can o e deepe insigh s. also, in es iga ing he ole o go e nmen
policies and suppo p og ams in acili a ing c in es men and os e ing en ep eneu ship is aluable.
hence, ou s udy con ibu es o he exis ing li e a u e by p o iding e idence o he signi ican ole o c
in job c ea ion, g ow h o hGFs, and p omo ion o en ep eneu ship and economic de elopmen . he
esea ch implica ions highligh he impo ance o suppo ing c in es men while acknowledging i s
limi a ions and sugges ing po en ial u u e esea ch di ec ions. By u he explo ing hese a eas, schola s
and p ac i ione s can con inue o ad ance ou unde s anding and le e age he powe o c o d i e
economic g ow h and inno a ion in eme ging economies.
Acknowledgemen s
his esea ch ecei ed no speci ic g an s om any unding agency in he public, comme cial, o no - o -p o i
sec o s.
Au ho s’ con ibu ion
D . ahmed i. Ka o is a pos doc o al esea ch Fellow a he uni e si y o sou h a ica in he college o Economic and
Managemen science. his esea ch ocuses on en ep eneu ial inance, en u e capi al, sus ainable en ep eneu ship,
sus ainable inance, and supply chain managemen in de eloping economies.
ahmed as a co esponding au ho , spea headed he concep ualiza ion and esea ch design, as well as he da a
collec ion, analysis, and in e p e a ion. he ook he lead in d a ing he a icle and p o ided a i s -le el e iew o
ensu e he a icle’s in ellec ual igo . addi ionally, ahmed is accoun able o all aspec s o he a icle.
p o esso E elyn Ge minah chiloane- soka is a highly ega ded esea che and a p o esso o En ep eneu ship a
he uni e si y o sou h a ica. he esea ch emphasis is on he ad ancemen o women en ep eneu s, and she has
become an eminen au ho i y in his a ea. he academic jou ney commenced wi h a Mas e ’s hesis in es iga ing
he challenges con on ed by women in leade ship oles in sou h a ica. p o . chiloane- soka was engaged in he
concep ualiza ion o he esea ch and deli e ed a comp ehensi e e iew o he a icle o mee he jou nal’s c i e ia
and in ellec ual s anda ds. consequen ly, she app o ed he a icle o publica ion and akes ull esponsibili y o all
aspec s o he a icle.
Disclosu e s a emen
no po en ial con lic o in e es was epo ed by he au ho (s).
Abou he au ho s
Ahmed Idi Ka o is a pos doc o al esea che a he uni e si y o sou h a ica specializing in en u e capi al, sus ain-
able inance, en ep eneu ship, and sME de elopmen . Wi h a s ong publica ion eco d, he excels in esea ch and
men o ship. D Ka o’s g an s managemen expe ise and collabo a i e skills d i e impac ul ini ia i es in women’s
en ep eneu ship and sus ainabili y.
18 a. i. Ka o anD G. E. chiloanE- soKa
Ge minah E elyn Chiloane-Tsoka, an es eemed esea che and En ep eneu ship p o esso a he uni e si y o sou h
a ica, ocuses on empowe ing women en ep eneu s. he esea ch on go e nmen policies and women en ep e-
neu ship has impac ed policymaking, leading o eigh publica ions. she men o s young academics, ope a es an
En ep eneu ship hub, and collabo a es globally, showcasing he dedica ion o ad ancing women’s en ep eneu ship
and academic excellence.
ORCID
ahmed idi Ka o h p://o cid.o g/0000-0002-1811-6138
Ge minah E elyn chiloane- soka h p://o cid.o g/0000-0002-0460-6291
Da a a ailabili y s a emen
Da a a ailable on easonable eques om he co esponding au ho .
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