Work

Analyzing blockchain entrepreneurial ecosystems with foresight: A data-driven approach

Year: 2026

Type: article

Abstract: This paper introduces a data-driven foresight approach for analyzing and mapping entrepreneurial ecosystems. Using CrunchBase metadata on blockchain ventures (2014–2019), we identify strong and weak signal business areas in the blockchain technology through a keyword-based analysis and assess entrepreneurial ecosystems’ growth and venture capital activities in these areas. The analysis identifies Los Angeles, New York, San Francisco, Zug, Singapore, London and Hong Kong as leading hubs for strong signal business areas in the blockchain technology, while Atlanta, Dubai, Buenos Aires, and San Francisco stand out in weak signal business areas. A multilevel logistic regression analysis is also implemented to examine the relationships between our constructed foresight-based analytical indicators (2014–2019) and subsequent patterns of blockchain venture emergence and growth (2020–2023) across entrepreneurial ecosystems. The findings provide exploratory insights into how signal-based analyses of emerging business areas can enhance understanding of entrepreneurial ecosystem dynamics.

Source: Futures

DOI: 10.1016/j.futures.2026.103904

Authors: Levan Bzhalava, Sohaib S. Hassan, Miroslav Šipikal, Štefan Rehák, Teemu Makkonen

Institutions: Bratislava University of Economics and Business, Constructor University, University of Eastern Finland

Language: English

Topic: Entrepreneurship Studies and Influences

Subfield: Management of Technology and Innovation

Field: Business, Management and Accounting

Domain: Social Sciences

SDGs: Industry, innovation and infrastructure, Decent work and economic growth

Open Access status: hybrid

Estimated APC paid: $2,370