This chapter explores how social media has become a transformative force in shaping modern startup ecosystems, particularly among digital-native entrepreneurs. Moving beyond traditional marketing, platforms like Instagram, LinkedIn, TikTok and YouTube now serve as full-fledged entrepreneurial infrastructures—enabling ideation, brand building, fundraising, customer engagement and venture scaling. Through a critical examination of strategic platform use, influencer ecosystems, social commerce tools and ethical considerations, the chapter highlights the unique ways in which startups leverage digital culture to generate visibility and competitive advantage. Case studies across diverse geographies demonstrate how startups move from hashtag virality to unicorn valuation. It concludes by forecasting how AI, Web3 and immersive technologies will redefine future startup–social media synergies
Medical tourism, often branded as health tourism, involves people traveling beyond regional limits to get advanced healthcare treatments, which is generally determined based on medical payments, availability of specialized treatment, in addition to obtainability of innovative technical support. The implementation of digital advancements such as telemedicine, health informatics, artificial intelligence (AI), and blockchain technology has resulted in a dramatic shift in the health sector. The technological innovations are transforming healthcare delivery, thereby encouraging rural women entrepreneurs to play a significant part in a nation’s health service milieu. To improve service delivery and outreach, women entrepreneurs are using digital platforms such as AI-based diagnostic tools, blockchain for data confidentiality and authenticity, and e-marketing technologies. The study focuses on how women-led businesses are establishing themselves as important facilitators, filling the disparity between overseas clients and healthcare professionals. The observations evaluate the socioeconomic implications of digital adoption, specifically in terms of employment generation, incorporating gender equality, and improved health care accessibility in less developed rural areas, using a blended research approach that combines descriptive and empirical study observations and findings. The most significant challenges and potential advantages confronting rural women in this growing industry are thoroughly investigated, and practical solutions for promoting the sustainability and scalability of such firms are identified. The chapter also highlights rural women entrepreneurs’ contributions to improving India’s more equitable, technologically equipped, and globally successful health care travel environment.
Hasni Dyah Kurniawati, Saefudin Saefudin, fernando julio parera, Nurlyana Puspitasari · 7 authors
<ns3:p> Research background In recent decades, venture capital (VC) has increasingly incorporated sustainability principles, reflecting the global shift toward environmentally and socially responsible investment. The alignment of VC with sustainability goals responds to the climate crisis, technological transformation, and social expectations for ethical finance. However, research on the VC–sustainability nexus remains fragmented across disciplines, requiring systematic mapping to clarify key trends and research gaps. This study aims to map the global evolution of VC research within the context of sustainability. It identifies publication trends, collaboration patterns, main thematic clusters, and emerging research areas to provide an integrated understanding of this growing field. Methods A mixed-methods bibliometric analysis was conducted using data retrieved from the Scopus database for the period 2002–2025. Analytical tools including <ns3:italic>RStudio and VOSviewer</ns3:italic> were applied to examine publication dynamics, co-authorship networks, and conceptual structures. The SPAR-4-SLR protocol was adopted to ensure methodological transparency and rigor. Discussion Results show that international collaboration—particularly among China, the United States, and the United Kingdom—drives sustainable innovation in the VC ecosystem. Three main clusters were identified: the theoretical evolution of VC, long-term policy and economic frameworks, and VC’s role in green entrepreneurship and sustainable technology. Research on emerging themes such as decentralized finance (DeFi), machine learning, and risk modeling remains limited. This study adds value by offering a systematic overview of the intellectual landscape and highlighting future research directions to strengthen VC’s contribution to global sustainability. </ns3:p>
Maksym W. Sitnicki, Олена Шатілова, Nikita Smohorzhevskyi
The growth of the knowledge economy requires new models enabling consulting firms to convert expertise into venture capital capabilities within Web 3.0 ecosystems. Existing research rarely explains how knowledge-based consultancies transform into institutional investors with scalable investment strategies and measurable performance. This study aims to develop an original theoretical and applied framework explaining the transition of a Web 3.0 consulting company into a venture capital institution through quantitative forecasting, governance mechanisms, and diversified investment design. The proposed concept integrates organizational maturity assessment, financial modeling, investment governance, and scenario analysis into a unified venture transition framework for knowledge-economy firms. The core research question addresses how a knowledge-economy consulting company can operationalize its transition into venture capital management within the Web 3.0 ecosystem. Using PEMM analysis, gap analysis, Gantt charts, RACI matrices, market sizing (TAM/SAM/SOM), financial forecasting, and scenario modeling, this paper proposes a phased framework for venture fund structuring, investment strategy formulation, and 5-year performance projections—directly applied to Solus Agency’s context to demonstrate practical pathways for capturing value in this high-growth, high-risk domain. The empirical basis combines venture datasets, company-level indicators, and proprietary Solus Agency statistics, including 180+ venture funds, 160+ private investors, 46 fundraising projects, and USD 13.8 million attracted for clients. Quantitative modeling shows that a diversified USD 50 million fund may generate projected profits of USD 120 million under a negative scenario, USD 200 million in the baseline scenario, and USD 290 million in an optimistic scenario, corresponding to expected multipliers between 2.4× and 5.8×. Portfolio valuation is forecast to increase from USD 20.6 billion to USD 54.6 billion, demonstrating substantial sensitivity to allocation strategy and market conditions. The proposed Solus Agency subfund achieves an expected total return of USD 36.38 million, a gross multiplier of 3.64, a net multiplier of 3.11, a gross IRR of 52.05%, and a LP net IRR of 43.60%, indicating high projected efficiency despite elevated early-stage risks. Probability modeling identifies seed-stage allocations as the strongest contributor (USD 13.06 million projected profit) and demonstrates that diversification across AI, Web3, DeFi, and RWA segments reduces volatility while preserving growth potential. The scientific novelty lies in constructing an original framework quantitatively linking organizational maturity, consulting expertise, and venture performance indicators. The findings provide a transferable model for knowledge-economy firms seeking institutionalization as venture capital actors and support further research on quantitative venture strategies and Web 3.0 investment ecosystems.
Social media has become a transformative force for entrepreneurship, enabling startups to access global markets, engage directly with customers, and build brands with limited resources. This study explores the role of social media in entrepreneurial success, focusing on platform-specific strategies, consumer engagement, and challenges faced by startups. Using qualitative methods, including thematic analysis of interviews and case studies, the study identifies key themes such as data-driven decision-making, authenticity, and leveraging influencer partnerships. Findings suggest that social media acts as a critical resource for startups, offering opportunities for growth while requiring adaptability to navigate challenges like algorithm changes and content saturation. The study integrates theoretical frameworks such as the Resource-Based View (RBV) and Dynamic Capabilities Framework to contextualize the findings and provide actionable insights for entrepreneurs. Future research directions include examining emerging platforms like Web3 and AI-driven social media strategies to further advance the understanding of digital entrepreneurship.
Purpose This study examines how entrepreneurial experience shapes perceptions of the ideal investor in the technology-based sector. While previous research has primarily focused on how investors evaluate entrepreneurs, this study shifts the lens to explore how entrepreneurs assess investor attributes. It investigates how experience in securing funding and building ventures influences expectations around value-added contributions beyond financial investment. Specifically, the study explores whether experience leads entrepreneurs to adopt a more strategic and values-driven approach, placing greater emphasis on ethical alignment, expertise, and relational quality, while placing less importance on operational involvement and financial oversight. Design/methodology/approach This study adopts a quantitative research design using survey data from 195 entrepreneurs in the technology-based sector. Participants were recruited through entrepreneurial and investor networks across multiple countries. The survey captured key aspects of entrepreneurial experience, including fundraising and venture development, alongside expectations of investor roles and attributes. Factor analysis identified dimensions of value-added investor support, and k-means clustering was used to group entrepreneurs based on preference profiles. Multinomial logistic regression and OLS regression analyses were conducted to examine how different types of experience influence entrepreneurs' preferences for specific investor attributes and types of support. Findings The results show that entrepreneurial experience plays a significant role in shaping expectations of investor involvement. Entrepreneurs with more experience in fundraising and venture development tend to prioritize ethical conduct, strategic input, and relational alignment over traditional factors like financial returns or past performance. They value investor support focused on strategy, networks, and governance, while placing less importance on operational or financial oversight. Cross-sector experience further reinforces a preference for strategic-driven supports. Overall, the findings suggest that experience increases entrepreneurs' confidence and selectivity, encouraging a more strategic approach to building investor relationships. Research limitations/implications This study has several limitations. First, the data were collected primarily from entrepreneurs in developed countries with well-established venture capital markets, which may limit the generalization of the findings to emerging or less mature ecosystems. Second, the target population is difficult to define precisely, given the informal and decentralized nature of entrepreneurial networks. Third, the reliance on self-reported survey data introduces the possibility of response bias. Additionally, the cross-sectional design limits the ability to draw causal inferences. Future research could benefit from longitudinal data and broader geographic representation to better capture variation across different entrepreneurial contexts. Practical implications The findings provide actionable insights for both entrepreneurs and investors. As entrepreneurs gain experience, they become more selective, favouring investors who offer strategic guidance, ethical alignment, and relational support over purely financial backing. For investors, this highlights the importance of articulating non-financial value, such as expertise, governance input, and network access, to appeal to more experienced founders. Investors who position themselves as collaborative partners rather than controllers may build stronger, longer-lasting relationships. Entrepreneurial support programs, including accelerators and incubators, can also use these insights to prepare founders to identify and engage with strategically aligned investors. Social implications This study highlights the growing importance of trust, ethical conduct, and shared values in shaping effective entrepreneurial ecosystems. As entrepreneurs gain experience, they increasingly prioritize relational quality and strategic alignment in their investor relationships. This signals a broader shift toward more collaborative, purpose-driven engagement between founders and investors. Such a shift has the potential to foster healthier power dynamics, reduce misalignment and conflict, and support the formation of long-term partnerships grounded in mutual respect and shared vision. These findings contribute to ongoing discussions around responsible entrepreneurship and the sustainability of venture growth. Originality/value This study offers a novel contribution by shifting the focus from how investors assess entrepreneurs to how entrepreneurs evaluate potential investors. It addresses an under explored area in entrepreneurial finance, particularly highlighting the role of ethical behaviour and strategic alignment in investor selection. By examining how experience shapes these expectations, the study adds to the limited literature comparing novice and experienced entrepreneurs in their interactions with external stakeholders. It advances understanding of founder–investor dynamics and offers fresh insights into how entrepreneurial learning influences decision-making in the context of venture growth and funding relationships.
This paper examines whether token design can serve as a signal of venture quality in decentralized fundraising environments. We develop a simple model in which an entrepreneur privately informed about project quality chooses between a neutral token and an incentive-compatible token embedding a milestone-contingent feature. While the latter increases the likelihood of attracting external funding, it imposes a private cost on the entrepreneur.Because token design is publicly observable prior to investment, it affects investor beliefs and financing decisions. The model shows that a separating equilibrium arises only for an intermediate range of design costs. If incentive-compatible features are too inexpensive, low-quality ventures mimic high-quality ones and the signal loses credibility. If they are too costly, even high-quality entrepreneurs refrain from adopting them, leading to pooling outcomes.The paper highlights how signaling can be embedded directly in token architecture through observable design choices that constrain entrepreneurial behavior. The model also yields testable empirical implications: token structures imposing meaningful constraints on founders should attract greater investor participation, whereas nearly costless features should not predict venture quality. These predictions are consistent with emerging evidence on token-based financing.
Entrepreneurship, innovation, and startup ecosystems have become central components of national development strategies, particularly in Sub-Saharan Africa, where youth unemployment, income inequality, and limited formal employment opportunities remain persistent structural challenges. This paper presents a systematic review of peer-reviewed studies published between 2020 and 2025 to examine how these interconnected elements contribute to Kenya’s socioeconomic development. Guided by the entrepreneurial passion theory and the risk-bearing theory of entrepreneurship, the review synthesizes both empirical and conceptual evidence across four thematic areas: job creation and poverty reduction; financing constraints and governance weaknesses; the role and reach of innovation hubs; and human capital and skills development. The findings indicate that entrepreneurship plays a significant role in employment generation, income creation, and technological progress in Kenya. Small and medium enterprises continue to absorb a substantial share of the labour force, particularly among youth. However, the study finds that the sector’s overall contribution to national development is limited by restricted access to affordable finance, inconsistent policy implementation, weak institutional coordination, and notable skill gaps among enterprise founders. These structural challenges reduce business survival rates and limit long-term growth. The review further finds that innovation hubs, including Nairobi’s iHub and university-based incubation centres, have created valuable support structures through mentorship, networking, and access to digital infrastructure. Despite these gains, their impact remains geographically concentrated and does not adequately address the needs of entrepreneurs operating outside major urban centres. Moreover, many programs do not sufficiently respond to practical business management and financing challenges faced by early-stage enterprises. The paper concludes that achieving Kenya’s Vision 2030 development objectives requires a coordinated and sustained strategy. The study therefore recommended that the government should strengthen entrepreneurship education, expand access to blended financing, decentralize innovation infrastructure, and improve institutional coordination to promote sustainable enterprise development in Kenya
We identify a core microfoundation of digital entrepreneurial ecosystems (EE): social learning in the form of information cascades. Using decentralized autonomous organizations (DAOs) as a laboratory where micro-level coordination processes are directly observable on blockchains, we trace how individual-level voting behavior aggregates into ecosystem-level outcomes. Exploring hand-collected data covering 19,450,710 votes from 924,095 unique voters in 3,317 DAO governance proposals, we estimate economically strong information cascades that run from influential through early to late voters. Several contextual factors impede social learning in DAOs, including the presence of cybercriminals in the DAO community and market sentiment, while the decentralization of token ownership is an important prerequisite for information cascades to unfold. Finally, we document a link between the potency of information cascades and the financial performance of DAOs. Stronger information cascades are associated with higher market capitalization, trading volume, and abnormal cryptocurrency token returns. Overall, we contribute to the EE literature by demonstrating how observable micro-level learning processes triggered by influential agents in the network scale into ecosystem-level financial performance.
Web3 startups introduce a novel paradigm of organizational design in which token-based incentive mechanisms replace or complement traditional equity-based governance structures. This paper examines how tokenomics can align or misalign the incentives of founders, investors, and users in decentralized entrepreneurial ventures. Drawing on agency theory, mechanism design, and behavioral economics, we develop a conceptual framework that explains how token distribution, vesting schedules, governance rights, and utility structures influence startup performance and sustainability. Using illustrative case analyses and synthetic data modeling, the study identifies key failure modes such as speculative overhang, governance centralization, and misaligned temporal incentives. The findings contribute to entrepreneurship literature by proposing a new theory of “programmable incentives” and offer actionable guidance for founders designing token economies. Keywords: Web3, Tokenomics, Incentive Design, Entrepreneurship, DAOs, Blockchain Governance, ICOs
Theo Tzanidis, Veronica Scuotto, Lea Iaia, Marco Pironti
Digital entrepreneurship is increasingly recognised as an iconic enterprise phenomenon of the 21st century. It has generated new forms of entrepreneurship like Artificially Intelligent Entrepreneurs who are supported by the use of DARQ+ technologies—Distributed Ledger Technology, Artificial Intelligence (AI), Extended Reality (XR), and Quantum Computing. In turn, it has shaped new virtual realities included metaverse spaces to exploit new opportunities and modelling current business. This has advanced educational programmes to satisfy the new demand. In this scenario, this chapter explores the literature of digital entrepreneurship, offering emerging studies and recommendations for future research, querying how the future digital entrepreneur will be.
Sep 1, 2025·Proceedings of the First International Conference – MIT LIFT Lab Research Fest - South America: Empowering the foundations of the Latin American economy to tackle regional and global challenges
Atique Ul Hassan, Ergun Gide, Ghulam Mustafa Chaudhry
The transition to renewable energy is imperative for sustainable development, particularly in rural and remote regions where conventional grid connections may be unreliable or absent. Small and Medium Enterprises (SMEs) in rural and remote Australia encounter considerable challenges in embracing renewable energy, such as high initial costs, inadequate infrastructure, and technical knowledge gap. Emerging technologies such as artificial intelligence, Internet of Things, blockchain, machine learning and decentralized energy solutions present promising opportunities to overcome such challenges. This review paper discusses how emerging technologies can assist SMEs in adopting renewable energy by optimizing energy consumption, enhancing grid resilience, and facilitating peer-to-peer energy trading. Furthermore, advancements in battery storage, smart microgrids, and financing models like tokenized green credits can improve accessibility and affordability. By using emerging technologies, SMEs can decrease energy expenses, meet sustainability objectives, and contribute to Australia’s transition to clean energy. This paper examines how modern technologies can be leveraged to promote renewable energy adoption by SMEs in rural and remote regions of Australia, improve operational resilience, and foster sustainable economic growth.
O artigo propõe um novo modelo de governança adaptativa para DAOs (Organizações Autônomas Descentralizadas), baseado em sistemas reputacionais dinâmicos. A ideia é superar limitações dos modelos atuais, que dependem apenas de tokens para tomada de decisão. Principais Conceitos : DAOs: Estruturas que descentralizam decisões via contratos inteligentes. Problemas atuais: Abstenção, manipulação de votos, concentração de poder. Solução proposta: Um sistema de reputação ajustável, com feedback verificável, inspirado na Teoria dos Jogos Evolutivos e simulações multiagente. Componentes do Modelo Reputação dinâmica: Métrica que muda com base no comportamento dos agentes. Simulações multiagente (ABM): Testes com 200 agentes para avaliar o impacto do sistema.Mecanismos de incentivo: Participação meritocrática, staking social, reputação como serviço.
The article investigates the theoretical foundations of grant financing, reveals approaches to the definition of a grant, which allowed to clarify the elemental structure and essence of the definition of grant financing as a form of financial support provided to organizations or individuals for the implementation of certain projects, research, programs or initiatives. The features, functions and components of grant funding are unified. Different approaches to the typology of grant funding are substantiated, in particular, by such classification criteria as: sources of funding, areas of activity, mechanism of provision, duration, amount of funding, type of project, terms of use, etc. The study conducted a SWOT analysis of grant funding, outlining its strengths and weaknesses, opportunities and threats. At the same time, the role of key partners and international financial organizations with which Ukraine cooperates in grant financing is identified, including the following: European Union, United Nations Special Fund (UNDP), World Bank, European Bank for Reconstruction and Development, United States Agency for International Development (USAID), Canadian International Development Agency (CIDA), German Society for International Cooperation (GIZ), Swedish International Development Agency (SIDA), United Nations Development Fund (UNDEF), International Renaissance Foundation (EBRD), etc. These organizations and their programs are important sources of financial support and technical assistance for the implementation of various projects in different sectors of the economy and communities of Ukraine, which is especially important in the context of decentralization. The author outlines the problematic aspects of grant funding under martial law in Ukraine, among which are bureaucratic obstacles, lack of transparency and efficiency in the distribution of grants, funding instability, lack of a long-term strategy, insufficient attention to monitoring and evaluation, but the author sees great potential for the development of grant funding in Ukraine, which made it possible to provide a number of recommendations to mitigate them, in particular, needs to increase transparency and accounting of grant funding, simplify grant procedures, develop long-term strategies, engage the private sector, develop funding mechanisms, etc.
The article examines the evolution of venture business from its inception to contemporary trends driven by digital transformation. It outlines the key stages of development, starting from the mid-20th century and explores the influence of Web 3.0 innovations, including blockchain, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), on investment processes. The structure of venture funds is analyzed in detail, highlighting the roles of key stakeholders, funding mechanisms such as SAFE (Simple Agreement for Future Equity), SAFT (Simple Agreement for Future Tokens), and convertible notes, as well as the stages of the venture lifecycle. The study emphasizes how emerging approaches to asset tokenization and the implementation of smart contracts are transforming capital management models and contributing to the globalization of venture business. Special attention is given to the legal aspects of venture investments, particularly the role of the Term Sheet in shaping deal conditions. Furthermore, the article discusses how digital technologies reshape traditional practices, facilitate cross-border investments, and enable new stakeholder collaboration. It underscores the potential of Web 3.0 to democratize access to venture capital, create innovative funding opportunities, and foster sustainable growth in the global venture ecosystem. By examining case studies and providing a comprehensive overview of current practices, the study concludes that the integration of Web 3.0 technologies is not only revolutionizing venture capital processes but also redefining the future of the investment landscape.
Abstract This chapter examines the insider–outsider dynamics shaping Web3 technologies as they navigate entrepreneurial ecosystems and the technology diffusion process. It establishes insiders as the developers, founders, and investor communities driving Web3 innovation, often operating in regulatory grey zones with a techno-solutionist mindset. In contrast, outsiders include institutions, policymakers, and the broader public reacting to Web3’s experimental nature and socio-technical novelty. The chapter situates Web3 within frameworks of technology adoption, socio-technical imaginaries, and models of diffusion. It highlights the tendency of insiders to overlook social nuances while pursuing rapid commercialisation and adoption. The chapter presents two case studies: the first examines the regulatory friction encountered by Ripple Labs and its digital asset, XRP; the second chronicles the rise and fall of Art NFTs, from their promise of empowering artists to their eventual decline due to legal uncertainties, environmental concerns, scams, and clashing community values. This decline mapped onto public disillusionment with the technology despite, and perhaps because of, its utopian techno-libertarian premise. The chapter argues that Web3 must navigate complex insider–outsider tensions while introducing disruptive innovations within existing socioeconomic structures. It concludes with policy recommendations spanning regulatory frameworks, consumer protection, responsible innovation, and public education to foster a more balanced and sustainable Web3 ecosystem.
This article begins with setting a definition for a Startup, explaining how a startup different to an enterprise in general.Further the article lists and describes the typical risks and challenges with which startups often have to deal and proceeds with methods of how startups mitigate the risks and solve the presented challenges.In that chapter the readers can find descriptions of such risks as problems with access to finance, talent acquisition, market need, competition, planning, customer acquisition, regulatory compliance, scaling, cash flow management, and unrealistic expectations.In the following chapter the article defines the Web3 startups and describes how they differentiate from startups in general.In that chapter readers can find an overview of fundamental Web3 principles, including decentralization, blockchain technologies, and smart contracts, and an explanation, what characteristics make Web3 startups different from startups in classical sense, the article brings a list of specific risks and challenges that are met by Web3 startup founders.Classifying risks such as lack of crypto adoption, Web3-specific security risks, regulatory uncertainty, vendor management problem, the challenge of fundraising in Web3 environment and Interoperability problem -all these risks are to be considered by founders when starting a Web3 project.The final chapter provides methods of solving the presented Web3-specific risks and challenges, 7(35) 2024 137 taking into account that every startup is different and offering several methods of solving every described problem.Authors do not endorse any particular solutions, however they make real life examples when explaining possible solutions to such problems as legal uncertainty and interoperability problems.In general authors stress that this material is a good base for further research and Web3 founders should not take any given examples as a ready-made solutions without consulting experts or doing their own research.The article contains useful material for founders of Web3 Startups and people who are interested in studying the process of running a Web3 startup at an early stage.
This article explores affiliate marketing integration with AI and Web3 technologies, providing a comprehensive analysis of their individual and combined potential to revolutionize the digital marketing landscape. Starting with defining the core components, the article sets a foundation for understanding how AI and Web3 can synergistically enhance affiliate marketing strategies. The paper proceeds with a detailed overview of traditional affiliate marketing models, highlighting their evolution in response to technological advances and changing market dynamics. The article further examines the global landscape of affiliate marketing, presenting current statistics and trends that underscore its economic significance. A focused discussion on AI technologies pertinent to affiliate marketing reveals how machine learning, natural language processing, and predictive analytics can optimize performance and decision-making processes. The role of Web3 is examined by its ability to introduce decentralized, transparent, and secure elements into affiliate marketing, suggesting a shift towards more user-centric models. Finally, the potential of combining AI with Web3 is discussed, illustrating how this convergence can lead to innovative marketing strategies that are more effective and uphold higher standards of integrity. This synthesis aims to illuminate how modern technologies can be harnessed to foster a new digital marketing era.
Impact innovation has progressed through three phases: 1.0, 2.0, and 3.0. Impact 1.0 introduced carbon credit trading, while Impact 2.0 added participatory grantmaking, impact measurement, and price competitions. Impact 3.0 incorporates Web3 community tools and impact certificate trading. This paper examines the evolution of these phases, focusing on Impact 3.0’s influence on philanthropic practices. Through an analysis of the literature and case studies, Web3 technologies and impact certificate markets are investigated for how these innovations affect transparency and efficiency in social impact initiatives. The information gathered indicates that Impact 3.0 facilitates decentralized impact verification and creates a marketplace aligning stakeholder interests. Consequently, leveraging the features of Web3 technologies can enable philanthropy to scale significantly and provide insights for impact-focused donors aiming to improve outcomes.
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Community Development and Social Impact
Innovative Approaches in Technology and Social Development