Title: State-assisted entrepreneurial ventures: the case of aquacultural development and the seafood industry in Hong Kong
Authors: Lawrence W.C. Lai; Frank T. Lorne
Addresses: Ronald Coase Centre for Property Rights Research, University of Hong Kong, Hong Kong ' New York Institute of Technology-Vancouver, Vancouver, Canada, B.C., V7Y1KB
Abstract: The market-enabling capability of government is featured in an industry analysis capturing the transformation of marine fishing to aquaculture in ways that require changes to the law and regulations, as well as private venturing initiatives. Private initiatives for innovation in the aquaculture industry are essential because of the variety of species available for a sophisticated market and a preference for seafood. Government-as-enabler for species development and product differentiation of products locally-produced as a complementary input is also important. Structural changes have been shown to be essential for ventures and entrepreneurship and can contribute to the establishment of a public-private partnership (PPP) for a Schumpeterian type of innovation. The study is another illustration of the 4th Coase Theorem.
Keywords: Schumpeterian innovation; law and economics; Coase theorem; VUCA; volatility; uncertainty; complexity; and ambiguity; PPP; public-private partnership.
International Journal of Entrepreneurial Venturing, 2020 Vol.12 No.4, pp.439 - 458
Accepted: 24 Sep 2019
Published online: 15 Sep 2020 *