INSTITUTIONAL RISKS AND STRUCTURAL RESILIENCE OF START-UP ECOSYSTEMS

Start-up ecosystems are often described as important engines of innovation and economic growth. However, in many cases, the failure of start-ups cannot be explained only by market or technological reasons. This paper focuses on institutional risks embedded in the structure of start-up ecosystems and examines how coordination problems among key actors affect ecosystem resilience. Based on a descriptive and conceptual analysis of existing materials, the study shows that mismatches between government policies, university systems, and private sector interests create structural vulnerabilities. These vulnerabilities increase the risk of start-up failure, even in ecosystems where formal support structures exist. The paper argues that institutional fragmentation represents one of the main challenges to building resilient start-up ecosystems.