6bac21ee7d3203bb4febb7c68fc211aa sustainability_a2026v18n12E5807iENG.pdf 162b6e7aa6f0622f29230db75cacc5fc0340b73f sustainability_a2026v18n12E5807iENG.pdf d58d117dd2c3bc5cf3afaa0037b254faf23a77c106599d7f75a9d0535c5d8010 sustainability_a2026v18n12E5807iENG.pdf Title: The Role of Innovation Ecosystems on Sustainable Startup Development: An Empirical Study for the Baltic States and Spain Subject: The promotion of rapidly scaling technology startups has become a major policy priority. Sustainable startups are increasingly viewed as potential contributors to resilient and environmentally responsible economies, as they may combine economic growth with environmental and social objectives. Based on entrepreneurial ecosystem theory, the resource-based view, and Schumpeterian creative destruction, this study identifies innovation ecosystem conditions associated with sustainable startup growth. Turnover growth is used as a proxy for the economic pillar of the Triple Bottom Line framework and as a measure of startup scaling capacity. K-means clustering is applied to identify distinct growth profiles. To analyse relationships between startup growth and innovation ecosystem variables, the study employs a multi-method semiparametric framework. The results show multifaceted associations between ecosystem factors and startup growth. Market access and human capital are positively associated with global business models and innovation, while sectoral relatedness and knowledge spillovers may show negative associations, potentially through stronger competition and higher talent acquisition costs. Venture capital is positively associated with startup growth, whereas public R&D investment and direct government funding show no consistent positive relationship. The study is limited by using financial growth as a proxy for economic sustainability and by focusing on four European innovation ecosystems. Keywords: startup growth; sustainable startups; innovation ecosystem; venture capital; human capital; knowledge spillover Author: Daina Kleponė, Laima Okunevičiūtė Neverauskienė and Marina Bannikova Creator: LaTeX with hyperref Producer: pdfTeX-1.40.25; modified using OpenPDF 1.4.2 CreationDate: Tue Jun 16 12:00:20 2026 CEST ModDate: Wed Jul 8 16:00:34 2026 CEST Custom Metadata: yes Metadata Stream: yes Tagged: no UserProperties: no Suspects: no Form: none JavaScript: no Pages: 18 Encrypted: no Page size: 595.276 x 841.89 pts (A4) Page rot: 0 File size: 586711 bytes Optimized: yes PDF version: 1.7 name type encoding emb sub uni object ID ------------------------------------ ----------------- ---------------- --- --- --- --------- SSXPJJ+VnURWPalladioL Type 1 Custom yes yes yes 524 0 KGWXTU+URWPalladioL-Roma Type 1 Custom yes yes yes 528 0 RTZSPL+URWPalladioL-Bold Type 1 Custom yes yes yes 531 0 XEXOSQ+URWPalladioL-Ital Type 1 Custom yes yes yes 534 0 QCNVTH+PazoMath Type 1 Builtin yes yes yes 537 0 INYPJF+CMEX10 Type 1 Builtin yes yes yes 291 0 GIGFZE+CMR10 Type 1 Builtin yes yes yes 292 0 WVOWAU+CMSY10 Type 1 Builtin yes yes yes 293 0 YPXNEU+PazoMath-Italic Type 1 Builtin yes yes yes 300 0 CSBDNX+EURM10 Type 1 Builtin yes yes yes 301 0 DENHCA+PalatinoLinotype TrueType WinAnsi yes yes no 173 0 DENIAP+CambriaMath TrueType WinAnsi yes yes no 175 0 DENHCA+PalatinoLinotype TrueType WinAnsi yes yes no 189 0 Jhove (Rel. 1.28.0, 2023-05-18) Date: 2026-07-09 03:56:48 CEST RepresentationInformation: sustainability_a2026v18n12E5807iENG.pdf ReportingModule: PDF-hul, Rel. 1.12.4 (2023-03-16) LastModified: 2026-07-08 16:00:59 CEST Size: 586711 Format: PDF Version: 1.7 Status: Well-Formed and valid SignatureMatches: PDF-hul MIMEtype: application/pdf Profile: Linearized PDF PDFMetadata: Objects: 0 FreeObjects: 1 IncrementalUpdates: 0 DocumentCatalog: ViewerPreferences: HideToolbar: false HideMenubar: false HideWindowUI: false FitWindow: true CenterWindow: false DisplayDocTitle: false NonFullScreenPageMode: UseNone Direction: L2R ViewArea: CropBox ViewClip: CropBox PrintArea: CropBox PageClip: CropBox PageLayout: SinglePage PageMode: UseNone Outlines: Item: Title: Introduction Item: Title: Materials and Methods Children: Item: Title: Data Collection and Preparation Item: Title: Clustering Item: Title: Econometric Modelling Item: Title: Results Item: Title: Discussion Item: Title: Conclusions Item: Title: References Filters: FilterPipeline: FlateDecode Fonts: Type1: Font: BaseFont: KGWXTU+URWPalladioL-Roma FontSubset: true FirstChar: 2 LastChar: 252 FontDescriptor: FontName: KGWXTU+URWPalladioL-Roma Flags: Symbolic FontBBox: -166, -283, 1021, 943 FontFile: true EncodingDictionary: Differences: true ToUnicode: true Font: BaseFont: RTZSPL+URWPalladioL-Bold FontSubset: true FirstChar: 1 LastChar: 175 FontDescriptor: FontName: RTZSPL+URWPalladioL-Bold Flags: Symbolic FontBBox: -152, -301, 1000, 935 FontFile: true EncodingDictionary: Differences: true ToUnicode: true Font: BaseFont: INYPJF+CMEX10 FontSubset: true FirstChar: 16 LastChar: 33 FontDescriptor: FontName: INYPJF+CMEX10 Flags: Symbolic FontBBox: -24, -2960, 1454, 772 FontFile: true ToUnicode: true Font: BaseFont: GIGFZE+CMR10 FontSubset: true FirstChar: 40 LastChar: 61 FontDescriptor: FontName: GIGFZE+CMR10 Flags: Symbolic FontBBox: -40, -250, 1009, 750 FontFile: true ToUnicode: true Font: BaseFont: WVOWAU+CMSY10 FontSubset: true FirstChar: 0 LastChar: 106 FontDescriptor: FontName: WVOWAU+CMSY10 Flags: Symbolic FontBBox: -29, -960, 1116, 775 FontFile: true ToUnicode: true Font: BaseFont: XEXOSQ+URWPalladioL-Ital FontSubset: true FirstChar: 2 LastChar: 151 FontDescriptor: FontName: XEXOSQ+URWPalladioL-Ital Flags: Symbolic FontBBox: -170, -305, 1010, 941 FontFile: true EncodingDictionary: Differences: true ToUnicode: true Font: BaseFont: QCNVTH+PazoMath FontSubset: true FirstChar: 160 LastChar: 229 FontDescriptor: FontName: QCNVTH+PazoMath Flags: Symbolic FontBBox: -40, -283, 878, 946 FontFile: true ToUnicode: true Font: BaseFont: SSXPJJ+VnURWPalladioL FontSubset: true FirstChar: 160 LastChar: 225 FontDescriptor: FontName: SSXPJJ+VnURWPalladioL Flags: Symbolic FontBBox: -166, -283, 1021, 943 FontFile: true EncodingDictionary: Differences: true ToUnicode: true Font: BaseFont: YPXNEU+PazoMath-Italic FontSubset: true FirstChar: 35 LastChar: 103 FontDescriptor: FontName: YPXNEU+PazoMath-Italic Flags: Symbolic FontBBox: -70, -277, 902, 733 FontFile: true ToUnicode: true Font: BaseFont: CSBDNX+EURM10 FontSubset: true FirstChar: 12 LastChar: 34 FontDescriptor: FontName: CSBDNX+EURM10 Flags: Symbolic FontBBox: -32, -243, 1060, 720 FontFile: true ToUnicode: true XMP: application/pdf Daina Kleponė, Laima Okunevičiūtė Neverauskienė and Marina Bannikova The promotion of rapidly scaling technology startups has become a major policy priority. Sustainable startups are increasingly viewed as potential contributors to resilient and environmentally responsible economies, as they may combine economic growth with environmental and social objectives. Based on entrepreneurial ecosystem theory, the resource-based view, and Schumpeterian creative destruction, this study identifies innovation ecosystem conditions associated with sustainable startup growth. Turnover growth is used as a proxy for the economic pillar of the Triple Bottom Line framework and as a measure of startup scaling capacity. K-means clustering is applied to identify distinct growth profiles. To analyse relationships between startup growth and innovation ecosystem variables, the study employs a multi-method semiparametric framework. The results show multifaceted associations between ecosystem factors and startup growth. Market access and human capital are positively associated with global business models and innovation, while sectoral relatedness and knowledge spillovers may show negative associations, potentially through stronger competition and higher talent acquisition costs. Venture capital is positively associated with startup growth, whereas public R&D investment and direct government funding show no consistent positive relationship. The study is limited by using financial growth as a proxy for economic sustainability and by focusing on four European innovation ecosystems. 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