Page 60 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.83, # 1, 2026, pp. 58-81

The outline of this paper is as follows: some literature pertinent to this study is
discussed in the next section. Next, the methods and samples are explained in the
study, together with the results and analysis (Qiu et al., 2024) (Khaleel et al., 2024)
(Jasmi & Hassan, 2024).

2. LITERATURE REVIEW AND HYPOTHESES DEVELOPMENT
Digital entrepreneurship combines information technology (IT) with entrepreneurs’
business know-how. Digital entrepreneurship can be defined as the process in which
individuals or organisations recognise and exploit the opportunities using digital
technologies. It lies at the cross-section of classic entrepreneurship and developments
in digital tools and platforms. Paul et al. (2022) argued that digital entrepreneurship
represents not merely a new offshoot of entrepreneurship but a revolutionary force
that reinvents the way ventures are conceived, launched, and scaled within digital
ecosystems. Cloud computing, big data, and digital platforms are digital technologies
that have evolved, generating new types of entrepreneurial activity and business
models. Giones and Brem (2017), further outline that digital technology
entrepreneurship is an entrepreneurial venture in pursuit of opportunities created by
digital innovation and the strategic application of technology as a fundamental
differentiator. Such a perspective aligns with the Technology-Entrepreneurship Nexus
(TEN), which highlights the combined efforts of technological development and
entrepreneurial motivation in developing digitally transformed business solutions.
Interestingly, many early digital start-ups, such as Amazon, Google, Facebook, and
Twitter, have eventually become global, multifunctional companies.

Even though big companies dominate the digital market, as new technologies emerge,
they create opportunities for young businesses and start-ups (Antonizzi & Smuts,
2020). A push towards digitalization has prompted governments and public bodies to
rethink matters about concerns; such as intellectual property rights, data protection,
security arrangements, education and training of workforce, capital fund for start-ups,
securities governance and support organisations, incubators and accelerator programs
and suitable regional and local economic development plans (Martin, 2018; Zysman
& Kenney, 2018). The development of digital entrepreneurship is influenced by
several factors, including improvements in ICT, the spread of the internet, levels of
investment in education, and Research & Development (R&D).

2.1 ICT and Digital Entrepreneurship (TEN)
Information and Communication Technology (ICT) is a key source of economic
growth, improvement in welfare, sectoral advancement such as banking, good quality
of living, and sustainable development (Asongu & Nwachukwu, 2018). Although the
contribution of ICT to human and socio-economic development is well

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