The Relationship Networks of Entrepreneurs and the Effects of A Formation of An Industry Cluster on Their Relationships

Abstract

We examine how marine technology entrepreneurs in Iceland build their business network relationships through weak and strong ties and the effects of the formation of an industry cluster on their relationships. This study finds that marine technology entrepreneurs build their network relationships mainly through the formation of strong ties leading to a slow expansion of business relationships. We also find a formation of an industry cluster of marine technology entrepreneurs to enhance the weak ties of the entrepreneurs and their skills in developing these weak relationships. Further, the analytical model we develop shows how factors such as an industry cluster influences the entrepreneurs’ relationships.