Technological change that arises outside an industry and is used within it affects entrepreneurship and entrepreneurial ecosystems, but remains understudied. In this project we assess the role of financial technology (fintech) innovation in the process of firm entry into the investment advisory sector, bearing in mind that the core of this innovation arises from technological development that is external to the industry. Our analysis of a sector of the U.S.-based financial services industry indicates that fintech innovation has contributed to a substantial increase in the rate of entrepreneurial entry into the industry. More importantly, we show that this innovation has an asymmetric effect on the firms in the industry, strengthening startups and smaller firms while increasing competitive pressure on larger incumbents. Our findings contribute to the literature by exemplifying that external technology shocks can change market structure by strengthening entrepreneurial ecosystems.

在行业之外出现并在其中使用的技术变革会影响企业家精神和企业家生态系统，但仍需深入研究。在这个项目中，我们要记住金融技术（金融科技）创新在公司进入投资咨询部门的过程中的作用，同时要记住，这种创新的核心来自行业外部的技术发展。我们对总部位于美国的金融服务行业的分析表明，金融科技创新极大地推动了企业家进入该行业的速度。更重要的是，我们证明了这种创新对行业中的公司具有不对称的影响，不仅增强了初创公司和小型公司的地位，同时也增加了对大型公司的竞争压力。