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Whereas initially physical capital and later, knowledge capital were viewed as crucial for growth, more recently a very different factor, entrepreneurship capital, has emerged as a driving force of economic growth. In this paper, we define a region's capacity to create new firms start-ups as the region's entrepreneurship capital. We then investigate the local embeddedness of this variable and which variables have an impact on this variable. Using data for Germany, we find that knowledge-based entrepreneurship capital is driven by local levels of knowledge creation and the acceptance of new ideas, indicating that local knowledge flows play an important role. Low-tech entrepreneurship capital is rather increased by regional unemployment and driven by direct incentives such as subsidies. All three measures are locally clustered, indicating that indeed, entrepreneurship capital is a phenomenon that is driven by local culture, and is therefore locally bounded. Mientras que inicialmente el capital físico, y posteriormente el capital conocimiento, fue considerado crucial para el crecimiento, más recientemente un factor muy diferente, el capital empresarial de espíritu emprendedor ( entrepreneurship capital), ha surgido como una fuerza impulsora de crecimiento económico. En este artículo, definimos como capital empresarial emprendedor la capacidad de una región para originar la puesta en marcha de nuevas empresas. A continuación investigamos el arraigo local de esta variable y las variables que tienen un impacto sobre esta variable. Usando datos de Alemania, hallamos que el capital empresarial emprendedor basado en el conocimiento está motivado por niveles locales de creación de conocimiento y la aceptación de nuevas ideas, indicando que los flujos de conocimiento local juegan un papel importante. El capital empresarial emprendedor basado en bajas tecnologías aumenta con el desempleo regional y está motivado por incentivos directos como subsidios. Las tres variables están agrupadas localmente ( locally clustered), indicando que sin duda el capital empresarial emprendedor es un fenómeno motivado por la cultura local, y por tanto atribuible a una localidad. [ABSTRACT FROM AUTHOR]

With the Lisbon Strategy and mandate, the European Commission committed itself to promoting entrepreneurship as a major driver of innovation, competitiveness, and growth. This paper demonstrates that the renaissance of entrepreneurship policy along with the implementation of the Lisbon Agenda resulted in the localization of policy-making, and re-strengthened policy-makers on the ground to successfully mobilize directly at the supranational level. Furthermore, it shows that EU entrepreneurship policy-making has contributed to a shift from hierarchical government to a more horizontal and interactive form of governance in the new German Laender which were highly exposed to Structural Funds and the Lisbon Agenda. The focus of analysis on the sub-national level helps to fill an academic void in Europeanization and governance literature. By integrating a region- and policy-specific perspective, this contribution goes beyond theorizing the regional dimension of Europeanization in a multi-level governance scheme. [ABSTRACT FROM AUTHOR]