Social and Cultural Capital in Startup Value Creation: Insights from Chiang Mai
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Abstract
This study aims to 1) analyze how startups in Chiang Mai create business value under the context of neoliberal economic structures through their relationship with social and cultural capital, 2) understand the strategies employed by entrepreneurs to transform social and cultural capital into business value through network formation and community relations, and 3) propose theoretical and policy recommendations to strengthen Thailand’s startup ecosystem toward sustainable growth. The research adopts a qualitative approach grounded in political economy and sociocultural perspectives. It applies the theories of practice and capital, Actor–Network Theory, and the concept of intimacy as analytical frameworks. The fieldwork was conducted in Chiang Mai with a purposive sample of 25 participants, including small and medium-sized startup entrepreneurs, incubator centers, academic institutions, banks, and governmental support agencies. Data were collected through in-depth interviews, participatory observation, and engagement in startup activities to obtain comprehensive insights. The findings reveal three key dimensions of value creation among Chiang Mai startups: (1) flexible business planning and management, (2) network building and negotiation with business partners, and (3) the strategic use of local culture and close social ties as social capital to enhance trust and market credibility. The study concludes that startup success depends not solely on financial capital but on the integration of social and cultural capital. This demonstrates that the process of value creation is more complex than conventional economic theories suggest. It highlights the importance of managing multiple forms of capital in tandem with cultural and relational strategies to foster innovation, resilience, and sustainable business development within local ecosystems.
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