Fritsch M. and Storey D. J. Entrepreneurship in a regional context: historical roots, recent developments and future challenges, Regional Studies. This paper reviews research on regional new business formation published in four special issues of Regional Studies over a period of 30 years. It is observed that over those decades there has been a heightened recognition of the role of both formal institutions and `soft' factors such as social capital and a culture of entrepreneurship. However, the core challenge is to explain why, in several high-income countries, despite these claimed cultural changes, the relative position of regions with regard to new business formation exhibits little or no variation over long periods of time.
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