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Abstract

New knowledge in the form of products, processes and organizations leads to opportunities that can be exploited commercially. However, converting new ideas into economic growth requires turning new knowledge into economic knowledge that constitutes a commercial opportunity. Acs, Audretsch, Braunerhjelm, and Carlsson (2003) develop a model that introduces a "knowledge filter" between new knowledge and economic knowledge and identifies both new ventures and incumbent firms as the mechanism that reduces the knowledge filter and increases regional growth. This paper tests the hypotheses that new venture creation is a better mechanism than the absorptive capacity of incumbent firms for converting new knowledge into economic knowledge. Our results support the contention that new venture creation is a superior method of penetrating the regional "knowledge filer" than incumbent firms.

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Bibliographic Info

Paper provided by Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group in its series Papers on Entrepreneurship, Growth and Public Policy with number 2004-38.

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Length: 31 pages
Date of creation: Aug 2004
Date of revision:
Handle: RePEc:esi:egpdis:2004-38

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Related research

Keywords: Regional growth; knowledge; new venture creation; entrepreneurship;

Other versions of this item:

Find related papers by JEL classification:

• M13 - Business Administration and Business Economics; Marketing; Accounting - - Business Administration - - - New Firms; Startups
• O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
• O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
• O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
• L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

This paper has been announced in the following NEP Reports:

• NEP-ALL-2004-08-23 (All new papers)
• NEP-CBE-2004-08-23 (Cognitive & Behavioural Economics)
• NEP-ENT-2004-08-23 (Entrepreneurship)

References

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1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-37, October.
2. Edward E. Leamer & Michael Storper, 2001. "The Economic Geography of the Internet Age," NBER Working Papers 8450, National Bureau of Economic Research, Inc.
   
   • Edward E Leamer & Michael Storper, 2001. "The Economic Geography of the Internet Age," Journal of International Business Studies, Palgrave Macmillan, vol. 32(4), pages 641-665, December.
3. William J. Baumol, 2004. "Entrepreneurial Enterprises, Large Established Firms and Other Components of the Free-Market Growth Machine," Small Business Economics, Springer, vol. 23(1), pages 9-21, 08.
4. Acs, Zoltan J & Audretsch, David B, 1988. "Innovation in Large and Small Firms: An Empirical Analysis," American Economic Review, American Economic Association, vol. 78(4), pages 678-90, September.
5. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320.
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7. Jaffe, A.B. & Trajtenberg, M., 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," Papers 14-92, Tel Aviv.
   
   • Jaffe, Adam B & Trajtenberg, Manuel & Henderson, Rebecca, 1993. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 577-98, August.
   • Adam B. Jaffe & Manuel Trajtenberg & Rebecca Henderson, 1992. "Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations," NBER Working Papers 3993, National Bureau of Economic Research, Inc.
8. Wolfgang Keller, 2000. "Geographic Localization of International Technology Diffusion," NBER Working Papers 7509, National Bureau of Economic Research, Inc.
   
   • Wolfgang Keller, 2002. "Geographic Localization of International Technology Diffusion," American Economic Review, American Economic Association, vol. 92(1), pages 120-142, March.
   • Keller, Wolfgang, 2001. "Geographic Localization of International Technology Diffusion," CEPR Discussion Papers 2706, C.E.P.R. Discussion Papers.
9. Felix Fitzroy & Ian Smith & Zoltan Acs, 1994. "High Technology Employment and University R&D Spillovers: Evidence from US Cities," CRIEFF Discussion Papers 9417, Centre for Research into Industry, Enterprise, Finance and the Firm.
10. Wesley M. Cohen & Richard R. Nelson & John P. Walsh, 2000. "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (or Not)," NBER Working Papers 7552, National Bureau of Economic Research, Inc.
    
    • Wesley M Cohen & Richard R Nelson & John P Walsh, 2003. "Protecting Their Intellectual Assets: Appropriability Conditions and Why U.S. Manufacturing Firms Patent (Or Not)," Levine's Working Paper Archive 618897000000000624, David K. Levine.
11. Zoltan J. Acs & Bo Carlsson & Pontus Braunerhjelm & David B. Audretsch, . "The Missing Link," Papers on Entrepreneurship, Growth and Public Policy 2005-08, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
12. Anselin, Luc & Varga, Attila & Acs, Zoltan, 1997. "Local Geographic Spillovers between University Research and High Technology Innovations," Journal of Urban Economics, Elsevier, vol. 42(3), pages 422-448, November.
13. Jaffe, Adam B, 1989. "Real Effects of Academic Research," American Economic Review, American Economic Association, vol. 79(5), pages 957-70, December.
14. Griliches, Zvi, 1992. " The Search for R&D Spillovers," Scandinavian Journal of Economics, Wiley Blackwell, vol. 94(0), pages S29-47, Supplemen.
    
    • Zvi Griliches, 1998. "The Search for R&D Spillovers," NBER Chapters, in: R&D and Productivity: The Econometric Evidence, pages 251-268 National Bureau of Economic Research, Inc.
    • Zvi Griliches, 1992. "The Search for R&D Spillovers," NBER Working Papers 3768, National Bureau of Economic Research, Inc.
15. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January.

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Citations

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Cited by:

1. Pamela Mueller, 2005. "Exploring the Knowledge Filter - How Entrepreneurship and University-Industry Relations Drive Economic Growth," ERSA conference papers ersa05p610, European Regional Science Association.
2. Michael Anyadike-Danes & Mark Hart & Helena Lenihan, 2011. "New business formation in a rapidly growing economy: the Irish experience," Small Business Economics, Springer, vol. 36(4), pages 503-516, May.
3. Carlsson, Bo & Acs, Zoltan & Audretsch, David & Braunerhjelm, Pontus, 2007. "The knowledge filter, Entrepreneurship and Economic Growth," Working Paper Series in Economics and Institutions of Innovation 104, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies.
   
   • Bo Carlsson & Zoltan J. Acs & David B. Audretsch & Pontus Braunerhjelm, 2007. "The Knowledge Filter, Entrepreneurship, and Economic Growth," Jena Economic Research Papers 2007-057, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
4. Zoltan J. Acs & Kadri Kallas, 2007. "State of Literature on Small to Medium-Size Enterprises and Entrepreneurship in Low-Income Communities," Papers on Entrepreneurship, Growth and Public Policy 2007-03, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
   
   • Zoltan J. Acs, 2006. "State of literature on small to medium-size enterprises and entrepreneurship in low-income communities," Proceedings – Community Affairs Dept. Conferences, Federal Reserve Bank of Kansas City, issue Jul, pages 21-54.
5. Mueller, Pamela, 2005. "Exploring the knowledge filter: how entrepreneurship and university-industry relations drive economic growth," Freiberg Working Papers 2005,17, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
6. Massón Guerra, José Luis, 2007. "El capital empresarial como determinante de la productividad y el crecimiento en España
   [The Impact of Entrepreneurship Capital on Spanish's Labor Productivity and Economic Growth]," MPRA Paper 4073, University Library of Munich, Germany.
7. Mueller, Pamela, 2005. "Exploiting entrepreneurial opportunities: the impact of entrepreneurship on economic growth," Freiberg Working Papers 2005,16, TU Bergakademie Freiberg, Faculty of Economics and Business Administration.
8. R. Paci & E. Marrocu, 2012. "Knowledge assets and regional performance," Working Paper CRENoS 201213, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia.
9. Niels Bosma & Frank van Oort, 2012. "Agglomeration Economies, Inventors and Entrepreneurs as Engines of European Regional Productivity," Working Papers 12-20, Utrecht School of Economics.

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