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The knowledge spillover theory of entrepreneurship

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  • Zoltan Acs
  • Pontus Braunerhjelm
  • David Audretsch
  • Bo Carlsson

Abstract

Contemporary theories of entrepreneurship generally focus on the decision-making context of the individual. The recognition of opportunities and the decision to commercialize them is the focal concern. While the prevalent view in the entrepreneurship literature is that opportunities are exogenous, the most prevalent theory of innovation in the economics literature suggests that opportunities are endogenous. This paper bridges the gap between the entrepreneurship and economic literature on opportunity by developing a knowledge spillover theory of entrepreneurship. The basic argument is that knowledge created endogenously via R&D results in knowledge spillovers. Such spillovers give rise to opportunities to be identified and exploited by entrepreneurs. Our results show that there is a strong relationship between knowledge spillovers and new venture creation.
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  • Zoltan Acs & Pontus Braunerhjelm & David Audretsch & Bo Carlsson, 2009. "The knowledge spillover theory of entrepreneurship," Small Business Economics, Springer, vol. 32(1), pages 15-30, January.
    • Handle: RePEc:kap:sbusec:v:32:y:2009:i:1:p:15-30
    DOI: 10.1007/s11187-008-9157-3
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    More about this item

    Keywords

    Opportunity; Knowledge; Entrepreneurship; Endogenous growth; Start-ups; New product innovation; J24; L26; M13; O3;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • R1 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics

    Statistics

    Access and download statistics

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