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What turns knowledge into innovative products? The role of entrepreneurship and knowledge spillovers |
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| Authors: | Joern H Block Roy Thurik Haibo Zhou |
| Institution: | 1. Centre for Advanced Small Business Economics, Erasmus School of Economics, Erasmus University Rotterdam, P.O. Box 1738, 3000 DR, Rotterdam, The Netherlands 2. Erasmus Research Institute of Management (ERIM), Erasmus University Rotterdam, Rotterdam, The Netherlands 3. Sch?ller Chair in Technology and Innovation Management, Technische Universit?t München, München, Germany 4. Panteia/EIM, P.O. Box 7001, 2701 AA, Zoetermeer, The Netherlands 5. GSCM-Montpellier Business School, Montpellier, France 6. Department of Innovation Management and Strategy, University of Groningen, P.O. Box 800, 9700 AV, Groningen, The Netherlands |
| Abstract: | The knowledge spillover theory of entrepreneurship seeks to explain the fundamentals and consequences of entrepreneurship with respect to economic performance. This paper uses the knowledge spillover theory to explain different innovation outcomes. We hypothesize that a high rate of entrepreneurship facilitates the process of turning knowledge into new-to-the-market innovation but has no effect on the relationship between knowledge and new-to-the-firm innovation. Our results using European country-level and pooled OLS, fixed- and random-effects regressions show that a high rate of entrepreneurship increases the chances that knowledge will become new-to-the-market innovation. The findings highlight the importance of Schumpeterian entrepreneurship in the process of the commercialization of knowledge. We discuss the implications for entrepreneurship and innovation policy. |
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