Endogenous Growth Through Knowledge Spillovers In Entrepreneurship: An Empirical Test
Endogenous growth theory is based on the notion that technological knowledge stimulates growth, yet the micro foundations of this process are rarely investigated and remain obscure. Knowledge spillover theory posits that growth is contingent on the technology dependence of industries, forming the landscape for technology entrepreneurs to launch and grow new ventures. Endogenous growth theory rests on the assumption that technology-based growth is driven by investments in new knowledge (Romer, 1990). While this view of economic growth is relatively unchallenged in contemporary work, the precise theoretical mechanisms by which knowledge sources are exploited for commercial use have yet to be investigated empirically, and little is known about whether micro-level processes of endogenous growth differ across industries.