Entrepreneurial Activity, Industry Orientation, and Economic Growth
There is evidence that entrepreneurial activity plays a non-negligible role in driving economic development. In this paper, the authors investigate whether the industry in which the entrepreneurial activity takes place matters for economic growth, both in developed and developing countries. They distinguish between three types of entrepreneurial activity, based on the technology intensity that is involved: entrepreneurship without any technology intensity, low technology entrepreneurship, and high technology entrepreneurship. Data from the Global Entrepreneurship Monitor are used to construct early-stage entrepreneurial activity rates for almost 70 countries and for 9 years (2001-2009).