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date: 30 September 2020

Abstract and Keywords

The purpose of this article is to suggest that a more recent literature has emerged which identifies how and why entrepreneurship in the form of new and small firms is a driving engine of industrial restructuring and economic growth. The starting point of this literature is the consideration of entrepreneurial opportunities and how they relate to opportunities generated by incumbent corporations. Entrepreneurship is distinguished from incumbent organizations with respect to both opportunity creation and exploitation. According to the ‘Knowledge Spillover Theory of Entrepreneurship’, entrepreneurial opportunities are not exogenous to the economy, but rather systematically created by incumbent organizations investing in new knowledge and ideas but unable to fully commercialize that new knowledge.

Keywords: entrepreneurship, economic growth, small firms, industrial restructuring, new knowledge, entrepreneurial opportunities

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