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The use of knowledge in technology entrepreneurship: A theoretical foundation

Author

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  • Russell S. Sobel

    (The Citadel, School of Business Administration)

  • J. R. Clark

    (The University of Tennessee at Chattanooga)

Abstract

While technology entrepreneurship has been widely recognized as a driver of economic growth, there exists little in the way of a unified framework for understanding technology entrepreneurship and assessing its value proposition, particularly when network externalities and information are involved. In this paper we bring together several strands of literature and identify the components that form a foundation for understanding modern technology entrepreneurship. In particular, technology functions as a capital good that embodies knowledge about performing productive tasks, and the value of this knowledge depends on how well it is able to utilize decentralized local knowledge and spontaneous orders.

Suggested Citation

  • Russell S. Sobel & J. R. Clark, 2018. "The use of knowledge in technology entrepreneurship: A theoretical foundation," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(2), pages 195-207, June.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:2:d:10.1007_s11138-017-0380-5
    DOI: 10.1007/s11138-017-0380-5
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    References listed on IDEAS

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    1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    2. Boettke, Peter J, 2002. "Information and Knowledge: Austrian Economics in Search of its Uniqueness," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 15(4), pages 263-274, December.
    3. Russell S. Sobel & Peter T. Leeson, 2010. "The Use of Knowledge in Natural Disaster Relief Management," Chapters, in: Emily Chamlee-Wright & Virgil Henry Storr (ed.), The Political Economy of Hurricane Katrina and Community Rebound, chapter 3, Edward Elgar Publishing.
    4. Pathak, Saurav & Xavier-Oliveira, Emanuel & Laplume, André O., 2013. "Influence of intellectual property, foreign investment, and technological adoption on technology entrepreneurship," Journal of Business Research, Elsevier, vol. 66(10), pages 2090-2101.
    5. Pankaj C. Patel & James O. Fiet, 2009. "Systematic Search and Its Relationship to Firm Founding," Entrepreneurship Theory and Practice, , vol. 33(2), pages 501-526, March.
    6. Sobel, Russell S., 2008. "Testing Baumol: Institutional quality and the productivity of entrepreneurship," Journal of Business Venturing, Elsevier, vol. 23(6), pages 641-655, November.
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    Cited by:

    1. Vogiatzoglou Klimis, 2019. "Do Entrepreneurial Attitudes Explain The Rising International Business Orientation In Developing And Emerging Economies?," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 14(2), pages 245-256, August.
    2. Mohamed Mostafa Ali Albaz, 2019. "The Impact Of Technological Entrepreneurship On Achieving Human Development In The Egyptian Chemical Companies," Business Management, D. A. Tsenov Academy of Economics, Svishtov, Bulgaria, issue 2 Year 20, pages 46-64.
    3. Mark A. DeWeaver, 2024. "The Firm as Observer: Data Resources and Firm Longevity in Bylund’s Austrian Theory of the Firm," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 37(1), pages 81-93, March.

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    More about this item

    Keywords

    Entrepreneurship; Technology venturing; Embodied knowledge; Local knowledge; Truthful revelation; Reputational information and technology; Spontaneous order; Network effects; Path-dependence;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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