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Entrepreneurship and Advanced Technical Knowledge *
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BibTeX
@MISC{Ohyama_entrepreneurshipand,
author = {Atsushi Ohyama},
title = {Entrepreneurship and Advanced Technical Knowledge *},
year = {}
}
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Abstract
This paper proposes a theory according to which one’s capability to deal with uncertainty arising from the adoption of new technology is a key determinant of value creation in entrepreneurship. In a unified conceptual framework, we demonstrate that entrepreneurs possessing sufficiently high skills in and knowledge about advanced technology earn a positive premium as compared to similar paid workers, but entrepreneurs who locate too far away from their set of skills in the technology space earn negative returns. The theoretical prediction about the bi-modal nature of the entrepreneurship premium is tested against data. Our empirical analysis, utilizing information from Scientists and Engineers Statistical Data System (SESTAT), indicates that entrepreneurial rewards crucially depend on the capability to adopt and implement advanced technical knowledge.
Keyphrases
advanced technical knowledge technology space unified conceptual framework advanced technology entrepreneurial reward key determinant empirical analysis value creation negative return new technology bi-modal nature entrepreneurship premium high skill theoretical prediction similar paid worker positive premium engineer statistical data system
