Aspects of a knowledge theory for new venture creation: Management, policy and methodological implications

Abstract

The problem studied is related to new venture creation. The question the authors will examine here is: What are the knowledge conditions for new venture creation? The methodology used is conceptual generalization. The purpose of the paper is to bring new understandings to venture creation. In attempting to answer the research question, the authors hope to make a contribution to a policy for supporting entrepreneurship, both corporate entrepreneurship and independent entrepreneurship. The approach the authors adopt here has its roots in the Austrian School. The area of research is the global knowledge economy of the 21st century. Finding one, in this paper, is that entrepreneurial policy has to take four types of knowledge (explicit, tacit, implicit, hidden) into consideration in order to effectively bring forward new venture creation. Finding two is a mini theory, i.e., a system of propositions for new venture creation. Finding three is a system of methodology developed to bring forward the four knowledge types mentioned in finding one.