Identifying Key Factors of the Knowledge-Intensive Entrepreneurship: Evidence from Greek High-Tech Sectors

Abstract

A business can be perceived as a set of unique resources and capabilities forming the basis of its strategy. Several examples in the literature focus on the impact of internal resources on shaping the development of a new venture. Thus, the human capital of a business, and more specifically the skills and knowledge of employees and the background of the founding team, can play a decisive role in the future success of new start-ups (Westhead et al., Journal of Business Venturing 16: 333–358, 2001). Technological resources, such as patents and trade secrets, can also be an important source of competitive advantage, growth, and development. At the same time, technological knowledge emerges as a resource creating higher value for the business and utilization of knowledge in the core of knowledge-based entrepreneurship. Furthermore, the organizational resources and capabilities, such as coordination and control processes, internal learning processes, marketing, and the links developed with the external environment, for example, networking with other businesses, universities, or research institutes for exchange and dissemination of knowledge, significantly affect its innovative performance and growth. Since knowledge entrepreneurship is high-potential entrepreneurship, the driving force for economic growth and its targeted promotion can be achieved by focusing on those factors that can affect it. In the context of this article, we have seen that such factors may be the knowledge and skills of the founders, the size of businesses, and their ability to identify and exploit market opportunities, their export orientation, and whether they were established before or after the onset of the economic crisis.