Knowledge
A key driving force influencing activities of entrepreneurs is the discovery and application of new knowledge that can provide the basis for innovation in existing industries and the creation of totally new industries. The issue facing senior managers is the degree to which their organization can rely on exploiting the existing knowledge versus new knowledge to support innovation. Existing knowledge tends to be widely available within an industrial sector, and hence, is rarely able to support any really radical, innovative ideas. As a consequence, entrepreneurial organizations have long understood the critical importance of sustaining their competence through the exploitation of new knowledge (Day ...
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