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Abstract The knowledge spillover theory of entrepreneurship (KSTE) seeks to explain the mechanisms of how uncommercialized knowledge can be turned into new to market products. This paper uses a large unbalanced panel of 16,542 UK firms constructed from six consecutive waves of a community innovation survey and annual business registry survey during 2002–2014 to test the differences in the returns to knowledge spillover for innovation between start-ups and incumbent firms. The theoretical, managerial, and policy implications of the study are discussed.
Audretsch et al. (2021) studied this question.