In his seminal 1921 book, Risk, Uncertainty, and Profit, Frank Knight distinguished uncertainty and risk. This paper applies Knight's concept of uncertainty to knowledge generated in incumbent organizations to explain the inherent difficulty in assessing potential innovations along with the key role played by knowledge spillover entrepreneurship as a conduit for transforming new knowledge created by an incumbent organization but ultimately commercialized through the creation of a new firm and innovation. Knowledge is inherently uncertain and constitutes what is characterized as the knowledge filter impeding innovative activity in the context of incumbent firms and organizations. The organizational and institutional context and market uncertainty can either facilitate or impede the spillover of knowledge from the firm where it was created to the entrepreneurial startup where it is transformed into innovation. The empirical evidence based on a large, unbalanced panel of 9,126 UK firms constructed from six consecutive waves of a community innovation survey and annual business registry survey during 2002–2014. Implications for managers, scholars, and policymakers are provided.

中文翻译：

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弗兰克奈特，不确定性和知识溢出创业

在他 1921 年的开创性著作中，风险、不确定性和利润, Frank Knight 区分了不确定性和风险。本文将 Knight 的不确定性概念应用于现有组织中产生的知识，以解释评估潜在创新的固有困难以及知识溢出创业作为转化现有组织创造但最终通过创造商业化的新知识的渠道所起的关键作用一个新的公司和创新。知识本质上是不确定的，并且构成了在现有公司和组织的背景下阻碍创新活动的知识过滤器。组织和制度环境以及市场的不确定性可以促进或阻碍知识从创建它的公司到创业公司的溢出，然后将其转化为创新。实证证据基于一个由 9,126 家英国公司组成的大型不平衡小组，该小组由 2002-2014 年间连续六波社区创新调查和年度商业登记调查构建而成。提供了对管理者、学者和政策制定者的启示。