Entrepreneurship in knowledge-based services: Opportunity and challenges for new venture, economic, and workforce development

Businesses and professions known as knowledge based services (KBS) are a large and growing portion of the economy, add high value, create more than 79% of all nonfarm jobs in the US, and are highly exportable. They are highly leveraged opportunities for new venture creation and investment. Yet little attention has been paid to them in economic and workforce development or entrepreneurship research and education. They have significant differences from other firms. This article argues for greater focus of entrepreneurship research, education, and investment in knowledge based services. It presents initial research exploring unique differences, challenges, and opportunities for new venture development in KBS and suggests future research and investment. The article also proposes a framework and suggestions for research into entrepreneurship in KBS.