Abstract
While technology and entrepreneurship are independently viewed as critical factors in firm survival and competitiveness, how entrepreneurial capabilities evolve in the context of technology absorption and contribute to development is less well understood. This paper develops a conceptual framework for understanding how technology and entrepreneurship co-evolve and contribute to the emergence of new ventures and development. Two case studies of the steel industry in India and South Korea illustrate the framework and provide lessons for fostering development in emerging economies and low growth regions of industrialised countries.