Contributions of Entrepreneurial Businesses

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Contributions of Entrepreneurial Businesses Introduction Entrepreneurial businesses generate wealth for society. A fraction of the wealth that is generated by businesses is retained by the entrepreneurs the lion's share of the wealth is shared by society. For example, consider that the wealth that Bill Gates generated through innovations at Microsoft have resulted in increased wealth for the majority of consumers of Microsoft products. As compensated productivity increases, so does private and corporate wealth. This paper explores the impact of entrepreneurial activity on new product development and process innovations including those associated with niche markets on contributions to communities, and on the contextual economy. New product and process innovations. Entrepreneurs are integral to the development, introduction, and marketing of new products and services. Many of the breakthrough technologies and products that are at the core of American prosperity are a result of entrepreneurial initiative, research, and effort (Rothaermel, et al., 2007). Fundamental discoveries in American universities result in the application of new technologies and the creation of innovative products (Rothaermel, et al., 2007). The nature of scientific inquiry in universities and the Bayh-Dole Act of 1980 foster the commercialization of these new technologies ("Kauffman Foundation," 2012). However, research by the Kauffman Foundation suggests that universities may be slow to get their
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