Discuss the Relationship Between Entrepreneurship, Innovation and Economic Development

Definitions of entrepreneurship almost always involve the risk taking within the business world. Businessdictionary.com states “The capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit.” Why we want individuals to create new companies or even to grow products and ideas within an existing company is beyond the scope of this paper be we are going to assume that over all the outcome of this behavior is good for the organization, community, or country. There is little dispute that the United States was known for this behavior over the last two hundred years and it may be something that we are starting to lose. At least it is a behavior that we want to continue to foster.

Thus, it is undeniable that there is strong connection between entrepreneurship, innovation and economic development, as has been stated in literature time and time again. It can also be proven with the use of real life examples, for instance in the software industry, which today is globally worth $489 billion. Microsoft, “the worldwide leader in software technology”, an innovation founded by Bill Gates, had a revenue of $28.37 billion in the year 2002, and employed more than 50,000 employees in 78 countries as said in Andriopoulos and Dawson’s, Managing Change, Creativity & Innovation Textbook (2009 p94). Microsoft’s software is an example of an incremental innovation, and a successful enterprise, which thus became a major contributor to USA’s economic development. An example of a radical innovation that majorly contributed to economic development was Henry Fords simple invention of the assembly line

Entrepreneurship is one of the main foundations of many countries economies historically and it plays just as crucial of a role in the present day. Dr. Howard Stevenson of entrepreneurship studies at Harvard School of Business defines entrepreneurship as “the pursuit of opportunity beyond resources controlled”. (Sinoway & Meadow, 2012) As a native Canadian, entrepreneurship played

Without entrepreneurship businesses that provide choice and create innovation as well as wealth creation would not exist. Businesses create employment for workers to earn incomes and purchase products that improve

The role of entrepreneurship in the economy of a country is to inspire new business ventures that support wealth

Business innovation is all about the successful investment of new ideas. Innovation plays a key role in the success of many local and international companies. The aim of Innovation is increased businesses, which generate profits (Use innovation to start or grow your business introducation, n.d.). There is an important difference between invention and innovation. Invention is created new idea whereas Innovation apply correctly for ideas and exploitation of an idea (The business case for innovation, n.d.). This essay will describe how innovation can encourage businesses.

This paper describes five aspects related to the internationalization of industrial Research and Development (R&D). First, the ways firms globalize innovative activities and technologies (Archibugi & Pietrobelli, 2002). Second, the evolutionary transitions of a firm R&D activities that are developed abroad (Asakawa, 2001). Third, the main patterns of industrial R&D internationalization (Niosi, 1999). Fourth, the technical complexity and path dependency in innovating firms (Patel and Pavitt, 1997). Fifth, different approaches to the decentralization of R&D (Casson & Singh, 1993).

The term “entrepreneurship” was brought up by Joseph Schumpeter (1910) after he surveyed related literature about entrepreneurs. According to him, entrepreneurship is the cause for discovering, introducing innovative formulations of production factors leading to social economy. Since then, academic communities has started to give more interest to entrepreneurship. The enterprise that holds entrepreneurship should have three characteristics: the first is innovation including both product and process innovation; the second is risk-taking which means the main decision maker of an enterprise should have the capability to take risk; and finally the third is proactiveness, i.e., an enterprise should be able to passionately explore the difference of the environment and accept strategy to respond in advance (Miller, 1983).

Japan has been both surprising and exciting since its rise to the global stage. In this paper, Japan will be looked at through the scope of the National System of Innovation approach, examining an overview of the NSI and Japan’s NSI, a triad relationship which consists of industry, academia, and government. Additionally, its strengths, weaknesses, and to what extent is this approach useful toward understanding differences in Japan’s rates of innovation between other countries.

The effect of startup businesses on economic wealth is a hot topic nowadays. Not everyone agrees with the current policies concerning entrepreneurship and its effect on innovation, job creation and economic growth. Shane is one of those people who clearly disagrees with current incentives given by the government (Shane, 2009). According to him, policy makers should no longer motivate typical start-ups by providing incentives to start a business like loans, subsidies and tax benefits. This namely attracts marginal entrepreneurs that have a relatively high chance of failure. Instead, policy makers should focus on the extraordinary entrepreneurs and help them by subsidizing R&D projects at small companies. According to Shane, those funds are much more likely to contribute to economic growth and to create jobs. In this paper, I want to address this topic and investigate whether this really is the case. The research question that will be answered is:

Proposal to Include Innovation and Management of Technological Development in the New Zealand Technology Curriculum

In today’s business world, entrepreneurship is fundamental for the whole society and businesses (Blundel and Lockett, 2011). There is a considerable interest in entrepreneurial activity worldwide including the United Kingdom. Between 2010 and the start of 2015, UK experienced up to 36% increase

“They have employed existing means of production differently, more appropriately, more adventurously. They have “carried out new combinations”. They are entrepreneurs” – Joseph Schumpeter (Lumsdaine and Binks, 2007). Entrepreneurship is a procedure through which individuals identify opportunities (problems that need to be solved or unmet needs) in the market place, allocate resources, initiate change by being innovative and creative and create value through solutions. One of the Factors of Production to produce goods or services is Enterprise with Land, Labour and Capital; an entrepreneur combines all other factors of production by enterprise, which is actually problem solving, risk taking and creativity, to come up with innovative

With the rapid development of a dynamic global economy, increasingly countries are seeking breakthroughs in their economic development. Stimulated by these ever-increasing competition pressures, exploitation of new ideas and businesses which provide great potential for economies to thrive, accordingly, is gaining widespread attention (Mansfield, 1972; Wong et al., 2005). In consequence, on a global scale, not only some developed countries with strong capability to absorb and implement new ideas, but also some emerging developing countries, are taking measures to inspire entrepreneurship and innovation with the purpose of benefiting economic development

Entrepreneurship has been a topical issue in business administration literature and mostly the wave on interest is on the role of entrepreneurship in economic growth literature. This paper