Sustainability in Entrepreneurship, Innovation, and Economic Development

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Discuss the relationship between entrepreneurship, innovation and economic development. What role does sustainability play in this relationship? Refer to both theory and examples from the business world to support your discussion. In today’s economy, entrepreneurship is an important subject and entrepreneurial abilities have become a pivotal requirement both nationally and globally. However, enterprises that succeed mostly do so as they are capable of change for the better, through innovation. So for an enterprise to be successful innovation is required. Creativity and innovation is at the heart of the 21st century. For example in the United States alone, more than 16,000 firms operate their own research labs! These successful…show more content…
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
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