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Technological Innovation & Entrepreneurs

Entrepreneurship > Technological Innovation & Entrepreneurs

Abstract

By=definitionI=entrepreneurs=are=risk=takers=who=offer=innovative

goods=and=services=to=the=marketplace.=By=doing=soI=entrepreJ

neurs==often==change==not==only==their==industry==but==society==itself.

fnnovation=in=the=ONst=century=is=more=than=the=invention=of=new

products=that=can=be=brought=to=marketI=however.=qo=be=considJ

ered=innovativeI=a=product=or=process=must=not=only=be=new=or

a=significant=improvement=over=what=was=previously=availableI

it==must==also==have==been==successfully==introduced==in==the==marketJ

place=or=used=in=production.=puch=innovations=do=not=occur=by

luck==alone.==jore==and==more==entrepreneurs==are==implementing==a

process=of=sustainable=innovation=that=keeps=them=on=the=leading

edge=in=their=field=rather=than=focusing=on=transforming=from=an

entrepreneurial=organization=into==a=traditional=one.==pustainable

innovation=can=be=aided=through=the=analysis=of=several=sources

of=innovation==and=leveraging==these==into==goods==or=services==that

continue=to=change=both=industry=and=society.

Overview

qhere==are==many==reasons==that==people==and==businesses==purchase

goods=and=services.=pometimes=they=have=an=obvious=need=for

a=product=or=service=to=ease=their=lives=or=keep=their=businesses

profitable.=lther=timesI=they=have=a=perceived=need=created=by

marketing=efforts=to=sell=the=product=or=service.=Although=some=of

the=new=goods=or=services=represent=only=minor=changes=to=what

was previously available (this season’s fashions offer changes in

color=or=styleI=not=an=elemental=change=in=the=nature=of=clothing

or=of=clothFI=some=are=innovationsW=products=or=processes=that=are

new=or=significant=improvements=over=previous=products=or=proJ

cesses=and=that=have=been=introduced=in=the=marketplace=or=used

in=production.=Although=established=organizations=offer=innovaJ

tive=products=or=servicesI=they=also=tend=to=strive=for=stability=and

managed=growth=rather=than=riskJtaking.==bntrepreneursI=on=the

other=handI=are=risk=takers=who=by=definition=are=involved=in=the

process=of=innovation.

bntrepreneurs=are=often=thought=of=simply=as=persons=who=start

a=new=business=venture.=eoweverI=as=early=as=the=NVPMsI=goseph

Schumpeter – one of the foremost theorists about the nature of

modern entrepreneurship – observed that entrepreneurship is “the

process of creative destruction” and that it stimulates fundamental

changes=in=society.=According=to=pchumpeterI=the=entrepreneurJ

ial=process=is=instigated=by=the=discovery=of=new=technologiesI

productsI=processesI=or=markets=that=create=alternatives=to=those

already=existing=andI=as=a=resultI=stimulate=societal=change.=jore

recentlyI=theorists=have=begun=to=think=of=sustainable=innovation

as=a=fundamental=force=for=change=both=in=business=and=in=sociJ

ety=in=general.=fn=this=viewI=innovation=becomes=the=operational

definition=of=entrepreneurship.

By==this==definitionI==entrepreneurs==are==not==necessarily==found==in

smallI=startJup=organizations.=qhey=can=be=found=in=organizations

large=and=smallI=emerging=or=established.=eoweverI=it=is=in=the

nature=of=most=business=organizations=to=strive=toward=stability

rather=than=to=the=longJterm=riskJtaking=that=is=essential=to=both

entrepreneurship==and==successful==innovation.==As==a==resultI==it==is

typically=easier=for=small=firms=to=be=innovative=than=large=firms.

A=recent=study=sponsored=by=the=rp=pmall=Business=AdminisJ

tration=found=that=innovation=in=small=firms=Ethose=with=RMM=or

fewer=employeesF=is=twice=as=closely=linked=to=scientific=research

as=that=in=large=firms=and=is=significantly=more=likely=to=involve

leadingJedge=or=high=technology.=pmall=firms=were=also=found=to

be=more=effective=in=producing=highJvalue=innovations=than=were

large=firms.=pmall=firms=patented=approximately=NP=times=more

innovation=per=employee=than=in=large=firms=filing=patents.

Abstract

Keywords

Overview

Application

Terms & Concepts

Bibliography

Suggested Reading

Technological Innovation C bntrepreneurs

bssay by outh A. tienclawI Ph.a.

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Page O

Although=at=its=most=basicI=innovation=is=just=something=that=is

newI=the=term=also=carries=with=it=the=connotation=of=an=improveJ

ment – something that is better than past versions. Innovation is

also=often=thought=of=as=the=result=of=the=creative=processI=a=prodJ

uct=or=service=that=is=different=from=what=has=gone=before=and=not

an=obvious=solution.==fnnovation=can=be=something=revolutionJ

ary=such=as=the=first=desktop=computer=or=the=first=patented=soft

drink.==fnnovation==can==also==be==evolutionary==such==as==a==different

user=interface=for=application=software=or=sugarJfree=soft=drinks.

fnnovation=is=more=than=mere=invention.=An=invention=is=a=new

productI=processI=or=service=that=has=been=developed=after=a=proJ

cess=of=analysis=and=experimentation.=fnnovationI=on=the=other

handI==goes==beyond==this==definition==and==includes==the==act==of==sucJ

cessfully==introducing==that==productI==processI==or==service==to==the

marketplace.=cor=exampleI=if=the=new=widget=f=just=invented=sits

on=my=desk=it=is=no=less=an=invention=than=if=it=is=sold=to=milJ

lions=of=customers.=eoweverI=until=it=is=put=in=use=that=is=widely

accepted=within=the=industryI=marketplaceI=or=society=at=largeI=it

is=not=an=innovation.=qhe=difference=between=invention=and=innoJ

vation=is=use=and=acceptance.

fnnovation=also=differs=from=improvement.=An=improvement=is

the=same=thing=that=works=better=Ea=faster=math=coprocessorF.=An

innovationI=on==the==other=handI==may==be==used=for==the==same==purJ

pose=as=a=previous=device=or=processI=but=does=so=in=a=way=that

changes=the=way=that=people=do=the=thing.==cor=exampleI=toasting

bread=over=an=open=flame=on=top=of=the=stove=is=much=the=same

...