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Innovation and Entrepreneurship, The idea of a successful venture has revolutionised greatly in recent years. Systematic and traditional methods of businesses are overtaken by evolutionary start-ups, and other firms that have incorporated social work in form in their businesses. The ideas of most start-ups recently are very innovative, and even if they are not considered completely innovative by some, they are completely different from traditional methods or ideas of business.
However, innovation in entrepreneurship is not a recent process; the idea of innovation in entrepreneurship is first coined by Schumpeter in 1934. Before analysing the idea of innovation and entrepreneurship, it is important to define innovation. Innovation is the process of implementation of new ideas in an organisation for creation of value and development. Innovation is a key for successful business especially in contemporary business world, and the companies that do this best are the companies that will succeed. (Beckley, 2013)
According to Schumpeter, “The fundamental impulse that sets and keeps the capitalist engine in motion comes from new consumer goods, the new markets, the new forms of business organisation that capitalist enterprise creates” (Schumpeter, 1942) Concept of innovation and entrepreneurship is widely discussed and, according to Schumpeter innovation in any form is the key to running a capital economy. But where do these ideas stand in today’s world? Does innovation play an equally important role or has the reality changed with time. Innovation and entrepreneurship have changed today, where in past technological innovation might have been considered the key for growth, now the shift might have occurred from technological to managerial innovation. The paper will discuss the different forms of innovation and what form of innovation is important to modern-day business world.
The reason for discussing the applicability of old theories in today’s world is because entrepreneurs and their motivators have changed greatly. Entrepreneurs desire to be intellectually challenged and as mentioned earlier some even want to bring a change in society, but starting start-ups that are oriented towards social change. Another reason why companies are constantly looking for innovative ideas and methods for growth is competitive global economy. The challenges faced by companies in competitive global environment, require them to adapt and implement innovative strategies to face those challenges. According to research, the growing market challenges, emergence of low cost economies, increased competition, customer awareness and demand for better…
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