Innovation and entrepreneurship

Innovation and entrepreneurship
Primary topic
Related topics
Methods and techniques


Innovation, and the entrepreneurship to which it gives rise, are not born out of nowhere: they solve some problem, which is very likely to have been addressed in some other way previously, although without reaching adequate levels of efficiency and effectiveness. From which it follows that for innovation and entrepreneurship to be ultimately successful, mistakes must be learned: failure must lead to a new effort and a new attempt to correct the previous one.

You live in a complex and dynamic world in which innovation and entrepreneurship are occupying a decisive role for economic development. According to Joseph Alois Schumpeter “carrying out innovations is the only function which is fundamental in history”. He also accented that It is entrepreneurship that ”replaces today’s Pareto optimum with tomorrow’s different new thing”.

Definition[edit]

The word entrepreneurship comes from the French entrepreneur (pioneer), and refers to the ability of a person to make an extra effort. Daniel Isenberg of Babson College defines entrepreneurship as the identification, creation, and capture of extraordinary value. An entrepreneur is who strategically sent all, despite the limitations in their environment or their contacts

This implies that all of the following must be fulfilled:

  1. The entrepreneur must identify an idea (by opportunity).
  2. The entrepreneur must create a new product or service, not existing in the regional or global market.
  3. The entrepreneur must capture value (economic or social) with the business model implemented.
  4. The value must be extraordinary, that is: in vast quantities, with a global, tangible, and novel vision.

This definition makes us think what kind of company is really an enterprise, and who is really an entrepreneur. It is also important to make the separation between people with proven entrepreneurial values ​​and entrepreneurs.

Innovation represents all those transformations that introduce originality and novelty, it tends to develop more frequently in the economic context, especially when companies implement new products or services that become successful within the market, prevailing in it through advertising. Additionally, Tim Kastelle of the University of Queensland defines innovation as an invention that generates value.

According to Tim, there are three scales of innovation, which can only be measured in hindsight.

  1. Incremental, which creates new products or services.
  2. Radical, which creates new markets.
  3. Transformational, which creates new industries, and changes the way we live day to day.

This implies that an invention may have innovative potential, but we will not know its type until its scale is verified.

The role of women in entrepreneurship and innovation[edit]

"Long confined to the realm of feminist studies, issues pertaining to women’s access, participation, advancement and reward are rising to prominence in innovation, technology and entrepreneurship –areas traditionally characterised either by gender-blindness or male dominance. The implications of this shift are wide-ranging but the mechanisms by which it takes place are little known. We discuss causes of the relatively small numbers of women scientists, researchers, innovators or entrepreneurs, the exceedingly slow pace of transition from inequality to equality and the usually lower hierarchical positions than men’s in academia or business, women’s hidden roles in technological change and an exemplary instance of women’s leading role in a major technological innovation with wide social impact, in the context of major changes arising in the transition from the Industrial to the Knowledge Society" (Ranga, M. & Etzkowitz, H., 2010, Athena in the World of Techne: The Gender Dimension of Technology, Innovation and Entrepreneurship)

Conclusion[edit]

Entrepreneurship and innovation are concepts that go hand in hand and that generate particular interest among our customers and partners. They are two indisputably necessary and fundamental global trends for the economic and social development of a country. We owe great progress for that on different issues and nowadays, having almost everything at our fingertips, it becomes increasingly difficult to make a great innovation and that The entrepreneur has clear how to carry out his idea. On the other hand, I find very interesting the way in which women appear as part of an innovation and entrepreneurship, a role that I still do not know much about in these times, but that is causing a great impact in different areas, something that previous years seemed impossible today is beginning to do and that also speaks of a great innovation in terms of other social issues.

References[edit]