The role of entrepreneurship in innovation
Introduction
The world has grown into a competitive and dynamic space where entrepreneurship and innovation play a decisive role in economic development. The G7 countries dominate the world economy, as a result of its strong interactions between entrepreneurship and innovation in the process of making more profits. Hence innovation and entrepreneurship play a major role in economic growth. Whereas entrepreneurship is the activity of setting up a business or business and taking financial risks in the hope to make a profit, innovation is a process of new ideas aimed at improving or modelling an existent product or ideas. Innovations could also mean coming up with a totally new idea away from the normal. You will take note of the fact that the two are intertwined and mostly depend each other. However, this paper seeks to find the roles of entrepreneurship in innovation.
Body
Entrepreneurship plays a vital role in innovation as an agent of economic growth. Most entrepreneurs turn out to be innovators who simulate economic stability, industrial awakening and social innovations. A brief description of roles of entrepreneurship in innovation is as follows;
- Creation of new products
Entrepreneurship basically develops new products by bringing out product diversifications and remodeling of existent products to a completely new face acceptable in the market and consumers.
- Base for industrial development
Entrepreneurship leads in developing resources and human capabilities in generating new ideas. New ideas come into effect as an entrepreneur takes risks in funding the ideas and making them realities. This therefor fuels industrial progress