Innovation and Entrepreneurship

Student B00227358 University of the West of Scotland Issues Surrounding the Role of vicissitude in the Economic Growth Process Introduction The juvenile world economy shows that the scientific and scientific cognition and transition argon profound factors for sustainable sparing offshoot. Much of the competitive advantages that the country holds at once derives from the use of scientific association and applied applied science become the corporate level to develop pertly products or services by means of and through the management of technological innovation, marketing, and organizational.The world globalization superiorlights the urgent need for byplay organizations that produce goods and services for domestic or international market recognize the strategic value of innovation and incorporated into its business management as an instrument or tool that is part of your corporate culture. debut is an essential element for any organization in order to survive, grow and significantly influence the guidance of any industry.Development does not however, guarantee success, but most be followed up with successive streams of innovation and metamorphose, from the incremental to the radical. Discussion The most reliable way to be in(predicate) in the industry is to innovate ruin and greater than the competitor, leading companies develops innovation portfolios that they can use to help sustain process over the long term. Innovation and change is an essential part of any business activity, but only some mickle recognize its importance and significance.Companies recognize that key factors such as productivity, competitiveness, and productive marketing and organizational efficiency, front increasingly implement suitable mechanisms to change from the stage knowledge generation (Science and Technology), or import and concentration of it to the stage of practical application through the process of innovation. In the recent years, entrepreneurship has be come the most in(predicate) innovation to increase the economical growth of the country. Entrepreneurship has long een briefly viewed as a foremost vehicle for financial phylogenesis and it has captivated investigators from a kind of disciplines with very varied analytical approaches. Audretsch & Thurik, in their in the rawspaper publisher Whats new or so the new economy? Sources of growth in the managed and entrepreneurial economies, demonstrates the change which is be made in the OECD countries. According to them, the reason for this change is the entrepreneurial economy (Audretsch & Thurik, 2001, 267). The paper is an attempt to sound and identify the differences between the new emerging entrepreneurial economy and the managed economy.According to this paper, there are a list of 14 trade-offs that confronts these two economies. The major economic benefits of European integration will come not through economies of scale, but rather through economies of diversity (Audretsc h & Thurik, 2001, 308). The countries that read adopted the entrepreneurial economy set out been successful in making additional growth. In another paper, Linking entrepreneurship and economic growth, Wennekers and Thurik looks at the link between the entrepreneurship and the economic growth of a country.The paper concludes that entrepreneurship really matters for the prosperity of a country. In todays modern world of economics, entrepreneurship plays an essential role in the growth of economy. According to the paper, ICT-revolution and globalization implies the need for a geomorphologic change which requires a considerable reallocation of the resources, this increases the demand for entrepreneurship (Wennekers & Thurik, 1999, 140). The Schumpeterian tradition of the analysis which concerns the form, innovation and entrepreneurship is examined in the paper, Innovation, entrepreneurship and the riotous a post-Schumpeterian approach. Burton proposes a post- Schumpeterian framework as a remedy for the defects in the Schumpeterian framework. The framework presented by Burton is establish on four main elements Diffused Entrepreneurship/Entrepreneurial Management Collaborative channel Arrangements for Knowledge asylum Knowledge Protection and Knowledge Creation (Burton, 2001, 7). We can look take assistance from this framework to gird the innovation and entrepreneurship in the country. Furthermore, in Entrepreneurship, Innovation and Economic Growth Evidence from GEM data, demonstrates the occurrence of the high growth prospective of the new emerging firms.There are different rates of economic growths which nurture been notice in the country. Not every entrepreneurial start-up contributes to the generating economic growth. It shows that other factors also influence the economic growth of a country. Innovation in science and applied science is also an essential part in alter to the growth of economy in a country. Economic growth is a process through which k nowledge is alter into quality goods and services that satisfy human needs (Wong et al, 2005, 335).The companies are the means through which scientific and technological knowledge is applied in a practical way through the production process, and is transformed into goods and services increased level or better quality, which contributes to the economic and social transformation. Organizations need a change of approach, which involves focusing attention on existing technologies that when used on a widespread basis through processes of innovation, can have a significant impact on the UK economy.Most countries recognize the importance of science and technology as tools for economic growth, but many ontogenesis countries focus exclusively on the generation of knowledge in basic research support. Countries must adopt strategies to improve the infrastructure of basic services, so that the hold level of the same foster technological development necessary to achieve sustained economic grow th Without a decent infrastructure of basic services it is not possible to develop major applications of technology.Many developing countries have made the mistake of not giving enough importance to the training of technicians and technologists, and artisans, which are topographic point to many small and medium enterprises. Today most of the curriculum and curriculum of universities in developing countries have become obsolete (Murray & Blackman, 2006, 132). In an increasingly globalized world requires changes in national policies to incorporate science and technology in the design of economic strategies, in order to achieve 1. The use of existing technology, using the outline of shadow and fast using ICT ( tuition) than is available in the world, 2.Attracting Foreign Direct Investment in technological capability and seek to promote links with other firms in the chain, 3. Upgrade of existing technological mental object in the business sector, 4. Identify market niches and incorp orated into the chain 5. To promote international technology partnerships, 6. development technology foresight methodology in the various sectors (Murray & Blackman, 2006, 132). Among the various fiscal and policy instruments that can be implemented to stimulate technological innovation and boost business ties between the actors.We need to promote intellectual property, promote international cooperation in technology transfer, and promote co-financing for technological innovation and venture capital property for technological innovation. Other than that encourage the creation and development of small and medium enterprises to promote business development centers and technology incubators, implement technology parks enhance the technological links with companies in free zones are also very important. There are many issues involved in the role of innovation.For many years, we have tried to understand the relationship between innovation and development in global and in occurrence i ts economical dimension. This interest has increased significantly. While this issue has been addressed in the literature at least since the 60s and 70s, is the late 80s and 90s in that discussion has intensified in part by the new avenues that are rise the economy informational. A new technological revolution based largely on information, and spread through the global economy, affects the spatial conformation of economic activities (Uljin, 2003, 15).This is due to the characteristics that result from different combinations of endogenous processes such as fixed capital investment, research and development, education, the advantages in the use of technologies, the economies of scale, the allocation of resources, and a variety of institutional factors that start out between countries. This applies not only within countries but even between regions. The industrial map is diversified, resulting in regional differentiation based on the vocation of the places on those parameters.Innovat ive industries of the new technological revolution do not show a generalized spatial dispersion. On the contrary, are located in regions where they ensure the requirements for innovation. Three issues deserve particular attention. First, it increases the importance of knowledge and intelligence as the basic factors of the system. They are the key for access to and ownership of information that feeds the dynamics of innovation by enabling technological transformation and modernization of the economy (Uljin, 2003, 15). Second, it involves growing interdependence among various actors and resources.Among them are companies that make up the economic structure of a region, universities, local government, the labor market, community, entrepreneurship, infrastructure and funding sources. Conclusion This is particularly important as the playing be intimate with innovation policy has become a panacea for a variety of problems. It is clear that the contexts in which they have successfully i mplemented these policies contain factors that are areas of opportunity for action and that lessons should not be isolated without context.Third, the information economy, enhances the integration between regional and global networks. The paradox of the twentieth century is that, in a global economy, regions and cities become increasingly important, even when they have less power than national governments and are always in constant competition. The regions have enormous advantages to compete globally from greater flexibility to adapt to changing conditions at the national level can be tackled only with painful effort behind. References Audretsch, A. D. and Thurik, A. R. 2001), Whats new about the new economy? Sources of growth in the managed and entrepreneurial economies, Industrial and Corporate Change, Vol. 10, No 1, Pp. 267-309 Burton, J. (2001), Innovation, entrepreneurship and the firm a post-Schumpeterian approach, International Journal of Entrepreneurship and Innovation Manage ment Vol. 1, No. 1, Pp. 7-29 Murray, P. & Blackman, D. (2006), Managing Innovation through social architecture, learning, and competencies a new conceptual approach, Knowledge and Process Management, 13, 3, Pp. 32-143 Uljin, J. (2003), Cultural Conditions of Championing Innovation in International Technology-Driven Firms Ways of Conceptualisation and Assessment, ECIS Reseach, Pp. 15-19 Wennekers, S. and Thurik, R. (1999), Linking entrepreneurship and economic growth, Small Business Economics, Vol. 13, No 1, Pp. 140-149 Wong, K. , Ho, Y. P. & Autio, E. (2005), Entrepreneurship, Innovation and Economic Growth Evidence from GEM data, Small Business Economics, Vol 24, Pp. 335 350