The state of innovation and entrepreneurship research Articles uri icon

publication date

  • June 2016

start page

  • 1

end page

  • 3

issue

  • 2

volume

  • 6

International Standard Serial Number (ISSN)

  • 2076-3387

abstract

  • Innovation is informed by the ability to see connections, spot opportunities, and take advantage of them. However, innovation does not happen automatically; it is driven by entrepreneurship. This quote by Drucker highlights the impulse behind changing products, processes and services that stems from individuals who make innovation happen. Indeed, entrepreneurship has always been considered a constituent part of any innovative process and, as an extension, a crucial determinant of economic performance [2,3]Kirzner [3] identified the function of entrepreneurship as a market discovery process, which highlights the processes of recognition and discovery of underexplored opportunities, the propensity to assume risk and launch a new business, and the capacity entrepreneurs have to move from discovery to real entrepreneurial action. Therefore, one could define an entrepreneur as someone who sees an opportunity and has the ability to act on that perception [4,5]. However, entrepreneurship is not constrained to starting a company. It involves a mixture of vision, passion, energy, insight, judgement and the plain hard work needed for good ideas to become a reality. Moreover, entrepreneurship and entrepreneurial innovation can occur in a variety of settings, including small or large companies and governmental agencies. Whether it is an individual seeking to find a new product or service to make their fortune, or a large established organisation looking for new market space, the challenge is one of finding opportunities for innovation. Innovation makes a huge difference to organisations of all shapes and sizes.