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Innovation is often a technological change that outperforms a previous practice. To lead or sustain with innovations, managers need to concentrate heavily on the innovation network, which requires deep understanding of the complexity of innovation. Collaboration is an important source of innovation.
In business and in economics, innovation can provide a catalyst for growth when entrepreneurs continuously search for better ways to satisfy their consumer base with improved quality, durability, service and price - searches which may come to fruition in innovation with advanced technologies and organizational strategies. [42]
Others disagree that numerous entrepreneurs are generating low-capacity companies helping regional markets. [13] Business cluster – A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Early research was done in this context by Benjamin Chinitz in 1961.
Intrapreneurship is the act of behaving like an entrepreneur while working within a large organization. Intrapreneurship is known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship.
A technology business incubator (or TBI) is a type of business incubator focused on organizations that help startup companies and individual entrepreneurs which use modern technologies as the primary means of innovation to develop their businesses by providing a range of services, including training, brokering and financing. [1]
An empirical study replicated the Innovator's Dilemma's main prediction that incumbents innovate less than entrants in a study of the hard disk industry. It found the main reason for the comparable lack of innovation by incumbents lies in the reduced incentives to innovate due to product cannibalization. [9]
It has been argued that knowledge entrepreneurship is a suitable form of entrepreneurship for not-for-profit educators, researchers, and educational institutions. While generating economic value is important, knowledge entrepreneurship often seeks to address social issues and contribute to positive societal change. [2]
The concept of a technological innovation system was introduced as part of a wider theoretical school, called the innovation system approach. The central idea behind this approach is that determinants of technological change are not (only) to be found in individual firms or in research institutes, but (also) in a broad societal structure in which firms, as well as knowledge institutes, are ...