What is the relationship between Entrepreneurship and Innovation?
Following our live and archived discussions from last week and tonight, and your research and experience, what light can you shed on this question? Asked in other ways, the question could be:
Are entrepreneurs innovative?
or,
Are innovators entrepreneurs?
Illustrate your comments with examples from industry, providing references and links.
I agree with Scottgass, That “entrepreneurs are innovative” of good description of two. Explained with a good example.
Entrepreneurship is taking control and action on a concept or a dream in
the face of adversity. The tangible aspect of making that happen is where
innovation comes in. For example, I want people to communicate with each
other over long distances (the dream), therefore I am going to do something
about it and invest time and dollars to do it even when everyone is saying
it cannot be done/I am mad/it is too risky (entrepreneurship/the risk) and
a phone is designed to achieve this (the innovation to achieve the dream).
A combination of both is the ‘big picture’ that requires tenacious and
passionate people to turn an idea into reality by being independent and in
control
• Entrepreneurship and innovation are positively related to each other and
interact to help an organisation to flourish.
• Entrepreneurship and innovation are complementary, and a combination of
the two is vital to organisational success and sustainability in today’s
dynamic and changing environment.
• Entrepreneurship and innovation are dynamic and holistic processes in
entrepreneurial and innovative organisations.
• an ability to search for and identify innovative opportunities
• a proactive attitude to the promotion of innovation through a strategic vision
• the ability to create a cultural environment that fosters innovation and
entrepreneurship
• the ability to develop effective plans to implement innovation and
commercialisation procedures
• the ability to integrate research, design, and market information to convert
new ideas and inventions into commercially viable innovations
• the ability to develop effective and realistic procedures for the evaluation
of R&D projects in terms of innovation, quality, and commercial value
Reference:
http://www.igi-global.com/downloads/excerpts/ITB12148.pdf
A good comment, Hema. Is there a source for this? PC