The role of entrepreneurship in innovation

This paper examines the role of entrepreneurship and the process of innovation. It looks at some of the transformations occurring within our economies; specifically the growth in knowledge intensive business services (KIBS). It also looks at the changing nature of work within organisations as firms increasingly adopt a project based approach and how the impact of new technologies is affecting the innovation system. The paper argues that existing models of innovation place too much emphasis on technology and science, overlooking organisational factors and customer needs. It illustrates that success in the future is dependent on the role of the entrepreneur in being able to create ideas, form ventures and assess markets. Against this backcloth, this paper proposes a conceptual framework which provides a unique vantage point from which to view the non-linear process of innovation. Furthermore, it helps to illustrate the central role played by the entrepreneur in developing new ventures around potential innovations. This provides firms and policy makers with a fresh way to view the interwoven challenges of innovation and entrepreneurship.