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Published online by Cambridge University Press: 05 July 2014
The innovative entrepreneur contributes to the dynamism of capitalist economies. From the industrial revolution to the scientific revolution to the business revolution, innovation is critical for economic growth and development. Innovative entrepreneurs establish firms that introduce many commercial, scientific, and technological inventions to the market place. In this way, the individual initiative of innovative entrepreneurs helps drive economic innovation.
Public policies that affect innovative entrepreneurs can significantly impact economic growth and development. Public policies aimed at stimulating economic growth and development tend to have a macroeconomic focus, using such instruments as fiscal and monetary policy. Microeconomic policies aimed at economic growth and development often target firms and industries through regulations, subsidies, and tax incentives. However, growth-oriented microeconomic policies should take into account the critical role of individuals who are potential innovative entrepreneurs. The most successful policies will be those that remove barriers to individual initiative and creativity.
EntrepreneurialMotivation
Entrepreneurs create start-ups and establish firms to accumulate assets in the context of their life-cycle consumption and saving decisions. Individuals choose to become entrepreneurs in comparison to alternative occupations and investment opportunities. Creative individuals choose innovative entrepreneurship when own-use of inventions generates greater returns than technology transfers to incumbent firms. Innovative entrepreneurs choose to implement discoveries when they provide greater returns than replicative entrepreneurship.
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