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Edited by Léo-Paul Dana
Chapter 11: Entrepreneurship and Marketing: Issues for Independent Inventors
Len Tiu Wright and Celia Harvey Introduction Companies need to develop new products to sustain their growth and long term proﬁtability when existing products reach the maturity stage and face heavy competition while old unproﬁtable products are phased out. This development of new products is done in a variety of ways, most commonly by developing them in-house with their own research and development (R&D) departments or through joint ventures and strategic alliances with other companies or by sub-contracting to external consultants. Most prior writings in the academic and business literature have a focus upon the needs, methods, failures and successes of organizational priorities and policies in carrying out R&D, R&D interfaces with marketing and sales, and new product development (NPD). While writings in the academic literature in the last two decades concentrate on these areas (e.g. Gupta et al., 1985; Moenaert and Souder, 1990; Cooper, 1984; Wang and Montaguti, 2002), there is comparatively little written about the entrepreneurial role played by independent inventors in the R&D and market development needs of business organizations or in contributing to their NPD. In addition data about the businesses run by independent inventors, apart from those registered at national patent oﬃces, are lost amongst the myriad of statistics concerning small and medium sized enterprises (SMEs). Information about private sector businesses, such as those registered at the UK government’s ‘Companies House’, for small, medium and large companies exist, but there is relatively little up-to-date published information about enterprises...
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