The Innovation Imperative

The Innovation Imperative

National Innovation Strategies in the Global Economy

Edited by Göran Marklund, Nicholas S. Vonortas and Charles W. Wessner

As a result of globalization, strategies for investments in innovation capabilities have gained considerably in importance for businesses, research institutions and policymakers. Public policy has to provide conditions for investments in R & D and innovation that are internationally attractive and effective in stimulating innovation, economic growth and job-creation. This book focuses on the changing roles and challenges of innovation and growth policy, and the strategies and measures that are critical in a globalizing world. It provides guidance for innovation policy strategy formulations and design of innovation policy measures.

Chapter 6: Innovative Entrepreneurship: Commercialization by Linking Ideas and People

Asa Lindholm Dahlstrand

Subjects: economics and finance, economics of innovation, innovation and technology, economics of innovation, innovation policy

Extract

Åsa Lindholm Dahlstrand 6.1 INTRODUCTION1 Entrepreneurship and innovation rank high on policy agendas. Both are considered vital for economic growth and industrial renewal. Also their combination, that is, innovation-based entrepreneurship, is a phenomenon that has become increasingly important during the last decades. While many traditional industrial sectors have witnessed declining importance, new emerging sectors have been expanding rapidly. Such sectors are often based on technology and innovation, exploited in either the manufacturing or the service industries. The change from heavy industry to creative and knowledge-based activities is sometimes argued to be as great a transformation as the industrial revolution. While innovation policy and entrepreneurship policy share certain common strategic outcomes, such as economic growth and creation of wealth, they often differ in their policy objectives. On the one hand, entrepreneurship policy has emerged primarily from small and medium enterprise (SME) policy, becoming particularly evident as a policy area in the late 1990s and early 2000s (European Commission, 1998, 2004; OECD, 1998, 2001; Stevenson and Lundström, 2001, 2002; Hart, 2003). Whereas the main objective of SME policy is to protect and strengthen existing SMEs, entrepreneurship policy emphasizes the individual person or entrepreneur. Thus, entrepreneurship policy encompasses a broader range of policy issues geared to creating a favourable environment for the emergence of entrepreneurial individuals and the start-up and growth of new firms. A critical issue for entrepreneurship policy is how to get more new growing firms. Since the majority of new firms are born small, it is natural that...

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