Difference Between Innovation And Innovation

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Innovation, Entrepreneurship and the Economic Theories

Entrepreneurship begins with innovation and innovation itself has no limits. Entrepreneurship and innovation are without a doubt connected. However, there is a difference between the two. There is a risk associated in entrepreneurship which is not there in innovation. Innovation is bringing value to an idea and entrepreneurship is bringing the innovations to life. Over the years, society has benefitted from innovation significantly. ‘Economists estimate that between 50 and 80 percent of economic growth comes from innovation and new knowledge’ (Urama and Acheampong, 2013). This report illustrates how innovation has contributed to economic development and the different economic theories of entrepreneurship in relation to innovation.

Innovation has helped with globalization and the interconnectedness of communities, as well as strengthening competition and creating job opportunities for people. Entrepreneurs, who bring in innovations, serve as agents of change, initiate creative concepts to markets and prompt growth. There is also a “renewed focus on partnerships & alliances within and across sectors; a rising importance of collaboration across organizations to share knowledge, resources and capabilities; and an associated need for a new type of leadership and skills associated with new, cooperative approaches to social impact” (Davis, 2015). Innovation is bringing the world closer together and fundamentally boosting

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