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It’s a well establish fact that the Small Startup companies are significant in bringing economic renewal and growth. The carrying out the new combination has quite less to do with the firm’s size, instead of the newness in context of the entrepreneurship and innovation that has caught the attention of both the policymakers as well as academics. There are various examples of successful innovation from the Start ups that have tried to revolutionize the whole industry.
It is noted that young entrepreneurs, startup companies, spin offs in universities, along with small innovative companies try to produce the key technological breakthrough as well as innovation by leaving the efforts of research and development and huge international companies innovative strategies. The paper will discuss about the innovation and entrepreneurs small start-ups and the Schumpeter’s different contribution in the economics. The paper will also discuss about the Schumpeter’s thoughts on role of innovation and economic growth of entrepreneurship.
Statement of objectives
The main objective of this research paper is to analyze the link among the innovation and economic growth by the small start-ups, by following the approach of Schumpeter by considering the activity of entrepreneurship.
Small companies are the backbone of any economy (Carayannis, Barth and Campbell 2012). The Startups are recognized all over the work, as it holds high significance and contribute in the development of economy and society (Lee, Park, Yoon and Park 2010). Startups also contribute in the high employment growth, exports promotion, outputs, and even try to foster the entrepreneurship (Lee, Park, Yoon and Park 2010). There are many countries that have given high stress over the small companies and have even explored the building blocks in the development of economy. Chaston (2010) mentions that presently, the market conditions are also changing for the small startups after the changes in economic reforms, which has made the organizations to come in the constant pressure for performing well, delivering the quality products and services, and keep the cost of operation lower (Chaston 2010).
In the present time, sustaining in the present market and meeting the customers, it has become significant for the companies to create differences according to the competencies and capabilities (Lee, Park, Yoon and Park 2010). They require competing over various dimensions like development and product design, cost, manufacturing, communication, distribution, along with innovative marketing ways. All these challenges inspire for the small startups reorientation, in order to have demand for the high flexibility, dynamism, and the innovation to get met (Bridge and O’Neill 2012). In order to have the economic development, it is quite critical for the small startups to simultaneously create, apply as well as introduce the innovation.
It is explored that in the last century 60% of the total innovation was done in small startups, but it is also true that many innovations were not successful, as it lack the inability and professionalism for contributing with other companies (Bridge and O’Neill 2012). In different pieces of work, the innovation and the entrepreneurship interdependencies are connected (Bridge and O’Neill 2012). It is noted that in the 2001 OECD study of growth it is explored that innovation and the entrepreneurship has four microeconomic drivers in the growth of the economy in the economy based on knowledge.
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