Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis

William Baumol

Journal of Entrepreneurial Finance, 2002, vol. 7, issue 2, 1-10

Abstract: Investment in innovation in industrialized economies increasingly is taken over by large firms that operate their own R&D divisions and transform technological change into a routine bureaucratized process. Powerful competitive forces require firms to do this for survival. But such routinized innovation has not replaced the individual independent innovator, the traditional source of technical change. The latter have tended to provide the more revolutionary breakthroughs, to which corporate research has added reliability, enhanced power and ease of utilization. Thus, both make a vital contribution to growth. While the results of big business research are often less spectacular, they have typically added up to very substantial improvements.

Keywords: Entrepreneurship; Innovation; Growth; Small Business; Startup (search for similar items in EconPapers)
JEL-codes: M13 (search for similar items in EconPapers)
Date: 2002
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (76)

Downloads: (external link)
http://jefsite.org/RePEc/pep/journl/jef-2002-07-2-b-baumol.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pep:journl:v:7:y:2002:i:2:p:1-10

Access Statistics for this article

More articles in Journal of Entrepreneurial Finance from Pepperdine University, Graziadio School of Business and Management Contact information at EDIRC.
Bibliographic data for series maintained by Craig Everett ().