Innovation, Creativity, and Entrepreneurship

While the concept of entrepreneurship has existed for some time, we are witnessing a resurgence in both research as well as formal degree programs. I think this is triggered by a number of factors. One key factor is that most net new growth in jobs today emanates from small to medium-size businesses. Larger firms are turning to alternative organizational forms to compete in the global economy. This ranges from trimming the various managerial layers to strategic outsourcing as well as joint ventures.

A second key factor is that concept of taking an idea to market involves a degree of competitiveness—often lacking in the larger firms. That is not to say it is absent but the vagaries of internal politics and satisfying multiple stakeholders is usually distasteful to the entrepreneur. Indeed, I have known several entrepreneurs who began with larger firms but were adamant that they would do things differently when they began their own business.