Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis

By William J. Baumol. The Journal of Entrepreneurial Finance, 2002

195 citations recorded by the source corpus.

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.

Subfields: Demography, Economics and Econometrics, Sociology and Political Science

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Citations in the corpus

Entrepreneurship capital and its impact on knowledge diffusion and economic performance (2008, background): “Baumol and Oates (1988) distinguishes this entrepreneurial function explicitly from the role of larger incumbent corporations who are rather engaged into routinized processes of large scale innovation.”