Explaining the Link-Up Between Innovation & Entrepreneurship

Innovation and Entrepreneurship, the two terms might seem different but if you look closely, you will see that one is the driving force for another. For any country to economically grow and develop it is important that they have a strong and vibrant innovation and entrepreneurship ecosystem.

Innovation, whether it is within a business or creating a new product, or inventing new market opportunities, all of it leads to higher productivity, which ultimately leads to increased economic growth, in addition to more job opportunities.

Here is how both these sectors work together.

As per experts, while 40 percent of entrepreneurs possess innovative skills, the rest 60 percent can be trained to be innovative. It is a set of processes and practices that can be grasped quickly by a learner who has the right attitude, perseverance, and focus.

As a student imagine if you have a keen interest in innovation, then you have opportunities to build products and get a patent of it. This type of activity will not only open prospects of a new business but also add up to your academic records.

In fact, experts say that there are many texts that focus on innovation done by big companies such as Apple, but better innovation opportunities lie with budding engineers and smaller businesses who bring in fresh thoughts and better visions of industrial growths.

Throughout history, technology has acted as a source of discontinuity – replacing old process and technology with revised or newer and better versions. Innovation is not only about creating something new, but it is also about re-inventing new ways to make a job easier, and that is what technology does.

Experts have observed that novel technologies have always been the source of innovation for entrepreneurs. Especially with technologies such as the Internet of Things and Machine Learning, a whole new network of entrepreneurs is coming up ready to bring in a new and innovative way of doing and running a business.

Conclusion: Simply put the relation between innovation and entrepreneurship is that of having an idea and applying it. However, it requires persistence in analytically working out on details of a product, it’s design and service to make it worth marketing.