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Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis

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  • William J. Baumol

    (New York University)

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    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.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2002-07-2-b-baumol.pdf
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    Bibliographic Info

    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 7 (2002)
    Issue (Month): 2 (Summer)
    Pages: 1-10

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    Handle: RePEc:pep:journl:v:7:y:2002:i:2:p:1-10

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    Web page: http://bschool.pepperdine.edu/jef
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    Related research

    Keywords: Entrepreneurship; Innovation; Growth; Small Business; Startup;

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    Cited by:
    1. Stefan Bauernschuster, 2013. "Dismissal protection and small firms’ hirings: evidence from a policy reform," Small Business Economics, Springer, vol. 40(2), pages 293-307, February.
    2. Oliver Falck & Stephan Heblich & Stefan Kipar, 2008. "The Extension of Clusters: Differences-in-Difference Evidence from the Bavarian State-Wide Cluster Policy," Jena Economic Research Papers 2008-073, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
    3. Stefan Kipar, 2012. "Determinants of Firm Innovation - Evidence from German Panel Data," ifo Beiträge zur Wirtschaftsforschung, Ifo Institute for Economic Research at the University of Munich, number 45.
    4. Stefan Bauernschuster & Oliver Falck & Stephan Heblich, 2008. "The Impact of Continuous Training on a Firm’s Innovations," CESifo Working Paper Series 2258, CESifo Group Munich.
    5. Douhan, Robin & Norbäck, Pehr-Johan & Persson, Lars, 2009. "Entrepreneurial Innovations, Entrepreneurship Policy and Globalization," Working Paper Series 807, Research Institute of Industrial Economics, revised 23 Jul 2013.
    6. Jonatan Pinkse & Daniel Van Den Buuse, 2012. "The development and commercialization of solar pv technology in the oil industry," Grenoble Ecole de Management (Post-Print) hal-00763647, HAL.
    7. Martin Andersson & Hans Lööf, 2012. "Small business innovation: firm level evidence from Sweden," The Journal of Technology Transfer, Springer, vol. 37(5), pages 732-754, October.

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