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Education for Innovation: Entrepreneurial Breakthroughs vs. Corporate Incremental Improvements

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  • William J. Baumol

Abstract

This paper explores the following hypotheses on the appropriate education for innovating entrepreneurship: a) breakthrough inventions are contributed disproportionately by independent inventors and entrepreneurs, while large firms focus on cumulative, incremental (and often invaluable) improvements; b) education for mastery of scientific knowledge and methods is enormously valuable for innovation and growth, but can impede heterodox thinking and imagination; c) large-firm R&D requires personnel who are highly educated in extant information and analytic methods, while successful independent entrepreneurs and inventors often lack such preparation; d) while procedures for teaching current knowledge and methods in science and engineering are effective, we know little about training for the critical task of breakthrough innovation.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10578.

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Date of creation: Jun 2004
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Handle: RePEc:nbr:nberwo:10578

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  1. Acs, Zoltan J & Audretsch, David B, 1988. "Innovation in Large and Small Firms: An Empirical Analysis," American Economic Review, American Economic Association, vol. 78(4), pages 678-90, September.
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Cited by:
  1. Lothar Funk & Axel Pl√ľnnecke, 2005. "An international Comparison of Selected Innovation Drivers," CESifo DICE Report, Ifo Institute for Economic Research at the University of Munich, vol. 3(3), pages 43-52, November.
  2. Sid Durbin, 2004. "Review of Workplace Skills, Technology Adoption and Firm Productivity: A Review," Treasury Working Paper Series 04/16, New Zealand Treasury.
  3. Daniela Grieco, 2007. "Degree of Innovativeness and Market Structure: A Model," The IUP Journal of Managerial Economics, IUP Publications, vol. 0(2), pages 7-27, May.
  4. Milo Bianchi & Magnus Henrekson, 2005. "Is Neoclassical Economics still Entrepreneurless?," Kyklos, Wiley Blackwell, vol. 58(3), pages 353-377, 07.
  5. Yusuf , Shahid & Nabeshima, Kaoru, 2009. "Can Malaysia escape the middle-income Trap ? a strategy for Penang," Policy Research Working Paper Series 4971, The World Bank.
  6. Mickey Folkeringa & Andre van Stel & Joris Meijaard, 2005. "Innovation, strategic renewal and its effect on small firm performance," Papers on Entrepreneurship, Growth and Public Policy 2005-36, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
  7. Backes-Gellner, Uschi & Moog, Petra, 2013. "The disposition to become an entrepreneur and the jacks-of-all-trades in social and human capital," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 55-72.
  8. Andrea GANZAROLI & Gianluca FISCATO & Luciano PILOTTI, 2006. "Does business succession enhance firms? innovation capacity? Results from an exploratory analysis in Italian SMEs," Departmental Working Papers 2006-29, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
  9. Silva, Olmo, 2006. "The Jack-of-All-Trades Entrepreneur: Innate Talent or Acquired Skill?," IZA Discussion Papers 2264, Institute for the Study of Labor (IZA).
  10. repec:tep:teppwp:wp1009 is not listed on IDEAS

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