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Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis

Author

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  • William J. Baumol

    (New York University)

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.

Suggested Citation

  • William J. Baumol, 2002. "Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 7(2), pages 1-10, Summer.
    • Handle: RePEc:pep:journl:v:7:y:2002:i:2:p:1-10
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    References listed on IDEAS

    as
    1. Elias L. Khalil, 1997. "The Red Queen Paradox: A Proper Name for a Popular Game - Note," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(2), pages 411-415, June.
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    More about this item

    Keywords

    Entrepreneurship; Innovation; Growth; Small Business; Startup;
    All these keywords.

    JEL classification:

    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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