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With rapid advancements in transportation and communications over the past few decades, the old-world concepts of factor endowments and comparative advantage which focused on an area's unique inputs are outmoded for today's global economy.
Economist Joseph Schumpeter —who contributed greatly to the study of innovation economicsargued that industries must incessantly revolutionize the economic structure from within, that is innovate with better or more effective processes and products, as well as market distribution, such as the connection from the craft shop to factory.
He famously asserted that " creative destruction is the essential fact about capitalism ". Indissatisfied employees of Shockley Semiconductorthe company of Nobel laureate and co-inventor of the transistor William Shockleyleft to form an independent firm, Fairchild Semiconductor.
After several years, Fairchild developed into a formidable presence in the sector. Eventually, these founders left to start their own companies based on their own, unique, latest ideas, and then leading employees started their own firms.
Over the next 20 years, this snowball process launched the momentous startup-company explosion of information-technology firms. Essentially, Silicon Valley began as 65 new enterprises born out of Shockley's eight former employees.
Another example involves business incubators — a phenomenon nurtured by governments around the world, close to knowledge clusters mostly research-based like universities or other Government Excellence Centres — which aim primarily to channel generated knowledge to applied innovation outcomes in order to stimulate regional or national economic growth.
However, recent research findings highlight the complementary role of organizational culture in enabling organizations to translate innovative activity into tangible performance improvements. Innovation is the specific function of entrepreneurship, whether in an existing business, a public service institution, or a new venture started by a lone individual in the family kitchen.
It is the means by which the entrepreneur either creates new wealth-producing resources or endows existing resources with enhanced potential for creating wealth. It is necessary to create and nurture an environment of innovation. Executives and managers need to break away from traditional ways of thinking and use change to their advantage.
It is a time of risk but even greater opportunity. Companies will have to downsize and re-engineer their operations to remain competitive.
This will affect employment as businesses will be forced to reduce the number of people employed while accomplishing the same amount of work if not more. Foundational innovation tends to transform business operating models as entirely new business models emerge over many years, with gradual and steady adoption of the innovation leading to waves of technological and institutional change that gain momentum more slowly.
This system aids in better evaluation of policies and procedures with accountability and efficiency in terms of time and money.
In addition, the growing use of mobile data terminals in vehicles, that serve as communication hubs between vehicles and a control center, automatically send data on location, passenger counts, engine performance, mileage and other information.
This tool helps to deliver and manage transportation systems. It can occur as a result of a focus effort by a range of different agents, by chance, or as a result of a major system failure. According to Peter F. Druckerthe general sources of innovations are different changes in industry structure, in market structure, in local and global demographics, in human perception, mood and meaning, in the amount of already available scientific knowledge, etc.
This is where an agent person or business innovates in order to sell the innovation.Bright Ideas for Businesses. For those who believe there are no real “new” ideas out there, we present these 10 innovative businesses that are truly thinking outside the box (and, in one case, inside it).
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Take this step to starting your business, achieve independence, and become your own boss. The Innovative Pharmaceutical association South Africa (IPASA) was established in April IPASA was formed from a desire for a credible, respected association to engage with stakeholders in both the private and public sectors.
We found the most inspiring innovators and entrepreneurs under the age of Whether they're in finance, tech, sports, entertainment, media, science, food, or retail, these people are introducing.
This article is a comprehensive list of over free sample business plan templates that give an easy start to aspiring African entrepreneurs and small businesses.