In Schumpeter’s early work (what is sometimes called ‘Schumpeter Mark I’) innovation is the outcome of continuous struggle in historical time between individual entrepreneurs, advocating novel solutions to particular problems, and social inertia. Although this may, to some extent, have been an adequate interpretation of events in Europe around the turn of the century, during the first decades of the twentieth century it became clear to observers that innovations increasingly involve teamwork and take place within larger organisations.