The idea that innovation is a source of economic development goes beyond the simple introduction of innovative products and services on the market by an established firm. It highlights the need to be entrepreneurial. We can thus consider entrepreneurship as a stage in a broader process, as Martin(1994:30)suggests:‘ Commercially successful innovations require the synthesis of scientific, engineering, entrepreneurial, and managerial skills, combined with a social need and a supportive socio-political environment, if a sustained chain reaction is to be achieved.’ The author considers entrepreneurship as the sine qua non condition to exploit innovations, through ex nihilo business start-ups(which he emphasises),partnership between established firms, spin-offs, intrapreneurship or takeovers (external growth). Figure 6.1 illustrates his thesis.
2 In 1953, Peter Drucker developed an Entrepreneurship and Innovation course at New York University