The economic development required the disruption of the general equilibrium of

markets by entrepreneurial activity.

He defined �entrepreneurship� as the act of making �new combinations�
out of existing economic resources so that those economic resources
yielded a larger amount of valued output for a given value of inputs.
He called this productive transformation �innovation�. Since innovation
is essential for economic development, a theory of economic development requires
not simply a �theory of the firm� but a �theory of the
innovating firm
Innovative Enterprise and
Economic Development
William Lazonic

The definition and classification of innovation

�Innovation consists of creating and incorporating a new concept into a new
product, method or service, leading to the dynamic development of the national
economy and growing employment, as well as the creation of pure profit for a
creative business enterprise. Innovation is never a one-time occurrence, but a
lengthy and cumulative process involving a wide number of decision-making processes
in the enterprise, spanning from the generation stage of a new concept to its
implementation stage. The new definition relates to the understanding of a new need
for a consumer or a new way of manufacturing.
HOLISTICA Vol 8, Issue 1, 2017, pp. 59-72
Timur, KOGABAYEV, Antanas, MAZILIAUSKAS

Linking innovation and entrepreneurship � literature overview and introduction of a

process-oriented framework
The phrases innovation and entrepreneurship, although not necessarily in the same
interpretation, are widely used. There is a clear powerful force
However, the interaction in both areas is scarcely articulated. In addition, there
is little agreement among researchers so far about creative and innovative
solutions.
In general, entrepreneurial activities, especially when it comes to specific
definitions. This paper therefore offers a summary of the related literature
In both sectors. Related terms and concepts and recent models that connect
innovation and entrepreneurship are discussed and discussed in this context.
Presented. Finally, the development of a comprehensive system for future
considerations is introduce
Int. J. Entrepreneurship and Innovation Management, Vol. 14, No. 1, 2011
Alexander Brem author