A S L 3 Lecture Notes - Lecture 13: Exponential Growth, Market Power, Social Entrepreneurship
Document Summary
Initial innovation provided the necessary infrastructure for newer innovations to diffuse more rapidly. The emergence of new business models makes innovations more accessible. The accelerating speed of technology changes has significant implications for the competitive process and firm strategy. Invention is the transformation of an idea into a new product or process, or the modification and recombination of existing ones. Patent is a form of intellectual property that gives the inventor exclusive rights to benefit from commercializing a technology for a specified time period in exchange for public disclosure of the underlying idea. Innovation the commercialization of any new product or process, or the modification and recombination of existing ones. To drive growth, innovation also needs to be useful and successfully implemented. Entrepreneurs are the agents that introduce change into competitive system. They do this not only by figuring out how to use inventions, but also by introducing new products or services, new production processes, and new forms of organization.
