DANCEST 805 Lecture Notes - Lecture 18: Joseph Schumpeter, Technology Management, Failure Rate
Document Summary
Smith > technical entrepreneurs as those involved in setting up new ventures but not necessarily involved in their subsequent management: technical entrepreneurs are entrepreneurs and involved closely with technology/technical expertise, be it championing it or possessing it. Previous literature: recognition of technical entrepreneur"s role in industrial formation and growth, schumpeter > differentiated between inventors and entrepreneurs. Idea or a scientific principle is not of any importance for economic practice itself. 1 of 6: may lead to problems if the company develops beyond stage where strong leadership and delegation are needed. Industrial revolution was a fertile breeding ground for technical entrepreneurs. 2 of 6: have to sell their technology to other stakeholders and customers through vision, spirit and enthusiasm, technical entrepreneurs have to be salesmen, visionaries, technical experts and risk-takers all at once. The environment for technical entrepreneurship: science/research parks effectively bring together important infrastructural requirements for stimulating and sustaining technical entrepreneurship.
