Fostering Rural Innovative Entrepreneurship for Economic Development

Abstract

This chapter is based on the concept of Entrepreneurship Ecosystem often referred to as Entrepreneurship Capital. It attempts to explain, first, the concepts of Innovation and Entrepreneurship and then it establishes Entrepreneurship importance to economic growth, venture creation, and creative destruction, which is implementation of creative ideas. Innovation is crucial to the success of an economy, “Rapid economic catch up depends on entrepreneurs being able to absorb and creatively adopt”. The Academic institutions have adapted commercialization of R&D and it nurtures the process of innovation which shows the crucial importance of the role of universities in sustained economic growth.Quality of Education, regulatory and institutional environment, property rights, independent judiciary, low cost of venture creation, venture capital, business incubation, Technology Park, financial Institutions all form the regulatory institutional environment. The chapter looks into the importance of more dynamic and innovative SMEs to compete in global context. In the same context enabling innovative agribusiness entrepreneurs by adding value to primary products and enhancing efficiency, quality and market access across the global value chain. It ends by establishing the significance of enabling value added agribusiness entrepreneurship and establishing business incubators to promote economic development.