The entrepreneurial imperative of the 21 st century

Abstract

Today is a time of global innovation revolution. In virtually every nation, every industry, and every market, innovation is driving value in novel ways. The development, application, and enhancement of new technologies are occurring at a breathtaking pace. Innovation is determining the way business is conducted at every level. As the number of new ventures, products, technologies, and patents explodes worldwide, established companies can either become victims of this innovation revolution or they can join the revolution. The world is in the midst of a new wave of economic development, with entrepreneurship and innovation as the catalysts. The nature of business has been transformed in this fast-paced, highly threatening, and increasingly global environment. Dramatic and ongoing changes force executives to regularly re-examine the basic purpose of their organizations, and to become much more flexible in their approach to serving multiple stakeholders. Companies find themselves having to continually redefine their markets, restructure their operations, and modify their business models. As the rules of the competitive game keep changing, companies begin to realize that sustainable competitive advantage is fleeting. Yet in the midst of this turmoil, successful companies have made the fundamental discovery that innovation drives success (McGregor, 2008). The ability to continually innovate–—to engage in an ongoing