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ISSN 2063-5346
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THE ROLE OF ENTREPRENEURSHIP IN STIMULATING INNOVATION AND ECONOMIC GROWTH

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Jayakumar M1 , B. Jeyaprabha
» doi: 10.31838/ecb/2023.12.s1-B.480

Abstract

This review research paper aims to explore and analyze the role of entrepreneurship in stimulating innovation and driving economic growth. It investigates the relationship between entrepreneurship, innovation, and economic development, shedding light on the mechanisms through which entrepreneurship fosters innovation and contributes to overall economic prosperity. The study is grounded in the theoretical frameworks of entrepreneurship, innovation, and economic growth. It draws on established theories and concepts from these fields to provide a comprehensive understanding of the dynamics between entrepreneurship, innovation, and economic outcomes. This research paper employs a systematic literature review methodology to examine a wide range of scholarly articles, books, and reports. The review synthesizes and analyses existing literature on entrepreneurship, innovation, and economic growth, highlighting the key findings and insights. The findings indicate a strong positive relationship between entrepreneurship, innovation, and economic growth. Entrepreneurship plays a crucial role in stimulating innovation by fostering an environment conducive to creativity, risk-taking, and the implementation of novel ideas. Through entrepreneurial activities, new businesses are created, which introduce innovative products, services, and processes into the market, driving economic development and generating employment opportunities. This research paper provides valuable insights for researchers, policymakers, and practitioners. Understanding the relationship between entrepreneurship, innovation, and economic growth can inform policy decisions aimed at promoting entrepreneurship and fostering innovation ecosystems. It also highlights the importance of supporting entrepreneurs and providing them with the necessary resources, infrastructure, and institutional support to facilitate innovation-driven economic growth. This review research paper contributes to the existing body of knowledge by synthesizing and analysing the literature on the role of entrepreneurship in stimulating innovation and economic growth. It offers a comprehensive overview of the subject, consolidating key findings and identifying research gaps, thereby providing a valuable resource for future studies in this area

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