EFFECT OF TECHNOLOGY INNOVATION ON ENTREPRENEURSHIP DEVELOPMENT

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EFFECT OF TECHNOLOGY INNOVATION ON ENTREPRENEURSHIP DEVELOPMENT

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Entrepreneurship is the art or science of innovation and risk-taking for profit in business, the quality of being an entrepreneur. New and unique combinations are the result of Entrepreneurship (Schumpeter, 1934). Successful and right futures are forecast by Entrepreneurship (knights, 1921). Sustainable economic development does not occur without entrepreneurship and entrepreneurship is the practice of starting new organizations or revitalizing mature organizations (Wikipedia, 2008). There is no doubt that increases in GDP, societal wealth and quality of life all follow increased entrepreneurship (Khalil, 2000; Morris, 2001; Sharma, 2006). Wikipedia (2008) presented the work of economist Joseph Schumpeter and the Austrian economists such as Ludwig von Mises and von Hayek, defined entrepreneur as ―a person who is willing and able to convert a new idea or invention into a successful innovation”. The readiness and willingness to innovate must be the hallmark of an entrepreneur in order to foster growth in business. In such a dynamic environment, innovation is regarded to be a prime strategic factor for the manufacturing SMEs„competitiveness. But technological innovation has been shown to take many paths that reflect the multiple sources of knowledge upon which it is based (Belotti and Tunälv, 1999). One of the key insights of modern innovation theory is that firms rarely innovate on the basis of internal resources only, but they draw on knowledge, skills, technical solutions, methods and equipment from outside the firm itself (Sandven, 1996). Most innovating firms have complex webs of relationships with customers, suppliers, research institutes, industry associations and so on, which are used to solve the many technical, organisational and financial problems which are presented by any attempt to innovate. These processes of interdependence have led to a wide set of models of innovation based on interactive learning„between firms and their wider environment (Sandven, 1996). Consequently, the innovation process, as noted by Dosi (1988), is a complex one that requires the mobilisation of many kinds of scientific and technological knowledge as well as their contextual adaptation to the specific situation of the company„s activity and business. This demands the development of technical, research and development (R and D), organisational, and strategic competences and learning capability (Carlson and Eliasson, 1991). Due to the above factors, the innovation process may not be easy for majority of the SMEs due to scarce financial and personnel resources at their disposal. It can then be presumed that external knowledge acquisition is especially important for innovation in these small and medium firms. Calestus Juma (2005), therefore argued, and state that: to seek new growth opportunities, recognition of the new opportunities and the ways to exploit them is of paramount importance (Juma, 2005). Clark and Juma (1992), in Juma (2005), reiterated that modern theory of economic growth coupled with empirical evidence provides strong support for the notion that long-term economic growth requires not only capital but also an understanding of innovation. It is imperative to note that innovation and technology are needed to transform countries from reliance on the exploitation of natural resources to technological innovation as the basis for development (Sharma, 2006). Internet technology has been reported to have brought change in the way we communicate and has improved business globally. Lambing and Kueli (2003) reported that in the 1990s, internet economy generated more than $300 billion in revenue and added more than one million jobs worldwide. The internet infrastructure contributed a substantial amount of this revenue, while e-commerce produced many of the jobs. More than 33% of the total real economic growth during this period was reported to come from information technology producing industries. If during these early years of internet explosion the world business could generate such huge revenue; then we can say that the internet technology will generate more now and in the future. Especially for companies that sell products and/ or services to other businesses, internet sales will continue to grow. It will continue to provide greater amount of information on products and services, health care, employment, and educational research. It is also just beginning to revolutionize the way goods and services are delivered (Lambing and Kueli, 2003). It was observed that enterprise use the internet for four major purposes: research, web presence, emails and intranets. (Lambing and Kueli, 2003). In this work therefore, we hope to learn from the economies that have been transformed by the virtue of Integrating Internet with business with a view to model such for our continent Africa and Nigeria as a country. Policies for a successful integration of Internet and business within the country will also be advanced.

Statement of the problem

There may have been previous researches in this subject. This work gives further explanations and analysis in effect of technology innovation on entrepreneurship development

Objectives of the study
To understand the impact of technology innovation on entrepreneurship development
To understand the relationship between technology innovation and entrepreneurship development.

Research questions
What is the impact of technology innovation on entrepreneurship development
What is the relationship between technology innovation and entrepreneurship development.