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Entrepreneurship, Innovation and Growth:  The David-Goliath Symbiosis

Entrepreneurship, Innovation and Growth: The David-Goliath Symbiosis

Investment in innovation in industrialized economies increasingly is taken over by large firms that operate their own R&D divisions and transform technological change into a routine bureaucratized process. Powerful competitive forces require firms to do this for survival. But such routinized innovation has not replaced the individual independent innovator, the traditional source of technical change. The latter have tended to provide the more...

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