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| Author: | Baumol, W.J. |
| Title: | Entrepreneurial enterprises, large established firms and other components of the free-market growth machine |
| Journal: | Small business economics
2004 : AUG, VOL. 23:1, p. 9-21 |
| Index terms: | Small and medium-sized enterprises (SMES) Small business Economic growth Innovation |
| Language: | eng |
| Abstract: | This article examines the factors causing the unprecedented growth and innovation performance of the free-market economies. In order to survive companies have to continuously be innovative. Especially the small entrepreneurs play a critical role in the economic growth process but they would not be important unless they had partners. This article argues that the characteristic innovations of large and small entrepreneurial firms are different for they are specialized in different components of society's innovation process. Small enterprises tend to provide the major breakthroughs, while large firms are responsible for the invaluable incremental contributions. Also two groups outside the market sector have a critical role: the government and the universities. |
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