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Creative entrepreneurship is the practice of setting up a business – or becoming self-employed - in one of the creative industries.The focus of the creative entrepreneur differs from that of the typical business entrepreneur or, indeed, the social entrepreneur in that they are concerned first and foremost with the creation and exploitation of creative or intellectual capital.
Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
Social innovation is often an effort of mental creativity which involves fluency and flexibility from a wide range of disciplines. The act of social innovation in a sector is mostly connected with diverse disciplines within the society. The social innovation theory of 'connected difference' emphasizes three key dimensions to social innovation. [10]
Innovation economics is a growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship.It comprises both the application of any type of innovations, especially technological but not only, into economic use.
For example, an organization that aims to provide housing and employment to the homeless may operate a restaurant, both to raise money and to provide employment for the homeless. In 2010, social entrepreneurship was facilitated by the use of the Internet, particularly social networking and social media websites.
Many examples show that the traditional bank oriented finance system is a severe hindrance to innovative entrepreneurship as it tends to be very risk averse. Innovation clusters need players who help translate creativity into commercial innovation which means on the one hand placing the emphasis on opportunities rather than on safe investment ...
The quadruple and quintuple innovation helix framework describes university-industry-government-public-environment interactions within a knowledge economy.In innovation helix framework theory, first developed by Henry Etzkowitz and Loet Leydesdorff [1] [2] and used in innovation economics and theories of knowledge, such as the knowledge society and the knowledge economy, each sector is ...
The creative industries have been seen to become increasingly important to economic well-being, proponents suggesting that "human creativity is the ultimate economic resource", [7] and that "the industries of the twenty-first century will depend increasingly on the generation of knowledge through creativity and innovation". [8]