Technology, Innovation and Business Development : Theoretical Perspectives

Innovation can be technological, social, and territorial in dimension, although the latter two dimensions are under-researched.A more inclusive definition of innovation is sought by examining all three of the aforementioned dimensions. Following a brief introduction, part one of this investigation reviews the respective roles of both Schumpeter and Veblen in researching the relationships among technology, innovation, and entrepreneurship.Schumpeter's main role in the analysis of innovation is the proposal of the entrepreneur-innovator.Veblen expanded on Schumpeter's theory by illuminating the effects of reciprocity between technology/technique and the social environment. Part two investigates the evolutionary perspective of innovation, reviewing the cyclical, spatial, and systemic territorialized effects of innovation.Finally, part three emphasizes the strong link among sociality, territoriality, and market.It is hypothesized that innovation is influenced by social context. (AKP)