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According to Schumpeter, the entrepreneur takes a proactive stand and creates opportunities by introducing path breaking innovations, while the entrepreneur in a Kirznerian tradition responds to opportunities presented to them.
Over the next few days, several hundred university entrepreneurship leaders and corporate investors will spend time with each other – learning about path breaking innovations across a spectrum of industries and plotting to bring these technologies to the market.
In a statement, it said: "The first duty of government is to safeguard the nation and as the technical authority on cyber security, the NCSC is delivering ground breaking innovations to make the UK the toughest online target in the world.
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And does the commercialisation of ground breaking innovation originally derived from, or funded by U.S government agencies such as the defence research agency Darpa or Nasa give the American innovation pipeline and startups a distinct advantage over the Australian commercialisation model of hope and pray?
Inasmuch as you don't lay the foundations of a house until the blueprints are complete, don't break innovation ground until you distill your needs and wants into guiding principles.
There are important similarities in national approaches to: enhancing innovative capabilities, breaking down innovation barriers, financing innovative activities often through innovative business models, collaborating with international firms, profiting from intellectual property, and to facing global competition.
We see someone that came up with a ground breaking innovation and we automatically put them up on a pedestal and proclaim them better than everybody else.
The transitions literature emphasises the role of niches, defined as a protective space for path-breaking innovations.
Hollow shape component approaches, applied to shafts and similar workpieces, represent a major potential for ground-breaking innovations in lightweight engineering and safety designs.
In Industry 4.0, manufacturing technology has a huge potential of becoming a key facilitator for ground-breaking innovations of products, services, and processes.
As researchers at IBM like to say: "If a senior executive hasn't screamed at you recently, you're probably not doing your job".Coming up with mould-breaking innovations is totally different from making incremental improvements.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com