Innovation is often the basis on which an entrepreneurial business is built because of the competitive advantage it provides. The act of entrepreneurship, on the other hand, is perhaps only one way of bringing an innovation to the marketplace.
Technology entrepreneurs often choose to build a start-up company around a technological innovation. This will provide financial and skill-based resources that will exploit the opportunity to develop and commercialise the innovation.
Although growth is generally measured in terms of turnover and profit, it can also occur in ‘less tangible’ domains such as knowledge, human experience, efficiency or quality. Innovation is the process of making these changes and can happen at all levels in an organisation, from management teams to departments and even to the level of the individual.
The more radical or ‘disruptive’ the innovation, the more traumatic and profound its impact will tend to be on the people involved and the markets for their business. Supporting the innovating individuals and their innovative business ideas lies at the core of true business incubation.