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    Innovation, Entrepreneurship, and the Economy in the US, China, and India: Historical Perspectives and Future Trends
    Innovation, Entrepreneurship, and the Economy in the US, China, and India: Historical Perspectives and Future Trends
    Innovation, Entrepreneurship, and the Economy in the US, China, and India: Historical Perspectives and Future Trends
    Ebook730 pages7 hours

    Innovation, Entrepreneurship, and the Economy in the US, China, and India: Historical Perspectives and Future Trends

    By Rajiv Shah, Zhijie Gao and Harini Mittal

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    About this ebook

    What drives innovation and entrepreneurship in India, China, and the United States? Our data-rich and evidence-based exploration of relationships among innovation, entrepreneurship, and economic growth yields theoretical models of economic growth in the context of macroeconomic factors. Because we know far too little about the key characteristics of Chinese and Indian entrepreneurs and the ways they innovate, our balanced, systematic comparison of entrepreneurship and innovation results in a new approach to looking at economic growth that can be used to model empirical data from other countries. The importance of innovation and entrepreneurship to any economy has been recognized since the pioneering work of Joseph Schumpeter. Our analysis of the major factors that affect innovation and entrepreneurship in these three parts of the world – US, China and India –provides a comprehensive view of their effects and their likely futures.

    • Looks at elements important for innovation and entrepreneurship and compares them against each other within the three countries
    • Places theoretical modeling of economic growth in the context of the overall macroeconomic factors
    • Explores questions about the relationships among innovation, entrepreneurship and economic growth in China, India and the US
    LanguageEnglish
    PublisherAcademic Press
    Release dateOct 7, 2014
    ISBN9780128018651
    Innovation, Entrepreneurship, and the Economy in the US, China, and India: Historical Perspectives and Future Trends
    Author

    Rajiv Shah

    Dr. Rajiv R. Shah is a Clinical Professor with the Naveen Jindal School of Management at UT Dallas since 2008, and is also the Founder and Program Director for the Systems Engineering and Management (SEM) Program. At UT Dallas he teaches Innovation and Entrepreneurship, Corporate Entrepreneurship and Venturing, Technology and New Product Development, as well as Quantitative and Numerical Methods in Finance and Macroeconomics. He specialized in solid state and laser physics, and quantum electronics and non-linear optics, and prior to joining UT Dallas, he spent close to 30 years in industry working in areas that spanned - lasers, semiconductors, computers, and wireless, optical and internet communications. He co-founded and is a Managing Partner at Timmaron Capital Advisors, a firm that provides advisory services to CEOs, BoDs, and PE firms. He also founded The indusLotus Group and provided high-level consulting to private equity firms and others on Wall Street. He worked on a $50 B telecom deal in 2007. He has been an advisor to Cerberus Capital LP, Pioneer Natural Resources, Ericsson Inc., Commscope Inc., Goldman Sachs Vantage Marketplace LLC, Nomura Securities’ Private Equity Arm, a Council Member on the Gerson Lehrman Group (GLG), a number of other Private Equity and Hedge Funds, as well as three separate engagements with McKinsey & Co. He has also worked as an evaluator and mentor with the Texas Emerging Technology Fund and STARTech, reviewing business plans and mentoring founders and CEOs. Dr. Shah has served as CTO of Alcatel North America, and was VP of Research & Innovation and Network Strategy at Alcatel for four years. Prior to that he held senior management positions at MCI Worldcom over a five year period, and was involved in half-a-dozen corporate-level M&A due diligence activities. Before that he worked for Texas Instruments for seventeen years in various capacities, including R&D, manufacturing, business start-up, and business strategy and business development. He served for two years on the faculty of the California Institute of Technology (Caltech) as Dr. Chaim Weizmann Post-Doctoral Research Fellow. He has an M.S. and Ph.D. in Electrical Engineering from Rice University, specializing in Applied Physics, an Executive MBA from Southern Methodist University, and a B.Sc. in Physics, Mathematics and Statistics from Ferguson College, University of Pune, India, where he was the recipient of the National Science Talent Search Fellowship from the Government of India. Early in his career he published over fifty papers in peer reviewed journals, such as those of the American Physical Society (APS) and the Institute of Electrical and Electronic Engineers (IEEE), and others, and had over twenty-five US and international patents issued to him.

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      Book preview

      Innovation, Entrepreneurship, and the Economy in the US, China, and India - Rajiv Shah

      India.

      Part I

      Innovation

      Chapter 1

      Innovation

      Abstract

      We discuss what innovation is, since this is a term that has come to mean a lot of different things to a lot of different people. Since the entire first section of the book is devoted to innovation and the role of innovation, we define how we use the word innovation in our book. We also then discuss why innovation is important in any economy, and finally, we list the factors that we believe are important contributors for innovation to thrive. We further lay the groundwork for the first part of the book in this chapter by briefly comparing and contrasting general innovation trends in the United States, China, and India over the last few years using innovation indices and subindices of the United States, China, and India computed by INSEAD and WIPO.

      Keywords

      Clayton Christensen

      Creative output

      Economic growth

      Global Innovation Index

      Innovation

      Joseph Schumpeter

      Knowledge output

      Peter Drucker

      Technical progress

      Value creation

      Chapter Contents

      What is Innovation?   3

      Why is Innovation Important?   4

      Factors Contributing to Innovation   5

      References   7

      What is Innovation?

      A lot has been written on the subject of innovation. More than 250 books were published with the word innovation in their title in just the first 3 months of 2012, and the term appeared more than 33,000 times in 2011 alone, in the annual and quarterly reports filed with the US Securities and Exchange Commission (SEC), a 64% increase from 2006 (Kwoh, 2012).

      The word innovation has come to mean a lot of different things to a lot of different people, and as is typically the case with words in vogue at different periods in time, this word has been used and abused to the point where the word may have begun to lose its meaning. While the word is derived from the Latin noun innovatus and appears in print as early as the fifteenth century, the more modern interpretation and expounding of it go back to the famous economist Joseph Schumpeter and his writings in the 1930s (Schumpeter, 1934).

      In 1934, Schumpeter added a definition of innovation, or development, as new combinations of new or existing knowledge, resources, equipment, and other factors. He pointed out that innovation needs to be distinguished from invention. The reason why Schumpeter stressed this difference is that he saw innovation as a specific social activity, or function, carried out within the economic sphere and with a commercial purpose, while inventions in principle can be carried out everywhere and without any intent of commercialization. Thus, for Schumpeter, innovations are novel combinations of knowledge, resources, etc. subject to attempts at commercialization—it is essentially the process through which new ideas are generated and put into commercial practice. This combinatory activity he labeled the entrepreneurial function and the social agents fulfilling this function entrepreneurs. For Schumpeter, these are keys to innovation and long-run economic change (Fagerberg,

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