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The contribution of innovation to business creation
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Innovation can revive an economy or a business, but it can also destroy one by replacing it. This brings us to Joseph Schumpeter's famous theory of "creative destruction," which sees innovation as a process of economic transition that changes and transforms a sector of activity or even an entire economic sector. Nevertheless, the change remains positive overall thanks to the enthusiasm of all economic and market players for the novelty resulting from innovation.
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Innovation can revive an economy or a business, but it can also destroy one by replacing it. This brings us to Joseph Schumpeter's famous theory of "creative destruction," which sees innovation as a process of economic transition that changes and transforms a sector of activity or even an entire economic sector. Nevertheless, the change remains positive overall thanks to the enthusiasm of all economic and market players for the novelty resulting from innovation.
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