ALLUSION TO PUBLIC POLICY: INNOVATIVE ENTREPRENEURSHIP

Abstract

Innovations play a significant role in surviving in economic and market
games. However the innovation is not self-sufficient tool for response of all future
challenges and needs. It requires potential for new knowledge generation, adaptation
and commercialization, and support of government. Therefore the article presents a
conceptual analysis of the relationship between innovation and entrepreneurship
,with the main focus being on the business sector, highlighting the role of government
policy in the promotion of innovation through entrepreneurship.
It is said that the dimension of innovation is at the core of entrepreneurship, but
at the same time these concepts still often are defined singly. The concept of entrepreneurship
is often wrongly explained, just as business activity or establishment of
new enterprises without focus on innovation. In this respect, there is a suggestion to
adopt the concept of innovative entrepreneurship as the new direction for development
of innovation through entrepreneurship.