Innovation is often explained in technical terms-tangible products or processes that result from technological development-there has been a preoccupation with rational, analytical innovation models. However, a number of industrial studies have shown that for a technological innovation to succeed three important people involved and seven important conditions to satisfy. The combination of these people and conditions satisfies the need for creativity and implementation. The three key people are:
Creative source: the inventor or originator of the idea that led to the knowledge or vision of something new, the artist of creative endeavor.
The champion: the entrepreneur or manager who pursues the idea, planning, its implication, acquiring resources, and establishing its markets through persistence, planning, organizing, and leadership.
Sponsor: the person or organization that makes possible the champion’s activities and the inventor’s dreams through support. Major countries in Asia are following this technique to acquire the higher position in the world economy. India, in this sense, is struggling hard.
The seven conditions are as follows: Outstanding person for leadership, Operational leader, sufficient potential consumers, Realization of product, Good cooperation among the crucial players, Availability of resources, Cooperation and support from external sources.
Women are the important part of development. No doubt they are taking active participation in the business and industry and doing dual jobs to meet their expenditures. Women of every level and society (high or low-income countries) hop to work. So, the rate of women entrepreneurship is high than men. According to GEM report across the 40 countries in the report, low/middle-income countries showed the highest rates of female early-stage entrepreneurial activity, while high-income countries reported the lowest. Even so, men are more likely to be involved in entrepreneurial activity than women. In high-income countries, men are almost twice as likely to be early-stage or established business owners than women. Across all GEM countries, women in low/middle-income countries (such as Russia and Philippines) exhibited the highest women’s early-stage entrepreneurial activity (39.3% and 22.5%), while high-income countries (such as Belgium and Sweden) reported the lowest (1.0% and 2.3%). A similar situation exists with established businesses. In no countries is the female rate higher than the male rate of established business ownership.
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