The Role and Prospects of Innovative Entrepreneurship in the Economic Progress of Developing Countries

Abstract

Nowadays, the role of innovation in the economy is rapidly growing. It is impossible to imagine the modern world without innovations that have already taken place and contribute to further evolution. Most scholars agree that innovation has become a major driver of economic and social development. In a rapidly changing global economy, technology has become a prominent factor in changing the world, both by improving connectivity and by shaping production, distribution and service. Innovation is widely recognized as a critical driver of economic growth, competitiveness and societal progress. The global economic landscape is evolving rapidly, and innovation is at its core. Innovative entrepreneurship, like innovation itself, is increasingly recognised as a key driver of economic development, especially in developing countries. This article explores the nature of innovation, the importance of entrepreneurship and its impact on economic growth. Through case studies, we highlight the challenges and opportunities faced by innovative entrepreneurs in developing countries. The results emphasise the need for supportive ecosystems that foster innovation, build skills and facilitate access to finance, thereby paving the way for sustainable economic development. Developing countries face significant challenges, including poverty, unemployment and limited access to resources. Understanding the role of innovation and innovative entrepreneurship in this context is critical to designing effective policies and strategies that promote sustainable development. The aim of this study is to provide information on how innovation and innovative entrepreneurial activity can stimulate economic growth, job creation and improved living standards in emerging regions. It is analysed how innovation contributes to competitive advantage and economic sustainability. Given the current global economic uncertainty, understanding the role of innovative entrepreneurship becomes crucial for policy makers, investors and entrepreneurs. The results are expected to provide information on the promotion of innovation-driven economic development, especially in regions where traditional business models are failing. The research methodology used in this study includes a comprehensive literature review of academic articles, reports and case studies related to innovative entrepreneurship. Data were collected from academic journals, reports from international organisations and interviews with local entrepreneurs and policy makers. The analysis focuses on identifying key themes, challenges and success factors related to innovative entrepreneurship.