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Entrepreneurship as the New Driver of Business

Entrepreneurship has enabled the individual to challenge existing corporations with a new model more efficient than the traditional one. The entrepreneur’s model provides almost instant connection to local geography and international markets at the same time. With the support of capital, entrepreneurs are not only driving a creative destruction of existing business but also developing new business models, ideas to make new products, and developing new technologies. Places like Silicon Valley provide the ecosystem required for successfully breeding entrepreneurship with its education system with cutting-edge research, culture, acceptance of failure, and availability of finance. Entrepreneurial development has moved from the development hardware and software, to the creation of, and access to, technology platforms, and the development of new business models. Replication of new business models is now almost instantaneous.