A recent article by Kreiterling, C. (2023) titled “Digital Innovation and Entrepreneurship: A Review of Challenges in Competitive Markets” published in Journal of Innovation and Entrepreneurship by Springer shows that digital innovation and entrepreneurship have significant benefits for business and society.
In an era where digital innovation reshapes the landscape of entrepreneurship, this study sheds light on the profound implications of this technological evolution. The article, synthesizing findings from seven carefully selected studies, delves into the dynamic relationship between digital innovation and entrepreneurship. Here’s an exclusive insight into the challenges and opportunities that entrepreneurs face in today’s competitive markets.
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The transformative power of digital innovation for entrepreneurs, enhancing economic growth, business performance, and competitiveness.– Kreiterling, C. 2023
Unlocking Prosperity Through Digital Innovation
The crux of the study underscores the transformative power of digital innovation as a catalyst for economic growth, improved business performance, and heightened competitiveness. Entrepreneurs leveraging digital technologies gain the ability to create value, reduce costs, enhance customer satisfaction, and access new markets. The author encapsulates real-world examples from diverse industries and regions, illustrating how digital innovation fuels GDP growth and societal transformation.
Navigating the challenges of the digital Frontier
Yet, the path to digital innovation is not without hurdles. Entrepreneurs grapple with regulatory barriers, funding constraints, outdated technologies, and sociopolitical considerations. The study identifies these challenges as formidable roadblocks and emphasizes the need for strategic collaborations between entrepreneurs, governments, and institutions. By working together, they can create an environment conducive to digital innovation, addressing regulatory complexities and ensuring equitable access to resources.
How the study was conducted
The author employed a comprehensive and systematic search of the literature using Scinapse, a powerful academic search engine and applied specific criteria to select the most relevant studies for the review. The author also performed a manual search by screening the reference lists of identified papers to detect any additional relevant studies. The author excluded grey literature, short communications, letters to editors, reports with no primary data, conference abstracts, dissertations, and secondary research from the literature review. As a result of the search strategy, the author identified 34 relevant papers for review and ultimately selected seven papers for inclusion in the review.
What the authors found
The author found that digital innovation and entrepreneurship have significant benefits for business and society. The paper reviews seven studies that show how digital technologies and digitalization can boost GDP growth, enhance business performance, increase competitiveness, and promote social transformation across various industries and regions.
The study also found that digital innovation and entrepreneurship also face significant challenges and barriers. The paper identifies four main challenges that entrepreneurs encounter when leveraging digital technologies and digitalization: overcoming regulatory barriers, securing funding, dealing with outdated or obscure technologies, and considering sociopolitical implications.
In addition, the author posits that digital innovation and entrepreneurship require collaboration and further research. The paper suggests that entrepreneurs, governments, and institutions need to work together to create a more supportive and equitable environment for digital innovation and entrepreneurship.
How is this important
Digital innovation can provide significant benefits for entrepreneurs, such as increased productivity, competitiveness, customer satisfaction, and market expansion. However, these benefits are not evenly distributed and may depend on factors such as access to funding, regulatory barriers, and sociopolitical conditions.
Digital innovation can also pose significant challenges for entrepreneurs, such as high innovation costs, rapid technological changes, outdated or obscure technologies, and social and environmental impacts. Therefore, entrepreneurs need to be aware of the risks and opportunities associated with digital innovation and adopt a strategic and ethical approach to their business endeavours.
The study provides a foundation for future research by highlighting the main trends and challenges in the field of digital innovation and entrepreneurship. However, the study also has some limitations, such as a small sample size, a geographical and industry-specific focus, a limited scope of digital technologies, a cross-sectional analysis, and heterogeneity in methodologies.
Limitations and future research
The study acknowledges the limitations of its small sample size, geographical and industry-specific focus, limited scope of digital technologies, cross-sectional analysis, and heterogeneity in methodologies. Therefore, it suggests that future research should address these limitations and explore the broader range of digital technologies and their effects on business growth and societal transformation.
In conclusion, Kreiterling’s (2023) insightful exploration of the symbiotic relationship between digital innovation and entrepreneurship underscores the transformative potential within today’s competitive markets. While digital innovation propels economic growth, enhances business performance, and fosters competitiveness, entrepreneurs must navigate substantial challenges, from regulatory barriers to funding constraints. The study advocates for strategic collaborations between entrepreneurs, governments, and institutions to create an environment conducive to digital innovation. By recognizing the nuanced landscape of opportunities and risks, and with a call for further research, this review provides a solid foundation for understanding the intricate dynamics shaping the future of digital innovation and entrepreneurship.
Cite this article as (APA format):
AR Managing Editor (2023). Unlocking Prosperity: Navigating Digital Innovation and Entrepreneurship Challenges in Competitive Markets – A Comprehensive Review. Retrieved from https://www.africanresearchers.org/unlocking-prosperity-navigating-digital-innovation-and-entrepreneurship-challenges-in-competitive-markets-a-comprehensive-review/
The African Research (AR) Index is a comprehensive scholarly directory and database focused explicitly on journal publishers that publish and disseminate African research.
