18 Latecomer Entrepreneurship: A Policy Perspective

Abstract

Abstract The conventional view of the entrepreneur as a risk-taking innovator and developer of new technology has been highly influential in modern policies towards entrepreneurship in developing countries (DCs). This chapter challenges such a conventional “Schumpeterian” view and the policies which arise from it, especially those which encourage an increase in small firm entrance as a source of entrepreneurship. In contrast with developed economies, in DCs entrepreneurship should be understood within the context of latecomer catch-up, behind the innovation frontier, and of technology acquisition from abroad. In such circumstances, entrepreneurship is largely embedded in existing enterprises of all sizes as well as the subsidiaries of transnational corporations. Thus, policies aimed at fostering entrepreneurship come together policies targeted at strengthening the domestic industrial structure and the managerial capabilities it embodies.

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