Innovation and Entrepreneurship: Smart, Sustainable and Inclusive Growth

There is broad recognition today that entrepreneurial, knowledge-based enterprises are prime creators of economic growth and that such ventures need unique business development services. However, there is no accord yet on the most effective means of providing such support or on the methods for evaluating the performance of these services. Innovation is a powerful engine for expansion and for addressing societal and global challenges. The innovation drives economic growth and job creation and is important not only for high-tech sectors but for all economic sectors. While economists and policymakers worldwide have recognized the importance of technological innovation for growth, the relationship between innovation and entrepreneurship has been appreciated recently because the entrepreneurs play an important role in fomenting innovation. This paper critically reviews, identifies and analyzes the literature related to the economy for 21st century economic development strategy. The authors examine the importance of three priorities: 1) Smart Growth, 2) Sustainable Growth, and 3) Inclusive Growth. The research methodologies adopted in this research study are desk-research and case study of selected five countries. This paper provides evidence which is based on current literature concerning entrepreneurship and innovation as an effective tool for economic developments. The aim of this article is to highlight and to provide guidance, suggestions and recommendations to change the adoption of such programmers in order to stimulate the economic development cycles in Europe and GCC member states.