Vol. 12, Issue 3, 2024
The Role of Innovation and Entreprenurial Responses in Addressing Poverty and Promoting the Growth and Deveopment of the Nation
Apetu S, Egbetokun S.O, Ajani S.T & Egbenede M.E
Abstract
Poverty remains a pressing global issue, particularly in developing nations, where it often manifests as a complex web of economic, social, and environmental challenges. While traditional approaches to poverty alleviation have made significant strides, they have not always led to sustainable development outcomes. This abstract provides an in-depth exploration of the role of innovation-driven entrepreneurship in combating poverty and fostering national growth and development. Innovation and entrepreneurship have emerged as potent catalysts for addressing poverty and promoting national growth and development. It provides a concise overview of the pivotal role that innovation-driven entrepreneurship plays in alleviating poverty and driving sustainable development at the national level. In many developing nations, poverty remains a persistent challenge, hindering progress across various sectors. Traditional approaches to poverty alleviation have often fallen short of achieving lasting results, necessitating a shift toward innovative and entrepreneurial solutions. This shift is not only essential for addressing immediate economic disparities but also for fostering long-term prosperity and resilience in the face of global challenges. This paper explores the dynamic relationship between innovation, entrepreneurship, and poverty reduction within the context of national development. It highlights the ways in which entrepreneurial ventures can leverage innovative technologies, business models, and social impact strategies to create economic opportunities, empower marginalized communities, and bridge income disparities, the paper delves into case studies and success stories from various countries to illustrate how innovative entrepreneurship has led to poverty reduction and inclusive growth. It emphasizes the role of government policies, educational institutions, and support networks in nurturing entrepreneurial ecosystems that foster innovation-driven ventures.In conclusion, the critical link between innovation, entrepreneurship, poverty alleviation, and national development. Has asserted that a holistic approach that combines innovative thinking, entrepreneurial action, and supportive policies can pave the way for sustained economic growth, reduced poverty levels, and enhanced prosperity on a national scale. The paper advocates for the promotion of an innovation-driven entrepreneurial culture as a powerful means to unlock a brighter future for nations grappling with poverty and underdevelopment.
Keywords
Innovation, Entrepreneurship, Poverty, Development, alleviation
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References
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