In this very article we will learn about intrapreneurship vs entrepreneurship and their ethical and social responsibilities. The three main ways to bridge the gap between science and the marketplace are through entrepreneurship, through existing businesses, and through collaborations between the two. Each has its own advantages and disadvantages.
Entrepreneurship can be a difficult way to bring innovations to the market, as it can be difficult to get the businesses off the ground. Existing businesses have the resources, skills, and often the marketing and distribution infrastructure to do so, which can make it easier for them to commercialize innovations. Finally, collaborations between science and the marketplace can be very successful, as each side can bring something
Intrapreneurship vs Entrepreneurship
Intrapreneurship
An intrapreneurship (entrepreneurship within an existing company) can also bridge the gap between science and the marketplace.
A successful commercialization of innovation can usually be achieved by existing businesses as they have the resources, skills, and often the marketing and distribution infrastructure to do so.
Many corporations have been trying to establish an intrapreneurial spirit in their organizations because of these inhibiting factors and the need for creativity and innovation.
Entrepreneurship
Entrepreneurship is the third way to bridge the gap between science and the marketplace. Creating new businesses is difficult for many entrepreneurs because of this gap.
There may be a shortage of managerial skills, marketing capabilities, or financial resources. Their inventions tend to be unrealistic, requiring significant modifications to be marketable.
In order to bridge the gap between science and the market, start new businesses, and introduce new products and services to the market, entrepreneurship is the most effective method.
Entrepreneurial Ethics and Social Responsibility
The life of an entrepreneur is not easy. In order to sell and deliver products and services, entrepreneurs must take risks with their own capital while investing greater energy than the average businessperson.
An organization’s support for laws and professional ethics is reflected in a manager’s attitude toward corporate responsibility.
Unlike other managers, entrepreneurs tend to rely on their own personal value systems more when determining ethically appropriate course of action.