Entrepreneurship is frequently cited as an important force promoting economic growth. There are several possible reasons for such an effect, but perhaps the most signifi cant is the relationship between entrepreneurship and innovation. We are all familiar with major corporations that began as small entrepreneurial fi rms but that ultimately had a major impact on the business environment and on our personal lives. Start-up fi rms often innovate long before established rivals and therefore speed up economic growth. In the computer sector, for example, it seems that the personal computer, which has dramatically transformed many aspects of modern life, was due to innovative efforts of entrepreneurial fi rms such as Apple, Intel, and Microsoft. Presumably we would have had to wait much longer if the only sources of innovation had been large established fi rms like IBM, Sperry, Burroughs, and Digital (of which only IBM still exists) or the public sector. Despite this apparent link between entrepreneurial activity, innovation, and economic growth, most entrepreneurship is not particularly innova

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