Entrepreneurship in the New Global Economy. The Role of Innovation in Economic Development

21st century entrepreneurship is characterized by a large amount of new knowledge and flexibility, two factors that have gained new significance as a source of competitiveness in a globalized economy. The transition of the classical industry structure to smaller concentration and greater decentralization is only an indicator of this development. With technological changes and increased global competition brought by economic liberalization, the assumption that fostering entrepreneurship means fostering a country's competitiveness seems more valid today than ever. It is relevant for the new economy that the current global debate on the importance of entrepreneurship is primarily aimed at developed countries and that the issue of how to foster entrepreneurship appears to be primarily a concern for global decision-makers. Therefore, the purpose of this article is to highlight the importance of the technology-driven profile of the new global economy, driven by innovation and entrepreneurial initiative which is at the core of innovative business strategies.