Innovative Entrepreneurship is a concept that was introduced by Joseph Schumpeter, an Austrian economist, and political scientist. Schumpeter is known for his groundbreaking work on business cycles and economic development, and he is considered one of the most influential economists of the 20th century.

Explanation:

- Joseph Schumpeter: Joseph Schumpeter was a prominent economist who made significant contributions to the fields of entrepreneurship and innovation. He believed that entrepreneurship is a driving force for economic development and growth. According to Schumpeter, entrepreneurs are the agents of change in an economy, and their innovations are the key drivers of economic progress.

- Concept of Innovative Entrepreneurship: Schumpeter introduced the concept of Innovative Entrepreneurship to explain the role of entrepreneurs in driving economic growth through innovation. He argued that entrepreneurs are not just passive managers of existing resources, but they are individuals who introduce new ideas, products, and processes into the market. These innovations disrupt the existing economic order and create new opportunities for growth and development.

- Importance of Innovation: According to Schumpeter, innovation is the primary source of economic development. He identified five types of innovations: the introduction of new products, the introduction of new production methods, the opening of new markets, the development of new sources of supply, and the reorganization of an industry. These innovations lead to a process of creative destruction, where the old ways of doing things are replaced by new and more efficient methods.

- Entrepreneur as an Innovator: In Schumpeter's view, entrepreneurs play a crucial role in the process of innovation. They are the ones who recognize new opportunities, take risks, and bring new ideas to the market. Entrepreneurs are driven by a desire for profit and a willingness to challenge the status quo. They are willing to invest their resources in new ventures and create new products and services that meet the changing needs of consumers.

- Impact on Economic Development: Schumpeter's concept of Innovative Entrepreneurship has significant implications for economic development. He believed that entrepreneurship and innovation are the primary drivers of economic growth and prosperity. By introducing new ideas and technologies, entrepreneurs create new industries, increase productivity, and generate employment opportunities. This, in turn, leads to higher living standards and improved quality of life for society as a whole.

In conclusion, Joseph Schumpeter's concept of Innovative Entrepreneurship emphasizes the critical role of entrepreneurs in driving economic growth and development through innovation. By introducing new ideas, products, and processes, entrepreneurs disrupt the existing economic order and create new opportunities for growth and progress. Their innovations lead to a process of creative destruction, where old ways of doing things are replaced by new and more efficient methods. Overall, Schumpeter's concept highlights the importance of entrepreneurship and innovation in fostering economic development and improving the well-being of society.