Joseph Schumpeter viewed entrepreneurship as the fourth factor of production, as the catalyst of economic growth and revitalization. He describes capitalism as developing by gales of creative destruction, by which new technologies supplant the old ones. Our contribution is that the current and future challenges in the global economy can best be solved through a better understanding of Schumpeterian entrepreneurship in its modern, global contexts. A major paradox of the literature on entrepreneurship is that the process of opportunity recognition and exploitation has been analyzed in a vacuum...

In this groundbreaking analysis of Europe's economic landscape, the author delves deep into the phenomenon of Hidden Champions - those midsize German companies that dominate global niches yet remain relatively unknown to the public. Through extensive research and firsthand accounts, this book reveals how these family-owned businesses have achieved remarkable success through their laser-focused market strategies, customer-centric approaches, and unwavering commitment to innovation. Drawing powerful parallels between Germany's flourishing Hidden Champions and Finland's economic challenges, the...