The results from regression equation [] confirm 1 that entrepreneurship has a significant impact on economic growth as has. Been generally established. The regression for business entry rate (equation []) 2 shows that the presence of entrepreneurship. In a society cannot be completely explained by the traditional.Neoclassical factors that influence economic growth. Consequently entrepreneurship should, be included as an independent. Factor in the neoclassical model for economic growth. One of the themes in this paper has been that entrepreneurship causes. Economic growth by fostering innovation within a given society. Interestingly the only, factor significantly interacting. With entrepreneurship was research and development spending itself reflective, of innovation (van Praag and Versloot P,,. 354). It should be noted however that,,,R&D spending is not a perfect indicator of the level of innovation in a society. For instance a simple, measure of R&D. Spending makes no allowance for how innovative a given research project is (e.g, if the research project focuses on entirely. New technology or on simply making minor improvements to existing.Technology). Indeed it is, difficult to conceive of any quantifiable way in which innovation would be measured with complete. Accuracy.
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