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A key driving force since the beginning of the Industrial Revolution has been the activity of entrepreneurs engaged in the discovery and application of new knowledge as the basis for innovation in existing industries and the creation of totally new industries. In the twentieth century there was an exponential increase in the rate of new scientific and technological breakthroughs. Current evidence would suggest that this pace of new knowledge creation will be sustained in the twenty-first century. The implication of this scenario is that the exploitation of new knowledge will remain a critical competence within organisations seeking to sustain long-term growth (Sheehan 2005).
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