Match List I with List II

Choose the correct answer:

Correct option is A

The correct match is:

• A. Baumol (2002) – IV: In market economies, innovation is a necessity for survival
  William Baumol emphasized that in capitalist market systems, innovation becomes essential for competition and survival. Firms must innovate continuously to maintain market position.

• B. Geroski et al. (1993) & Leiponen (2000) – I: Innovating firms are more profitable than non-innovators
  These researchers empirically studied innovation and performance, demonstrating that firms engaged in innovation typically outperform others in terms of profitability and market share.

• C. Timmons and Spinelli (2007) – III: Entrepreneurship = thinking, acting, leadership balanced
  Timmons and Spinelli's model focuses on the entrepreneurial process, describing it as a dynamic balance of creative thinking, proactive action, and strategic leadership.

• D. Burton Klein (1917) – II: Entrepreneur is a broker between economic and technological profits
  Klein described the entrepreneur as one who identifies and bridges gaps between technological advancements and economic opportunities—functioning as a broker to convert innovation into commercial success.

Information Booster:

• Baumol's work explains why entrepreneurial activity often focuses on innovation rather than mere production efficiency.

• Geroski and Leiponen's studies use empirical data to show how innovation drives firm competitiveness.

• Timmons & Spinelli emphasize the entrepreneurial mindset as a fusion of idea generation, resource management, and team leadership.

• Burton Klein viewed entrepreneurs as the key link connecting scientific potential and market viability—essential for commercialization of innovations.