The Role of Human Capital and Innovative Entrepreneurship in Developing Countries
Torrech, José Rolando Jr.
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Human capital, innovation and entrepreneurship have long been associated with economic development in different contexts. However, in the recent past, several research studies carried out show that the complexity and technical nature of the ever-changing business environment necessitated by technology have superseded the current human capital required to address innovative strategies in developing countries. Several scholars assert that although inadequate skills are a great challenge for entrepreneurs, more research needs to be done to break down the varying units affecting the impact of human capital on entrepreneurial development and economic growth. The purpose of the study was to investigate the role of human capital on entrepreneurial innovation in developing countries. Specifically, the paper addressed several challenges facing start-ups and other smaller firms in developing nations to establish the role of human capital on entrepreneurs. The study also examined the role of an innovator’s human capital variables in attaining financial empowerment in developing nations. In achieving these objectives, the paper utilized the human capital theory. Qualitative research methodology, especially the phenomenological research design, was used to collect, analyze, and present data. Interviews were used as the primary instrumentation of data collection. The population of the study included mainly entrepreneurship experts, with the sample selected from an international conference relating to entrepreneurship, human capital, and economic development. The findings of the study were relevant to developing countries in formulating policies that promote an entrepreneurial culture across all industries in the economy, providing a platform for entrepreneurs to identify investment opportunities in developing countries.