Literature Review: Perspectives of Crowdfunding on the Innovation Process

In order to better comprehend the evolution of this ecosystem, it seems essential to develop an understanding of the nature of entrepreneurship. Joseph Schumpeter, one of the most influential scholars of entrepreneurship from the 20th century, describes it as an act where new innovative combinations replace old innovations through the process of 'creative destruction' (Schumpeter, 1962). Recent scholars see Entrepreneurship as more of an opportunity-driven way of thinking, reasoning and acting with the aim of sustainable value creation. Hence, the classical expression of entrepreneurship is the birth of a new firm, when an innovative idea is turned into a high-growth company (Timmons et al. 2010). The process that makes that happen is called the entrepreneurial innovation process.