Title:
NEW VENTURE DYNAMICS: A CREATIVE DESTRUCTION MODEL FOR ECONOMIC DEVELOPMENT

Authors:
Oyeinkorikiye Stephan Isaiah, PhD and Rachel Konyefa Dickson, PhD, Nigeria

Abstract:
This paper explores new venture dynamics as a creative destruction model for wealth creation and economic development. The entrepreneurial latitude is undergoing transformative measures, resulting from the reshaping of the traditional economic structures through innovation and change. Central to this transformation is the concept of creative destruction, wherein entrepreneurial agents dismantle obsolete systems or change the old order to a new perspective. This process is observed in various sectors like security, agriculture, energy, digital technology, and education. Entrepreneurs are rethinking new approaches to transform work systems, introducing novel practices, technologies and supply value chain through innovations. This transformation is a deliberate paradigm shift from the old pattern to a new pattern that increases the entrepreneur sagacity and fostering economic growth and development. For technology, the study revealed that entrepreneurs are consistently introducing new technologies like the artificial intelligence built to do the work of a man. The educational system also showed that critical reconfigurations, adapting to the present job market demands, particularly in science related fields are progressing steadily. The study further revealed that this new thinking from the traditional to the innovative pattern is very slow in developing economies. Therefore, the paper concludes that there is need for developing economies to change the status quo to encourage new venture creation as an agent for creative destruction to stimulate economic vitality, underpinning economic growth and development.