Innovation and entrepreneurship in emerging economy versus mature economies: Challenges and opportunities

Innovation and entrepreneurship are critical elements in diversification of economy worldwide and the engines for economic growth and job creation. Many researchers and practitioners are claiming positive effects of innovation and entrepreneurship in developing countries on the economic development. However, few programs and initiatives are taking place and adapted in a right way for successful implementation for growth and development of emerging economics. The purpose of the study is, therefore, to provide an overview of different programs and initiatives worldwide and in Oman in the area of innovation and entrepreneurship. Finally the paper concludes with challenges and opportunities facing innovation and entrepreneurship in emerging economy. JEL classification: O35, L26, G32.