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Fig. 3.2.3 The innovation life cycleSource: J. Huber, 2005, p.6n 3. 2. 3. Innovation entrepreneurship and the European contextThe reasons for entrepreneurship can vary widely. However, two general typesof incentives lead entrepreneurial intentions and activities: starting a businessout of necessity, and starting a business from an opportunity found.Additionally, people decide to become entrepreneurs because they have theirown ideas that need to be taken to market or they prefer to be their own boss.Other reasons include the desire for a better work-life balance, the expectationthat entrepreneurship will be more financially rewarding, and the scope to workin a more creative and/or innovative manner. Entrepreneurship related to high tech and innovation is called innovativeentrepreneurship and it is usually driven by opportunity. It also has twocharacteristics. Firstly, the share of innovative entrepreneurship in GDP is highlylimited (3%u20137%) and secondly, innovative entrepreneurship has traditionally beenconcentrated in cities.1211 . 2 . 3 . 4 . 5 .Degree of Structurationand DiffusionTimeInflectionpoint Invention or Organised Prime Maturation RetentionDiscovery Development Unfolding or declinc/phase-outLate modificationsIncremental change or additions in components and functionsIncremental change or additions in components and functionsNew path: Generic system innovation3.2 Innovations and Design Thinking