Entrepreneurship and Innovation: A Way Towards Sustainable Development and Poverty Alleviation

Abstract

The importance of entrepreneurship as a force for economic progress and poverty alleviation has grown in recent years. Innovation is at the core of entrepreneurship, whereas entrepreneurship is a tool for innovation. Forbye, social innovation has become a new way of thinking and strategy for solving social problems. Additionally, to study the ever-growing and dynamic space of entrepreneurship followed by an analysis of the actors in the ecosystem, including an emphasis on its outcome and social impact on poverty. Drawing on the insights from the framework of the Theory of Change, the authors present the case of PYXERA Global. Using a qualitative research strategy to create insights from the organisation's activities in over 100 countries, we exhibit the entrepreneurial ecosystem approach followed and implemented by them. Through meticulous interviews, the chapter produces in-depth insights from the strategists and entrepreneurs of the organisation that create a balanced and focused social impact. The study reveals the importance of entrepreneurial training, education, technical skills and gender balance in poverty alleviation. Through collaborations with the private, public and social sectors, the organisation ensures to the creation of an ecosystem that provides technical support and access to skills to develop an entrepreneurial mindset. The Theory of Change undertaken by PYXERA informs how tri-sector partnerships and deep organisational involvement can aid towards sustainable development and poverty alleviation. The findings contribute to the development of an attitude that poverty reduction and community development can be achieved through co-creation, which is possible through entrepreneurship and innovation.

Citation

Paliwal, M., Tripathy, S., Chatradhi, N. and Ranga, Y. (2024), "Entrepreneurship and Innovation: A Way Towards Sustainable Development and Poverty Alleviation", Goel, R., Singh, T., Rahman, M.M., Islam, Q.T. and Baral, S.K. (Ed.) Creating Pathways for Prosperity (Emerald Studies in Sustainable Approaches to Poverty Alleviation), Emerald Publishing Limited, Leeds, pp. 15-32. https://doi.org/10.1108/978-1-83549-121-820241003