Express the Difference Between First- and Second-Order Change

question 34

Essay

Express the difference between first- and second-order change.

Comprehend the role of government and universities in technological advances.

Recognize the concept of "spin-off firms" and its significance.

Identify the nature of product innovations and their improvements.

Analyze the allocation of R&D expenditures by U.S. business firms.

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Definitions:

Entrepreneur Angels

Wealthy individuals who provide capital for startups, usually in exchange for ownership equity or convertible debt.

Active Involvement

Participation that is fully engaged and contributory towards a project or activity.

Companies

Organizations engaged in commercial, industrial, or professional activities, structured as entities to conduct business.

Enthusiast Angels

Individual investors who are passionate about a startup's industry or mission and invest their personal funds and sometimes expertise, in the early stages of the company's growth.