Entrepreneurial Culture And Innovation In The Services Sector: Case Study Evidence From Greece

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Innovation in the services sectors has been a rather neglected research area under the commonly held view that manufacturing firms are the main drivers of innovation in developed economies. The rise of the service economy has redirected the research agenda towards the potential of services firms to adopt innovation activity. Here the authors analyze the determinants of innovation activity in the tourism industry, which is one of the fastest growing service industries in the world. The analysis builds upon the theoretical notion of entrepreneurial culture in order to suggest that entrepreneurs possess such culture when they actively and consciously seek information in order to underwrite the risk and ambiguity inherent in actions such as innovation activity.