Measurements and metrics in small technology and knowledge entrepreneurship

The advent of the industrial revolution demonstrated the importance of entrepreneurs and entrepreneurial activity in the improvement of regional competitiveness, job creation, stimulation of the larger economy and creation of new wealth. This was first suggested by Joseph Schumpeter, whose “waves” have provided industry and academia a method of examining and researching future technology. The next Schumpeterian wave is small technology, creations on the atomic and molecular levels. This disruptive technology holds great promise for the future addressing health care, energy, water purification and the environment. “Measurements and Metrics in Small Technology and Knowledge Entrepreneurship” explores the relationship between measurement, management and research. Measurement is “the assignment of numerals to represent properties” and it is at the heart of modern science and technologies efforts to standardize nomenclature. Many have stated the importance of accurately measuring something before you can effectively manage, engineer or plan a future. The quote “you cannot manage what you cannot measure” is attributed to Dr. William Edwards Deming and the emphasis can be found in many fields. This book seeks to increase entrepreneurial knowledge by creating new models and research methods to assist academic (knowledge entrepreneur) and industry insight and progress through measurement and metrics. “Measurements and Metrics in Small Technology and Knowledge Entrepreneurship” focuses on both knowledge entrepreneurs and more traditional entrepreneurial efforts. The author seeks to contribute to the growing literature stream on measurement to improve entrepreneurial understanding and research in five distinct areas. In section two the pharmaceutical industry was examined. Section three examined the metrics of highly flexible facilities with section four looking at the state of nanomanufacturing. Sections five and six investigate academia with measurement at the fore front. The problems of measurement and metrics for both small technology and knowledge entrepreneurship are significant. Factors such as increased governmental regulations, competition and financial limitations are hindering progress. If academia and entrepreneurs can find mutual interests in metrics, then both are positioned for “win/win.”