The worldviews of economist and educator Dr. Joseph Alois Schumpeter (1883-1950), inspired creation of the Institute in September 1997, and of the Consulting Division in January 2005.
Dr. Schumpeter's family represented a long line of business owners in what is now the Czech Republic, extending from the time of the French Revolution through the First World War.
As economist, academic, social philosopher and humanist, Dr. Schumpeter researched, reasoned, and professed extensively about the relation between economic progress and entrepreneurial activism. He observed that one of the leading causes of social development emanates from sporadic changes brought about by creative individuals who innovate by devising new products, new methods of production, new markets, new sources of supply, and new industrial arrangements.
Dr. Schumpeter emphasized the entrepreneur as a primary agent in transforming a stationary economy into a dynamic one.
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