Innovation represents an act of spontaneity or being creative, yet most people recognize it to be a change in the thought process for doing something or “new stuff” that is made. It may refer to an incremental emergent or radical and revolutionary change in thinking, products processes or organizations. Scholarly literature on innovation typically distinguishes between invention, an idea made manifest, and innovation, ideas applied successfully in practice. Invention is the embodiment of something new. While both invention and innovation have “uniqueness” implications, innovation also carries an undertone of profitability and market performance expectations. In business, innovation can be easily distinguished from invention. Invention is the conversion of cash into ideas. This is best described by comparing Thomas Edison and Nikola Tesla> Thomas Edison was an innovator because he made money from his ideas. Nikola Tesla was an inventor. Tesla spent money to create his inventions but was unable to monetize them. Innovators produce market and profit from their innovations. Inventors may or may not profit from their work.
Thus a challenge for any individual, company and even countries! In economics the change must increase value, customer value, or producer value. The goal of innovation is positive change, to make someone or something better. Innovation leading to increased productivity is the fundamental source of increasing wealth in an economy.
Countries are rated on innovation – that is their ability to turn knowledge into new improved goods and services. Indicators measure a country’s capacity to innovate by assessing its knowledge production, how that knowledge is transformed, and market shares or knowledge- based industries. Countries with the highest overall scores have been deemed to have successfully developed national strategies around innovation, giving them a substantial lead over their peers in one or more area. (Latest data 2008) from the Conference Board of Canada did not look promising for Canada.
REPORT CARD
1. Switzerland
2. Ireland
3. USA
4. Japan
5. Sweden
6. Germany
7. United Kingdom
8. Netherlands
9. Finland
10. France
11. Denmark
12. Belgium
13. Austria
14. CANADA
15. Australia
16. Italy
17. Norway
Ireland has seen enormous growth attracting a host for leading innovative hi-tech companies (low cost land and funding coupled with skilled labour). The USA fosters a combination of top science and engineering faculties, broad and deep capital markets, and an entrepreneurial culture. Japan is committed to efficient manufacturing and new product development. Switzerland the top rated country is a leader in the pharmaceutical industry.Here is the complete White Paper.
