Innovation Strategies for a Global Economy

Innovation Strategies for a Global Economy

Development, Implementation, Measurement and Management

Fred Gault

This book is about innovation strategies for a global economy, their development, implementation, measurement and management. Following the global economic crisis, people are asking: what went wrong? Here, Fred Gault illustrates that a part of the problem was innovation in financial services, which resulted in the release of attractive new products to the market that diffused rapidly and then lost value. This book considers innovation and how policies are developed and implemented to support it. In so doing, framework conditions such as market regulation and the cost of doing business are examined to discover how future problems could be avoided.

Chapter 3: Talking About Innovation

Fred Gault

Subjects: innovation and technology, innovation policy


INTRODUCTION In Part II, Chapter 3 introduces the concepts and definitions needed to talk about innovation, the measurement of the activity of innovation, and the interpretation of the results. Chapter 4 introduces innovation surveys, and related surveys and case studies, that can identify innovation activity and Chapter 5 provides a discussion of the findings from innovation and related surveys. By the end of Part II, the reader should have an appreciation of what innovation is, how the activity can be measured using various means, and how the results can be used as part of the policy process and in support of institutional learning. Experts at the OECD have been discussing innovation, its place in policy, and the need to measure it and its impacts since the mid-1980s. In the 1990s, experts in the working groups of Eurostat, the Statistical Office of the European Communities, joined in the discussion as part of managing the EU Community Innovation Survey (CIS). While the policy imperatives change from day to day, the need to measure and understand the activity of innovation remains. Over the years of discussion, a common vocabulary and grammar have emerged which facilitates the discussion and it has been described in manuals, or codified, on three separate occasions. Manuals are like technologies and practices, they are produced and adopted, they diffuse and they can be changed by users or the users can communicate the need for change to the producers of the manuals. Users of manuals who feel that the manual...

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