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Innovation is defined as the application of knowledge in a novel way, primarily for economic benefit. Companies deem it vitally important as a competitive tool. Government policymakers see it as essential for economic growth. The main findings of Innovation: Transforming the way business creates include: Innovation is beneficial to both national economies and corporate performance, but its impact is more visible at the microeconomic than the macroeconomic level; innovative companies tend to outperform their peers; firms connected to high-tech clusters tend to outperform their peers; technical skills of the workforce and IT/telecommunications infrastructure are critical to innovation; small countries have an advantage; and return on investment (ROI) is higher in middle-income countries than in rich countries.
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