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The Global Economic And Financial Downturn: What Does It Imply For Firms- R&D Strategies?

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Executive Summary

R&D as well as the entire innovation process are likely to be affected by the current crisis. Apart from changes in R&D spending, as any crisis usually provides also chances it may stimulate a new wave of networked / open innovation and in this regard lead to 'Creative destruction' as Schumpeter called it. Thus, high technology manufacturing is far better positioned to face the crisis compared to low tech manufacturing, which is assumed to fare especially badly. The figures of R&D expenditure are assumed to evolve accordingly. And small companies and particularly those which are financially restricted (many SMEs) are supposed to suffer most.

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