"Innovation is a central driver of economic growth, development and better jobs. It is the key that enables firms to compete in the global marketplace, and the process by which solutions are found to social and economic challenges. The face of innovation has evolved significantly over the last decades.
- First, firms are investing historically unprecedented amounts in the creation of intangible assets – new ideas, technologies, designs, brands, organizational know-how and business models.
- Second, innovation-driven growth is no longer the prerogative of high-income countries alone; the technological gap between richer and poorer countries is narrowing. Incremental and more local forms of innovation contribute to economic and social development, on a par with world-class technological inventions.
- Third, the act of inventing new products or processes is increasingly international in nature and seen as more collaborative and open.
- Fourth, knowledge markets are central within this more fluid innovation process. Policymakers increasingly seek to ensure that knowledge is transferred from science to firms, thereby reinforcing the impact of public research. Moreover, ideas are being co-developed, exchanged and traded via new platforms and intermediaries.