PATENT COUNTS NOT A TRUE INDICATOR OF THE GEOGRAPHY OF INNOVATION

Innovation in the global marketplace is the very heartbeat of knowledge-based economies. It encompasses both the invention of products and processes and their sale and distribution, which stimulates economic growth. It involves the creation, exchange, and evolution of new ideas and their application for the success of an organisation, the vitality of a nation's economy, and the advancement of society as a whole. If we are to solve the current financial crisis, what is needed is more, not less, innovation.