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Innovation

Parker, Rachel L. (2009) Innovation. In O'Hara, Phillip (Ed.) International Encyclopedia of Public Policy : Governance in a Global Age, Volume 4: Social Environmental and Corporate Governance. GPERU , Perth, Western Australia, pp. 392-399.

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Abstract

Innovation can be defined broadly to include the development and uptake of new technology, the introduction of new products, the utilisation of new market opportunities and the implementation of new business processes including new forms of work organisation or management structures and approaches. Innovation, or the commercial application of new knowledge, is of increasing importance to economic competitiveness given the growth in production and trade in high technology industries and knowledge intensive service sectors such as business services (Edquist, Hommen and McKelvey 2001). An important field of innovation in modern economies is associated with the rapid development and application of information and communications technologies (ICTs). ICTs constitute an increasing share of value added, growth and employment and also impact on employment and productivity in other industry sectors. The structural transformation of modern economies associated with ICTs has led to an increase in the importance of information and knowledge resources (rather than physical capital) as inputs or factors of production. Technology and product innovations are often given central attention in innovation research, however, organisational and managerial changes have been recognised as critical. Over the last two decades, understandings of the nature and process of innovation have advanced significantly. In the 1950s and 1960s, there was a view that innovation resulted from basic research, or in essence that scientific research acted as a 'push' for innovation. As such there was a great deal of emphasis on formal research and development, undertaken either by governments or research and development units within business organisations. Radical innovations involving new products and new technological trajectories were thought to derive from basic research (Freeman 1995).

Impact and interest:

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ID Code: 31381
Item Type: Book Chapter
Keywords: Innovation, Governance
ISBN: 051534523X
Subjects: Australian and New Zealand Standard Research Classification > COMMERCE MANAGEMENT TOURISM AND SERVICES (150000) > BUSINESS AND MANAGEMENT (150300) > Innovation and Technology Management (150307)
Divisions: Current > Research Centres > Australian Centre for Business Research
Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Management
Copyright Owner: Copyright 2009 GPERU
Deposited On: 19 Mar 2010 09:52
Last Modified: 05 Jan 2011 23:57

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