Innovation Economy
Innovation, according to Peter Drucker, is the purposeful response to change. In a period of constant flux, science and technology require purposeful decision-making and strategies by states and regions seeking to build clusters of economic and technological growth. No longer can haphazard approaches or episodic events drive the necessary collaboration to meet the challenges of a competitive scientific and business marketplace. Innovation of business and economic models is now a critical objective of any industry, particularly in the technological arena.
Today, new firms create a greater portion of job growth than do established larger companies. In the New Economy, innovation and productivity are the cornerstone of competitiveness, and ultimately prosperity.