Innovation means anything new that helps us be more productive. It means new products, new processes, new marketing approaches, even new business models. It implies that the new thing is used by the enterprise or individual, not just an invention that never sees the light of day.
Innovation does not require science or technology, but it is often enabled by new discoveries or new ways of thinking or doing things. Innovation is by its nature creative, but this doesn’t mean that all creative things are innovative.
We care about innovation for the simple reason that up to 80 percent of economic growth and development is enabled by innovation. (The other 20 percent is from increases in labor and capital.) For rural areas where population is either stable or falling, productivity gains that come from innovative ideas are the best opportunity for economic growth.
To read the full, original article click on this link: Why Innovation? - Innovation Policy Works
