During the Innovation Conference several speakers referred to structural impediments in Europe that hinder or prevent innovation. The chief among these was the hierarchical structure of tightly-bound corporations and government as these structures were seen as anathema to creating a culture of innovation. Several presenters said that hierarchies simply don’t work in a multi-polar world where innovation is sparked by highly-educated mobile work forces.
Furthermore, as transaction costs plummet and Internet-enabled collaboration blossoms, the boundaries of the firm are breaking down with open innovation as only the first indicator of the virtual firms (individuals or SMEs – the so-called micro multi-nationals) that may well be at the heart of future innovations and that are driving North American breakthroughs.
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