Innovation is an essential ingredient for economic growth. But what exactly do we mean when we speak of innovation? At its core, it’s economic evolution – the process of taking what has been discovered and applying those discoveries to create improved ways of using finite resources to get things done.
Innovation can be in the form of a process or a product. For example, learning ways to use available technologies to produce things more quickly, or cheaper, or with less energy consumption are types of innovation.
Image: Richard Kasmin, Chief Economist at the NJEDA | Courtesy NJEDA
