Until recent decades, innovations were generally created as responses to specific challenges within particular circumstances. The printing press, for example, resulted from a desire to improve on the time-consuming process of writing by hand. The steam engine resulted from a desire to increase efficiency in the removal of water from mines and to achieve a more rapid pace than that of horses. Often, the innovation process then involved the diffusion of such technological breakthroughs to additional uses. Many business opportunities grew out of the array of potential applications related to a single basic concept. While this process is still prevalent in today’s business environment, what is new is the creation of innovation procedures that aim to achieve continual cost reductions and improvements in products and services. Each nation, and each region within each nation, has its own unique innovation system that forms a key component of the environment of business. These innovation systems differ significantly, with some offering distinct advantages for the firms located there. This reality rests to a large degree on culture, social capital, education, and entrepreneurship. For each nation or region, a set of crucial characteristics includes the nature and strength of attitudes toward risks and rewards, the entrepreneurial quality of university relations with businesses, the willingness of all members of a value chain to become partners in the pursuit of knowledge, and the extent to which innovations within the financial sy...
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... unique combination will be best suited for only certain kinds of industry. Consequently, a nation will have a cluster of industries that depend on a similar combination of factors and that will form the competitive advantage for that particular nation. Within such a cluster, there will often be many different firms in the same industry. These competing firms or rivals may all be internationally competitive. Backward and forward linkages to suppliers and purchasers are necessary to create a vertical cluster that is internationally competitive.
In conclusion, preparation by a trained expert related to these issues not only assures that unnecessary blunders will be avoided, it brings to each of us a personal knowledge that deepens our understanding of others, thereby promoting acceptance, understanding, and on the level of international relations, peace and prosperity.
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