Innovation, Innovation, Innovation
Published 2011 · Business
All businesses have a product or service to offer to consumers that would make their quality of life better. If that product or service is unique and makes an almost unexpected contribution to the individual’s well-being, then as the society’s quality of life enhances, the firm’s profitability increases. It was Solow (1957) who posited that the main drivers of economic growth are innovation and technical progress. More recently, researchers have commented that innovation is the leading indicator of future growth and profitability (Maddock and Viton 2008).