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Stimulating innovation in industry: the challenge for the United Kingdom

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Innovation is crucial to business survival, competitiveness and growth. Moreover, its importance to economic development cannot be understated. So why do British companies fail to innovate sufficiently? And should support be more forthcoming from government? The team of economists, industrialists and academics writing in this study demonstrate that there is a direct correlation between the UK's under-investment in R&D and its poor economic performance. They tackle this issue by analyzing the fundamental problems and putting forward measures for their solutions. "Stimulating Innovation in Industry" explains how to promote the development of new products and processes, the reorganization of production and marketing within companies, and what help can sensibly be expected from government. It is stressed, however, that while the importance of innovation in achieving competitive advantage is clear, the proper objective of innovation must not be ignored: to satisfy the wants and aspirations of consumers. The message delivered by this book is simple: British companies must innovate and manage the process of innovation well if they are to prosper. Most importantly, they must invest more in R&D and education and training, understand their market and lead the way in international joint ventures. Innovation offers the key to success and any companies committed to gaining competitive advantage on a global scale must build originality into their strategic planning now.

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