What Is The "Economy Of Innovation"?

The economy of innovation means the ability to convert innovative ideas into highly valued technologies, experiences, products, and services at a faster rate than the competitors.  It is powered by imagination, creativity, and teamwork.

Economy of innovation is very important in today's global economy. For a long time, U.S enjoyed the position as the world's leading innovator due to its quality workforce. The training and education the U.S provided allowed her to produce specialized workforce- people who were highly equipped with the latest techniques and innovative ideas.

Raw ideas alone are not sufficient for the innovation. You need the correct tools and technologies to translate it into competitive new products. The economy of innovation is dependent on access to the most novel research institutions, the best-educated employees with diverse range of skills, reliable and high-speed mode of communication services, and a supportive government. For a powerful economy a business environment is needed where innovation thrives.  You need people of different cultures to interact and form new ideas.

The innovators are required to learn from individual and collective perspectives and resources to develop new products long before the customer asks for it himself or before the idea is captured and delivered by someone else.