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The role of innovation i? to provide new and alternative way? of addre??ing common and recurrent challenge?

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The role of innovation i? to provide new and alternative way? of addre??ing common and recurrent challenge?. Within the governance paradigm, which i? it?elf multi-faceted, innovative ?y?tem? and ?olution? do not appear in predictable form?. Innovation i? more commonly a??ociated with re?earch and development in?titution?, and bu?ine?? development unit? in the private ?ector, than it are with the public ?ector".

The competitive challenge for the future cau?e? low-co?t producer? and low-co?t innovator?. A? we al know innovation i? putting new idea? into practice and achieving commercial ?ucce?? with them. It contain? efficient idea? that lead to brand new product? or ?ervice? like a new flu drug or mobile phone? and efficient idea? which improve the way thing? happen. Innovation i? not ju?t about new technology, it i? about new idea?. New idea? can improve all a?pect? of the way? in which firm? work ?uch a? ?ervice giving, financial management and manufacturing proce??e?. In that ?en?e there are many innovative factor? which improve the operation of firm?, in?titution? and ?ociety.

An organization? effort? in innovation ?hould be integrated and form a ?trong foundation to build. There are many innovative firm? which are managing technology and exhibiting growth in area? ?uch a? information technology and biotechnology and many other ?ector?.