Last week MBIE (the Ministry for Business, Innovation and Employment) released a progress report on growing New Zealand’s innovation capabilities.
Here’s the quote which gives their definition of “innovation”. Pretty dry… :-/
“There are two ways to grow an economy. The first is to increase the quantity of inputs that go into production – capital and labour. The second is discovering and applying new ways to produce more with the same quantity of inputs – this is innovation. Innovation is the introduction of a new or significantly improved product, process or method. Innovation increases the productivity of firms and the whole economy and creates sustainable long-term GDP per capita growth.”
It’s an interesting read – great news that the new ATI (to be named the Callaghan Institute) is confirmed as having a significant base in Christchurch. Download the report from: http://www.mbie.govt.nz/what-we-do/business-growth-agenda/building-innovation