Innovation, in its broadest sense, is about improving performance by doing something differently. Innovation is the successful exploitation of new ideas. It can result in new technologies, new products and processes, novel services and means of delivery, changes in business models, and the exploitation of new markets.

 
     ·       Science and technology - the strength of the science base
           is a key determinant of a country’s ability to generate new
           ideas.

     ·         Technology commercialisation – innovating to translate
           excellence in science into commercially successful ideas. 

     ·         Knowledge transfer – effective collaboration and information
           flows at all levels.

     ·         Receptiveness to foreign ideas – alertness to the ideas of
           others and good access to worldwide sources of technical
           knowledge.

Last updated on 20 November 2003