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Über dieses Buch

This book attempts to capture innovation outcomes. The intent is on a holistic assessment of value creation by innovation — the societal value that it delivers to humanity, the economic value that it has the potential to endow to nations, and the monetary value that it provides to innovating firms. With a range of anecdotal examples and empirical analysis, the book endeavours to answer the question: Have investments in innovation paid off? Big data and analytics underpin the development of the book material. The coverage is truly global, accentuating the economic value created by innovation in the technology and pharmaceutical sectors, the two largest bastions of innovation. In addition, it includes numerous examples of successful innovation in global companies while analyzing its economic/financial impact.



Chapter 1. Facets of Innovation

The role of innovation in today’s world, its profound impact, and its ability to create wealth for firms and nations are discussed. Creation of diverse values (Economic, Financial, Social) and the evolving global innovation theme over the last 25 years are portrayed. Spatial and sectoral innovations are profiled.
Vijay Kumar, R. P. Sundarraj

Chapter 2. The Economic Impact of Innovation

Economic theories emphasize the critical importance of innovation in sustaining long-run economic growth. That the innovation-intensive industries created highly skilled jobs, had higher wages, were more productive, led exports and enhanced competitiveness during the thick and thin of business cycles is now well established. The link between innovation and economic growth and the effect of innovation on productivity and income is examined. The raging debate on the impact of automation on employment is discussed. Finally, the seemingly waning influence of innovation is analysed.
Vijay Kumar, R. P. Sundarraj

Chapter 3. Monetizing Innovation

The link between innovation and firm performance is discussed. The rise of intangibles induced by innovation has been a major source of value creation. The importance of IP protection for firms to achieve superior financial performance is analysed. Several examples of successful IP deployment strategies adopted by global companies are discussed.
Vijay Kumar, R. P. Sundarraj

Chapter 4. The Societal Value of Pharmaceutical Innovation

Drug innovation has had a profound effect on people, resulting in extended longevity and better quality of life, though development of new drugs has become expensive, with estimates ranging from $1 billion to $4 billion to $11 billion. Given such staggering costs, the holistic value created by the pharmaceutical sector has become a matter of intense debate.
Vijay Kumar, R. P. Sundarraj

Chapter 5. The Value of Disruptive Innovations

The exceptional characteristics of disruptive innovations (the Internet, Social media, Internet of Things and Autonomous driving) are discussed. The transformative impact of these radical innovations is assessed. The consumer surplus generated by the ubiquitous mobile phones and the role of social media in the ‘socialized’ world is discussed. The staggering impact of IOT to connect all inanimate things and the truly disruptive nature of autonomous vehicles will be watershed moments.
Vijay Kumar, R. P. Sundarraj

Chapter 6. The Economics of Creative Destruction

This chapter is an empirical study, which uses the theoretical framework on innovation patterns developed by Joseph Schumpeter to examine whether creative destruction was a better value creator compared to creative accumulation. The study is carried out based on the data in the tech industry during the turbulent two-decade period after the dotcom bust.
Vijay Kumar, R. P. Sundarraj
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