The fourth element that matters in successful regional economies is technology. As we said earlier, technology governs value-added and that's why we're interested in it.
Innovation is the lifeblood of vibrant market economies.
From this approach's perspective, technological innovation is understood to mean the development and commercialization of new technologies and the products, processes, and services in which they are embodied. The production and use of knowledge fuel it. This process embraces not only the technology itself, but also subsequent improvements of value as well as all information and activities relevant to its commercialization. This includes such items as market information, technological knowledge, innovative approaches in existing markets, and innovative entrances into new markets. It is by nature an iterative process.