Innovation will be the key route to competitive advantage. Businesses and government institutions both have key roles in removing barriers and fostering a climate for innovation in New Europe as we move further towards an information driven economy. Research on innovation has shown that top performers are able to conceive and bring to fruition novel and beneficial change in all aspects of their organisation's operations. Innovation occurs in process redesign and ways of working as much as it does in new product and service introduction. In the most highly performing businesses, innovation is a priority at board level.
Risk capital is released to support bold ideas wherever it is needed.
The focus of innovation effort to secure maximum benefit is continually examined and an open style is pursued to deliver success. Empowered individuals are trusted to communicate and implement change in order to turn strategic aims into reality. Historically, Europe's overall track record has, perhaps, been less strong than the US in this regard. This will need to change in New Europe. Innovative businesses invariably have well defined ideas management processes.