COMMERCE 1E03 Chapter 10: chapter 10.docx

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Technology- know-how, knowing how to make and use the tools for the job, Innovation- new product or process that can be purchased, idea may lead to. Innovation strategy will focus on r &d as a way to improve competitiveness. Research and development (r&d)- work directed toward the innovation , 14. introduction , and improvement of products and processes. 15. combo of tech and markets that creates innovation gives competitive edge. 16. invention but cannot be called innovation until commercialized. 18. piloted surveys focus on importance of innovation. 19. processes vital to economic growth and development. Through adoption of newer more advanced technologies and practices, industries. 20. can increase production capabilities , improve their productivity, expand their lines of new goods and services. Believes that innovation and adoption and dissemination of innovative tech and. Private industry, canadian university, hospitals, gov labs expected to expend. Federal gov (principal source) spend . 3 bill in 2011-12 on science and tech.

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