Innovation, Entrepreneurship, and the Economy in the US, China, and India

Chapter 1

Innovation

Abstract

We discuss what innovation is, since this is a term that has come to mean a lot of different things to a lot of different people. Since the entire first section of the book is devoted to innovation and the role of innovation, we define how we use the word innovation in our book. We also then discuss why innovation is important in any economy, and finally, we list the factors that we believe are important contributors for innovation to thrive. We further lay the groundwork for the first part of the book in this chapter by briefly comparing and contrasting general innovation trends in the United States, China, and India over the last few years using innovation indices and subindices of the United States, China, ...