Introduction to Innovation

Abstract

It is frequently claimed that innovationInnovation is the key to economic development. However, the term ‘innovationInnovation ’ has been used for a variety of meanings by different researchers, let alone by ordinary people. We therefore start in this chapter to clarify ‘innovationInnovation ’ by introducing theories of innovationInnovation (SchumpeterSchumpeter , DruckerDrucker and the Oslo Manual Oslo Manual ), then illustrate innovations for developing countries (inclusive innovationsInclusive innovations , reverse innovationsReverse innovations and learning innovationsLearning innovations ), and finally discuss current conditions of innovations in developing countries (the Innovation Paradox Innovation Paradox , and the concluding remarks). InnovationInnovation is critically important for developing economies as well as developed ones. The relevant types of innovations, however, are different between these economies: rich countries need to seek leading-edge innovationsLeading-edge innovations new to the world, while poor countries should learn existing technology to catch up with the best practice for rapid economic development. We call such ‘leniently’ defined innovations for poor countries ‘learning innovationsLearning innovations ’ and investigate their determinants and/or impacts on firm performanceFirm performance in Vietnam and Laos in the subsequent chapters. This chapter provides the foundation to better understand this book.

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