It's common knowledge that large groups of people drive innovation. Large cities become think tanks over time, as the possibility of people with similar ideas and interests meeting increases with the number of inhabitants. Academies and universities become cultural centers and "create" scientists and researchers, whose sole purpose in life is advancing various fields of science.

 

From these very well-trained people, corporations pick only the best of the best, as the run for profits forces them to make no compromises, when it comes to their employees. "It is important to realize that all innovative companies look alike. They share a common culture no matter where they are located. The corporate culture of innovative firms develops to overcome aspects of their home economies that would otherwise hinder them," argues University of Minnesota's Carlson School of Management marketing professor, Rajesh Chandy.

 

He went on to say that "It's unwise to think in terms of whether American companies are more innovative than other countries' firms. The hub of innovation is within the firm. Managers have control over the fates of their firms in that they can help build the culture of innovation. A sharp manager would look across industries and countries to spot innovative traits and strategies."

 

The companies are driven by money, and that's a fact that everyone knows and maybe even likes about enterprises. But keeping a steady income is often not enough, in that a firm must progress, and not just maintain itself above average. This fact drives more and more companies to create highly-advanced research divisions that sometimes exceed the performances of state-funded researches.

 

"In times of economic trouble there is a temptation, often even an imperative, to say that innovation is something we can't afford right now," Chandy says. But he also adds that it's precisely innovation that can often pull companies out of financial crisis – new products and services, that could appeal to a previously untapped market or group of people.