14-1190b-innovation-managing-risk-evidence

SECTION 1: INNOVATION AND RISK
Innovation involves more than just
physical products. Some 78% of the UK
economy is in services, where innovation plays
a key role.
Technological improvements will increase
productivity by as much as 25% and will generate
a predicted $3.7 to $10.8 trillion for the world
economy by 2025.
10
East Asian economies such as Japan, Korea
and China experienced major economic growth
in the second half of the twentieth century, driven
partly by ‘catch-up innovation’.
JAPAN
CHINA
1978 to present
1950s to 1980s
SOUTH KOREA
1960s to 1980s
Twenty years ago, there
were fewer than 3 million
people with internet
access; now there are
nearly 2.5 billion.
The Bus Rapid Transit (BRT) system
in Bogota, Colombia is a good example
of (city) government-led institutional
innovation.