Innovation is often seen as carried out by highly educated labor in R&D intensive companies with strong ties to leading … centers of excellence in the scientific world. Seen from this angle innovation is a typical “first world” activity. There is …, however, another way to look at innovation that goes significantly beyond this high-tech picture. In this broader perspective …

and technology innovation. Investor's reactions are measured using cumulative abnormal returns (CAR) with (−5,+5) and (−2 … of a new product and system and technology innovation rather than when it is still under the planning or development …

-year experience as a World Bank staff member, the author takes an institutional perspective on the innovation climate at the World … toolkit as key factors influencing the climate for innovation. The interaction and impact of these factors are illustrated …