Why we need more and better innovations

Countries in emerging markets are producing products and services much cheaper than in the West. To compete with them the Western economies have to maintain a leading edge in technology. But unfortunately the emerging markets countries have closed many technology gaps during the past 10 years. There is global competition in areas unthinkable 10 years ago. More competition means lower margins, requiring productivity increases and cost cuttings. To create new jobs and we ultimately need more and better innovations. Recently our innovations were not big enough and not fast enough. We have consumed too much but not invented enough. We need the next technological quantum step.