Innovation is NOT quite the same as R&D. Consumers pay for innovation in meeting their real, created or perceived needs. Sometimes innovation lies in assembling assorted available technologies in a matrix of scintillating design; so in theory you could get by even if you did not really produce your own R&D but merely focused on innovation. In the real world however no one has quite managed to excel in innovation without also excelling at R&D even if excellence in R&D is no guarantee of excellence in innovation. - Source: The Economic Times: 29-Dec-2010
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