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OVER the past decade, innovation has emerged from the shadows to become a new industrial religion, worshiped by public figures, investors and businessmen alike. Around the world, the rhetoric of innovation unites politicians on the left and right, having replaced the post-war language of welfare economics.
Board members see it as the key to increasing profits and market share. Governments hurl money at it when trying to fix failing economies. But despite being responsible for something like half of all economic growth, and the topic of countless government studies, innovation remains essentially a black art.