Aruba, December 5, 2018 -Innovation Boosts Longevity For Rural And Urban Industries, According To A New Report

A new report by the United States Department of Agriculture comparing self-reported innovation rates shows that innovation may increase an industry’s long-term chances of survival.

In a recent study, economists looked at rates of innovation among industries and firms. The study included self-reporting measures across rural and urban sites.

In addition to the question about whether they introduced a significantly improved product, we can also ask questions about whether they had behaviors that were consistent with what we thought innovative firms would do, said Timothy Wojan, a senior economist working for the Economic Research Service, a division of the United States Department of Agriculture.

While we typically think of innovation as our successes, Wojan highlights the importance of innovation as a means to help us learn from failures.

“The reason behind that is that firms that are engaged in innovation at a substantive level are going to recognize the value of failures in their eventual success whereas firms that sort of never try to innovate aren’t going to recognize that a failure is a good thing necessarily,” Wojan said.

Innovation in this way includes factors such as short-and long-term changes, like whether or not industries had a continuous improvement process or whether or not the firm or industry has produced intellectual property.

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