ANALYSE THE IMPACT OF COMPETITION ON INVENTION
In this 21st century, the world is rapidly progressing, industrializing and globalizing. This rapid growth in industries is because of the innovation.The relationship between innovation and competition is of great importance to economists and managers. Role of innovation in their firm and the competition between the firm is of great significance.But the big question is-Does more competition results in a higher focus of innovation? The answer varies according to the situation, some cases have led to the identification of positive relationahip, some have led to negative relationship and some have led to inverse U-shaped relationship.Before analysing the impact of competition on invention, let us first try to understand the meaning of invention and competition. Invention- Invention is a multi-stage process that has led to develop new products by advancing the ideas that can lead a life to live with more ease. Competition- Competiton is a process to compete the opponent via a certai...