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 Monday, October 22, 2007

Economist.com recently features a report discussing innovation and how industries have become more open to and involved with it. Among these industries are the automotive and the IT industries. Larry Page, co-founder of Google, "had earlier hosted a gathering of leading environmentalists, political thinkers and energy experts to help shape an inducement to get things moving: the Automotive X Prize, expected to be unveiled in early 2008." This project urges both automotive and IT experts to develop the clean, software-rich car. "The organisers will offer at least $10m to whoever comes up with the best 'efficient, clean, affordable and sexy' car able to obtain the equivalent of 100 miles-per-gallon using alternative energy."

The article further discusses the current situation regarding Research and Development around the world, and continues to stress the importance of innovation. "Analysis done by the McKinsey Global Institute shows that competition and innovation (not information technology alone) led to the extraordinary productivity gains seen in the 1990s. 'Those innovationsóin technology as well as products and business processesóboosted productivity. As productivity rose, competition intensified, bringing fresh waves of innovation,' the institute explains."

Read the full article here.