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Title: Social capital and economic development: local and regional clusters in Canada- [Perpendicular File]

Notes: Innovation is defined as the process by which firms master and get into practice product designs and manufacturing processes that are new to them, whether or not they are new to the universe(Nelson and Rosenberg, 1993). Lundvall expands the definition to include new forms of organization and institutional innovations. Innovation in the knowledge economy deals with new product features and new service capabilities, continuous transformation, extraction of value from discovery and invention and the extension of human capital. The innovation system approach, based on a network of institutions that interact to initiate, import and diffuse technologies, and patterns of interaction between firms as collective learning process in acquisition and use of new knowledge, as well as the elements of the innovation system like private firms, science system, government programs, education and training system and financial system, should interact together to form a national system of innovation which will guarantee economic growth, job creation and competitiveness.

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