All companies need to undertake research and development (R&D), if only to ensure that their existing product lines remain competitive. Such day-to-day innovation is often termed 'incremental', and is contrasted with the kind of 'disruptive' innovation that leads to entirely new types of product (there's a parallel here with the Red Queen Hypothesis in evolutionary biology, which states that species must evolve continually in a competitive environment simply in order to avoid extinction).

Companies' business models vary, and so it's no surprise that their approaches to innovation vary too. In its Global Innovation 1000 reports, f ...

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