From John Stark

Why innovation is becoming more important

Technology is changing fast, new products come from new competitors
Fast changing environment, product lifetimes shorter, need to replace products sooner
Products are increasingly difficult to differentiate
Customers are more sophisticated, segmented and demanding, and expect more in terms of customization, newness, quality and price
Customers have more choice
New technologies no-one understands
Apparently separate technologies come together
Markets forming and changing fast
With markets and technology changing fast, and good ideas quickly copied, there is continual pressure to devise new and better products, processes and services faster