THE ROLE OF INNOVATION IN CREATING THE COMPANY’S COMPETITIVE ADVANTAGE

Abstract

The fundamental and applied research, the technologic transfer and more particularly, the innovation work – as a component part of the said research activity – stand for aspects to which economies have, lately, started to grant increased importance. The rapid changes in the characteristics of external markets, as well as those in the technologic field are challenges for more frequent and more rapid innovations, with the end result in new products, processes and technologies. Innovation is the leading force of competitiveness, of growth, of profitability, as well as of the creation of durable values since it is well known that the competitive advantage, so much wished-for by any organization which operates in a highly competitive environment, is volatile, hard to obtain.