Innovation unravelled

RECENTLY, the government spurred thinking about innovation through its New Economic Model (NEM), which aims to create a more innovative, entrepreneurial, and market-led economy. However, some aspects of innovation are often not well understood.

For instance, does it matter which country produces an important innovation? One could answer yes because innovation signals economic strength. But suppose Hong Kong’s biotech sector beats out Malaysia’s biotech sector in discovering a new drug for cancer.