The role of innovation and R&D on an organisation's economic profile - A comparative analysis
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In the modern business environment, the access to information and the use of knowledge are important factors for the corporate success of a firm and for achieving a competitive advantage. To foster innovation, many firms tend to strategically anticipate the challenges arising from the complexity of their industries by linking their innovative activities to the business models. Open businesses are more likely to engage in R&D and achieve their long-term goals through cross-industry or cross-border innovation. The study performs a comparative analysis between Germany, Greece, United Kingdom and the United States to identify where Greece stands compared to the other countries in terms of innovation and R&D. Although Greece lags behind in R&D compared to the European peers and the United States, it seems that in the Greek business practice, there are examples of successful absorption, adaptation and diffusion of technology and innovation. Greek managers have proven to be open to the integration, adaption, and generation of innovative processes, products and business models. Conclusively, the study demonstrates that firms which effectively utilise the innovation mechanisms to attain new knowledge are more likely to successfully engage in R&D and benefit from innovation.