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Competition

led-zeppelin-the-song-remains-the-sameI’m wondering. Is competition good or bad for innovation? There are many car manufacturers. What if there was only one? Would cars be more or less advanced? In music the competition is in another level. What if there would be one band? I think there wouldn’t exist so many genres: rock, jazz, folk, metal, blues, hip hop, etc. The Beatles wouldn’t have made the sitar well-known.
Can we make the conclusion competition is promoting innovation? It shows that the relationship can be positive or negative, depending on specific competition perception and specific innovation activity (Tang, 2006).

In 2012, Europe received a maximum amount of patent applications. AOB received 257 744 applications, which equals a raise of 5.2 percent. This raise is a good indication of investment in innovation.