Innovation, the development of new ideas and technologies, is both an essential principle underpinning Dow’s overall business philosophy and a pillar of the global economy. It is a concept that is especially fundamental to the chemical industry, which still has vast potential for technological advancement, as it works to identify and solve problems facing the world.
Manufacturing and innovation are inextricably linked. Manufacturing spurs innovation, for example, in the U.S., it is responsible for nearly two-thirds of private sector R&D¹, but manufacturing also depends on innovation to make products more sustainable, efficient and effective. Furthermore, because R&D is linked to production, innovation follows manufacturing — where manufacturing goes, the ideas follow.
Innovation in manufacturing creates jobs, new products and industries, and raises wages and living standards around the world. As globalization continues to present new opportunities and challenges, innovation in manufacturing will be crucial to achieving market competitiveness and economic development. Whether countries compete on the basis of cost or higher value-add, innovation is central to competitiveness.
¹ From the National Association of Manufacturers' Facts About Manufacturing in the United States. For more information, visit www.nam.org