innovation-based growth
noun phraseUK /ˌɪnəˈveɪʃən beɪst ɡrəʊθ/
US /ˌɪnəˈveɪʃən beɪst ɡroʊθ/
Growth that happens because people make new things or find better ways to do things.
The company's innovation-based growth came from launching three new products last year.
RELATED WORDS
OTHER MEANINGS
2. Economic expansion driven mainly by new ideas, technologies, and improved processes rather than by adding more workers or capital.
Economists credit innovation-based growth for the country's rising productivity.
3. A business strategy in which a firm grows by continuously developing new products or services.
Their innovation-based growth strategy focuses on patents and new designs.
4. Long-term increases in output that come from better knowledge and smarter methods.
Innovation-based growth is seen as key to sustainable development.