Innovation and the evolutionary dynamics of territories: A permanent challenge in Latin America and the Caribbean

Abstract

Innovation is central to economic development, business competitiveness, and regional development, playing a key role in helping businesses adapt and remain sustainable in increasingly demanding and globalized markets. From a classical perspective, Schumpeter emphasizes the importance of innovation as a driver of economic growth through the process of “creative destruction,” in which new products, processes, and business models replace obsolete ones, thereby fostering market dynamism.