innovation more evident, but also, and as historical evidence suggests (e.g. Hosbawm, xxx; Trebillock, 2000), it also reinforced its significance further. Since then, innovation has been one of the most significant drivers of capitalist economic development (e.g. Freeman and Soete, 1997; Freeman, 1974; Schumpeter, 1934; 1942). More importantly, it has become the backbone of our modern way of living. Fagerberg (2005), for instance, nicely remind us of the impossibility to imagine our 'modern' way of