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The need to ponder and act over ‘innovation’ stems from the fact that it is a dark-horse in the running and can provide a radical impetus to growth. According to the NKC survey of 2007, innovation has a significant impact on the firms’ ability to increase market share, competitiveness, profitability and reduce costs. Over the last 5 years more than 75% large firms and more than 55% SMEs surveyed conformed to this fact. As expounded earlier, there is a mutual relationship between the rate of innovation and the degree of competition.