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The COVID-19 pandemic has had an enormous impact on the global economy, with the total cost likely to exceed US$12.5 trillion ($18.15 trillion) according to International Monetary Fund estimates.
At the same time, the crisis has accelerated huge changes in the way we live and work, and the adoption and invention of new technologies.
Policymakers and leaders in science and industry are pinning their hopes on further innovation to drive economic recovery.
It is a good plan, but stimulating innovation is not easy. I have studied attempts to stimulate local innovation around the world over the past century, and found six broad approaches, each with strengths and weaknesses.
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