Innovation System

Abstract

Innovation systems emphasize the flow of technology and information between people, businesses and institutions, which is the key to the innovation process. In the process of innovation, good ideas are turned into processes, products, and services that can be accepted by the market and customers. Technological innovation system is a dynamic network for the generation, diffusion and utilization of technology by all demographics of people under specific institutional environment and infrastructure conditions. Silicon Valley’s unique innovation environment is mainly manifested in: the innovation culture centered on Stanford University and the cultivation of innovative and entrepreneurial talents and the willingness of a large number of young people who master certain new technologies and not fear failure (many of whom are new immigrants with the “American Dream”) willing to explore innovation and entrepreneurship.