Europe is bracing for a China shock the data says is landing elsewhere. EU imports from China are up 42% since 2019, yet total EU imports rose just 4%. The real damage is in South-east Asia, China's own factories and input dependency, and the surplus may already have peaked.
Most companies that say they need more innovation do not lack ideas. Their system is stuck at one stage: finding the right problems, converting ideas into funded offers, or scaling what works. Seven cases, from Corning to Xerox, show why R&D spending will not tell you which.
The business that almost destroyed Corning in 2001 is now its largest again. What saved it was not research spending, which it cut by 45%, but where it moved the scientists.