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  "documentTitle": "Innovate or Fade European businesses need to address the technology deficit to turn the tide",
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      "text": "In 2017, European companies trailed their North American counterparts by 70 basis points in terms of R&D investments as a percentage of revenue. By 2022, this gap had doubled to 140 basis points.",
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      "text": "Our results show that the gap between European and North American innovation investments is widening. In 2017, European companies trailed their North American counterparts by 70 basis points in terms of R&D investments as a percentage of revenue. By 2022, this gap had doubled to 140 basis points, as depicted in Figure 6. European companies are allocating a smaller proportion of their earnings to R&D, jeopardizing future growth and innovation. The estimated shortfall amounts to a staggering $147 billion.",
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      "text": "To track innovation levels, we investigated companies' long-term research and development (R&D) investments and patent activity, specifically in Artificial Intelligence (AI) and generative AI. R&D investments are vital as they drive innovation, enhance products and services and ensure competitiveness. On the other hand, patents serve as crucial indicators of innovation activity and direction. Additionally, assessing the maturity of a company's digital business model is crucial to gauge if innovation is effectively reaching the market.",
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