Can technological innovation flip the economic downturn?

I'd love to be a fly on the wall in the boardrooms of some of the world's largest technology companies such as Google or Microsoft at the moment.

Is the uncertain economic environment likely to make these industry players change their strategies and game play? Will technology companies that are currently reporting losses continue to invest in innovation and R&D as a means to try and drive economic growth? And can technological innovation be part of the solution to flip this economic downturm on its head?

I think we will see some of the world's largest tech companies continue to invest in innovative companies and research and development despite the economic uncertainty and fear of recession - and strive forward in the face of adversity.

It is becoming increasingly obvious that innovation continues to play an integral role in boosting economic growth and development. And technology, in particular, is being viewed as a major cornerstone for spurring innovation around the world.

I am interested to hear any specific examples you might have around how investing in innovation can help improve economic growth.