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Innovation As An Important Element Of Economic Development And Advancement

1956 words - 8 pages

Innovation is important on many levels and important for many different reasons. In this case, for an island such as Grenada, innovation is an important element of economic development and advancement.
According to The Conference Board of Canada (2014), innovation can be defined as the process through which economic and social value is extracted from knowledge through the generation, development, and implementation of ideas to produce new or improved strategies, capabilities, products, services, or processes.
As significantly as a business or a firm perceives innovation , this country should also see innovation in the same way since it is related to improved benefits, the formation of new jobs and the demolition of old ones.
William J. Buamol (2007), demonstrated that practically all of the economic development that has taken place since the eighteenth century is accredited to innovation. The Economist Intelligence Unit under took a survey in 2007 which demonstrated that long run productivity and economic development rely on the formation and nurturing of an environment that supports innovation. It is deemed an important element of long run productivity and economic development and advancement.
It is argued that countries that creates innovation generates new technologies has greater market segmentations and promotes adoption of these new technologies which grow faster than those that do not. We say innovation is important because there are a number of surveys that have recently been published which confirms this.

For instance, our neighbouring country Trinidad and Tobago is now in the grouping of “innovation driven” economies the most developed group of countries in the world. According to the World Economic Forum’s, Global Competitiveness Report (2013), explains that countries that are innovation driven, have firms that are designing and developing cutting‐edge products and processes in order to uphold an internationally competitive edge; and have adequate asset in research and development with partnership in research between universities and industry.
While producing multiple goods and services used to be expensive and time consuming, flexible manufacturing technologies now enables some of the companies and firms in Trinidad and Tobago to easily transition from producing between multiple goods and services , fixing production schedules to that of real-time demand.
In order for our country to come up with successful innovation, we need to have carefully crafted strategies and implementation processes since most innovative ideas do not become successful new products and services. Although many studies implies that only one out of several thousand ideas result in a successful new product , we should try to improve our selves and this country especially for something as beneficial as innovation.
In Grenada government policies should support innovation by constantly modifying and revising the rigid and...

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