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Innovate or stagnate.
If your vision can't allow for quick, actionable innovative ways to grow the future isn't too welcome. Innovation in economic growth is crucial since archaic business models are proving to be less important in the age of information overload. Innovation allows you to analyse data in multiple new ways to provide a much more sound solution for growth of cities, and countries.
nnovation is important at all stages of development; specifically, the creation and diffusion of technologies are important for economic growth and welfare across all economies. Different types of innovation play a role at various stages (e.g. in earlier stages, incremental innovation is often associated with the adoption of foreign technology). Opportunities for successful innovation experiments and a potentially different framework for development are emerging. Notably, these opportunities result from the rise of information and communication technologies, the development of global value chains, the increased importance of some emerging countries in the global innovation system, the growth of service-based economies and a greater openness to trade and foreign direct investment. Today a key challenge for innovation policy in emerging countries is to encourage inclusive growth and support research addressing major social challenges.
Innovation is relevant for all countries at different stages of development Innovation is important at all stages of development; specifically the creation and diffusion of technologies are important for economic growth and welfare across all economies. In spite of its demonstrated benefits for meeting the immediate and long-term developmental goals of emerging and developing countries, the relevance of innovation for these countries is sometimes questioned. Such thinking is often based on a fairly restricted understanding of innovation as “high technology.” It...Expand » Types of innovation for development Different types of innovation can play different roles at various stages of development. In earlier stages, incremental innovation is often associated with the adoption of foreign technology, and social innovation can improve the effectiveness of business and public services. High-technology, R&D-based innovation matters more at later stages of development and for the most part, in advanced businesses in developing economies, when it is both a factor of competitiveness and of learning (...Expand » A new innovation landscape offers opportunities and challenges Several emerging economies, particularly China, have become significant actors in the global innovation system. There is evidence that R&D played a key role in the takeoff of Asian economies such as China, India and Korea (Ang and Madsen, 2011). What is more, many emerging economies have industries or firms that are at the technology frontier and need to innovate to compete. In the EU R&D Scoreboard, which lists the world’s top 1400 R&D-investing companies, more than 100 were from emerging and developing economies in 2011. Others were from Malaysia, the Russian Federation, Singapore, South Africa and Thailand (EC, 2011). Table 2 lists the top 15 firms from emerging economies based on their R&D investment. Table 2. Top 15 firms from emerging economies in terms of R&D investment, 2011
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