The Role of Government in Promoting Innovation
Table of Contents
|Particulars |Page No. | |Introduction |3 | |Innovation and Change |3 | |Origin of Innovation |3 | |Types or Degrees of Innovation |4 | |How to Promote Innovation |4 | |Elements to Promote Innovation |6 | |Competitive Advantage from Innovation |7 | |Innovation: An Outcome of Supply and Demand |8 | |Role of Government in Promoting Innovation |9 | |Conclusions |11 | |References |12 |
The world is not constant. There is only one constant word is change. The world is changing very fast. Technological advancement has laid a platform for every organization operating in each and every industry a scope of change. There is always a place for improvement (Henry et al., 2002). It is not mandatory to innovate. But those who do not do so will fall far behind the competition. To be in the market competitively, firms try to find new ways of innovation. This innovation can be of several types to be executed in various ways to have impact in different aspect of current business world.
Innovation and Change
Innovation refers to the development of new values through solutions that meet new requirements, inarticulate needs, and market needs in value adding new ways (Khan, 2009). It differs from invention in the sense that innovation reflects the use of a better method and invention indicates directly to the idea creation (Davila et al., 2006). Again, it differs from improvement from the fact that innovation asks for the notion of doing something different rather than doing the same thing better (Arthur, 2003). In business perspective, innovation is the utmost catalyst to growth. In a broader logic, innovation can be linked to positive changes in productivity, efficiency, quality, etc (Nelson, 1993). There is always room for innovation in all the industries.
Origin of Innovation
Innovation does not go hand in hand. Even it is not that handy as well to be transformed into action. There are several sources of innovation. According to Peter Drucker, the general sources of innovation are different modifications or changes occurred in the industry, market, demography, perception, technological advancement, etc (Smith, 2006). He offered seven major sources of innovation: Unexpected Occurrences, Incongruities, Process Needs, Industry and Market Changes, Demographic Changes, Changes in Perception, and Discovery of New Knowledge (Howells, 2005).
There are two phases of the process of technological change: manufacturer innovation (where a person innovates to sell the innovation) and end user innovation (where a person develops an innovation for his/her own use) (Bettina, 2003). Innovation is not that rigid to be a task of scientists. It requires a recognized...
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