innovation and change

Topics: Innovation, National innovation system, Innovation system Pages: 19 (3493 words) Published: May 11, 2014


Table of Contents
1. Abstract ........................................................................................................3 2. Introduction to innovation ....................................................................3 3. Benefits of innovation to businesses ..................................................5 4. Why should government support innovation? ..............................6 5. National Innovation Systems ................................................................8 5.1. Role of the Government ...............................................................9 5.2. Innovation Policies .....................................................................10 5.3. Aim of Innovation Policies .......................................................10 5.3.1. National Innovation System of Europe ..........................10 5.3.2. Government of UL ..................................................................11 5.3.3. Government of India .............................................................11 5.3.4. Government of Finland .........................................................12 5.3.5. Government of China .............................................................13 6. Observations and Conclusions ...........................................................15 7. Referencing ...............................................................................................16

Abstract
This document addresses the need for innovation in the economies and how governments play a role in promoting innovation. Innovation is the key to sustain in the competitive global markets. Many governments are forming the National Innovation Systems which intend to create conditions in which science and technology develops even faster. Innovation is promoted in the economy by establishing and investing in R&D, forming educational systems, government policies, collaboration of private and public firms through public private partnerships, etc. Each government has its own customised National Innovation System and the degree of intervention in innovation also varies in each economy.

“To maximize global innovation, countries need to implement their policies with regard to trade, science and R&D, ICT, intellectual property rights, domestic market competition, government procurement, and high-skill immigration in ways that maximize their innovation capacity but without distorting global trade.” The Information Technology and Innovation Foundation, 2012

Introduction to innovation
“Innovation is the ability to convert ideas into invoices.” ­L. Duncan
Innovation is to renew, to change or to create more effectual processes and/or processes (Government of Australia, n.d.). “It can occur in 4P’s: 1. Products (Things)
2. Processes (Ways of doing things)
3. Position (Changing identities)
4. Paradigm (New ways of seeing the world)”
(Ernst and young, 2012)
A successful innovation is any idea that is commercialised successfully (Mc. Kinsey and Company, 2010). Many people confuse innovation with invention. The fact is that innovation is not necessarily inventing. It can mean changing your business model according to market needs, adapting to changing environment, etc. (Government of Australia, n.d.). A successful innovation strategy is usually intact with the overall business strategy of a business. (Satell. G, 2013) There are many theories that explain innovation like Kondratieff Waves, Henderson and Clarke model, Schumpeter’s Creative Destruction model, etc. “Managing innovation is fast becoming a priority of global enterprises. Innovation may be linked to performance and growth through improvements in efficiency, productivity, quality, competitive positioning, market share, etc.” (Ministry of Communications and IT, Govt. Of India, 2013)

(Earnst and Young, n.d.)
“Innovation is the ability to convert ideas into invoices.” L. Duncan

Factors affecting innovation (Ernst and Young)
Benefits of...

References: Australian Bureau of Statistics (2013) 8158.0 - Innovation in Australian Business, 2010-11. [online] Available at: http://www.abs.gov.au/AUSSTATS/abs@.nsf/Latestproducts/2AA7E652DAEB8659CA257A6200136BB5?opendocument [Accessed: 2 May 2013].
CMFX (1971) Central Banks and their Effects on Currency Trading. [online] Available at: http://www.cmsfx.com/en/forex-education/online-forex-course/chapter-2-fundamental-factors/exchange-rates-supply-and-demand/central-banks/ [Accessed: 11 May 2013].
Cohen, A. (2012) Innovation and Economic Growth. [e-book] Private Wealth Forum. p.3-8. Available through: Google Scholor http://www.goldmansachs.com/our-thinking/archive/archive-pdfs/gsr.pdf [Accessed: 2 Apr 2013].
European Union (2013) Industrial innovation Innovation Policy. [online] Available at: http://ec.europa.eu/enterprise/policies/innovation/policy/ [Accessed: 11 May 2013].
Feinson, S. (2007) National innovation systems, capabilities and economic development . [e-book] Olso: University of Oslo. p.20-23. Available through: Google Scholor http://www.cspo.org/products/rocky/Rock-Vol1-1.PDF [Accessed: 7 May 2013].
Govt. of FInland (2010) Ministry of Employment and the Economy - Innovations. [online] Available at: http://www.tem.fi/index.phtml?l=en&s=2069 [Accessed: 13 May 2013].
IITF (2012) Global Innovation Policy Index | The Information Technology & Innovation Foundation. [online] Available at: http://www.itif.org/publications/global-innovation-policy-index [Accessed: 1 May 2013].
Linkedin (2012) 25 Awesome Innovation Quotes. [online] Available at: http://www.linkedin.com/today/post/article/20121214062750-206580-25-awesome-innovation-quotes [Accessed: 7 May 2013].
Mclean, R. and Pillia, J. (1993) The Natural Advantage of Nations. [online] Available at: http://www.naturaledgeproject.net/NAON1Chapter11.7.aspx [Accessed: 1 May 2013].
NDTV (2012) Walmart continues US lobbying on 'FDI in India '. [online] Available at: http://www.ndtv.com/article/india/walmart-continues-us-lobbying-on-fdi-in-india-357794 [Accessed: 9 May 2013].
OECD (2013) National Innovation Systems. [e-book] Paris: OECD. p.8-14. Available through: EBSCO http://www.oecd.org/science/inno/2101733.pdf [Accessed: 7 May 2013].
Publicservice.co.uk (2011)  'Finland- nation of innovation ' - Public Service. [online] Available at: http://www.publicservice.co.uk/feature_story.asp?id=17621 [Accessed: 13 May 2013].
Rosenberg, N. (2004) INNOVATION AND ECONOMIC GROWTH . [e-book] Stanford: OECD. p.2-8. Available through: Google Scholor http://www.oecd.org/cfe/tourism/34267902.pdf [Accessed: 2 Apr 2013].
Satell, G. (2013) What is Innovation?. Innovation Excellence, [blog] 14th Apr 2013, Available at: http://www.innovationexcellence.com/blog/2013/04/14/what-is-innovation-2/ [Accessed: 15th April 2013].
Solon, O. (2013) In depth: government support for innovation must be less timid (Wired UK). [online] Available at: http://www.wired.co.uk/news/archive/2013-03/19/government-innovation-tsb [Accessed: 13 May 2013].
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Innovation Essay
  • Innovation and Change Essay
  • Innovations and Changes Research Paper
  • Change and Innovation Essay
  • Innovation and Changes Essay
  • Essay on Innovation and Change
  • Change and Innovation Essay
  • Innovation and Change Essay

Become a StudyMode Member

Sign Up - It's Free