Role of Government in Promoting Innovation Essay

3789 Words Jul 19th, 2014 16 Pages
CRAM Exclusive
Essay Sample
Innovation and Change | The role of governments in promoting innovation | | | | Gitanjali Khadagade- c7094037 | 5/14/2013 | | Table of Contents 1. Abstract ........................................................................................................3 2. Introduction to innovation ....................................................................3 3. Benefits of innovation to businesses ..................................................5 4. Why

middle of document…

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
CRAM Exclusive
Peach75053Spear

Related Documents

  • The Role of Innovation in Business Essay

    knowledge-based economy is innovation capability (Adner, 2006). Compared with the old days, the frequency of updating knowledge has been faster, and there is much more information, which results more material wealth produced in the modern era than any previous era. However, it also leads to intense market competition. Therefore, if an enterprise wants a place in the global market, it must update its own technological innovation, organizational innovation, management innovation and market innovation ability constantly

    Words: 2928 - Pages: 12
  • Roles of The Australian Government Essay

    This paper will further analyze how specifically the Australian government has played their roles into shaping Australia to a successful country. Roles of the Government Establishing and Enforcing the Rules of The Game Regardless of whether they are Australians or Non-Australians, everyone is treated equally by the Australian government. This is to make sure that people will not act as they wish or treated unjustly in the country. According to the Australian Department of Foreign Affairs and

    Words: 2755 - Pages: 12
  • Government Roles and Finances in Education Essay

    The Local government supports their school districts through taxes. According to (Webb 2010), the principal source of local tax revenue is meant for schools is the ad valorem tax on real property, commonly referred to as the local property tax. The most money that goes to schools comes from state and federal governments. According to (Webb 2010), all but five states have a sales tax, and all but seven have a personal income tax. Many states use the profits from the lottery to fund public elementary

    Words: 747 - Pages: 3
  • Essay on Role of Government in Mixed Economies Such as Australia

    increases. Due to the multiplier effect, a reduction in government spending will impact the level of economic activity. The recent cut in government spending has dampened aggregate demand. This in turn produced low levels of inflation and economic growth. By reducing the amount of government participation in the market, it hopes to achieve the 'crowding in' effect. This means that the private sector will invest in functions that the government once provided (CES facilities). Monetary policy is the

    Words: 1780 - Pages: 8
  • The Evolving Role of Government in Education Essay example

    The federal government works hard to get the best results for the taxpayer dollars they allocate to education, by requiring that recipients of those monies use them on specific approved projects. The Federal role in education system was establishes as a need only aspect of the education system, to provide relief and support when there is a state of emergency (Federal Role, 2010.) The federal government established the Department of Education in 1867. Operating under the Executive Branch the job

    Words: 967 - Pages: 4
  • The Federal Government and its Role in the States Essay example

    Lately, the government has played a bigger role in education. In 1958 the federal government gave money to states to better education, this grant did have many mandates attached. In 2002, Bush passed the No Child Left Behind law that gave a more money to schools but it came with many mandates. For instance, it threatens teacher to lose that job, it told school that if there score did not improve the federal government would not give the more money. This gave the federal government more control over

    Words: 592 - Pages: 3
  • What Is the Proper Role of Government in a Market Economy? Essay

    Reading in page 51, Wheelan tells that government makes a market economy possible. People may think that if the government would get out of the way, the markets will deliver prosperity. But, they are wrong. No government dashes capitalism against the rocks. Infrastructure is one of the examples. In Nigeria the government is not functioning and even though they have the largest reserves of oil and natural gas in the world, there is no infrastructure for them to start the business. That the market

    Words: 1192 - Pages: 5
  • Essay on The Role of Government in the U.S. Health Care System

    Focusing of preventative healthcare and related programs should be a top priority for the government. “Healthy behavior can help people avoid disease and injury or prevent disease or injury from getting worse” (Knickman & Kovner, 2105, p 7, para 5). Prevention programs can ultimately drive the costs of healthcare down. High Deductibles Impacting Healthcare Delivery Many patients face the burden of deciding whether or not to seek healthcare due to high deductibles on their insurance plan. It’s

    Words: 731 - Pages: 3
  • Essay on Citizens United: Limiting the Role of Government

    This showed the world the direction that the government has taken politically. In my opinion, it is just as important as United States v. Windsor (2013), which stuck down the Defense of Marriage Act, vastly expanding the rights of the American citizens. In this case, the biggest question was: Did the movie “Hillary: The Movie” being produced and funded by Citizens United count as an advertisement or a form of political free speech. This falls under section 203 of the Bipartisan Campaign Reform

    Words: 1601 - Pages: 7
  • Essay about Reasons for Market Failure and the Roles of Government

    any competitor to compete with, so consumers just can buy the product from the only firm although the product might not be the best one or might not satisfy the desire. Consequently, the firm will always innovate new product, so it wills retards innovation. Public good is also one of the reasons caused market failure. There are two characteristics of public goods; there are non-excludability and non-rivalry in consumption. Non-excludability means that, no one can stop anyone from using it

    Words: 1869 - Pages: 8