Role of Government in Promoting Innovation Essay

3789 Words Jul 19th, 2014 16 Pages
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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

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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
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