Innovation As An Important Element Of Economic Development And Advancement

1956 words - 8 pages

Innovation is important on many levels and important for many different reasons. In this case, for an island such as Grenada, innovation is an important element of economic development and advancement.
According to The Conference Board of Canada (2014), innovation can be defined as the process through which economic and social value is extracted from knowledge through the generation, development, and implementation of ideas to produce new or improved strategies, capabilities, products, services, or processes.
As significantly as a business or a firm perceives innovation , this country should also see innovation in the same way since it is related to improved benefits, the formation of new jobs and the demolition of old ones.
William J. Buamol (2007), demonstrated that practically all of the economic development that has taken place since the eighteenth century is accredited to innovation. The Economist Intelligence Unit under took a survey in 2007 which demonstrated that long run productivity and economic development rely on the formation and nurturing of an environment that supports innovation. It is deemed an important element of long run productivity and economic development and advancement.
It is argued that countries that creates innovation generates new technologies has greater market segmentations and promotes adoption of these new technologies which grow faster than those that do not. We say innovation is important because there are a number of surveys that have recently been published which confirms this.

For instance, our neighbouring country Trinidad and Tobago is now in the grouping of “innovation driven” economies the most developed group of countries in the world. According to the World Economic Forum’s, Global Competitiveness Report (2013), explains that countries that are innovation driven, have firms that are designing and developing cutting‐edge products and processes in order to uphold an internationally competitive edge; and have adequate asset in research and development with partnership in research between universities and industry.
While producing multiple goods and services used to be expensive and time consuming, flexible manufacturing technologies now enables some of the companies and firms in Trinidad and Tobago to easily transition from producing between multiple goods and services , fixing production schedules to that of real-time demand.
In order for our country to come up with successful innovation, we need to have carefully crafted strategies and implementation processes since most innovative ideas do not become successful new products and services. Although many studies implies that only one out of several thousand ideas result in a successful new product , we should try to improve our selves and this country especially for something as beneficial as innovation.
In Grenada government policies should support innovation by constantly modifying and revising the rigid and...

Find Another Essay On Innovation as an Important Element of Economic Development and Advancement

How did economic, geographic, and social factors encourage the growth of slavery as an important part of the economy of the Southern colonies between 1607-1775?

581 words - 2 pages The growth of slavery became intertwined in the life of the southern colonies in the 17th century and early and mid 18th century. Slavery slowly evolved from numerous factors. Such factors that lead to the mixing of slavery and the southern colonies' life were social classes, geographical location and economic problems. The paramount example is Jamestown, Virginia, the first successful English colony.During the development of Jamestown, there

Infant Mortality as Measure of Economic Development

825 words - 4 pages the significant relationship between IMR and economic development. Second would be to identify the lacunae of IMR as a measurement for a country’s general economic status. Discussion Infant Mortality Rate (IMR) is defined by the United Nations (UN) as the probability of dying between birth and exact age 1. It is expressed as average annual deaths per 1,000 births. Roberts (1973) cited an annual report on Infant and Child Mortality, stating that

The advancement, development and integration of the Federal Reserve System

739 words - 3 pages , contrary to the cursory implications of the title, the Federal Reserve System is essentially decentralized. The Federal Reserve System is comprised of twelve districts. These districts were created in an effort to protect the interests of individuals; no one bank of the Federal Reserve System was to become more powerful than another, and each bank was to be held responsible and accountable to local needs. As a result, the dispersal of banks

Why philosophy, sociology, and psychology of education play an important role in the development of young’s abilities, knowledge, and personality

683 words - 3 pages , including instructional design, educational technology, curriculum development, organizational learning, special education and classroom management. All of the three elements of education contribute each benefit for young’s abilities, knowledge, and personality. At First, people need to take knowledge of educational philosophy especially young people. And philosophy of education is important for young people for it provides the basis of education

Transcendentalism as an important philosophical and literary movement

699 words - 3 pages Concepts of NatureTranscendentalism was an important philosophical and literary movement in New England from 1836 to 1860. This new development portrays the belief that humans can intuitively transcend the limits of the senses and logic and receive higher truth directly from nature. Both Ralph Waldo Emerson and Henry David Thoreau were two writers who believed in exploring the spiritual meaning throughout the physical universe. They were

Alcoholism and Drinking - Alcoholics Anonymous as an Important Literary Work

923 words - 4 pages Alcoholics Anonymous as an Important Literary Work Alcoholics Anonymous is one of the great unrecognized literary works of the first half of the twentieth century.  It has been through three editions after its first printing in 1939 and at least fifty-three printings in over ninety countries (xxii).  The wide popularity and circulation of the book certainly affirms this claim.  An examination of the contents of the book will show that it

The Importance of Economic and Human Development

856 words - 3 pages This essay compares and contrasts two key paradigms for measuring poverty, namely economic and human-centered approaches. I argue that economic development (ED) and human development (HD) should be viewed as complementary and, as such, both are needed to promote human well-being. Nussbaum (2011) echoes this notion when she suggests that people need a combination of opportunities and capabilities in order to function in society (p. 25). Thus, I

political and economic development of Canada

745 words - 3 pages Political and Economic DevelopmentAn important part of political science is the study of differences between countries. More specifically, the study of political differences as well as economic ones. For this paper, we were asked to look at the levels of political and economic development. Also, we were asked to take a look at the key issues involving the economy which are being considered in the political system. My country of interest for this

A very brief history of chemistry. Includes important scientists and their contributions to the advancement of chemistry

655 words - 3 pages textbook of chemistry.The development of the atomic theory advanced greatly when chemistry became an exact science during the late 1700's. Chemists discovered that they could combine elements to form compounds only in certain fixed proportions according to mass.In 1803, a British chemist named John Dalton developed an atomic theory to explain this discovery. Dalton proposed that each element consists of a particular kind of atom and that the varying

"Setting is an important element in a play, because it can contribute economically to the revelation of character. Discuss this in Death of a Salesman

751 words - 3 pages controlling factor. Most of the time merely consumed because of publicity or for an attempt to prove your status in society and to be better than your neighbour. This whole idea of blind faith towards the American Dream and the obsession which society clinged to, trying to move away from the depression of the war and having more opportunities available for you, being successful & popular, freedom of speech, democracy, a large house, a nuclear

Written language is an important element in the communication system, where oral language is strengthened by the support of written words. Ljungda

625 words - 3 pages Written language is an important element in the communication system, where oral language is strengthened by the support of written words. Ljungdahl and March (2010) stated ‘There is a close relationship between speech and writing’. The importance for children to learn various forms of written language is to use various forms of written language within different social settings. Written language is a social tool which enables humans to interpret

Similar Essays

Is The Economic Development Of Developing Counties More Important Than Protecting The Environment?

957 words - 4 pages environmental problems were seen such as; air and water pollution. A concern for rapids population growth needed a rapid rate of economic development but they will have to face natural crisis, especially climate change pollution. As the trend of population in developing countries is on the dramatic rise, more tension was created for the government to solve. As a result, the government must find solution to fasten the growth rates of economies. Those

As An Important Element Of Identity Formation, Education Plays A Crucial Role In Bridging Faultlines In Europe

1477 words - 6 pages identity. This essay analyzes the role of education in emphasizing the already existing fault lines. Firstly it analyses the socio-economic fault lines within Italy and secondly it considers the religious fault lines and the fundamentalist movements. ..........It is important, however to state that the extent to which education is guilty is indirect, as it is fundamental in shaping and addressing our identities in all the fault lines contexts we

Liverpool's Slave Trade As A Centre Of A Global Commerce And An Important Factor In British Economic Growth

2162 words - 9 pages , as British cotton goods were still no match for those from India. Mantoux makes a link between the slave trade and Liverpool's wealth during this pre-industrial time, implying that the slave trade was an important factor in Liverpool's economic growth, but not necessarily Britain's.[12] But Mantoux acknowledges that Lancashire's later development into what he termed "the cradle of the factory system" owed everything to

Reflection As An Essential Element Of Clinical Practice

1985 words - 8 pages knowledge gained through previous reflection. Hallet (1997) sees reflection on clinical events as an expansion of cognitive learning. She goes on to say that through reflective learning and practise there is a shift from the biomedical model of scientific knowledge towards the human side of clinical care. Reflection is a vital tool for learning and development, both in and outside of the healthcare profession. As health care professionals we must
Black Clover (TV) Episode 60 English Subbed | Science-Fiction | The Favourite