Innovation as an Important Element of Economic Development and Advancement

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 ...

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...ellent and the okay ones better.

To conclude, we should look further into innovation for lies at the core of any truly successful nation.

Bibliography

The Conference Board of Canada. Innovation defined.(2014). Retrieved from http://www.conferenceboard.ca/cbi/innovation.aspx Princeton Press University. The Free-Market Innovation Machine:

Analyzing the Growth Miracle of Capitalism.(2007). Retrieved from http://press.princeton.edu/chapters/s7310.html Remission, R. (2013, October).Trinidad and Tobago -An Innovation-Driven Economy? Retrieved from http://caribseeklife.com/index.php/caribbean-magazine/trinidad-and-tobago-magazine/item/213-trinidad-and-tobago-an-innovation-driven-economy Michael .E. Porter. (2008). On Competition. Harvard Business Press

Melissa A. Schilling. (2006) Strategic Management of Technological Innovation(2nd Edition).