2. Introduction:
Historically great innovation has come out of small companies. Yet it is
small companies that don’t have the resources to invest in–and
successfully execute–long-term, high-risk projects. That is why R&D
financial support from both the public and private sectors must focus on
small companies.
Innovation can also be spurred by bringing capital and entrepreneurs
together. The emphasis should be on linking the best and brightest in
critical scientific and technology areas. We need coordination and capital
strategically applied to ideas and entrepreneurs, with the ultimate goal of
speeding up efforts to commercialize.
Research and Innovation can be defined as a new dimension, a new
thought, a new practice or a new ideology that can be applied to already
existing system, with an objective of making the system more efficient
and productive
3. WHY INNOVATION IS IMPORTANT in public and
private sectors?
Effective government and public sectors depend on successful
research and innovation –to develop better ways of meeting needs,
solving problems, and using resources and technologies. Innovation is
sometimes seen as an optional
luxury or an added burden. It should be seen as a core activity
In the private sector, the main motivation for innovation is the need to
maintain or increase profitability, which in turn provides an incentive to
innovate to cut costs, improve market share and to create new
products and services.
4. A FRAMEWORK FOR FOSTERING
RESEARCH AND INNOVATION
A better understanding of the process of innovation can illuminate where
there is room for improvement and where there are blockages.
♦ Generating possibilities – how can we stimulate and support ideas for
innovation?
♦ incubating and prototyping – what mechanisms are there for
developing
promising ideas and managing attendant risks?
♦ replicating and scaling up – how can we promote the rapid and
effective
diffusion of successful innovation?
♦ analysing and learning – how should we evaluate what works and what
doesn’t to promote continuous learning and improvement?
5.
6. Changes to foster innovation:
Many of the approaches, tools and mechanisms can be applied
without policy or legislative changes. However to foster higher levels
of successful and radical innovation more systemic changes may be
required.
rather than being the author of innovations,
Government might better see itself as responsible for creating the
environment or conditions in which innovation can take place in the
public sector, including encouraging the lateral diffusion of successful
innovations
radically reducing the number of imposed targets, planning and
monitoring requirements aligning funding streams with improvement
in performance and outcomes to incentivise, and create a more
visible return on investment in innovation
7. Solution:
There is no quick fix here. Certainly we need improved math
and science education in our schools, but government can
also play a role by offering incentives to companies that
establish substantive technology training programs designed
to prepare employees for the coming era of innovation.
Achieving the right blend between the public sector and
private industry is a complicated economic endeavor. But
neither the private sector’s invisible hand nor governmental
heavy-handedness can be the solution. It is true that we
cannot spur an innovation agenda without the government,
but it is equally true that the government cannot replace
private-sector market forces. It is imperative that the public
and private sectors start working together
