Today, as new technologies are arriving to the market faster than ever before and the world is becoming more connected. There is a necessity to develop the right tools and solutions to deliver the best value to the customers. In any sector of the economy, this necessity is driven by innovation in process, products and services with the objective to enhance the experience and value to the customer. In this context, innovations in the healthcare industry have allowed to get better quality of life, diagnostic, and treatment options that enhance the life expectancy of millions of people around the world. Also, economic globalization and advances in technology have significantly increased market competitiveness. Consequently, innovation, R&D, and education are three extraordinary opportunities for the Dominican Republic that need to be interconnected as a necessity to develop the human capital required for building the society of the future.
In this context, several studies indicate that investment in R&D will foster the capacity to create, spread, adopt, and adapt knowledge in ensuring long-term economic growth and sustainable development. A higher productivity level based on innovation promotes economic growth, creates employment with better levels of remuneration, reduces poverty on a sustainable basis and raises general living standards. The creation and spread of knowledge is carried out by government, businesses, universities, research institutes, and nonprofit organizations.
R&D is recognized as an important driver of economic and social progress worldwide. It can be a powerful source to improve productivity, innovation, and competitiveness; to help to reduce poverty, and to stimulate long-term economic growth. According to th...
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... review suggest that for developing countries need a strong effort to lift the quality and magnitude of R&D spending, as a way to increase economic growth, innovation, and entrepreneurship. The extraordinary growth in R&D performed by the BRIC (Brazil, Russia, India and China) countries in the last decade, may be justified by the fact of compromise between the government and all stakeholders that support R&D process in improving the quality of human capital, strengthening research institutions, implementing a national innovation system, and raising the sophistication of the private sector to compete globally. In perspective, R&D is recognized as an important driver of economic and social progress worldwide. It can be a powerful source to improve productivity, innovation, and competitiveness; to help to reduce poverty, and to stimulate long-term economic growth.
Arrow, Kenneth. "Economic welfare and the allocation of resources for invention." The rate and direction of inventive activity: Economic and social factors. Nber, 1962. 609-626.
Organizations that have had the foresight and encouragement to keep up with the technology for everyday business operation understand the value of research. The current world economy has put a strain on many organizations to have had to make sacrifices in their business organizations to stay competitive. These sacrifices include: staff, lowering employment budget, hardware and software upgrades and just doing without. These types of sacrifices will have a long term effects on any institute.
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Defining ”innovation”could be rather a difficult task as it is a “multi-faceted phenomenon”, and a widely u...
Even with the ever-changing demands of technology around the world, the United States has continued to place emphasis on research and development; Americans have never ceased to make our everyday lives better with innovations and world-changing inventions. The endless number of American inventions, their complexity, as well as the dedication of intellectuals to improve the lives of others make innovation a good thing about America.
...&D capability was not supported by their ability to efficiently produce and market the innovation. Since the R&D is separated from production and sales, it was not market-oriented enough. The limitation of sharing local market knowledge also leads Philips to its inability sell the excellent innovation that R&D has developed. Seeing this as opportunity, Japanese companies able to combine Philips invention with their mass-market production ability and successfully became the leader in the market.
...ividuals and systems should be developed to encourage innovation in a flexible way with few legal restrictions. Government and investors should work towards improving the infrastructure of the nation by providing facilities and platforms making it simple for any individual to innovate.
Mandeville, T. (1998). An information economics perspective on innovation. International Journal of Social Economics, 25 (2), 357-364. Retrieved March 11, 2011, from: http://www.
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
Both government and industry play an important role in the country’s innovation system, and whilst state-led research and education have provided a robust capacity for innovation, South Korea’s economy is dominated by business conglomerates called Chaebol (E.g. Samsung, Hyundai, LG electronics, and Pohang Iron and Steel Company amongst others) throu...
1997). By reviewing the literature on learning and innovation, we try to answer the following
However, despite the long-term economic growth, technological progress is very important, and even if we...
Scientific and technological progress is one of the most important and far reaching of humanity’s effort streams throughout history. One of the hallmarks of any great society is what new or improved knowledge of the world and how it works that the society can contribute. A strong and vibrant culture celebrates the spirit of invention and innovation. Closely allied with this concept is the spirit of entrepreneurship, considered one of the greatest qualities of the American culture.
In modern society, governments in both developed and developing countries contribute financial resources to various forms of research and development (R&D). This type of investment assists society to function more effectively, because of inventions and innovations in many sectors, such as health, education, technology and science. In this way, social growth is encouraged at both a national and international level, which further supports improved business and commercial expansion. Based on this, it can be understood that government funding promotes scientific exploration of new ideas and processes that can advance the standard of living around the world. Therefore, it is argued that government funding for research benefits society. This will be examined with reference to the way government funding for medical research aids society, and scientific production on technology.
Innovation may be defined as exploiting new ideas leading to the creation of a new product, process or service. It is not just the invention of a new idea that is important, but it is actually