Innovation Strategies for a Global Economy

Innovation Strategies for a Global Economy

Development, Implementation, Measurement and Management

Fred Gault

This book is about innovation strategies for a global economy, their development, implementation, measurement and management. Following the global economic crisis, people are asking: what went wrong? Here, Fred Gault illustrates that a part of the problem was innovation in financial services, which resulted in the release of attractive new products to the market that diffused rapidly and then lost value. This book considers innovation and how policies are developed and implemented to support it. In so doing, framework conditions such as market regulation and the cost of doing business are examined to discover how future problems could be avoided.

Chapter 6: Innovation Strategies, Advice and Direction

Fred Gault

Subjects: innovation and technology, innovation policy


INTRODUCTION In Part III, Chapter 6 looks at how innovation is promoted at the international level through the Innovation Strategy of the Organisation for Economic Co-operation and Development (OECD) and then at how it is done through the Innovation Strategy developed by the Commission of the European Communities, the executive arm of the European Union. The approaches of the two organizations are quite different but the objectives are similar: to improve the economic and social well-being of citizens of member countries in a global economy undergoing a financial crisis. After the international and supranational approaches have been considered, Chapter 7 provides a description of possible components of an innovation strategy. The list of components leads to a discussion of which components should be, or could be, used in an innovation strategy. What makes a strategy work is the way in which the components are coordinated once the strategy is implemented, and this is a topic for Chapter 8, followed by an analysis of some country experiences in implementing their own innovation strategies. The key observation in Chapter 8 is that there is no single strategy. Not all countries use all possible components, and coordination mechanisms differ for a variety of reasons. By the end of Part III, the reader should have an appreciation of different approaches to policy, what has been used and what not, and where the work on developing innovation strategies is going in the industrialized economies. The reader should recognize that the overviews of the work of...

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