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 7: Innovation Strategy Components

Fred Gault

Subjects: innovation and technology, innovation policy


INTRODUCTION Innovation is constrained or advanced by the cultural, geographical, and legislative and regulatory environment in which it happens. An innovation strategy, if it is to be effective, has to take account of these conditions to ensure that any interventions combine to contribute to the policy goals and do not weaken one another. This raises questions about which policy goals are to be addressed, and then how the activities in their support are coordinated. The focus of this chapter is on the activities that could contribute to an innovation strategy. KEY COMPONENTS Potential key components of innovation strategies are grouped under six headings: markets, people, innovation activities, public institutions, international engagement and global challenges. Not all the components turn up in all strategies but the objective is to present them and raise questions about how policies can advance the objectives served by the components. The topics discussed in this section have a wide range of applicability. Some are appropriate to the developed countries and others can be used in developing countries. They could be classified differently, as healthcare or education could be provided by the private sector as well as the public sector or through a public–private partnership. This is a question for the practitioners of the science of innovation policy. In Chapter 8, the issue is how to bring all or some of these topics together under an innovation policy umbrella and to ask if this is possible or even desirable. Markets Brand recognition Presenting the country as...

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