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 8: Innovation Strategy Coordination

Fred Gault

Subjects: innovation and technology, innovation policy


INTRODUCTION Innovation strategies consist of a set of components that are managed, or coordinated, by government as part of their implementation. They range from a single intervention managed by one department, such as a tax credit for expenditure on information and communication technologies (ICTs), to a wide range of initiatives drawn from the components in the previous chapter and requiring a ‘whole of government’ approach. There are also cases of more than one innovation strategy being managed at the same time by a government, with one perhaps led by the Finance Department, one by the Research or Industry Department, and one by the Education or Human Resources Department. As the number of components grows, so does the challenge of coordination. Depending upon the government and the management culture, it can be very high level, such as Cabinet chaired by the head of government, a Cabinet committee chaired by a senior minister, a committee or council of stakeholders in the economy and society providing advice to a senior minister, or lower levels of coordination managed by interdepartmental working groups or even by departmental working groups. The difficulty with innovation policy is that it crosses many departmental boundaries. In some countries, research and development (R&D) and capital investment incentives are tax matters; direct grants, contracts and contributions cross all departments and they include procurement policy. As all countries differ in their history, culture and innovation system, there is no single answer to how many components there should be in an innovation...

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