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 11: The Roles of the Players

Fred Gault

Subjects: innovation and technology, innovation policy

Extract

INTRODUCTION Chapter 10 provided an agenda for future work on activities to improve understanding of innovation strategies in the medium and short term. This chapter looks at the people who are going to do the work and makes recommendations for what needs to be done. The recommendations are based on years of experience and observation resulting from dealing with policy-makers and official statisticians in their own countries and in international organizations. The perspective, therefore, is from the working level where the objective is to get things done, specifically those things proposed in Chapter 10. This is a book about innovation strategies in a global economy, their development, implementation, measurement and management. It assumes, explicitly, that innovation can be a power for good, but only if it is managed, and it recognizes that the system in which innovation occurs is global, complex, dynamic and non-linear in its response to the policy intervention. The global nature means that no government policy can control the entire value chain. Complexity means that innovation is not described by sound bites, the dynamics of the system may be impossible to manage, and counter-intuitive outcomes of government policy may result from the non-linearity of the system. In the next few pages, the roles of the players in the policy system are considered. They are: the senior person from industry; policy analysts from government; academics and researchers; policy analysts from international organizations; representatives of civil society, including the consumer, along with industry and labour associations; and the official...

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