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INNOVATION & CREATION (CHANNELS TELVISION NIGERIA) by Innovation is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society. Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself. A major innovation that has taken place in Nigeria is the emergence of Media Convergence. Media convergence refers to the technology…

Governments play an important role in business innovation.’

Discuss in relation to two sectors

Inhalt

Government’s role in business innovation: 2

Conclusion. 5

Reference: 6

Innovation is essential to distinguish one’s contribution to find and fill untapped areas in the market, and to keep up with increasing efficiency of competitors (Pinchot and Pellman, 1999).

One has to innovate quicker just to keep oneself in position. In this developing world, innovation is playing a very important role for a country to sustain its growth and acquire great heights (Pinchot and Pellman, 1999). So now organizations have realized the significance of innovation to gain competitive advantage.

These days the urge to innovation is growing rapidly. Organizations that innovate tend to outlive and grow faster (Business.gov.in, 2015). More and more businesses are involving themselves in different innovative activities like process of manufacturing, improving products, brand building, customer satisfaction, supply chain management etc. to find the most effective way of innovation which can also provide an opening in finding new markets quicker and deeper (Wessner, 1999).


Innovation has always been, and will continue to be, a significant driver of development and economic prosperity. Huge bodies of studies points out innovative economies are more productive and are having rapid growth (Miller, 1986).

They bring higher profits on investment and better living standards. It improves health and welfare and helps us to address crucial challenges facing society such as ensuring viable energy and hygienic food safety. Pushing forward the boundaries of knowledge and development and exploitation of new technologies is central to the Government’s Industrial Strategy (sbir.gov, 2003).


This essay tries to investigate the role of government in favoring business innovation by considering the contribution from the government side in technology-based sectors and health sector.


Government’s role in business innovation:

Governments all over the world are broadening and strengthening their support for business innovation. When it comes to promoting business and innovation, governments play important role on tax, legal, and economic considerat.....[read full text]

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The UK government concentrates on the development of medical technologies, displays and sensors, coatings, composite materials and Nano-materials such as grapheme etc. ('The Nanotechnology Mini-Innovation And Growth Team Presents “Nanotechnology: A UK Industry View” Report To UK Government And Industry').

While looking into digital technology it can be understood that over £32 million have been allocated for research in networks and distributed systems by Engineering and Physical Sciences Research Council. The Technology Strategy Board has invested over £30 million in a number of projects, which chains the development of digital technologies, which includes the IC tomorrow-online testing facility (Wonglimpiyarat, 2013). The support given by the UK government in the development of the mobile products and services and high performance computing has made UK one of the world’s leaders in technology.


The health sector is a key area where the government is keen in promoting innovation. According to Field (2011) the innovation center’s and the government are not separate bodies rather they are a single enterprise.

The promotion of innovation is the important agenda of the EU after the Lisbon summit of 2000 (Farrell, 2012). The American government has various policies for the betterment of the health sector as well as for encouraging the innovation in the same. The National Institute of health support the pharmaceutical manufactures for the biomedical research that leads to the invention of new drugs (Field, 2015).

American healthcare industry could be described as a unfettered market-based system (Field, 2015). This market-based system is developed as a result of the support of the government bodies in America. In UK the NHS plays an important role in innovation in health care.

The open innovation is one of the major milestones in the path of innovation in the health sector (Bessant et al, 2002). The fourth major reason for death in UK is stroke. More than 50,000 people are dying due to stroke. The Government of UK is providing funding and support to ReNeuron to develop stem cell based therapy for the .....

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Reference:

1. A.Farrell (2012). 'Risk, Innovation And The Regulation Of Health Technologies: Examining EU Governance Of Blood And Plasma Products'. Innovation: The European Journal of Social Science Research25.4 (2012): 461-477. Web.


2. Bessant(2002). 'Opening Up Healthcare Innovation'. n. pag. Web. 8 Feb. 2015.


3. Druker, Jan. 'Enabling Business Innovation: Government Policy In The UK'. IJEIM 3.3 (2003).


4. G. Pinchot and R Pellman(1999). Intrapreneuring In Action. San Francisco: Berrett-Koehler, Print.


5. H.Etzwkowitz (2008). The Triple Helix. 1st edition New York: Routledge. P. 1-3.


6. 'Innovation And Research Strategy For Growth'. Nov 2014. Web. 07 Feb. 2015.


7. K.Bound and I. Thornton. 'OUR FRUGAL FUTURE: LESSONS FROM INDIA’S INNOVATION SYSTEM'. (2012): n. pag. Web. 9 Feb. 2015.


8. Miller, Sarah Jordan. 'Government Publications In The Private Collections Of Nineteenth Century America: A Century-Long Source For Federal Document Holdings In Libraries'. Government Publications Review 1.....

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