Government or organisations
For innovations to occur, government or organisations must be able to reinforce capacity in bringing up new ideas. The government must create favourable business environment for firms to successfully operate. Moreover, the business organisations must be able to put insight and ideas into practical use in order to develop new products and services. In the present competitive global economy, the government and organisations must adopt innovations in their yearly policies in order to improve the level of economic strength.
No companies can survive without continuous flow of innovations. The innovation, which simply means dynamic introduction of new products and services in the system and for a company to produce new products, innovations must be reflected in all its activities. Innovation in another sense is a process by which public and private organisation create value to their customers by transforming technology and new knowledge into profitable products and services .
If there is high level of innovations in the country, there will be growth in GDP and increase in per capita income. Moreover, there will more jobs in the country and level of economic growth will increase which will lead to increase in standard of living. For a company increase its market shares, its sales technique, its marketing strategies, its research and development (R & D), its system of production and human resources must all be innovated.
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Moreover, they must be conscious of strategies to improve their products and services. The management must always undergo constant training to improve their skills to come up with new ideas in making sound business decisions. Meanwhile, no company can stand the loss of market share for a long time or make constant price reduction to survive. For a company to have imperative to innovate, the managers must understand the working of technology in the innovation process.
Paul and Welfens state in their book “Globalisation, Economic growth and Innovations “modern computer technology and the rising role of software –relative to hardware –have contributed to the faster diffusion of new technology worldwide. (Paul, Welfens, 1999. P. 4) The improvement in science and technology and introduction of sophisticated technology to improve the existing products and services has led man to search for knowledge through the knowledge acquisition to invent new or improve the existing products and services.
For example, the use of new electronic publishing has taken over the use of old laborious mechanically printing machine thus with the power of dynamic innovations, there are high reduction in cost of production while using electronic publishing to publish books. Additionally, in 1970’s and 1980’s, computer machine had been viewed by many, to be only operated by mathematicians or scholars in technology, but in early 90’s, with launching of microcomputers by Microsoft in USA, the old notion of computers has virtually eroded.
Presently, virtually all household in western countries can boast of having a desktop or laptop computer in their home. Operation system of computer is now easy for anybody with average level of education to understand. Bill Gates, the founder of Microsoft has been able to introduce the dynamic innovations into the operation of microcomputer and the microcomputer has now been useful to individual, small or big organisations. (Clause,1998)
Moreover, for innovations to have meaningful impact in the productivity of firms, relevant economic behaviour must be observed so that a firm can be able to accomplish its commercial objectives, developing new capabilities or exploiting opportunities and meeting challenges in the business environment. (Johan, 1998). Finally, the enforcement of patent law should be increased to protect private and public organisations from counterfeiting