Path to innovation: Country-wise experiences

Abstract

In today’s uncertain and volatile globalized world, innovation is even more important. The pace of innovation has been the highest with few countries leading the race. The technology gap between the innovation leaders and the other nations is only increasing, therefore, to bridge this gap it is important for any nation to understand the themes or paths taken by various countries leading the innovation race. Thus, the ultimate objective of this report is to study the evolution of innovation ecosystems of different countries and sectors. Further, the report has identified the specific policy initiatives taken by respective governments that paved the way for innovation to become the driving force in economic development. This report identifies four major themes that were pursued by the leading nations for the development of innovation ecosystem. The report also addresses the environmental conditions in these countries that an played an instrumental role in promoting innovation and entrepreneurship. This is done by understanding the role of partners and collaborators such as universities, industries, and investors. Finally, the report provides recommendations for developing countries on what avenues can be pursued to bring innovation to the forefront of economic development. Countries can explore the path of imitation and adoption, they could diversify their research portfolio to include all areas of the supply chain, collaboration should be promoted and incentivised, and the countries should be on the lookout for successful MNCs looking to expand their footprint. This report will act as a preliminary guiding tool for the policymakers in pursuing the innovation strategy.