Innovation and Change Essay Example | Topics and Well Written Essays - 3250 words - 2

Innovation and Change - hear ExampleToday, innovative activity is a vital undertaking in determining the competitiveness of a country in the global markets as thoroughly as its economic progress. Despite the great splendor that innovation bears in addition to the opportunities brought about by globalisation and new and advanced technologies many governments or so the earthly concern are faced with difficulties in strengthening their activities in this area (Cole, 2010). This paper sets out to controvert the policy issues and challenges that face innovation and look at the ways to address these challenges. In the process of addressing these challenges it is lucid that influencers of policies regulating innovation activities are more or lessly governments. In addition, the study(ip) steps to be taken towards addressing most of the challenges are often within the power of the government. Today, the rise in the standards of living of people around the globe can be attributed to innovation. Todays more productive economy can be pointed to the drill of technological advances in combination with innovative and entrepreneurial approaches in the creation and distribution of commodities both goods and operate (Economist Intelligence Unit, 2009). In areas where the regulatory and market structures are favourable to the expansion of the more productive activities the end point is more economic growth and development hence the effort of innovation in conjunction with ball research and development (R&D) stick the main themes of growth. Research opines that innovation is on the rise towards forming a major part of the economic activity (Warda et al., 2006). In the past two decades, growth in investment in machinery and equipment has been more rapid than in know leadge in most countries. In countries such as the unify States and Finland, investment in knowledge is much greater than that in machinery and equipment. Furthermore, activities of R&D have intensify i n most countries in the past decade but major developed nations still remain unchanged in this area. The rate of growth of productivity is heavily influenced by improvements made in the scientific discipline composition of the workforce. More recently, the significance of innovation has been bolstered by the rapid technological advances and globalisation that have led to the establishment of new markets and new forms of competition that deliver consumers with innovative products and services. Even though these developments hasten the affect for many countries to elevate the value chain de Serres et al. (2006) opine that strengthening innovation performance is a major problem in these nations. An example is the slow progress witnessed with the Lisbon strategy of the European Union. However, a mutation of the strategy resulted in some success in helping the EUs R&D and innovation performance which is a key element of the Lisbon strategy to increase the book of R&D in every econom y. Innovation, however, is difficult to measure using R&D since for it to succeed it requires that a public figure of policies be implemented across extensive domains ranging from funding of the R&D, entrepreneurship, immigration, education as well as financial, product and labour market regulations. Analysis from the past decade reveals that the rapid increases in the intensity of R&D in many countries around the globe are due to a number of factors. These factors include (de Serres et al., 2006) i. Reduced anti-competitive regulations of the product market that