Innovation: Key Economic Driver

Much is being currently discussed by global stakeholders, across political-socio-economic strata, on various policies and framework regarding their respective sovereign “fiscal cliff(s)” as well as effectively dealing with their own sovereign debt, deficits, and related dilemma. This is applicable to developed and developing countries as well as emerging markets. The resultant fact remains, regardless of public sector vs. private sector, sufficient jobs must be created across various income groups in order to ensure any “going-forward” sustainability and reducing the massive unemployment and underemployment.

The global economy is undergoing the completion of a “70-80 year business-economic cycle” and urgent focus of stakeholders must be on innovation which can regenerate and transform the current global economic scenario with commencement of a new business-economic cycle. Specific markets can include, but not limited to, bio-technology, clean technology, energy, infrastructure, digital media, wellness, lifestyle, healthcare and consumer goods.

It is said that “necessity in the mother of invention” and there must be an urgency to seriously leverage innovation coupled with effective higher education system in delivering new concepts and cutting-edge inventions leading to viable products and services.

Below is an excellent article written by Clayton M. Christensen, a business professor at Harvard and a co-author of “How Will You Measure Your Life?”

http://www.nytimes.com/2012/11/04/business/a-capitalists-dilemma-whoever-becomes-president.html