The Role Of Governments Play An Important Role Of Business...

‘Governments play an important role in business innovation.’ Discuss in relation to two sectors. Introduction It is a common notion that it is primarily the private sector that drives innovation and economic growth, while the government, at best, plays only organization role in ‘fixing market failures’. Under this myth lies a different story, where some of the best advanced economies in the world have been shaped directly by government ¬ led investments. By not being capable to recognize the government as a source for major business innovation we run the risk of economic stagnation and the loss of inventive new technology. In publication, (Mariana Mazzucato 2013) reveals how the state, through direct funding to high  ¬risk areas and mission  ¬oriented planning, has provided boost leading to the development of new technologies and sectors. She debates that key technological revolutions, from the internet to biotech, to echo tech today, have required an active ‘entrepreneurial government’ that is willing to invest in innovation – and that economists have no words to describe this process of government led market creation. For the bright future, we should understand that Innovation is the central issue in economic prosperity and it’s not the case previously when it was government versus private sector but now both work hand in hand for innovative tomorrow. Government has impact of its working, policies on over every sector industry dealing with country. I would discuss theShow MoreRelatedThe Role Of Finance As A Driver Of Innovation1144 Words   |  5 Pagesalso affect on innovation performance. The age of the employees and RD outlay/innovation has negative relation. Also larger share of female employees in workforce increases the innovation performance of the employees whereas higher share of part-time employees has a negative share with the innovation performance (Wagner, 2012)Companies with fewer than five employees were important source of innovation in the industry (Jelling, agust 2016) FINANCE Finance has an important role to play in all typesRead MoreWhat Does The Study of Regional Economy Teach Us?1436 Words   |  6 Pagesurban, rural, or regional problems. It involves the study of spatial patters to analyze the economic factors of a region. The study of regional science is necessary to improve the economy in todays competitive global market. This study helps the government organizations to identify and make efficient use of public resources by implementing best practices to meet the expectations of the general public. The primary goal of regional science is to frame an economic development policy to improve the economicRead MoreEssay On Politics And Policy912 Words   |  4 Pagesundergoing transformations regarding technology, and a wide range of developments have been made in this field. In this regard, different companies have embraced the utilization of technology as a means of expansion and smooth operation. Different governments have enforced a variety of techn ological moves to help run countries smoothly and protect their nations against attacks and espionage. For example, people can now interact easily and comfortably via social media without the need to have a face-to-faceRead MoreIs Turkey A Free Enterprise Economic System?776 Words   |  4 Pagesargued in The Wealth of Nations that the free-enterprise economic system, all over the world encourages entrepreneurship because it permits individual s freedom to create and produce. This is not the case always, for example the culture plays an important role in this entrepreneurial process. Turkey has a stable economic and political conditions, variety of industries are performing well in the domestic market, the customers are early adopters which are all good signs for entrepreneurship, but onlyRead MoreBotswanas Economy Depends on Diamond Mining1286 Words   |  6 Pages1. INTRODUCTION It is a well-known fact that Botswana’s economy is based on mineral resources especially diamonds. As such since the 2008 economic meltdown, the diamond market has not thrived as well as it used to, prompting the Government of Botswana to come up with ways of diversifying the economy and reducing reliance on the mining sector. The main challenge for the country now is how to diversify its economy and reduce heavy reliance on diamond revenue. Therefore in 2010 the Economic DiversificationRead MoreMarketing Management Team Of Bright Light Innovations1420 Words   |  6 PagesIntroduction: Bright Light Innovations LLC has invented and developed the Starlight Stove, an inexpensive home appliance for developing countries that provides both and heat and electricity without discharging hazardous wood smoke or kerosene . The stove brings in a new concept to the world of clean energy. Though the company has just started to fly it has a lot of future potential. Because annual revenue for biofuels, solar energy, wind power and fuel cells rapidly increases from 39% in oneRead MoreDifference Between Small Firms And Large Firms960 Words   |  4 PagesIntroduction This paper is concerned with the difference between small firms and large firms with respect to innovation. Innovation can be defined as the implementation of new ideas to the products and processes, a new marketing method and a new organizational method in business practices, workplace organisation and external relations. It is becoming increasingly difficult to ignore the effect of innovation on performance of both small firms and large firms. A recent series of studies, indicated that largeRead MoreImpact Of Innovation On The Public Sector1708 Words   |  7 Pagesthe logic of business performance and growth on the range of goods and services that the firm offers to consumers is based on creativity. In 21 century, creativity is seen as the source of innovation, and innovation in turn as the operation of creativity. As a result, it has being arguing that, creativity is the ability to see possibilities in business (Ferrari, Cachia and Punie, 2009). The public services requires rati onal and creative skill to remove these obstacles to policy innovation. The serviceRead MoreSmall Businesses Are Essential For The Growth Of Any Economy1113 Words   |  5 PagesThey can be equated to stem cells in the human body that have the ability to self-generate and differentiate into various structural forms. Small businesses can be established to cut across industries, countries, and communities. One of the primary roles of small businesses is the creation of employment for large numbers of people in society. In the United States (US), small businesses are estimated to create jobs for approximately 64 percent of the population with most of them having less than 500Read MoreInnovation And The Successful Investment Of New Ideas846 Words   |  4 PagesInnovation is main factor for the progress of any organization. When using the innovation in the right way that gives the organization competitive among other companies. Business innovation is all about the successful investment of new ideas. Innovation plays a key role in the success of many local and international companies. The aim of Innovation is increased businesses, which generate profits (Use innovation to start or grow your business introducation, n.d.). There is an important difference