Accelerating innovation in a changing world

TLDR: In this paper, the authors summarize the essential elements that contribute to a successful innovation eco-system in a rapidly changing world, and highlight the importance of science and technology in the development of an innovation-driven economy.

Abstract: Innovation-driven economies have the foundation and impetus to create new jobs and new value-added products and services. Research and Innovation are at the core of the knowledge economy which characterises the 21st century. Knowledge-based economies derive value from the application of knowledge to advance knowledge and create prosperity. Innovation arises from 'the new', typically societal or science and engineering based; and 'the incremental', research-based and process and industry-based. Innovation and commercialisation are fluid and dynamic processes. They are constantly and rapidly drawing additional resources from more and varied communities of practice indicating that the transition from industrial to knowledge economy is well underway. Initiating, activating, and strengthening these systems in a jurisdiction is foundational to the development of an innovation-driven economy and should be central to the jurisdiction's science and technology strategy. This paper succinctly summarises the essential elements that contributes to a successful innovation eco-system in a rapidly changing world.