Innovation drives the economic growth. But what fuels innovation? At the heart of it, research and development (R&D) activities allow scientists and researchers to develop new knowledge, techniques, and technologies. As technology changes, people can produce more with either the same amount or fewer resources, thereby increasing productivity. As productivity grows, so does the economy.
Please elaborate your thoughts regarding how to improve the R&D in trend in devoloping countries?
Investing in research and innovation is investing in Europe's future, in knowledge and new solutions to maintain and improve the European way of life. That is why the Juncker Commission has set a new level of ambition to deepen Europe's innovation capability, provide lasting prosperity and preserve our global competitiveness. Horizon Europe, proposed by the Commission in June 2018 as part of the EU-long-term-budget for the years 2021-2027, is the most ambitious research and innovation programme ever and will keep the EU at the forefront of global research and innovation...
https://danube-inco.net/object/news/19276
Many conventional approaches are gov based. University programs. Gov programs. Innovation hubs. Supporting and developing entrepreneurship in general in the country. Industry and new technology development.
A more unconventional approach may be to simply (self) organize entrepreneurs. Bring people together than wants to innovate and start businesses, and take it from there. It can be faster and more efficient than gov and waiting for gov.
Dear Brian Barnard thanks for your answer. Surely your suggestions are good to develop the positive R&D culture.
Am in line with Brian Barnard Entrepreneurial culture (self-emerging hubs) is the key; the attached model is an extension of the Schumpeterian triology. In our exponential times, things will probably move much faster through the stages than in the industrial age.
How the Research and Development (R&D) can boost the economy ?
R&D can boost the economy through developing certain products / services / approaches that can help:
All the above can translate into demand volumes increase, job opportunities for many, exports increase, positive trade balance etc. that can boost a country's economy.
Investing in research and innovation is investing in Europe's future, in knowledge and new solutions to maintain and improve the European way of life. That is why the Juncker Commission has set a new level of ambition to deepen Europe's innovation capability, provide lasting prosperity and preserve our global competitiveness. Horizon Europe, proposed by the Commission in June 2018 as part of the EU-long-term-budget for the years 2021-2027, is the most ambitious research and innovation programme ever and will keep the EU at the forefront of global research and innovation...
https://danube-inco.net/object/news/19276
Dear Ljubomir Jacić I am totally agree with you about R&D. It is not only the future of the Europe albiet for better world.
R& D study will proceed to new invention . This invention can be
commercialised from lab to large scale to grow up the country economy .
Dear Jaydip Datta thanks for your answer. Indeed it is the innovation cycle that ultimately improve the economy of the country.
Rewarding innovation is the key. Developing countries should provide venture capital to persons with bright scientific ideas so that they can put the innovation into practice. The country should also make the patent review and application process more efficient and quick so that ideas can quickly be converted to products with protection for the inventor. The government should also provide grants to various industries to develop their own R&D divisions.
Dear Srini Vasan your suggestions are good for catalyzing the R&D culture especially in developing countries.
Dear Hassan Izzeddin Sarsak thanks for your interest. Please describe your views about it. Thanks
It's only through research Technology is improved thereafter accompanied by development.
Dear Ibrahim Abubakar thanks for your reply indeed the R&D is pivotal for development.
Please see the references below, you will find lots of interesting and pertinent information:
doi: • 10.1453/jeb.v2i3.480
doi:10.1088/1757-899X/413/1/012060
doi: 10.1016/j.sbspro.2012.09.1052
Best Regards
Research and development play a key role to boost the economy. For example, the development of computer technology gives the place those developed this technology in the sky, Microsoft earns how much money in a year, Bill Gate becomes a richest man in the world.
Scientific research provides new insights. But if these findings do not converge for new products does not help the population. Productless innovation is inconsequential.
In addition to the long-term effects, research supports incubators installed in technology parks.
With only 7% of the world's population, Europe accounts for 20% of global R&D investment, produces one third of all high-quality scientific publications, and holds a world leading position in industrial sectors such as pharmaceuticals, chemicals, mechanical engineering and fashion. But Europe needs to do better at turning that excellence into success, and generating global champions in new markets based on innovation. This is particularly the case for innovations based on radically new technologies (breakthrough) or markets (disruptive)...
The European Innovation Council is part of a wider ecosystem that the EU is putting in place to give Europe's many entrepreneurs every opportunity to become world leading companies...
http://europa.eu/rapid/press-release_IP-19-1694_en.htm
Dear Kurt Sury I am fully agree with your views R&D is accounted for all kind of effecient activities which leads to econimical development.
Dear Prof Ljubomir Jacić appreciate your thoughts on the European research culture and their international success.
The R&D can boost the economy it provides new energy, which means knowledge, new materials, novel technologies, discover new spaces etc. Which economy can boost the R&D and what is the space/time conditions? This is the key question. The development/evolution of a population/society and the R&D should be under a cross talk process.
Producing a smartphone 10 and replace the 9, is that innovation? My answer is No. Produce agglomeration of high tech micro companies under the super power of a multinational, is that “boost the economy”? My answer is No.
We need first to define the priorities of a population and then ask how and what can the R&D does. Producing high level of salmons using drugs (leptin..) to control and push population or pigs under extremely artificial conditions is not Innovation, this is a destruction process. The identification of hundreds of biomarkers to include them at low confidence statistics for cancer development, this is not Innovation it is human control. Many startups, many projects carry R&D properties and likely, they called them ‘innovate’, but at the end we see a process that looks like a copy-paste event which produces low income workers, a sick society and a damaged Nature. R&D becomes important if it serves the Human and Nature.
R&D can definitely boost the economy. Its important to get new technology such as industry 4.0 applications in manufacturing as well as technological advancements such as additive manufacturing, carbon fibre composite developments (for automotive applications) and advancements in hybrid and electric powertrains to market quickly. If we can get them to market quickly and cost effectively, I believe the demand is there for the products which would produce a boost for the economy. At the minute the automotive industry is slow due in part to a lack of demand for diesel vehicles due to environmental / cost implications / uncertain future for that technology.
Dear Martin McKie continual improvement and the technological development is an integral part of the R&D culture which is the key in this industrial 4.0 era.
Dear Vassilis Doucas agree with your viewpoint that the R&D should be carried out to serves the Humanity and Nature. However, R&D somehow connected to commercialization which inflects the harmful materialistic impact to the society.
@ Khan, Not really, " Penicillin was discovered by Alexander Fleming in 1928 and was first used in clinical trials in 1942. Addition of an amino group to the benzylpenicillin molecule resulted in the creation of ampicillin, a drug with a broadened spectrum of activity. ' This is R&D, discoveries with a great materialistic impact to the society. I call it Innovation. It boost economy at 4D level, any place any moment any person. Innovation and Commercialization are two different images of R&D. In our days Commercialization and Imaging dominate innovation principles.
Vassilis Doucas agree with your statement "In our days Commercialization and Imaging dominate innovation principles".
There may not be immediate results, but Research & Development is the driving force behind the innovations that will ensure the products of tomorrow.
Dear Roberto - Minadeo appreciate your response and I am toally agree with your thoughts; R&D require time to provide rewardjng products.
Scientists can boost the economy only if their researches are respected from politicians. The effect would be quickly visible if states is governed by scientists, but unfortunately they are governed by politicians.
Dear Prof. Elizabeta Hristovska partly agree with your views. In my openion the goverment (politicians) should facilitate the R&D culture whereas scientists should focus on the their research activities.
Fine resource at Researchgate.
R&D and Economic Growth
The aggregate rate of R&D in a competitive economy is compared with the optimal rate. The optimal rate of R&D is shown to be the same for all preferences in a broad family, while the competitive rate is sensitive to the form of substitutability among products and so can vary dramatically within a family. The second-best level of R&D is shown to be also common within a family and equal to the optimal rate. Numerical examples suggest that diminishing returns in the innovation technology is the most important potential source for excessive R&D in a competitive economy.
Article R&D and Economic Growth
Blockchain-related applications will have to be used by banking professionals in order to remain in the profession. Blockchain, which allows data to be exchanged with the help of a decentralized ledger, could transform corporate reporting. Robotic process automation promises to automate and reduce the cost of back-office processes. Digital issues to tackle include global tax implications for how goods and services are sold; where companies base their operations; robotics; and new competitors. As a result of Big Data Analytics, accounting professionals will be better equipped to conduct predictive analysis, and real-time reporting and real-time audit will become a reality. Big Data will have progressively significant implications for creation and refinement of accounting standards. A change in accounting and auditing standards is needed to focus on data, the processes that generate them, and their analysis, balancing the requirement for disclosure with the need for shielding of sensitive data, and to empower end users, and improve the efficiency of the capital markets.
Dear Sanjeev Bansal appreciate your comments related to latest technology related reforms for commerce and other sectors which ultemately favour the economy.
Several relatively recent sectors have their development totally linked to R & D: nanotechnology, genetics, biotechnology, etc.
R&D Sector plays a vital role in everywhere most of the companies are achieved better position by their effective team.So it supports economy growth.
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I fully agree with your point Roberto - Minadeo about the recent advancement of nanotechnology or biotechnology applications which is due to the esteemed research and development activities.
Thanks for contributing Karthikeyan Bala regarding the importance of R&D for the development of a knowledge-based economy.
I think all the professionals need to effectively coordinate with the IT Professionals designing the AI-powered systems. They can support data scientists performing exploratory analysis on Big Data. by determining which data is appreciated, choose an established valuation technique, and identify key suppositions.In order to exist and be successful in Big Data environment, all the professionals must be keep a positive attitude and open mindset to enhance their technical skills through continuous learning.
Dear Sanjeev Bansal I am fully agree with your views regarding the strong coordination among the productions and IT operations in the upcoming big data era.
Hello,
I used to work in the Performance Analytics and Evaluation team at the Canadian Foundation for Innovation. While most of the projects funded have the goal to benefit Canada, there are some publications that may be applicable on a broader scale. Link goes to the Pathways to Impact documents produced while in my position there: https://www.innovation.ca/results-impacts/assessing-value/analyzing-outcomes-impacts. The documents are limited in scope as funding goes to institutions, however I do believe that some key concepts are applicable on a more broad scale. I think the agriculture, environment and energy sectors are some of the key base areas for R&D impacts in developing countries. In the documents linked above, strong government, institutional and industry support can create an innovation cycle, with adoption and knowledge transfer to further the impact.
I know some other funding agencies release similar documents, and some fund international projects, those may be worth a read as well.
Very interesting thread so far !
Innovation drives economic growth. But what fuels innovation? At the heart of it, research and development (R&D) activities allow scientists and researchers to develop new knowledge, techniques, and technologies. As technology changes, people can produce more with either the same amount or fewer resources, thereby increasing productivity. As productivity grows, so does the economy...
https://www.innovationfiles.org/fueling-innovation-the-role-of-rd-in-economic-growth/
Totally agree with the Madeleine Imboden statement regarding economic growth " strong government, institutional and industry support can create an innovation cycle, with adoption and knowledge transfer to further the impact".
Dear Prof Ljubomir Jacić indeed via continual R&D activities, people could obtain maximum output from least resources.
A major aim of R& D is to eventually improve the economy of a certain country. The type of research ought to be more applied than basic or fundamental research without ruling out the latter type.
Applied research, which leads to real progress, is very challenging so it requires highly competent innovative persons but these persons ought to be within the right environment which encourages & supports their endeavors.
R& D requires "generous" expenditure or investment but the reward will be a huge one. It is difficult to see real progress in organizations that are managed by inefficient shortsighted persons.
Once there are inspiring caring leaders of organizations, there will be hope for innovating products, techniques, and services and this innovation will boost the economy in the short or long runs.
Dear Nizar Matar appreciate your comments regarding applied research which can pave the way for innovation and economic growth.
R& D should be run in a holistic approach, not only abou the product, but also about political, economical social, technologies, also count the competitors map, incumbent players, regulations . PEST and Porter Forces approaches usually use to analyze this matter. Comparing the analytical results with internal capabilites, then a research can identify the value proposition. The value proposition should be dig further into more detail, so the vertical and horizontal value proposition can be identifies. If the research be started using the approach, then the product innovation would have competitive advantages compares to other products.
The state of the art products of course automatically will boost economic growth
Dear Rahayu Setyawati Yahdi Arifin appreciate your viewpoint regarding application of holstic approach for R&D development.
Muhammad Saad - Research and Development (R&D) aims to improve products and production processes and plays a critical role in the innovation process. It's essentially an investment in technology and future capabilities which is transformed into new products, processes, and services. Companies and universities often spend resources on certain investigative undertakings in an effort to make discoveries that can help develop new products or way of doing things or work towards enhancing pre-existing products or processes. Ultimately Innovation drives economic growth.
Dear Joshua O. Ighalo appreciates your response regarding the R&D, which leads to productivity.
Dear Dr Manzoor Hussain appreciates your answer and totally agree with your viewpoint.
Could people provide specific robust scientific evidence and research on this matter? I only read personal stories and opinions and speculations.
Digitization and automation have shifted demand from routine low- and middle-level skills to new, higher-level technical, professional, and managerial skills. Globalization has exerted pressure in the same direction. The supply of skills, however, has been slow to adapt. Education and training have been losing the race with technology...
In sum, technological change recently has not delivered its full potential in boosting productivity and economic growth. And it has pushed income inequalities higher, and generated fears about massive job losses from automation. This should not, however, provoke despair, much less a negative backlash...
https://www.brookings.edu/blog/up-front/2019/06/03/harnessing-technology-for-more-robust-and-inclusive-growth-an-agenda-for-change/
Research and development are key long determinant of profitability and buyer welfare. Research gives the premise to almost all administration approaches in our economic framework. Developing nations have made impressive advance in shutting the hole with regarding school accomplishment, yet ongoing exploration has underscored the significance of subjective aptitudes for economic development. The Research and development uses might be considered as an interest in new innovations, and information base, which can be then, changed into more effective creation techniques for accessible assets. Should the more elevated amount of Research and development consumptions succeed, the larger amount of development rates may be normal.
We can see the development in china. The outcomes demonstrated that research, capital and innovation import contributes altogether too monetary development in China. Flexibility of Research to economic development was as substantial as of innovation demonstrating same commitment to financial development of China. As technology changes, people can produce more with the same amount or fewer resources, thereby increasing productivity. As productivity grows, so does the economy. Automation is a example by which it shifted demand from routine low- and middle-level skills to new, higher-level technical, professional, and managerial skills. Globalization has exerted pressure in the same direction. The impact of R&D and output in the private sector at the state level in the US from 1963 to 2007 is the magnificent examples.
Dear Ashish Thakur appreacaite your response regarding the development of China and USA.
Dear Prof Ljubomir Jacić appreciate your response regarding future industrial demand which is now shifted towards automizationa and digitalization.
Dear Joseph Tham appreciates your queory regarding scientific evidence and researches on the subject.
Please find the attched links and article for your reference. Thanks
1) https://smartech.gatech.edu/handle/1853/56623
2) https://digitalcommons.pepperdine.edu/cgi/viewcontent.cgi?article=1047&context=sppworkingpapers
In any country research and development be there to promote inventions and innovations. Having an idea, this can be written as a project and submitted to an agency. This reviews and sanctions. The creative ideas can work through funding working with academic institutions or with industries, This also helps to get a good outcome and turned into a innovative work with a simpler approach or modification or a new invention. If this small effort put is successful, this can be implemented on large scale and move towards boost of economy.
I would like to thank all of you who dedicate part of your free time to my question. Your answers stimulate my thinking on the subject. I am also glad to get information from people from various countries of the world.
Research will help to identify gray area for possible repair, especially the input. The major in puts comes from environment. The out puts in the form of air emissions, solid waste and effluent are discharged into the environment, that has pose negative impacts. Therefore, if we incorporate the options of environmental protection and resource conservation into our developmental activities, the economy will boost in the right direction. In this way research and development will be helpful.
About two-thirds of Europe's economic growth over the last decades has been driven by innovation. Each euro invested by the programme can potentially generate a return of up to €11 of GDP over 25 years. Investments in research and innovations are expected to generate up to 100,000 new jobs in research and innovation activities between 2021 and 2027...
https://ec.europa.eu/commission/presscorner/detail/en/ip_19_2991
https://ec.europa.eu/growth/industry/innovation/facts-figures/regional_en
Acknowledgement to Dr.Ljubomir Jacić for such a Project Engineering bar chart
explanation .
Dear Prof. Ljubomir Jacić truly appreciates your contribution towards the enlightenment of European success via R&D.
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