A Growth Dialogue colloquium at GWSB highlighted challenges facing business innovation at the local, national and international levels.
“Innovation is sorely needed under present circumstances of weak economic growth, but sadly at times when we need it most, the incentives to invest in new ideas may be least visible,” said Danny Leipsiger, the managing director of GWSB’s Growth Dialogue and professor of international business, who moderated the innovation session.
“That combined with the shifting geography of innovation to higher-growth, emerging economies means that governments in the advanced countries need to view innovation and its promotion as a more urgent priority,” he said.
The colloquium included presentations from:
- Maryann Feldman, Heninger distinguished professor of public policy, University of North Carolina, said one challenge facing innovation is that entrepreneurs are facing more risk without adequate support. Government programs, for instance, often concentrate on business start-ups but don’t offer enough assistance once businesses become viable.
- Carl Dahlman, professor of international affairs, Georgetown University, said the innovation landscape has become more complex worldwide, with tremendous competition coming from Asian countries that are investing heavily in research and development, and in educating and training people.
- Shahid Yusuf, the Growth Dialogue’s chief economist, said heavy investments in research and development need to yield payoffs in practical applications —especially by multinational corporations. “Even Korea doesn’t have a new Samsung,” said Yusuf, referring to the Korean conglomerate. “You’re not bringing up a new cast of characters to replace the behemoths.”
Housed at GWSB, the Growth Dialogue is a network of policy makers, experts and academics that focuses on economic growth in developing countries. It receives support from the governments of Canada, the United Kingdom, Sweden and the Republic of Korea.
For more on the Growth Dialogue:
Posted by gwsb on November 8, 2011 | Filed under: GWSB News.