{"id":28330,"date":"2023-01-16T14:43:38","date_gmt":"2023-01-16T11:43:38","guid":{"rendered":"https:\/\/sbs.strathmore.edu\/?p=28330"},"modified":"2023-01-16T15:48:14","modified_gmt":"2023-01-16T12:48:14","slug":"promoting-local-innovation-to-spur-economic-growth","status":"publish","type":"post","link":"https:\/\/sbs.strathmore.edu\/en_gb\/promoting-local-innovation-to-spur-economic-growth\/","title":{"rendered":"Promoting Local Innovation to Spur Economic Growth"},"content":{"rendered":"
<\/span><\/div>

Technology is among the key drivers of economic growth and innovation is at the heart of technological development. Innovation can be defined as the implementation of a new or significantly improved product, process, marketing method or organizational method in business practices, workplace organization or external relations.<\/p>\n

According to research by the Organization for Economic Co-operation and Development (OECD), the economic growth and global competitiveness of organizations and countries in the next decade will lie heavily on the capability to innovate and to bring innovation successfully to the market.<\/p>\n

Despite the proven importance of innovation to growth and development, many countries the world over are still struggling to strengthen this area with little improvement seen even with the opportunities presented by globalization and the sprouting of new technologies.<\/p>\n

From the government level, innovation has been recognised as an important driver of economic development and a key differentiator in competitiveness. There is increased awareness among policymakers that innovation is a key driver of economic growth and it has the potential to solve global challenges in some areas such as healthcare and climate change, which are critical. Many governments the world over have come up with innovation strategies and policies to serve as enablers of increased innovation. On top of innovation policy development, what more can the government do to foster innovation within its borders?<\/p>\n

Reforms to the Regulatory and Institutional Frameworks<\/strong><\/h3>\n

In the past, many governments have designed public policy and regulatory frameworks with the aim of fostering local innovation. In Kenya, for instance, previously enacted innovation policies have seen the country ranked third in Sub-saharan Africa in the Global Innovation Index and 86th globally. However, with the volatility of the global business environment and the constant global challenges, policies and frameworks need to be constantly reformed and updated.<\/p>\n

Increased Investment in Research and Development (R&D)<\/strong><\/h3>\n

Research and development are at the heart of innovation. When the government invests in research and development, it plays a direct role in fostering innovation. It is therefore important to reform the management and funding of government investment in science and research and public support for innovation in the private sector. Kenya relatively ranks high on key science and technology indicators compared to other regional democracies. In 2019, the current expenditure on R&D as a percentage of the Gross Domestic Product (GDP), stood at 0.48 per cent, translating to $20 million. The Kenya Vision 2030 envisions a newly industrialized middle-income country by the year 2030 and by recognizing Science, Technology and Innovation (STI) as an essential ingredient for industrialization and economic diversification, the Vision envisages a globally competitive knowledge-based economy.<\/p>\n

Strong Political Leadership<\/strong><\/h3>\n

When it comes to implementation of policy reforms, strong political leadership and efforts to develop a clear understanding by the stakeholders can help to communicate the need for reform and facilitate acceptance.<\/p>\n

Innovation has proven to be even more critical in the face of global challenges with the potential to solve or mitigate some of the global health and environmental business challenges that the world is currently facing. It is therefore imperative that governments increase their efforts and are more so on the front line in spurring innovation.<\/p>\n

Article by Juliet Hinga<\/strong><\/p>\n

Would you like to share an article?\u00a0Write to us at sbscommunication@strathmore.edu <\/strong><\/p>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":7,"featured_media":28319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[39],"tags":[],"class_list":["post-28330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"acf":[],"yoast_head":"\nPromoting Local Innovation to Spur Economic Growth - Strathmore University Business School<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sbs.strathmore.edu\/en_gb\/promoting-local-innovation-to-spur-economic-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Promoting Local Innovation to Spur Economic Growth\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sbs.strathmore.edu\/en_gb\/promoting-local-innovation-to-spur-economic-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Strathmore University Business School\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-16T11:43:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-16T12:48:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sbs.strathmore.edu\/wp-content\/uploads\/2023\/01\/Promoting-Local-Innovation-to-Spur-Economic-Growth-web.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Juliet Hinga\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Juliet Hinga\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/\"},\"author\":{\"name\":\"Juliet Hinga\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/#\\\/schema\\\/person\\\/ef65175d48e8c61e0454cc7b137a849d\"},\"headline\":\"Promoting Local Innovation to Spur Economic Growth\",\"datePublished\":\"2023-01-16T11:43:38+00:00\",\"dateModified\":\"2023-01-16T12:48:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/\"},\"wordCount\":1461,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/sbs.strathmore.edu\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Promoting-Local-Innovation-to-Spur-Economic-Growth-web.png\",\"articleSection\":[\"News\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/\",\"url\":\"https:\\\/\\\/sbs.strathmore.edu\\\/promoting-local-innovation-to-spur-economic-growth\\\/\",\"name\":\"Promoting Local Innovation to Spur Economic Growth - 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