Regulation, Financing and Action are Key Steps for Innovation: Report

Regulation, Financing and Action are Key Steps for Innovation: Report

The report noted that government has a clear role whether as a funder or a regulator in supporting innovation at every stage of the lifecycle

A knowledge report issued by the World Government Summit Organization (WGSO) affirmed that the historical role of governments in developing technological innovations can provide important lessons to stimulate social innovations.

Many of the inventions that have become part of our daily lives in travel, economy, and many others were basically government innovations, it stated.

The report pointed to the importance of avoiding inefficient methods that impede the process of technological developments in the government sector.

The report is prepared by WGSO in partnership with Deloitte titled “Seeding Markets to Grow Transformational Innovations”.

It stated: “Developing technological innovations is often portrayed as a smooth process without real challenges, which leads to the belief that understanding the stage of innovation or choosing the appropriate tool to support it is an easy and clear process.

"But this is far from true – be it for technological innovations in general or for social innovations - in particular.”

The report noted that government has a clear role, whether as a funder or a regulator, in supporting innovation at every stage of the lifecycle. "However, the changing innovation landscape means that old models of collaboration may no longer be effective."

The new era of PPP is also changing the type of tools available to governments to guide partnerships, pointing out that "the set of tools available can be classified according to the type of government authority and whether it exercises that authority directly or indirectly."

It stressed that being serious about stimulating social and technological innovations means not seeking to transform innovation into an automated process, in which each party plays its role automatically and without interaction with other parties.

Mohamed Yousef Al Sharhan, Deputy Managing Director of WGSO, said: "For decades, governments have played a decisive role in the development of technology and innovations that form the basis for the economic, social, and human renaissance that the world has experienced.

"Today, governments are called more than ever to continue this pioneering role in ensuring sustainable and inclusive growth.”

“Governments need to play an important role in supporting innovations to solve pressing societal & economic challenges. Working together with the private sector is critical to driving the progress needed," said Rashid Bashir, Government & Public Services Sector Leader at Deloitte Middle East.

The report recommended that governments will need to follow seven steps to succeed in stimulating innovation. First, it called for the need to focus on results, "because if there are no specific results, the creation of an innovation market is impossible."

Secondly, the report recommended governments to search for a set of solutions and not be satisfied with searching for one solution to various challenges, in order to promote innovation.

Third, the report called for taking gaps into account, especially in terms of paying attention to the stages in which roles shift between different players.

Fourth, the report called for a focus on reshaping incentive structures, both at the internal and external levels, in a way that encourages the innovation system.

Fifth, the report pointed out the importance of “paying attention to social relations of real players who are always real people with real relationships” and understanding the foundations of the innovative process.

Sixth, it stressed the importance of “building confidence at all times” and defining research centers, universities, or training centers that may have new ideas.

Seventh, the report emphasized the need to help in the process of shaping the next century, governments need to understand roles and their owners, adding that “for any innovation to be successful, it needs measurable results, not just measurable inputs.

Innovations require different roles to thrive, such as regulation, financing, and action. This is what is referred to as the triple helix model of innovation in which government, industry, and academia work together to drive innovation.”

View the report here: Seeding Markets to Grow Transformational Innovations

Related Stories

No stories found.
Sustainability Middle East News
www.sustainabilitymenews.com