In the United States, there is always talk about how about bring back manufacturing jobs. This is in large part due to the loss of these jobs to foreign countries, where labor is cheaper. In other developed countries, however, this is not always the case. In Germany, for example, manufacturing makes up a significant portion of their economy and has even increased in recent years. So what’s their secret? It turns out that innovation is key. By investing in new technologies and processes, German manufacturers have been able to stay ahead of the curve and maintain their competitive advantage. In this blog post, we will explore how innovation has impact in term of competitiveness and endurance of developed countries and how the developing countries can learn about it.
What is the importance of innovation for developed countries?
Innovation is essential for developed countries to maintain their competitive edge in the global economy. By investing in research and development, developed countries can create new products and services that improve the quality of life for their citizens and provide new opportunities for economic growth.
Innovations such as the Internet, mobile technologies, micro chips, renewable energy and medical advances have transformed our world and made developed countries leaders in the global economy. But there is always room for improvement, and continued innovation is necessary to keep up with the competition.
Developed countries must also pay attention to the needs of their citizens. In an increasingly connected world, people are looking for solutions to problems that affect them directly. By responding to these needs with innovative products and services, developed countries can maintain their position at the forefront of the global economy.
What is the connection beside innovation and competitiveness for developed countries?
Innovation has always been a key driver of economic growth and competitiveness. In developed countries, innovation is often associated with the introduction of new products, processes or services. It can also be defined as the application of new ideas to create value.
Over the past few decades, there has been a significant increase in global competition, driven by advances in technology and the globalization of markets. This has put pressure on companies in developed countries to innovate in order to remain competitive.
There are a number of factors that contribute to a country’s ability to innovate. These include the availability of capital, the quality of infrastructure, the level of education and training, and the presence of an entrepreneurial culture.
Developed countries have an advantage when it comes to innovation because they tend to have more resources and better conditions for innovation than developing countries. However, there is no guarantee that a developed country will always be more innovative than a developing country.
Innovation is often said to be the engine of economic growth. It is important for companies in developed countries to continue to innovate in order to maintain their competitiveness in global markets.
What can be learned for a developing country like Indonesia?
To improve the global competitivenese index, developing countries must learn to understand the situation of the innovation ecosystem in developed countries and adapt it to their own countries. In line with that, the government goodwill also should understand what the baseline or the current situation of innovation in their countries. Innovation index can be lifted by connecting in many actors that drive the innovation system. The main actors of innovation are governments, academics sector, and business sector. According to connecting the actors, theres also a need of good circumtances means good rezimes too. And last the developing countries should increase the number of intermediaries bodies so that it will narrow the gap between research, technology and business.