Investments, Innovation and Economic Landscape

In this article  prepared on the basis of WalletHub materials and information, we will get acquainted with the opinion of experts on various issues.

How can state policymakers encourage and facilitate innovation?

“Innovation tends to have significantly positive geographical spillovers (meaning firms, institutions, or individuals at close locations benefit from frequent collaborations, sharing of ideas, etc.). So fostering/encouraging some kind of innovation hub (if none or few exist in the state) whereby such positive benefits of co-location can happen would be a good start. I also think that the presence of maker spaces or coding spaces where young kids can play and tinker with building products/software codes is useful to encourage innovation from a young age.”

Tian Heong Chan – Assistant Professor, Emory University's Goizueta Business School 

“We need to understand that innovation is not only about new-to-the-world types of products or services, or high-tech gadgets. There is a lot of everyday innovation happening in communities across the country. Sometimes innovations concern systems and changing established ways of doing things, and may not involve any technology. However, regardless of the type of innovation we are talking about (radical, incremental, breakthrough, or every day), every innovation needs human capital as its fuel. So investments in equitable, high-quality education at every level of the educational system are the key. There is no way around that if you want to see innovation as an outcome.”

Maija Renko, Ph.D. – Professor and Coleman Chair of Entrepreneurship, DePaul University

 

Have investments in innovation slowed during the pandemic? If so, why is that?

“It depends on the type of innovation. There has been a slow down for investments in incremental innovative activity, or innovations that modify and enhance existing products and services. This is attributable to disruptions from both the demand side and supply side resulting from the pandemic. On the other hand, we are seeing an explosion for investments in more fundamental, potentially disruptive innovations, as entrepreneurs and firms leverage new opportunities emanating from new and unexplored consumer needs triggered by the covid pandemic.”

David Audretsch – Distinguished Professor and Director, Institute for Development Strategies, Indiana University

“Recent reports show that US companies raised nearly $330 billion from venture capitalists in 2021, which is nearly double the previous record in 2020…So if anything, it seems that investments have only increased during the pandemic. If you look back in history, this is not actually that surprising: wartime crises spurred innovation during the Civil War and WWII, an energy crisis spurred innovation in the refrigeration industry in the 19th century, and the climate crisis is spurring radical innovations across numerous industries today. I believe this is likely the case because every crisis brings new consumer demands to light, which presents new opportunities to solve problems and build new businesses. Similarly, the pandemic has introduced countless new problems that need to be solved, and it has fundamentally transformed the way many businesses and industries operate. Therefore, numerous opportunities have arisen to invest in innovation.”

Johnathan R. Cromwell – Assistant Professor, University of San Francisco

 

What skills best equip individuals to be competitive in a changing economic landscape? 

“The best skills of the future will need to have a combination of in-demand technical skills (skills that pertains to a specific job such as accounting, nursing, or computer programming) and soft skills competencies. The future will need individuals who can use their technical skills by applying their soft skills such as collaboration, creativity, teamwork, leadership, human connection, and problem-solving. With the increased presence of robots and artificial intelligence in our daily activities, we need to create a landscape that shows our humanity above technology. This landscape needs well-educated individuals equipped with both technical and soft skill competencies to compete in the global economy.”

Haleh Karimi, Ph.D. – Assistant Professor, Bellarmine University

“Given that it is quite difficult to know how the economic landscape would change, and how it would impact an individual, there is possibly no one ‘hard’ skill that would ensure an individual’s competitiveness. The important skills that would remain valuable through changing times are the ability to think critically in problem-solving, or the ability to communicate and collaborate effectively in diverse teams. Especially in the context of innovation, as we become ever more specialized, there is an increasing trend towards more collaborative work. Finally, change is difficult for sure. But another important angle to consider is that change also brings opportunities. Some individuals not just remain competitive, but can become more competitive when changes are afoot. So another important skill would be the cognitive flexibility to sense changes and, if not capitalize on them, be flexible enough to prepare for them.”

Tian Heong Chan – Assistant Professor, Emory University's Goizueta Business School

 

CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information WalletHub. Readers should do their own research before taking any action.

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