Innovation
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ACCI Stands For:
Policies that foster
& reward innovation
Integration of new ideas is crucial to lifting productivity, growth & competitiveness of the economy & better living standards
Policy Framework:
Innovation can be defined as applying new ideas to products, processes, services, organisation, management or marketing.
But newness on its own is invention - it becomes innovation when it yields market value.
It is widely accepted that innovation is the key to success for the modern economy. The OECD has estimated that innovation accounts for 50 per cent of long term economic growth in advanced industrial countries.
Innovation has become critical to business around the world and is the basis for competition.
It is the major determinant of enhanced productivity and
competitive advantage at both the firm and national level.
Policy Objectives:
- A good working interaction between the science base and the business
sector
- Competitive markets to force firms to innovate more rapidly
- Networking and collaboration between firms
- An education system that underpins an innovation culture and promotes
linkages between the research and industry sectors
- A strong and reliable system for the protection of intellectual property rights