Where Do Innovations Come From?

2021-05-13 17:55:42
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Innovations are essential discoveries that are made with regard to developing new ways of doing business. The author attempts to define the connection between scholarly findings into the roles of innovations and its effect that is characterized with discontinuities in the economic development of the United States. To articulate these aspects of the U.S. economy, the author analyzes some of the distinct innovations that have been made between 1971 and 2006 marking three main changes in the dimension of the US economy.

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One of the elements the author focuses on is the expanded roles assumed by the inter-organizational collaborations in creating very effective innovations. In addition, the author also focuses on the gradually residing roles of large corporate in generating competitive innovations. Besides, he also focuses on the enlarged roles attached to public resources and institutions in staging innovations. The three pillars of his analysis are critical in developing a unique framework upon which one can understand the source of innovations in the US economy and the global economy at large.

According to the authors point of view, the U.S. economy has been marked with numerous ups and downs over the past which has precipitated the need to establish new frameworks under which growth and development can be rooted and manifested throughout the economy. In particular, the authors cites the wave of discontinuity on either sides of the Atlantic regarding the establishment of advanced market societies in the economy that are pivotal in development of strategic economic development in the long-run, particularly in the Post-industrial period.

Due to the overarching innovations that have been occurring in the global economies, the contemporary economic challenges such as the onset of technologically dynamic processes in the economy have also prompted the adoption of inter-organizational collaborations to create resolutions to economic challenges facing the societies. Similarly, based on the challenges and need for enhanced measures to resolve the contemporary social-economic challenges, the government, universities and corporate institutions have also conjoined efforts to produce rapid innovations in the country. In this regard, the three entities have been uniquely positioned in the economy through joint effort to promote economic resilience and improve the performance of individual economic sectors. This implies that the three entities earmark an important source of innovations based on the triple helix model of association.

The development of important innovations have also been identified as an important measure to enhance corporate image and many organizations have staged their efforts to publicize their innovations for public display over a changing jury to determine the most competitive innovations aimed at resolving some of the challenges facing the society and the global economies. This form of competition is one of the important sources of competition that generates innovations across most of the individuals and corporate entities in the economy. The development of full diversity of innovative products is one of the important observations that are made on the list of innovative aspects identified from a list. This award-based recognition of innovations is based on different industries.

The role played by large corporations in the innovation process has been declining in US while small start-up has been making significant contributions towards the innovation process. Besides, there has been an increased role of public sector entities in participating and funding the innovation process across the US economy. As a result, the author suggests future consideration of increased funding of research, development as well as higher education besides raising long-term funds for small and medium-sized technological enterprises that prove essential in enhancing innovation process in the U.S. Finally, the author concludes that the U.S assumes the perspectives role of a Developmental Network State. The Development Network State takes measures that are very essential in surmounting network failures in the private sectors as well as the provision of essential funding towards the innovation process.

Reference

Block, F., & Keller, M. R. (2009). Where do innovations come from? Transformations in the USeconomy, 19702006. Socio-Economic Review, 7(3), 459-483.

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