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The coming depression blog | May 23, 2019

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Need to Promote Innovation to Achieve Growth

Need to Promote Innovation to Achieve Growth

Innovation is a word that one often hears in tech and business conferences and is one of the most popular words today. Even world leaders cannot stress enough the importance of innovation for the progress of human beings. But what exactly does innovation mean?  Innovation is thinking out of the box and finding better solutions and better ways to do things. If you see the history of human beings innovation is the most important way in making our lives better and achieving progress in society. Often innovation takes place when there is a necessity to get things done in a better, cheaper and efficient way. But today why is innovation so important to achieve growth in society?  America is the land of opportunity and many people attribute a large amount of America’s success to the innovative minds of American people.

Innovation- The Key to Achieve Growth
There is a large imbalance when it comes to the level of progress that has been achieved in different areas on the planet. The world today is divided into the developed world and the underdeveloped or developing world. Both types of countries need to understand the importance of innovation in today’s society. The developed world needs innovation to sustain its developed status where as the underdeveloped world needs innovation to accelerate growth.
Innovation means coming up with new technologies and ideas to simplify a process and help the common people live a better life. For acceleration of growth and progress innovative ideas help people live a better life. These innovative ideas, if they work and are easy to implement, spread very quickly and help in the process of growth.  Innovation must be encouraged in every field of human life. Innovation leads to developments in product, processes, services, technologies and ideas which lead to overall betterment in the standard of living and improvements in the way of life.
The marketplace and societies need to create an environment that is conducive for innovative minds to flourish. Thinking outside the box is not always encouraged in society and innovators should not be forced to walk on the beaten safe path just because of family or society pressures. Freedom of thought is the key to innovation and that is the reason why free developed countries have the infrastructure necessary to encourage and help innovative minds find solutions to a better world. This is the reason why there is a need to promote innovation to achieve growth all over the world.

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