WHAT IS INNOVATION?
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| INNOVATION THROUGH IDEAS |
Malaysia’s own Innovation Bill 2010 defines innovation as “any idea or knowledge in whatever form which brings about changes in the form of product, service or process, resulting in positive impact to the economy, business, public service delivery system, social well-being or the environment”.
The statement shows that innovation is generated from an idea or knowledge about something which then will become a concept and needs further R&D. Next, it will become an invention which needs IP and diffusion. Finally it becomes an innovation which later will hegemony the industry.
Innovation has a powerful effect on a country’s economic well-being based on the world’s most inventive and most innovative nations which are also the world’s richest and most powerful nations. Basically, size of population does not matter in a country’s capacity for innovation. This is proven by the top 10 global ranking of the Economist Intelligence Unit 2004-2008 innovation performance study which includes Switzerland, Finland, Sweden, Netherlands and Denmark. All of the nations stated above have a smaller population than Malaysia.
Innovation has a powerful effect on a country’s economic well-being based on the world’s most inventive and most innovative nations which are also the world’s richest and most powerful nations. Basically, size of population does not matter in a country’s capacity for innovation. This is proven by the top 10 global ranking of the Economist Intelligence Unit 2004-2008 innovation performance study which includes Switzerland, Finland, Sweden, Netherlands and Denmark. All of the nations stated above have a smaller population than Malaysia.
WHY MALAYSIA HAS TO BE INNOVATIVE?
There are mainly three reasons why Malaysia has to be innovative. The reasons are competitive advantage, survival and economic growth.
Competitive advantage has made Malaysia needed the innovation in order to compete with other countries. As Malaysia is a developing country, Malaysia has to be more innovative so that Malaysia can be recognized by the world and can compete in various industries globally. Malaysia needs a something unique to be at the front line with other developed countries.
Survival is also crucial for Malaysia to innovate. In order to maintain in an industry, Malaysia needs to create some innovation as suited with current needs, demand and challenges. For example, the use of internet must be known by Malaysian in business progress or in any field as the use of internet is worldwide nowadays. Therefore, if Malaysian people want to survive in any industry, they must be aware of any changes so that they would not be left behind.
Economic growth is another issue that shows the importance of innovation for Malaysia. Industries and products are maturing and will face the life cycle that has decline phase towards the end of the cycle. In order to maintain the growth, Malaysia needs to innovate their products and services so that the growth will maintain living without facing the decline phase. That will show that how successful Malaysian products and services are.
In conclusion, Malaysia has to be innovative with a proper planning so that Malaysia could be a developed country in future which is at the same par with other existing developed countries.
REFERENCES:
http://founder.limkokwing.net/blog/lets_innovate_malaysia_now/
http://innovation.my/pdf/AIM_NIS.pdf
http://innovation.my/pdf/innovating_formulation_of_nis/Stimulating%20Innovation.pdf
http://asiafoundation.org/in-asia/2012/10/31/2013-budget-to-boost-innovation-in-malaysia/
Competitive advantage has made Malaysia needed the innovation in order to compete with other countries. As Malaysia is a developing country, Malaysia has to be more innovative so that Malaysia can be recognized by the world and can compete in various industries globally. Malaysia needs a something unique to be at the front line with other developed countries.
Survival is also crucial for Malaysia to innovate. In order to maintain in an industry, Malaysia needs to create some innovation as suited with current needs, demand and challenges. For example, the use of internet must be known by Malaysian in business progress or in any field as the use of internet is worldwide nowadays. Therefore, if Malaysian people want to survive in any industry, they must be aware of any changes so that they would not be left behind.
Economic growth is another issue that shows the importance of innovation for Malaysia. Industries and products are maturing and will face the life cycle that has decline phase towards the end of the cycle. In order to maintain the growth, Malaysia needs to innovate their products and services so that the growth will maintain living without facing the decline phase. That will show that how successful Malaysian products and services are.
In conclusion, Malaysia has to be innovative with a proper planning so that Malaysia could be a developed country in future which is at the same par with other existing developed countries.
REFERENCES:
http://founder.limkokwing.net/blog/lets_innovate_malaysia_now/
http://innovation.my/pdf/AIM_NIS.pdf
http://innovation.my/pdf/innovating_formulation_of_nis/Stimulating%20Innovation.pdf
http://asiafoundation.org/in-asia/2012/10/31/2013-budget-to-boost-innovation-in-malaysia/
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