Innovation in Emerging Economies

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Innovation in Emerging Economies
Nwagbosoh, Isaac, Member
How do we create an enabling environment for innovation, creativity and entrepreneurship in emerging economies?

Enabling Environment for Entrepreneurship and Innovation in Developing Countries
R.S. MATHUR, Member
Dear Isaac, to establish successful entrepreneurship and innovation an ecosystem needs to be developed. In my opinion the contributing factors are:
1. Motivating government policies,
2. Relevant training at all levels.
3. Societal support and
4. Adequate and timely hand-holding by financial and technical institutions.
Entrepreneurship and innovation are two sides of the same coin. So for both a similar ecosystem is needed.
No fear for failure and the will to experiment are also vital ingredients for the innovation culture.

Enabling Environment for Entrepreneurship and Innovation in Merging / Developing Countries
Nwagbosoh, Isaac, Member
Is it achievable in view of the perennial lack of developed political institutions, looting, corruption, poor leadership, sit-tight mentality of the political class, and high degree of insecurity prevalent in most of our emerging economies?

Enabling Environment for Entrepreneurship and Innovation in Developing Countries
R.S. MATHUR, Member
Issac, I agree it is an uphill task for entrepreneurs and innovators to function in the kind of environment that does exist in several developing countries. However, I have a lot of faith in human ingenuity everywhere.
Despite of poor governance and absence of rule of law, people are capable of coming up with their own model of entrepreneurship and improvisation (not innovation in the true sense).
This is driven by the strong instinct of survival. I admit it does not take that society very far. Visionaries at the top are needed to chart the right path.
We, in India, have moved up and now have a conducive environment for entrepreneurship and innovation.
Rule of law, a stable and capable political leadership are hygiene factors for E&I.
In any case, people need to have strong aspirations to force the needed change in the society. So be hopeful!


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