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Venture Creation And Innovation Essay

1225 Words5 Pages

Innovation and its importance in Venture Creation Innovation is the transformation of knowledge into products, processes, and services. Innovation is something new brought to the market or into use in the public sector. Innovation which is creative destruction has been broadly defined as the search for and the discovery, development, improvement, adoption and commercialisation of new processes, new products and new organisational structures and procedures. Innovation actually delivers the economic result of research and development (R&D). In fact, research turns money to knowledge but innovation turns knowledge to money. Innovation involves the utilisation of new knowledge or a new use or combination of existing knowledge. Innovation …show more content…

Innovation refers to processes where people do new things or do things in new ways and learn by doing new things. Innovation in this broad sense is at the very core of development in countries at all levels of income. However, the success achieved by any nation in exploiting R&D outputs for growth and development depends on the effectiveness of the nation’s National Innovation System (NIS) in being creative, innovative and entrepreneurial for such nation to have any economic …show more content…

Various definitions have been given to NIS. It is “the network of institutions in the public and private sectors whose activities and interactions initiate, import, modify and diffuse new technologies. This definition emphasises the interaction between the production system and the process of innovation. Ilori (2006) defined it as a constitution of elements and the relationships located within or rooted inside the borders of a nation state, which interact in the production, diffusion and use of new and economically useful knowledge. Nelson (1993) defined NIS as a set of institutions whose interactions determine the innovative performance of national firms. According to Mugabe (2011), the concept of a national innovation system has gained currency and is now widely used in academic and policy circles. It is used to study technological performance and innovative capacities of countries. A national system of innovation is a network of institutions that are organized through linkages to relate to each other as elements of a collective system of knowledge creation and use as well as the technologies they use. It promotes interactive activities between and among institutions in order to generate and use new products, processes and

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