Showing posts with the label research and development

Universities and Economic Innovation

Universities are commonly seen as partners in innovation development. Research by Howels, Ramlogan, and Cheng (2012) suggests that most traditional universities have a natural divide with businesses. These universities do contribute to the fundamental foundations of innovation by training and retaining new talent within local economies but are not often seen as partners in innovation. Brestow, et. al. (2011) found that universities are known to develop local human capital, attract, develop and retain graduates. This affords businesses an opportunity to gain knowledge transfer by hiring recent graduates that have update theoretical skills with greater capacity to use technology. The transfer is indirect and not well connected. Universities often seek to measure their success in fostering business development. Links are considered informal. They ignore the concept that both formal and informal links contribute to innovation development. The ability to measure these informal li

National Growth as a Result of Research and Development Expenditures

Economic growth requires the creation of new products and services for sale that develops new financial revenue streams. Creative works contribute to economic growth by allowing for solutions to market problems and effective consumer utility. On a national scale research and development can increase the gross national product of entire nations.  The first step in understanding economic development is the production of creative works. Creative works can be defined as a systematic approach to increase the stock of knowledge that contributes to man, culture and society by developing new applications (OECD, 1993). Such creative works are then further developed to make consumer products.  The human capacity to innovate has an impact on productivity growth ( Porter and Stern, 2000). This productivity growth is based on the intellectual capital within R& D projects and available national knowledge stock. As investments are moved into R&D, it is the human capacity