By Organization for Economic Cooperation and Development OECD
What's riding contemporary progress in OECD nations? Why is it that their degrees of GDP in line with capita aren't any longer converging? Why is it that a few nations, working on the technological frontier, the place advances are tricky, seem to be widening the space? This learn indicates that good fortune calls for now not a few silver bullet, yet a number complementary components that aid the innovation-intensive development exemplified by way of new details and conversation applied sciences reminiscent of the net and net functions like digital trade. Supportive regulations comprise these favorable to leading edge start-ups and to monetary structures capable of help them, those who facilitate the reorganisation required to harvest the entire merits of ICT, regulatory and institutional frameworks that facilitate hyperlinks among technology and undefined, and efforts to coach and acquire the required human capital, in addition to public help for easy clinical examine.
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Extra info for A new economy: the changing role of innovation and information technology in growth
The Changing Role of Innovation and Information Technology in Growth technological developments, including biotechnology, are complex, they draw on a wide range of scientific and commercial knowledge. This reinforces the need for the co-operation of participants in different fields of expertise (Rycroft and Kash, 1999). Fourth, highly skilled researchers are scarce in several important areas, and firms may find it useful to share them. Finally, joint ventures may reduce duplication of research and thus improve its efficiency.
There are indications that countries which have successfully adapted to these changes have been better able to capitalise on the greater significance of innovation and technological change in the growth process. These changes are discussed in greater detail below. ICT has had a major impact on many of them and therefore on the innovation process (see the end of Chapter 2). Technology cycles have shortened As innovation has become more important to business and competition has increased, firms appear to wish to obtain more concrete results from their R&D expenditure and pressures to develop products more rapidly have increased.
VC investment goes considerably beyond financing, as it adds complementary measures to increase the chances of success. First, business plans are intensively scrutinised – a very low proportion of submitted plans are actually financed. Second, VC disburses funds by stages. To ensure that money is not wasted, managers of VC-backed firms must return regularly to their investors for additional capital. Third, VC monitors managers intensively, by demanding representation on the board of directors and preferential stock embodying restrictive clauses.
A new economy: the changing role of innovation and information technology in growth by Organization for Economic Cooperation and Development OECD