Innovation and Technological Change Essay Sample

Innovation and Technological Change

Dr. Mustafa presents a review of innovation and technological change witnessed in the Muslim world (2012). The term invention is described as the conception of something new. The conversion of ideas and knowledge is understood as innovation while the process of converting knowledge into the business is called entrepreneurship. The presentation is being conducted by a prime minister of one of the leading Muslim countries economically. This means that the facts presented are out of experience and exposure.

It is logical to argue that innovation can be an idea, process, product or a regulation. This has to originate from individuals and be actualized to make an impact. For innovation to take effect, there has to be a favorable environment. Inventions, just like a business, cannot operate in a vacuum. They have to be established in an environment, which determines their success or failure. The video emphasizes on the role of innovation in economic growth. This can be supported by the fact that the world requires innovation to generate income. There is something new brought about by innovation. This spearheads entrepreneurship. Innovation has to be cultivated through entrepreneurship so as to generate the revenue necessary for economic growth.

The video portrays an important fact that innovation leads to the creation of jobs. This is what governments strive to do. Research is a vital component of innovation that cannot be ruled out. There can be no innovation without research. The governments across the globe should encourage researchers. If they fail to do so, there will be no motivation to conduct research and hence no innovation. The Muslim world requires opportunity and environment to initiate innovation. This is because they have the knowledge and ideas with them. However, we cannot argue that Muslims are the only innovators we have in the world. Clearly, it is a resource we need to tap to realize economic growth.

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