Navigating Innovation: The Crucial Role of Policies in Today's Tech Landscape - Free Essay

In the 21st century, innovation is the order of the day. Tech companies, big and small, are always engaged in innovation to make things better and be competitive. Innovators must have policies in place.

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Policies encourage innovation. They help outline the expected role of the innovators and how funding for change can be done. Innovation is an expensive initiative that sometimes requires extra funding and policies help guarantee funding for the innovation process. Small firms may not have the financial ability to fund an innovation process ultimately thus may require policies set up in place to help in the research and development of innovative ideas (Bloom et al., 2019). Policies also help control the merging of new types of organizations where different-sized organizations work together to carry through an innovation. They help guide the innovation process in inter-networked organizations (Bloom et al., 2019).

There need to be policies for innovation because innovation takes place within an organization. Innovation does not take place at an individual level from the start to the end of the process. It mostly involves a team of people who form the organization and help develop new ideas of innovation. Policies are necessary to support teamwork together for the common goal (Lam, 2011). Plans help in strengthening the common organizational goal to ensure it is within an acceptable standard.

Innovation is a complex activity that sometimes has an impact on people's lives. People’s lives can only be safeguarded by policies set in place since the innovators are driven by their innovative ideas and need to accomplish a task rather than the people's interest (Bloom et al., 2019). Policies help put people’s attention first to avoid any form of harm. Innovation is influenced by the capitalistic economy and some monopolistic companies require control through policies to guarantee the safety of the innovative process to avoid future exploitation.

Innovation makes life better and more comfortable by improving the quality of life. It should be encouraged through a supportive policy framework. Innovation portrays the human capability to create change, and it is necessary to have policies in place for the innovation process.

References

Bloom, N., Van Reenen, J., & Williams, H. (2019). A toolkit of policies to promote innovation. Journal of Economic Perspectives, 33(3), 163-84. Retrieved from: https://www.google.com/search?client=firefox-b-d&q=Bloom%2C+N.%2C+Van+Reenen%2C+J.%2C+%26+Williams%2C+H.+%282019%29.+A+toolkit+of+policies+to+promote+innovation.+Journal+of+Economic+Perspectives%2C+33%283%29%2C+163-84.

Lam, A. (2011, April). Innovative organizations: Structure, learning, and adaptation. In DIME final conference (Vol. 6, p. 8). Retrieved from: https://www.google.com/search?client=firefox-b-d&q=Lam%2C+A.+%282011%2C+April%29.+Innovative+organisations%3A+Structure%2C+learning%2C+and+adaptation.+In+DIME+final+conference+%28Vol.+6%2C+p.+8%29.