Innovation Boosts the World-go-round

In its EU 2020 Strategy, the European Commission places great emphasis on the role innovation can and must play in the reinvigoration and growth of the European economy.

The GE Global Innovation Barometer survey, commissioned by GE and conducted by independent research and consulting firm StrategyOne, was recently published by GE and shows three key elements of innovation. The first one – collaboration between different parties – has been recognized among business executives. They admit that establishing collaboration is a challenge, being aware that ploughing a lone furrow is not sufficient. Creativity in business, the second important factor, enables the adjustment of innovation to local needs. Last but not least, the way of speaking about innovation, meaning having a clear mind, is a prerequisite for the whole process. The Global Innovation Barometer proves that innovation is a spectrum and it should be considered as one. Therefore we should understand its specificity and play along.

In Central and Eastern Europe, the expectations are high, because innovation tends to become synonymous with hope: for future growth and jobs, for a greener and more competitive economy, for market share and increased profits, as well as hope for a better society and better quality of life for the region’s citizens.

CEE media was interested in the results and the topic has already generated overall coverage in our countries from the region. Seeing how differently countries and journalists interpret the same results of the global Innovation Barometer in our region is also educational. According to ekonomia24.pl, a Polish news portal, the global economy is in decline, while a Czech journalist is optimistic, stating that Europeans are good in innovation. Both are correct approaches, crisis weighs down on innovation as reported by Hungarian business daily Világgazdaság, we only need to find the best solutions to develop. Follow our new posts regarding our regional economy and find out more about innovation.  

As also shown in last year’s Polish Innovation Barometer, improving innovation performance requires higher direct inputs—such as R&D spending, improved technical skills of university graduates, more scientists and engineers, better education and infrastructure, as well as an improvement to the overall innovation environment, such as less bureaucracy, fairer taxation and more flexible labor markets. We are living in a century where “technology” is the core element. It is everywhere – in healthcare, agriculture, energy, transportation. It is the element that makes the world-go-round.