Getting innovation on board

INNOVATION is all around us. Much of the rise in global living standards stems from innovation. We take much of it for granted: from air travel, browsing on the Internet, cancer treatment, digital media, e-government, to the wellness lifestyle brand Zumba.

Moving forward, innovation is key to addressing global challenges such as climate change and sustainable development.

Historically, innovation has been crucial in shaping economic growth and national progress. Economists estimate that 60-80 per cent of economic growth comes from innovation and new knowledge. They have consistently found that more innovative countries grow faster than less innovative ones.

As it is for national competitiveness, innovation is also key to business performance. Leading global corporations such as 3M, Google, and Proctor & Gamble owe their business success to a sustained record of innovation. More than 80 per cent of the global executives in a recent survey conducted by McKinsey said that innovation is extremely …