Significance of Innovation and Change in Business Enterprises Essay

Significance of Innovation and Change in Business Enterprises - Essay Example Governments have therefore, successfully tackled this problem by issuing out adequate funds for various projects being undertaken within the country. An example of these projects includes promoting the number of those doctoral students pursuing different certificates in different countries (Organization for Economic Co-Operation and Development. 2006, p. 101). This encourages the number of students who are graduating from various institutions; therefore, the governments are assured of their investments in a brighter economic future because of the available skills within the country. In addition, the government has also invested heavily in funding for innovative ideas which in-turn lead to proven theories and applications within countries. These ideas are always central towards various fields like technology and also solving major global problems like health issues across the globe (Von Stamm & Trifilova, 2009, p. 125). Significance of Innovation and Change in Business Enterprises In their attempts to promote innovation and change, most governments are fostering private sector expansion because of the growing markets complexities. Industrial growth in countries is stirred by the innovations started by private sector industrial developments and this is significant in the expansion of industrial development within countries. Most developed worlds have promoted industrial development by increasing the funds directed towards these sectors to help in strengthening them to effectively contribute in economic development. However, in privatized industries, government takes caution for innovation not to cloud the interest of their consumers and nations y introducing various policies which protect these parties from inefficiencies caused by greedy monopolies that are out to maximize on their profit proceeds (Great Britain. 2011, p. 42). This technique has proved viable in countries like Angola, Rwanda, and Colombia that are still struggling to develop their infrastructure s. Various governments have also promoted innovations in their countries by developing entrepreneurial capability. This has been common amongst developing nations who are desperate in securing their economic growth. Due to international standards, governments are encouraging different forms of innovations and change into their fields like technology, manufacturing amongst other services and production procedures. They have supported strong institutional base departments and programs, which encourages the various productions processes present in industries to emphasize on the need for adoption of innovations within their countries. This has also proved to be effective in the management of change and innovation because of its continuity in adopting and diversifying resources. The government also promotes innovations and change through the various measures they take to enhance global trade. Innovation is a key necessity for many industries wishing to participate in global trade. Theref ore, most