Innovation in Technology will lead Pakistan to compete globally
An emerging avenue on research and development (R&D) will increase innovation, entrepreneurship and job creation.
“It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to the change.” Chaاس بارے میں rles Darwin
In developing countries, positive and effective structural change is very substantial for the growth of a company’s growth.
Small companies can only upgrade themselves to larger companies if they remodel and revamp according to the latest technology. It will further add value to the economic level as well.
Moreover, such comprehensive steps can help create job opportunities for young people. In this process, the firms will enter into a market in big numbers.
For developing countries to have sustained economies promotion of entrepreneurship and job opportunities are the key priority.
As the global market is constantly changing, implementation and designing are very challenging for the policymakers.
Recent data analysis that is collected from a wide range of countries has indicated that a large number of job creation is allocated to the fast-growing companies or known as high-growth firms or ‘gazelles’.
World Bank Report
According to the recent World Bank report, high-growth firms account for approximately 3-20% of manufacturing and service industries but create massive job opportunities, which is more than 50 percent.
R&D, Innovation is directly proportional
It has been observed through various reports and surveys that smaller and younger companies grow faster than large and old companies do. Innovative and creative ideas are the key to stable growth.
Research and development (R&D) departments in any company can help in creating new ideas and performance that will improve employment growth performance.
Innovation plays a pivotal role in creating job opportunities but the question is how the evaluation of the companies can be checked concerning innovation.
Innovation in any sector is only possible if you have domain knowledge about that particular area. It includes requirements like the client’s interest, the scope of the company, and the area of specialties.
The firm that will invest more in innovation will have more productivity and intensity to compete at the international level.
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