Keywords: institutional innovation, technology, entrepreneurship, NGOs, public–private partnerships, economic growth, economic development, societal development, government policy, technological innovation, technological change, institutional transformation, process reforms
Catalysing institutional innovation
Innovation is expected to be the driving force behind economic growth and societal development during the 21st Century as the breadth and speed of technological innovation increases. Institutional innovation is essential to support the magnitude of technological change. The institutional innovation that is called for rests on four building blocks: efficiency, cooperation, flexibility and transparency. Governments, academic and educational institutions, NGO/NPOs and private enterprises all play important roles in the institutional transformation that is required. Public–private partnerships can be particularly effective in bringing about change. We suggest governments spearhead the institutional innovation effort by facilitating process reforms and adopting polices that support innovation.