How innovation is impacting the developing world

November 13, 2020 at 4:04 am

How innovation is impacting the developing world

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How innovation is impacting the developing world

Today, the world is experiencing enormous growth and prosperity due to innovation and its commercialization by the global free market. Yet, in many parts of the developing world, people are still struggling over basic human needs such as nutrition, clean water, healthcare etc. In addition, issues such as regional conflicts, social and political instability, and lack of proper infrastructure have contributed to these regions’ underdevelopment.

The image described above may sound depressing and discourage many from addressing these issues. Still, cutting-edge technology and innovative approaches have made it reasonably easy for international organizations, NGO’s and start-ups to render customized solutions to these countries based on their local context. Such strategies have been executed over the past decade in various regions, and the inhabitants’ quality of life has been improving drastically ever since.

The main challenge here is not improving the living conditions of ordinary people. Still, implementing sustainable development and such an aim requires the transfer of innovation and, more importantly, the innovative approach. Unfortunately, most developing counties have poor innovation indicators, and improving them requires a great deal of effort and investment. Thus, many companies and organizations are trying to ease and accelerate the process by creating innovation management systems that deliver solutions and help the local population learn innovation and apply it to their surroundings as they see fit.

If the current trend continues, developing countries can expect more economic well-being, transfer of knowledge and technology and overall development in the upcoming years.

How innovation is impacting the developing world