Knowledge Influence on Innovation

Abstract

Innovation has become part of the national identity and self-image of countries and businesses. Nations that bring to market successful innovations will be able to compete in the global market over the coming decade. The aim of this study is to show that nations that invest in their talent base will have a stronger chance of competing in the world economy. They have a greater potential of successfully transforming their society and economy in innovative ways. The present study follows a case study approach that employs qualitative data. This approach uses interviews to gain insights on users’ perception regarding the direct influence of knowledge acquisition, creation on research, development, and thus the potential for innovation. This correlation will facilitate organizational innovation and consequently improve competitiveness to a great extent. There is a plethora of activities supporting the relationship between knowledge and innovation. Nations have been competing over the talents that can potentially give them an extra edge. The tacit knowledge these individuals possess is considered the economy of the future. The manner in which nations and organizations will manage and utilize this critical resource will greatly influence their growth potential and competitive advantage. The building blocks of this model are based on the efficiency of intellectual capital. This factor creates the needed knowledge and conducts quality research. The results of this consorted effort is innovative outcomes, which realize the goal of gaining competitive advantage. If these components are looked at strategically, examined properly and managed effectively they will hold the key to future prosperity.