Global Intellectual Property Organizations are an innovation-centric stimulus to support long-term growth as governments move away from containment policies aimed at minimizing the economic impact of the COVID pandemic and move towards recovery. Is encouraging.
Policies that stimulate R & D investment or investment in high-growth, high-value start-ups should be considered as part of a post-COVID recovery package, WIPO said in a Global Innovation Index 2020 report. I will.
These types of backcirculation stimulus packages are essential to effectively stimulate R & D in the aftermath of the 2009 global financial crisis and overcome the shortage of innovation finance, and can be as effective as they are today. It states that it has sex.
Innovation Growth: When to Start Raising for Recovery
Recall that the government implemented a surprisingly positive growth-promoting policy in response to the 2009 financial crisis, according to the report.
To emerge stronger from the crisis, the government has stimulated since 2009, including essential innovation-related measures, including infrastructure, research, green innovation, investment in education, innovation and support for innovative companies. I have created a plan.
The same logic applies today. The reduction in innovation spending caused by the crisis reduces future long-term growth opportunities.
After the worst lockdown scenarios have been avoided, thanks to existing emergency measures, it is important that innovation support continues anti-circularly, even in the face of higher public debt.
Some countries had already predicted a shift from containment to economic recovery. France, for example, has promised to increase its original R & D budget by 5 billion (25%) and is rapidly deducting R & D tax credits.
Germany has announced a $ 50 billion second stimulus package for future-focused technology. Meanwhile, the United States and China are considering using large amounts of additional incentives to build infrastructure and drive innovation.
China says it will focus on new areas of innovation and new forms of soft infrastructure such as large data centers, 5G infrastructure and new energy vehicles (NEVs).
WIPO states that despite the global tragedy of the coronavirus pandemic, the crisis itself is often a source of creativity and innovation, a revival of industry.
Today’s pandemics are already spurring innovation in many areas, including education, remote work, and retail. It has also brought about major changes in the health sector and has facilitated innovation in global R & D cooperation in health response.
Crisis and its response may now accelerate progress and industrial renewal more extensively.
According to the report, cross-cutting innovation areas such as artificial intelligence, robotics, 3D printing and nanotechnology continue to have a wealth of potential.
Past editions of the Global Innovation Index have highlighted looming and sometimes urgent opportunities in areas such as agricultural food, environmental technology, or medical technology.
Hopefully, the pandemic will have a positive impact on how such innovations, especially health innovation opportunities, are realized.
Meanwhile, Australia fell No. 1 in the Global Innovation Index 2020 to 23rd overall.
Australia is ranked 10th in terms of institutional strength such as political, regulatory and business environment, and has excellent human capital, ranked 9th in the world and 7th in the world due to market sophistication. The overall ranking will be lowered to another location.
Most worrisome, Australia is ranked 40th in the world for its knowledge and technology output, and is severely plagued by 74th in the world for its dissemination of knowledge.
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