Numerous organisations are mainly focusing on their core competence which is doing trade and generating profit for their shareholders. I personally believe that it has become essential for the government to play an active role in motivating companies to contribute in innovating.
The main reason companies do not prefer investing money and people in doing innovation because it is an added cost without any guarantee of returns in near future. Besides that in order to be competitive organisations needs to be cost effective and offer products at a highly competitive rate. Additionally, in order to innovate industries need to first invest in training manpower, inducting right talents from the market which is as well driven by cost and invest in technology. By adding these recurring expenditure companies get demoralised and avoid innovating.
In my view, organisations face obstacles which prevent them from venturing in this area. Thus government should offer tax rebates for companies who invest in innovation. And reward companies for developing solutions for the well-being of mankind. Organisations would be prompted to set up research labs and they will start competing amongst each other in innovations or patents as well. Furthermore, the government should ease regulatory and legal policy for setting up innovation labs. By doing this, companies will get confidence in the system and enable them to conduct experiments and test in research activities. Such boosts to industries definitely encourage and motivate them, look beyond their trade targets and compete in innovation. Certainly, industries will be benefiting in long run by innovating cost-effective products and producing them for the well-being of mankind.
In conclusion, I believe that government can play a major role in pushing industries to make rational decisions in investing in innovation. Because of innovation, organisations can benefit their overall businesses.
Numerous
organisations
are
mainly
focusing on their core competence which is doing trade and generating profit for their shareholders. I
personally
believe that it has become essential for the
government
to play an active role in motivating
companies
to contribute in innovating.
The main reason
companies
do not prefer investing money and
people
in doing
innovation
because
it is an
added
cost without any guarantee of returns in near future.
Besides
that in order to be competitive
organisations
needs to
be cost
effective and offer products at a
highly
competitive rate.
Additionally
, in order to innovate
industries
need to
first
invest in training manpower, inducting right talents from the market which is
as well
driven by cost and invest in technology. By adding these recurring expenditure
companies
get
demoralised
and avoid innovating.
In my view,
organisations
face obstacles which
prevent
them from venturing in this area.
Thus
government
should offer tax rebates for
companies
who invest in
innovation
. And reward
companies
for developing solutions for the well-being of mankind.
Organisations
would
be prompted
to set up research
labs and
they will
start
competing amongst each other in
innovations
or patents
as well
.
Furthermore
, the
government
should
ease
regulatory and legal policy for setting up
innovation
labs. By doing this,
companies
will
get
confidence in the system and enable them to conduct experiments and
test
in research activities.
Such boosts to
industries
definitely encourage and motivate them, look beyond their trade targets and compete in
innovation
.
Certainly
,
industries
will be benefiting in long run by innovating cost-effective products and producing them for the well-being of mankind.
In conclusion
, I believe that
government
can play a major role in pushing
industries
to
make
rational decisions in investing in
innovation
.
Because
of
innovation
,
organisations
can benefit their
overall
businesses.
10Linking words, meeting the goal of 7 or more
21Repeated words, meeting the goal of 3 or fewer
10Mistakes