Global Journal of Commerce & Management Perspective
Open Access

The Importance of Innovation and Development in Commerce and Industry

Tarr Steven^{* *}Correspondence: Tarr Steven, Department of Business Technology, Al-Ahliyya Aamman University, Jordan, Japan, Email:

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Investments in research, technology, and innovation play a major role in the economic development and evolution of nations. Economic transformation and the promotion of human development are not just dependent on the growth of material wealth and natural resources; rather, they also depend on a nation's capacity to generate, harness, and apply scientific discoveries and related technical advancements [1-3]. The application of knowledge in productive activities has been the driving force behind economic improvement in the industrialized and Newly Industrializing Countries (NICs), as demonstrated by their respective economic histories. In fact, there is a clear relationship between a nation's scientific and technological prowess and its level of prosperity and economic success. Numerous issues and complexities, including those related to the environment, health, energy, and food, have emerged in the twenty-first century. Emerging technologies continue to cause us more harm than good, as we see. The fatalities caused by incidents involving coaches and high-speed trains are depressing. Without a doubt, additional research is required to lower the amount of casualties brought on by these kinds of incidents involving such effective technology. There has been significant environmental deterioration [4,5].

Africa is currently one of the world's most climate change sensitive regions, according to the WWF. The Third Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), Climate Change 2001, emphasized the vulnerability of developing nations and their limited capacity to adapt to the challenges posed by climate change. The study outlined how land use changes and the combustion of fossil fuels by humans are changing the global climate [6,7]. It also predicted temperature increases for the next 100 years that may have an impact on both the environment and human well-being. There are a lot of inventions because to research and development. inventions that improve our quality of life include cell phones, televisions, umbrellas, and cars; those that broaden our understanding of the world include microscopes, satellite stations, and wireless technology; those that amuse us include computers, games, televisions, and walkman/walkie-talkies, as well as iPads and power stations; and those that save lives, such as blood pressure monitors, fire extinguishers, life jackets, and respirators for asthma sufferers. Investments in research, technology, and innovation play a major role in the economic development and evolution of nations [8]. Economic transformation and the promotion of human development are not just dependent on the increase of material wealth and natural resources; rather, they also depend on a nation's capacity to generate, harness, and use scientific knowledge and related technical advancements.

The application of knowledge in productive activities has led to economic improvement in the Industrialized and Newly Industrializing Countries (NICs), as demonstrated by their respective economic histories. All of the government's policies are developed with significant input from the public. A strong policy for research and development is essential [9].

The curricula of the schools need to incorporate intellectual property education in order to foster innovation and cultivate a creative culture in the next generation of learners. It is the responsibility of the educational system to turn out adults who will run the country's businesses, take on leadership roles, and ensure its continued prosperity for coming generations.

In countries where intellectual property is a concern, more and more coursework includes activities relating to creativity and innovation. Effective laws that support and safeguard research must be given top priority by the government. Our civilization should be ingrained with a creative culture [10].

References

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