THE GLOBAL MARKETPLACE 4
Theinvention of new things always leads to the introduction of new meansof growth. Therefore, innovation is the application of new ideas tofulfill new requirements or to achieve public benefits. Innovationcan occur due to various situations, whereby it can be forced by acrisis, political demands, or through the introduction of the newtechnology. With the emerging trends globally, there is a lot ofinnovation in the IT, communication, medicine, transport, and energysectors, resulting in positive, beneficial returns to the population.
Benefitsto the Population
Forexample, innovation of mobile phones encouraged most of the people toreason on how they can be used as a means of banking. The worldpopulation benefited, as people could easily send money throughmobile transfer of funds, as opposed to traditional banking systems.Secondly, innovation in the energy sector is a global public good. Inthe worldwide market, the innovation of electricity plays variousroles such as the creation of economic well-being and enhancement inthe quality of life (Clark, & Cooke, 2012). Globally, theinnovation of electricity as a form of energy led to the economic andsocial development of the people. The invention resulted in suitableliving and working environments for all the population of the earth,hence improving the standards of living (Clark, & Cooke, 2012).Furthermore, the universal energy access has played a vital role inreducing poverty globally. Consequently, other modern energy sourcessuch as green energy that are of low cost, efficient, and safe,provide people with lighting, heating, cooking, and other servicesinternationally (Juma, 2016). Hence, innovation in various fieldslike medicine, technology, engineering, communication, and transportamong others, have all contributed to making work easier andimproving the lives of people in the society.
Protectingand Rewarding the Innovators
Asa way of protection, the innovators are offered patents, whichprovide protection to their innovations since people can not infringeit. As a result, their innovation is less at risk. The rewarding ofinnovators is evidenced, whereby there is the marketing of theirinnovations globally. They are offered a set of equity in the newproduct created. To promote their creativity, the innovators receiveadditional benefits to motivate them. Besides, they are provided withtraining equipment to increase their efficiency in creativity (Juma,2016). The innovators are also rewarded with lucrative salaries,wealth, and pride.
Clark,W. W., & Cooke, G. (2012). Globalenergy innovation: Why America must lead.Santa Barbara, Calif: Praeger Publishers.
Juma,C. (2016). Innovationand its enemies: Why people resist new technologies.New York: Oxford University Press,