Discussion based on innovation and creativity
Innovation and creativity is able to play a major role in the effective operations of the organizations which are a part of the country. The development and progress of the country is also based on the based on the innovation based investments. The different countries thereby need to make effective investments in the innovation activities and creativity in order to increase the levels of efficiency in an effective manner. The developed countries are more prone to make huge investments in the innovation based activities as compared to the developing countries (Amabile & Pratt, 2016). The investments that are made by the countries in innovation are thereby able to play a major role in the economy and society as well.
The report will be based on the analysis of the innovation related investments which have been made by different countries. The importance of the innovation capabilities of the country in the society will be discussed in the report in detail. The benefits of the investments will also be considered in the analysis.
The importance based levels of the creativity and innovation has increased a lot in the recent times. The organizations have started making significant investments in the ways by which creativity and innovation can be increased. The companies have tried to operate in an entirely different manner as compared to the others in the industry. Creativity can be considered to be an important function which is related to curiosity, knowledge, evaluation and imagination (Chen & Hou, 2016).
The three major levels of creativity which play a major role in the effective implementation of proper creative processes include, discovery, invention and creation. Creativity is able to make an important contribution towards the society and the ways by which people are able to work. The minds of people are thereby engaged in an effective manner with the help of proper creativity levels in different operations. The connection which is developed with the mind is an important part of creativity. The levels of confidence and creativity are increased with the proper development of creativity. Creativity is thereby able to increase the effectiveness of the society and the development of inspirational ideas (Dawson & Andriopoulos, 2014).
Innovation and creativity have played a critical role in the achievement of success in the developed economies. The problems which arise in the organizations which operate in the developed countries can be solved with the help of innovation and creativity. Innovation and creativity can be implemented in the organizations of the developed countries in a simultaneous manner. The developed countries are thereby prone to invest in the new technologies in order to develop their organizations in an effective manner (Dentchev et al., 2016).
Importance of the creativity and innovation in society and economy
Australia has been in a constant process of transition and has become an innovation hub in the past few years. The country has thereby been brimming with new opportunities and ideas and investments have also been made on the technological development. The economic condition of the country is also quite effective and ripe for the innovation based activities. The economy of the country is totally based on the various high technology based industries which are operating currently (Dul & Ceylan, 2014). The activities based on creative development have thereby increased in Australia with the help of proper implementation of technologies in the organizations.
The major investment has been in Australia on the artificial intelligence based technologies. The country has also aimed at developing an effective area for the different innovation related activities. The support which is provided by the government has been able to provide an effective innovation base for the country. Government support plays an essential role in developing a climate based on innovation. The high speed based infrastructure which has been developed in the country has been able to create an innovation climate in Australia. The development of innovation has thereby been supported in an effective manner with the help of economy in the country (Jaiswal & Dhar, 2015).
The resources which are required for the development of innovation and creativity are also available in the country. The country has been able to provide effective amounts of resources for the development of the innovative thinkers in Australia. The internet based support which is available in the country is important for the innovative technologies that are developed and used by the companies. The investment in new and advanced technologies can thereby affect the future of the country (Khalili, 2016).
The investment which is made in Australia on the creativity and innovation has played a major role in attracting the global organizations in the country. The foreign investment has been an integral part of the development of Australian economy. The country has been able to develop an effective reputation based on innovation. The international capital is thereby used in order to increase the domestic savings in an effective manner. The economic potential of the country has been increased with the help of innovation in Australia (Liu et al., 2017).
The levels of foreign investment have also started increasing in an effective manner with the help of the creativity and innovation in different organizations which operate in the country. The capital required for innovation has been injected in an effective way with the help of foreign investment. Australia is a highly resource rich country and this has been able to play a major role in the ways by which innovation and creativity can be increased in the country. The economy of the country has been developed in an effective manner with the help of foreign investment (Sarooghi, Libaers & Burkemper, 2015).
Ways by which Australia can facilitate innovation and creativity
The technologies and innovation based levels of Australia have been increased and have further attracted foreign investments from different countries. The operations of the global organizations in the country is an important part of the increase in innovation in Australia. The creative industries have been able to provide huge number of opportunities to the country in order to attract the global organizations and foreign investment as well (Sung & Choi, 2014).
The different sectors which are an important part of the effective growth of Australian economy are affected by the investments which are made in innovation. The innovation levels in these sectors are thereby an important part of the operations of these sectors. The effective operations of high growth based sectors are thereby facilitated by the investments that are made on the innovation. The benefits which are thereby provided by the investments that are made by the country on the creativity and innovation is important for the country (Wallace et al., 2016). The different innovation based capabilities and investments of the country have been a major part of the ways by which the high growth sectors gave been affected.
The lack of exploitation of the creative industries have been a major challenge that is faced by Australia. The different creative industries are capable of providing major growth opportunities to the economy of Australia. However, the potential of these creative and innovative industries have not been used in an effective manner by country. The economy of Australia can be provided with effective levels of support by the innovative capabilities. The levels of investment which are made on innovation capabilities are still not enough (Wang & Miao, 2015).
The economic challenges that are evident in the country have been a major factor that has been able to affect the investments which have been made in the innovation and creativity. The major industries which play a major role in the growth of Australian economy are education and tourism. The challenges which are faced in making effective investments are based on the ways by which the opportunities in different industries have been wasted (Sung & Choi, 2014). The lack of proper exploitation of different opportunities have been able to pose major challenges related to the investments which are made by Australia.
Conclusion
The report can be concluded by stating that the innovation and creativity based investments that have been by Australia have played a major role in the operations of different sectors of the country. The high resource environment of Australia has been able to facilitate the innovation related capabilities and investments of the country. The environment which has been developed in the country has been an important part of the increase in innovation and foreign investments as well. The benefits that are thereby provided by the investments made in innovation were also quite high and the country has been able to attract the global organizations due to this factor. Australia has however faced some major challenges in making effective investments in the creativity and innovation related activities. The most important part of the ways by which the country has been able to gain from the investments is based on the growth of different sectors in an effective manner.
References
Amabile, T. M., & Pratt, M. G. (2016). The dynamic componential model of creativity and innovation in organizations: Making progress, making meaning. Research in Organizational Behavior, 36, 157-183.
Chen, A. S. Y., & Hou, Y. H. (2016). The effects of ethical leadership, voice behavior and climates for innovation on creativity: A moderated mediation examination. The Leadership Quarterly, 27(1), 1-13.
Dawson, P., & Andriopoulos, C. (2014). Managing change, creativity and innovation. Sage.
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Sung, S. Y., & Choi, J. N. (2014). Do organizations spend wisely on employees? Effects of training and development investments on learning and innovation in organizations. Journal of organizational behavior, 35(3), 393-412.
Wallace, J. C., Butts, M. M., Johnson, P. D., Stevens, F. G., & Smith, M. B. (2016). A multilevel model of employee innovation: Understanding the effects of regulatory focus, thriving, and employee involvement climate. Journal of Management, 42(4), 982-1004.
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