Creation of New Opportunities in Innovation

Published: 2021-07-08
1748 words
7 pages
15 min to read
George Washington University
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In todays world, the changes in the tastes and preferences shape the demand for goods and services. The world is undergoing major revolutions due to the attributes like rapid growth in technology, acculturation, globalization, immigration and other aspects. Therefore, the changes give root to the development of new opportunities as the demands for new products continue to rise. The revolution is diverse in different economic macroeconomic variables like the agricultural sectors, the industrialization sector, services and other segments. In this regard, the analysis will focus on new trend and how they influence the development of innovative enterprises in the economy. Furthermore, how the trend affects the stability of the economy will be exploited.

New Trend in the Economy

Technology is an important variable that influences changes and performance of the economy. The reflection of technology is evident in different segments of the economy. Through the rapid growth of technology its coverage expand to cover all aspects of the economy especially the macroeconomic variables like employment, industrialization, agriculture, productivity, urbanization among other sectors (Bauhmol, 2013). In this segment the innovation that the paper will offer preference is the ability of technology to improve productivity in different segments of the economy.

Productivity is a core determinant in accounting for economic growth and development. The measurement of productivity is related to the gross domestic output (DeKeyzer, 2014). Innovation plays a significant role in improvement of productivity in the industrialization sector through the use of technology. Technology application varies in different proportions. The first identifiable forms of innovation include the use of robots in production of goods and services. Robots are structured to improve efficiency through increased productivity and further the achievement of economies of scale. Furthermore, the element of accuracy helps eliminate the possibility errors and therefore reducing wastage of resources. It is important to identify that availability of resources is scarce and therefore they ought to be used maximally.

In business field, innovation has improved elements like communication and sharing of information. Through the network connection it becomes easy to share information within and beyond the health facility (Tysiac, 2016). Communication is aided through the use of computers, use of e-mails, through network connections and further through the internet. Most importantly is the element of digital marketing. Many organizations apply technology to facilitate marketing through the use of channels like, social media platforms, web sites, emails, texting video games among others. The strategies help in brand promotion and further the promotion of sales and revenue for the organization.

In the industrialization field technology has enabled the investors to venture into areas that were previously not possible. Therefore, there is an intense exploration of available resources. Some of the resources include. With no suitable devices, it would be difficult to identify the locations of the minerals and further the drilling would be difficult (Dehio, 2015). The application of technology is more vivid in the drilling of oil from the seas and oceans and further in the deserts. Therefore, innovation aids in the exploration of available resources.

Agriculture forms to be among the most significant economic activities that offer a basis for industrialization and serves a major role in economic growth especially in the less developing nations (Baumohl, 2013). There are significant new trends taking place in the field. The important changes in the agricultural sector include the application of new seeds and new farming techniques that improve the productivity of the firm. In the United States of America, it is conventional farmers mainly range between the age of 57 years and above. Young people refrain from the field, and they prefer the white collar jobs (Baumohl, 2013). However, in todays world, there is a major revolution as young entrepreneurs continue to venture the agricultural field.

Other transformation includes the acceleration of application of technology in industrialization and agriculture through specialization. In todays world there is intense specialization in the field, and thus the achievement of economies of scale is a major benefit accounted for the success of the agricultural sector (DeKeyzer, 2014). Resources scarcity continues to be an adamant issue. For example, the deficiency in rainfall as the climate continues to change rapidly (Tysiac, 2016). The changes in consumption habits of the agricultural products, for example, the excess demand for meat consumption. The new trends in agriculture, probes for profound changes that create new innovative loopholes and thus resulting in a stability of the economy.

Globalization is the core strategy for many enterprise ventures. The element of globalization is intense especially in the business sector where the majority of the companies seek to operate on a global scale. Examples of the companies in the global market include Apple Inc., Toyota, Wallmart, Nestle, Coca-Cola, BMW, Mercedes, and among others. It is common that a mention of some companies in different location creates a relevance of knowledge on the business. The trades unions are further globalized where the various governments come together to model a channel through which Free Trade Zones will be created to facilitate the exchange of goods and services. The factors that accelerate globalization include the need to seek new markets, ability to easily communicate and transact and further the need for exploration of the potential markets.

Entrepreneurial, innovative, Sustainability Opportunities the Trend Provide

The changes and development of a new trend in technological innovation give opportunities to new jobs. For example, in the agricultural system, the shifts in the climate provoke for the need of irrigation schemes to help sustain the growth of crops and farm products. Therefore, it would mean that the productivity would increase and the demand for labor would rise to help facilitate the operations of the farm (Baumohl, 2013). Furthermore, the fact that the consumption habits changes, it opens up opportunities for new industry in the livestock feeding. The entrepreneurial activity is probed by the need to satisfy the market gap in the economy.

Secondly, it would be the industrialization sector whereby due to intensive agricultural activities it would mean that the processing of the goods will be a core need. The markets will expand as the demand for the food products will increase (DeKeyzer, 2014). Another advantage accorded to the aspect of population growth is the provision of cheap labor. Cheap labor acts as an incentive for massive industrialization and therefore economic growth. For example, it is evident that majority of the companies prefer to base the manufacturing plants in nations like China (Dehio, 2015). China has an intense population and therefore, the availability of labor is guaranteed. An example of the company includes the Apple Company, Toyota, and other companies.

The use of technology to enhance specialization opens up for rapid productivity in industrialization. Furthermore, through digital marketing, it becomes easy to establish a wider market share in the local and global market (Tysiac, 2016). Therefore, the sales of the company continue to increase and the profit margins. Such expansions create room for expansion in the labor market and therefore the creation of employment. Therefore, it would mean that income would increase and the living standards. Most importantly it will increase government revenue through taxation as the tax rates increases as the profit margins expand. Communication further helps to increase efficiency operations in the global scale and therefore to improve the sales and revenue of the company.

The element of globalization gives root for integration of the different cultures and ethnicities and therefore, there is a rapid change in the tastes and preferences of the clients. The changes provide an opportunity for the generation of new products (DeKeyzer, 2014). Most importantly, through globalization, new markets are established implying that there intense exportation and importation takes place. Globalization further gives root for intense competition in the industry (Dehio, 2015). Therefore, there is a need for integration of high levels of creativity to acquire a competitive advantage. It is for the reason that the markets continue to develop high quality and unique products to enhance maximum levels of satisfaction for the clients.

In this regard, I would, therefore, consider that globalization is core essential economic activity that facilitates the growth of the economy through trade, competition, development of new demands and markets and further provision of employment (Baumohl, 2013). The job comes in whereby the less developing nations provide labor for the secondary work fields in the developed countries. The majority of the citizens in the developed countries refrain from participating in the secondary and tertiary levels work area, and therefore, there is insufficient labor supply in the field.

Taking Advantage of the Underlying Trend in the Economy

The primary opportunities ought to be exploited to guarantee rapid economic growth. For example, in the agricultural sector, the changes in the climate provide an opportunity for development of irrigation schemes (Tysiac, 2016). The opportunity can be exploited through the production of seeds that can quickly adapt to the harsh conditions of climate. The seed should be structured to grow faster regardless of the harsh weather conditions. The exploitation of the opportunity, in this case, would, therefore, need development of industries to produce such seed. Furthermore, the initiation of the irrigation schemes would offer an incentive for agriculture productivity. The third strategy that can help exploit the opportunity in the agricultural sector is through active participation in

The government can further take advantage of the situation through policy formulation to facilitate intensive exportation and minimal importation of goods when it comes to globalization. The strategy would be fruitful through the extension of the profit margins through the accumulation of revenue from the exported goods (Tysiac, 2016). On the policy of minimization of importation would help to develop the local industries and therefore, give room for rapid growth of the local industries. Most importantly, the policy formulation would help to achieve economies of scale in the economy and further maintain a balance of payment in the international trade system. Importation should only be structured to allow integration of sophisticated technologies that will help achieve economic development.

Through the provision of incentives for funds, for example, low-interest rates it would help to facilitate the funding of investment programs that apply innovations and appropriate technology. Furthermore, the government can offer incentives like reduced tax rates in order to reduce the costs of production of goods and services and encourage people to initiate industries that use specialization innovation. Therefore rapid industrialization will be achieved (Dehio, 2015). The core strategy to avoid financial constraints is the maximum exploitation of the available resources in order to eliminate the possibility of wastage and at the same time achieve economies of scale. The government should, therefore, ensure that the available resources are maximally exploited so that the ma...

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