Innovation drives economic growth.
This logic has risen to dominate the discourse in development circles, with government leaders, policy influencers, and development-minded business leaders fully embracing innovation as a panacea for unemployment and economic underperformance. Looking back on 2014, it is not difficult to see this globalization of the innovation mindset at work. India’s Narendra Modi recently called for a revival in Indian manufacturing and greater innovation to stimulate growth. Nigerian businessman Tony Elumelu recently launched a $100M Pan-African entrepreneurship grant program to unlock Africa’s economic potential. Start-up accelerators are almost as likely to be found in emerging nations as in Silicon Valley. Meanwhile, NGOs are increasingly emphasizing the role of innovation in their work.
