Building an Innovation-driven Economy – the case of BRIC and GCC countries
The paper undertakes an analysis of the attempts of GCC and BRIC countries to catch up in their national development to build an innovation-driven economy on which to base future growth and wealth. We conducted an analysis of GCC and BRIC countries to show the different strategies leaders have taken to try and achieve this aspiration. This paper analyses the various aspects of national innovation systems of BRIC and GCC countries, highlights similar and different approaches – and attempts to quantify their success. For example, GCC countries spend extensively on research and development, but have so far achieved less than meaningful results. Brazil, China and India are catching up to the acknowledged world leaders in innovation, but Russia is lagging.
Counter-intuitively, we will argue that the push towards an innovation-based economy is actually not dependent on total expenditure on R&D, but rather relies on the efficient allocation of investments and the rigorous implementation of innovation strategy. And we will demonstrate this by showing our ideas in relation to both BRIC and GCC countries.
This analysis raises fascinating points of discussion for those looking to build an innovation economy in other countries, and has practical implications for policy maker and policy implementers in all countries.