Role of Innovation in Developing Economies

Innovation plays a crucial role in developing economies by driving economic growth, improving productivity, and enhancing the quality of life. It fosters new products, services, and technologies that can solve local challenges, create jobs, and attract investment. By encouraging creativity and entrepreneurship, innovation helps diversify economies and reduces dependency on traditional sectors like agriculture. Furthermore, it can improve access to education and healthcare, making essential services more efficient. Ultimately, innovation empowers communities to adapt to changing global markets and improves their resilience, leading to sustainable development and better living standards.