Lakhasly

[1] Businesses are the driving force of any successful economy. For businesses to grow and continue to be in demand, their products and services must meet the ever-changing market's needs. A key factor to achieve this lies in innovation. However, innovation requires an environment where certain essentials are in place.

[2] Scientific research comes out on top towards achieving innovation. Scientific research is systematic work that studies a global or local phenomenon or problem and recommends solutions. The solutions that scientific research puts forward can be in the form of a product that a country can make into a commodity to export and generate revenue. For example, Airbus, which is the world's largest airliner, generated about 79 billion USD in revenue in 2019. This amount is almost three times larger than Oman's revenue which stood at 26.3 billion USD in 2019¹. Such products need to be protected in order to ensure the full financial benefits. The law that protects these products is known as Intellectual Property (IP), which is recognised internationally. IP fosters an environment where creativity and innovation can flourish by enabling people to earn recognition and financial benefit from what they create². IP includes giving patents, copyrights and trademarks to physical or non-physical products. This is a cyclic process that starts with research leading to products or services that solve societal problems and contribute to the country's income, and eventually becoming self-dependent.

[3] Small and medium sized enterprises (SME) can be as innovative as larger businesses. Governments can boost innovation in those SMEs to reach the production level required. This can be done by building an innovation system within those businesses. For example, collaboration and benchmarking with larger businesses can help SMES identify production gaps. Another way to innovate is through applying new technologies and scientific research which will help them stay in demand and scale up very quickly. Developing the necessary skills of the leaders and staff of those businesses will also support innovation and growth. Shake Shack Restaurant is one example of how small businesses can innovate and expand locally and globally. It was born as a hot dog cart in Madison Square Park in New York where it was a success and people queued daily to buy its products. It did not take Shake Shack long to add two more carts in the park. Then as it continued gaining popularity, Shake Shack was awarded a permanent contract to open in the park and expand further. Now Shake Shack has over 275 branches around the world.

[4] For a country to create an environment in which innovation thrives, a minimum level of infrastructure needs to be achieved. Infrastructure chiefly refers to the provision of the fundamental services and facilities necessary for a society to function satisfactorily. This does not only include concrete facilities such as roads, hospitals and schools, but also other intangible ones like regulations as well as technology. While costly, spending on infrastructure is a valuable investment. There is a correlation between the rate of a country's growth in economy and how much it spends on infrastructure. For instance, China, the fastest growing economy in the world, spends significantly more on its infrastructu than anywhere else in the world³.