Innovation is not merely a buzzword; it is the lifeblood of a nation's economy, serving as the catalyst for growth, competitiveness, and financial sustainability, the First Deputy Minister of Economy of Azerbaijan, Elnur Aliyev, said at the InMerge Innovation Summit in Baku, Report informs.
According to him, it fosters entrepreneurship and job creation, luring talent and investments that, in turn, propel economic development: “Moreover, innovation enables nations to adapt to evolving global markets and technological advances, ensuring their continued relevance and resilience in a dynamic economic landscape. Innovation is the transformative process of conceiving, developing, and implementing new ideas to create a positive impact. This straightforward definition embodies three crucial aspects: First, innovation revolves around a novel idea. Not every idea qualifies; there must be an element of uniqueness in the idea that initiates the innovation process. Second, it's a process. If an individual only conceives a novel idea that is never subsequently implemented or put into practice, true innovation does not occur. And third, innovation should bring about a positive impact by addressing an unmet need or improving an existing solution.”